Rental question

rosweed · May 2010

I genuinely appreciate the comments on this site. This is a question that I'd like honest responses to. Please don't waste time with snark attacks.

I own a limestone off Nostrand Ave on Park Place. This was a complete gut rehab five years ago. New roof, new wiring, new floors, new plumbing, new everything. There is nothing original about the house except the outside walls. The entire heating system was replaced three years ago (long story, contractor problems). We live on the top three floors, approx 2100 s.f. with a full 700 s.f. + basement. DW, all appliances, Maytag Neptune W+D. Two and a half baths. Fully landscaped and bricked backyard 18x40 feet.

The one BR garden apartment is occupied by a terrific renter. The renter does not have access to back yard or basement.

What could we expect to rent this for? Thanks!

ben · May 2010

It's hard to say without seeing pictures, a layout, and knowing how many bedrooms there are but I would guess somewhere in the $3k/month range. I think it will also depend on what type of renter you are looking for, you may be able to get something at the higher end of the range if it can be a share type situation although more people = potentially more wear and tear.

rosweed · May 2010

Thanks Ben. I will try to post a link to some pics.

tybur6 · May 2010

My two cents... I agree, $3k seems to be the ballpark for that size in that area. But who you can attract would be affected by the length of time. Are you just moving out of the main part for a while? (like a year?) Or are you planning on renting it for the foreseeable future?

It would be hard to attract a stable family if you are just going to return in a year. But if they could plan on staying for a few years, that would be a lot better. I'm not saying you should sign a 3-year lease (cuz they would also want the option to leave in a year if they don't like the neighborhood or whatever), but knowing you are moving into a stable situation will attract better folks.

meg · May 2010

Can you clarify: so you will vacate and rent the top 3 floors? how many bedrooms?

i'd also go to craigs List and do some browsing to get a sample of what rental housing like yours is going for in your neighborhood and Bklyn generally.

Just FYI as a renter (who just signed a lease in CH) I prefer elevator bldgs, near transit and decent shopping and i'm willing to pay a little more for those amenities. I'm not willing to pay so much for a walk up (i've seen some crazy asking prices for walk ups) that's 8-10 blocks from a train. So you should also consider access to amenities (even your W&D) when formulating rent.

ishtar · May 2010

meg wrote: Just FYI as a renter (who just signed a lease in CH) I prefer elevator bldgs, near transit and decent shopping and i'm willing to pay a little more for those amenities. I'm not willing to pay so much for a walk up (i've seen some crazy asking prices for walk ups) that's 8-10 blocks from a train. So you should also consider access to amenities (even your W&D) when formulating rent.

This place seems to have great train access. It's about midway between the A/C and the 3/4. The ONLY thing that would make me think twice is it's proximity to Nostrand. While Park Place is definitely one of the nicer blocks in that area, you still have to deal with the less desirables and garbage on Nostrand Ave. The big plus is that there is a decent grocer, lots of cheap take out, and a quick train ride to downtown BK and Manhattan. Someone will definitely pay 3K for this place.

rosweed · May 2010

tybur6 - We're just looking at our options right now, but if we did choose to move, it would probably be permanent. We would hold onto the house in the hopes that it will increase in value in the coming years.

meg - Yes, we would vacate the top three floors. The top two floors have two bedrooms each for a total of four. The top two floors each have a full three piece bathroom. The kitchen, living and dining rooms are on the main floor which has a half bath. The garden apartment is a one bedroom separate residence.

Ishtar - It does have great train access. A little over 10 minutes minutes to the A /C and 2/5, less than 10 minutes to the 3. The shopping has improved immensely in the five years we've been here. The quality of groceries at the Key Foods and Met supermarkets is so much better now, and improving all the time. There are a lot of takeouts, and the Crow Hill Bistro is a decent sit down place about 10 minutes from here. The noise and trash issues are also much better than they used to be.

Thank you everyone for your input. It's really appreciated.

meg · May 2010

Roseweed I should think you could get (or at least try for) more than $3000 esp if the back yard is part of the deal. $3500, maybe? and if ppl balk maybe then you can negotiate downwards..

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