As we search for a home to restore and exchange (flip) we’ll be passing along the ones we decided against. This Albany Avenue single family is a bank owned property listed at $345k.
The photos speak volumes. The home is loaded with details! The ornate wood molding, 5 fireplaces (I believe some slate and some wood). Medallions. Doors and hardware. Stained glass. Original shutters.
So what’s the catch? Well, obviously it needs work. That’s a given. It’s currently being used as an illegal 3 family and that won’t fly with a mortgage. Two kitchens will have to be ripped out, but you can still mortgage it. And that’s ok, because there’s nothing special about the kitchens or baths anyway.
The biggest drawback for us was location, location, location. It’s right across the street from the projects. Now, that might not be an issue for someone looking to move in or rent it out, but since we’re only concerned with resale value, it’s a big deal for us as an investment.
So, we passed. Would it work for you? Check out the listing here.
4 Comments
Wow, this has great potential! But being across the streets from the projects is a major downer. What a shame.
That home certainly is beautiful. Too bad it is across from the projects. But yes, it could potentially be a good home to rent out.
The question here is whether the proximity to projects outweights the low asking price. In Chelsea it won’t be a problem. Will it be in CH?
I see same size houses in same condition for sale around the corner asking $500K.
Its a shame the projects are across the street. These details are awesome! One smart buyer will buy and wait it out as smart people did in the lower East Side.