Classic Row House, Bronx Co.
My wife and I are thinking about making a low ball offer on a row house in the Bronx.
Ask: $400,000 (not worth this, no question)
Been on the market for a year
The house has got character! And it also has a load of problems. While it is a legal 2 unit, it needs at least 15-20k of work to get it there.
Are we making a mistake putting our aesthetic and character desires in the way? We already know we can make quicker, lower-risk money investing turnkey in the midwest (Memphis, Indianapolis, Kansas City). That being said, we love old row houses in the Northeast, and all things considered, we can turn the second unit into a $1800 / mo rental, it's just a matter of the interim (vacancy, rehab, etc.).
We are struggling with the fact that our desire for a unique living space conflicts with the investor fundamentals. Furthermore, any property that has been passed on for a year, has got to have problems galore.