Bring your contractor and turn this Sunnyside Two Family home into your prefect primary residence and/or investment property! The top floor apartment is 2 bed/flex 3 bed, livingroom, dining room, kitchen, bathroom and has balconies in both the front and the back of the home. The ground floor apartment is an extremely spacious 1 bedroom, livingroom, Eat-In-Kitchen, with a rear balconie and exclusive access to the private back yard. The one car garage also has a laundry room. The lot is approximately 21' X 100' and the property taxes are $7,550.15 per year. The upstairs rent is currently $2,300 a month, but could be raised to $2,500 or possibly more after renovations. If converted to a true 3 bedroom apartment, the rent could be $3,000+ a month. The ground floor apartment is currently vacant, but given it has a balcony and exclusive access to the back yard, it could potentially be rented for $2,200+ after renovations...especially if you allow a pet. The one car garage could be rented for $250-$300 a month. There is no basement. The entire home may only be viewed during an Open House. As per the upstairs' tenant's request, pictures of the upstairs apartment are not included in any online advertising, however, I will email pictures of the upstairs to qualified buyers upon request. Regarding Price and Condition: 1. If this home was newly renovated, it would be listed for a minimum of $1,200,000. 2. Any sale in NYC above $1M triggers the "NYC Mansion Tax", which is 1% of the sale price paid by the buyer. 3. Because the home is listed for $949K the buyer will avoid the Mansion Tax, giving the buyer a potential delta of $262,000. I do not believe the home needs anything near $262,000 in repairs. Regarding Interest Rates: 1. Interest rates of 2.7% - 4.5% was rare and not typical. 4.5% - 6% was the norm for decades and I do not know if we will ever see sub 3%-4% rates anytime soon or ever again. If we do, you can refinance if/when that happens. 2. Waiting for the market to "crash"? The reality is there will not likely be a crash in Sunnyside with historically high demand for private homes and low inventory of private homes for sale. 3. I believe for at least the next year, homes in Sunnyside that are reasonably priced from the start will not need to adjust their asking prices as interest rates tick up higher. 4. Buyers that delay going to contract run the risk of paying even higher mortgage payments for future homes that are comparable to what is on the market now. Looking for a perfect move-in ready home that meets 100% of your expectations in Sunnyside? I'm keeping it real by letting you know, it doesn't exist! ;) If this home doesn't making sense for you, I at least hope to inspire buyers to get over the typical fears and hang-ups regarding "fixer-uppers". There is no perfect house and there is no perfect time. There is, however, great opportunity! Don't be the person in the future that says "I could have bought that home 10 years ago for only 950K!" The best hedge against inflation is ownership of real assets.
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