Ah, welcome to
my world.
Strengths: Very attractive great room, fantastic deck, location, good fits and finishes, particularly the brickwork (but no pic of the bathroom), lots of square feet and big rooms. I assume the master bedroom is at least 12' by 12' or something, with no dimension being less than 11 feet (if it is less, that is a huge negative).
Weaknesses: Just one bath for two bedrooms it appears (a substantial negative given the price and number of square feet, particularly if it does not even have a power room half bath as a "public" bathroom), the dining area is tucked away in an alcove around the corner from the kitchen (and probably not remediable in a cost effective way, if at all by moving walls), that industrial pipe does not fit well in the architecture given the balance of the design, the floor plan is not depicted, and the state and layout of the bathroom is an unknown. I assume it has good to excellent closet space. If it doesn't, women in particular will be very displeased.
Price: A good way to test the price is to find out what the fair market rent is, and figure out your NOI by renting it out. If it is about 4%, that is a fair price, if it is closer to 3% it isn't, if it is pushing 5% it is an attractive purchase price wise. This of course is a macro comment on the market and the price rather than a micro one. I assume everything is very well insulated so you don't hear your neighbors.
As a sidebar, with respect to my Hudson action (duplexes, so not apples to apples at all), the NOI is around 8%, but I am busy "over improving" things (that means essentially gutting the interiors, lowering basement floors and finishing them out, etc.) so it is all done just right the first time in anticipation of a gathering wave of gentrification moving east of the main downtown commercial street into the three short blocks remaining in the urban footprint of the town prior to it suddenly ending in green fields, with the block that is where I am planting my footprints as my little project clearly the next in line for that to happen, so in the short term, the NOI will probably be down around 5%. The business plan is to attract much higher end tenants of course, who will pay the rent, not cause problems, and not trash the pads. I expect in 5 years the block will remind one of a nice high density hood in San Francisco, packed with gays and artists and second home folks from NYC.
Poll
