Lefferts 2-Family Townhouse 599K

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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.

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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.

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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?

About cara

I blog (for fun) here at casaCARA, and write (for money) about architecture, interiors, gardens and travel for many national magazines and websites.
This entry was posted in BROOKLYN, PROPERTIES FOR SALE, REAL ESTATE/INVESTING and tagged , , , , , , , , . Bookmark the permalink.

6 Responses to Lefferts 2-Family Townhouse 599K

  1. Debre says:

    If only the voices in my head were that specific and helpful with financial planning!

  2. Cate says:

    If this is a freestanding house, I would anticipate heating costs to be about $800 a month in the winter months at least.

  3. Cate says:

    Also the downstairs apartment is one floor, not a duplex.

  4. cara says:

    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.

  5. cara says:

    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.

  6. Sal Cappi says:

    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!

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