4th floor walk up - impossible to rent?

6 Replies

Hi everyone,

First time posting here!

I’m thinking of buying a 4th floor one bedroom in walk up building (no elevator). Plan is to buy, rent out, and hold. Have any of you had experience with high floors in walk ups? Is it extremely difficult to find paying tenants? 

Numbers and location otherwise look good to me. Let me know what y’all think! Thanks. 

Heh. This is funny to me because when my best friend and I lived in the French quarter in new Orleans we rented an attic apartment on the fourth floor of one of those old old buildings. It was a fourth floor walk up and the last flight of stairs from the third floor to our place were like an inch steeper than the stairs on the first three with the last two being another inch steeper. It sucked when we moved in and out or when we had groceries and stuff but other than that wasn’t too bad. 

Anything will rent. In 2005, I saw an ad for someone renting out their 8 x 10 walk-in closet with shared use of a bathroom and kitchen. It was $300 and included an extension cord for electricity.

You have to study the market. Surely there are other comparable units. You can expect it will rent for less than a ground-floor or second-floor unit and it will have limited market appeal because no 60-year-old woman wants to carry groceries up that many stairs.

@Alex J.

4 years ago my uncle passed and I lightly rehabbed his 3rd floor walk up co-op apartment. No elevator. It sold for $640,000. Jackson Heights Queens.

I’m not sure people care