I looked at a legal 2 family in the bronx. 3 br over 3 br with a 1 br walk in. What is mainly holding me back from making a decision is that everything in all the units is electric. Electric heat and electric stove. Also the hot water tanks are electric. Gas is not an option. On this particular block there are no gas lines to any of the houses. My question is does anyone on here have any experience in nyc with this? In my mind this will chase away tenants or make the tenants leave after a winter. I have never had electric heat so I have no idea what the electric bills will look like due to the heat.
I have 3 houses in Md that are all electric . Its not a problem. The utility has budget billing . They average the bills . Advantages , no furnace to maintain , the odds of every electric baseboard heater failing at once are slim . Heat pumps are electric , and when the emergency heat kicks on , its the same as electric baseboard . With electric baseboard you can control the temp of each area , easy to conserve if you try . Electric bills vary with each tenant . I have a small 2/1 and the bills were running a guy about $125.00 a month , next tenant was a single mom , her bills ran close to $ 300 . She thought there was a problem . No , she baked , did lots of laundry , and the male tenant was bald he didnt use a hair dryer . He also had uniforms for work .
@Matthew Paul thanks for your reply. I just see it being a problem here in the Bronx. Since its a 3 bedroom the rent will probably be $1700. Since almost everywhere in nyc heat is included I dont see why they would rent from me when they could get heat included somewhere else. I might either have to charge lower rents or just pass up on the deal.
It isn't common, but electric heat in NYC is starting to pop up more and more.
It ain't cheap. My fiance used to live in Washington Heights and had electric heat. She only turned it on once in a blue moon, like when it would be a legit health hazard not to, and even then in winter her ConEd bill would jump to $200 for her 1 bedroom.
The people in the unit below her (also a 1 bedroom) ran theirs constantly and had a ConEd bill of $800 or more.
I don't know where in the Bronx you are, but $1,700 for a 3 bedroom definitely sounds reasonable. Maybe tenants will factor that in and it'll take some of the sting out of those high bills.
Thanks @Tyler Brown . Im leaning towards not getting the property. I just do not see how after paying 1700 in rent that my tenant would be able to pay 200 or 800 a month in electric. I just have a feeling that when rent is due and electric is due that they will pay the electric and short me on the rent. @Tyler Brown the property is in soundview, if your familiar with the Bronx.
@Jayson Greenblatt Was there a reason this house didnt have gas or even oil heat? Was the seller selling the property at a discount because of this? Im remotely familiar with the bronx
@Matt Lane There is no discount on this property. Due to the fact it has two 3br units i could live possibly for free in the walk in unit. As for having no gas, the whole block has no gas line run.
@Jayson Greenblatt did you ask the owner what the typical winter electric bill is? Why not negotiate a discount on the sale and then convert to oil with the savings? It's more none out of pocket now but increasing the value of your property. However only makes sense if you can get them to discount the price sufficiently
@Matt Lane The owner that has it now just bought it to flip it, so when he bought the property it was vacant and therefore has never lived in it. I was thinking of trying to contact Coned and inquire about past bills but I doubt that they will be any help. I will try though tonight.
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