MY DAILY WALKS often take me past the Fillmore real estate office on Atlantic Avenue and Hoyt Street in Boerum Hill, and I invariably get caught up in looking at the house-for-sale listings pasted in the windows. Maybe because it’s coming up on two years since I bought my last property, and it’s time to start the search for the next one? (That is, if my “Buy a building every year as long as interest rates are low — OK, every other year” plan is still in force.)
Of the window flyers, I’m most drawn to this house on Sterling Street between Bedford and Rodgers in Prospect-Lefferts Gardens, a couple of blocks from Prospect Park. It’s a little outside the official boundaries of Lefferts Manor, a 600-lot area established in 1893 with land-use restrictions that have kept the blocks looking just as they did in the late 19th century, but parts of Sterling Street are landmarked, and the 360-degree view of the street on the broker’s website looks uniformly lovely.
The language in the listing sounds urgent: “Estate Sale” “Must liquidate” “Priced for quick sale” (by the way, the window flyer has it at 599K, not the 649K on the website).
So, then: a 450K mortgage (assuming the house can be gotten for 550K, maybe less, and you’ve socked away 100K for a down payment, which I know you have) at 5% for 30 years is $3,040/month. Taxes are next to nothing ($1,021/year). Insurance and gas for heat add about $300/month, for a total nut of $3,500/month. Surely it’s possible to get at least that from a 5-room top floor rental and a parlor/garden duplex.
Click here for the listings page of Sal Cappi, Fillmore’s top broker. Look how many deals he has in contract, from Bed-Stuy to Boerum Hill. It’s a busy time, by all appearances. Don’t miss out on this time of opportunity, a little voice calls to me. What about you? Do you hear little voices, too?
casaCARA: Old Houses for Fun & Profit 
If only the voices in my head were that specific and helpful with financial planning!
If this is a freestanding house, I would anticipate heating costs to be about $800 a month in the winter months at least.
Also the downstairs apartment is one floor, not a duplex.
Hi, Cate. Well, it’s a row house; not sure why you call it ‘freestanding.’ The heating costs for a 4-story brownstone average $500-600/month through the 6-month NYC heating season, and this house is quite small. I’m guessing it would cost $300-400/month to heat.
Well, that would certainly change things (the downstairs apartment being one floor, not two). The listing says it’s 3BR, 2 baths, which can’t be all on one floor. Sounds like you’ve seen it. I have not, but pointed to it as something that sounded worth further investigation. Thanks for sharing the info you have, Cate.
Hi All. Thanks for all the buzz. It is a 3 story house. The owners unit consists of a 2 bedroom floor through plus a finished English basement where additional bedrooms could be utilized. A full bath on each floor. The property closed yesterday at $605,000. My team just listed an identical one on the block in case anyone is still shopping. BTW a $450,000 mortgage @ 5% for 30 years is closer to $2,250 per month. TD Bank is offering 30 year fixed mortgages for under 5%! A great time to nail down a long term investment!