Comments on: Park Slope Homes Under $1Mil https://reclaimedhome.com/2008/04/03/park-slope-homes-under-1mil/ Reuse. Rehabilitate. Restore. Architectural salvage and repurposed pieces for the home. Tue, 17 Sep 2013 14:46:10 +0000 hourly 1 By: iloveupstate.com https://reclaimedhome.com/2008/04/03/park-slope-homes-under-1mil/#comment-8333 Thu, 03 Apr 2008 20:12:22 +0000 http://reclaimedhome.com/2008/04/03/park-slope-homes-under-1mil/#comment-8333 Back in a flash…I’m gonna go knock over a bank…

]]> By: RH https://reclaimedhome.com/2008/04/03/park-slope-homes-under-1mil/#comment-8330 Thu, 03 Apr 2008 19:20:14 +0000 http://reclaimedhome.com/2008/04/03/park-slope-homes-under-1mil/#comment-8330 You’re gonna make me do math now? I’ve just been sniffin glue all day. (Really, I’m doing decoupage)

Ok, a few scenarios:

Most people aren’t buying an $800k house as their first home. They are coming out of a sale on their previous home. Who has that kind of cash? People who bought early on in Manhattan and recently sold. They may be putting down more than 20%.

Average Park Slope rent is closer to $2000 + per month for a 1BR.

I’m not advocating it. Personally, I’d rather get more for my money elsewhere. FYI, our first home was Park Slope. We paid $198k. It was a good move.

]]> By: iloveupstate.com https://reclaimedhome.com/2008/04/03/park-slope-homes-under-1mil/#comment-8328 Thu, 03 Apr 2008 18:04:46 +0000 http://reclaimedhome.com/2008/04/03/park-slope-homes-under-1mil/#comment-8328 Humor me…

Let’s say you buy a house for $800,000 and it’s got 3 apartments in it. You keep ONE and rent out TWO. Let’s say average rent – $1500. So that’s $3000 a month (2 units) towards your mortgage). Had you put 20% down (who has that kind of cash!?!?) your mortage would be $640,000 or roughly $6400 a month + taxes. What am I missing?

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