The Cribline’s House Pick of the Week – September 11, 2011
It’s a 3-level row house with original hardwood floors, woodwork and pocket doors. On the first level you’ll find the living room, dining room and kitchen.
On the 2nd level is the Master Suite w/ a full bath, walk-in closet & dressing room, the 2nd bedroom.
On the 3rd level there’s another Master Suite, and 4th bedroom,
There’s also a full basement w/ front & rear entrances that could be turned into a rental apartment.
There’s also a Large landscaped brick courtyard in rear.
To the Point Analysis:
You’ll need 20 percent down for this beauty. So, you’ll have a mortgage of about $800,000 (with $200,000 down). At 4.5 percent (estimated 30 year fixed rate mortgage). With taxes and insurance we estimate a total gross monthly payment around $5700/mo. After the tax deductions, we estimate a net payment of $4,000/mo.
If the basement could be turned into a rental unit, one bedrooms in the neighborhood could easily rent for $2,000 which would considerably lower the out of pocket expense.
The purchaser could be living in a palace with 4 bedrooms at about the same price one would pay for a rental apartment.
We’re keeping our eye on this property.
Happy house hunting!