Rent in Bed Stuy/ stuyvesant heights

Hello Brownstoner, Im curious to know the going rent as of Feb 2014 in bed stuy for nicely done apartments in prime areas of Stuy heights. I see street easy list them all over the place and it varies greatly on the location of the home. I also noticed street easy lists them, but it doesn’t actually show what they rented for.

stuyheights

in Home Buying 10 years and 9 months ago

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stuyheights | 10 years and 9 months ago

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@bedstuybrownstone – You got it… Well keep in touch. Im sure I will find the need to pick your brain about some things in the near future with my project. Considering the fact we are neighbors and all :)~

bedstuybrownstone | 10 years and 9 months ago

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@just5581 – Although I think your numbers are on the high end, I think they might be doable (I can’t speak for the one bedroom as much, as I have a duplex that I am renting and only researched comps for the duplex). If I was to rent out my duplex right now, I would probably try for $3500 (mine has 3 bedrooms, 2 baths though, does not have the central air though) But I agree with deano – use conservative numbers for your own calculations and make sure it will work for you financially that way. Oh, and try to get out of that FHA loan ASAP (refinance)! I’d love to hear what rents you end up getting, as I am very close to you and will soon be renting out my 1.5 bedroom as well.

stuyheights | 10 years and 9 months ago

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Deano- 3/4 family fha loans need to be self sufficient. whatever the total net rent is for the entire home (which is determined by an appraiser) is what your mortgage payment cannot exceed. For example if the rent in the home for all 3 units is marketed down as 7k per month, FHA takes in a 15% vacancy rate, which would be 7k x 85% = $5950… Mortgage payment can not exceed that number… PS- Im in the mortgage business

deano | 10 years and 9 months ago

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Are you justifying numbers to FHA, or to yourselves? My sense is that renters aren’t heading to BedStuy to live in luxury, but even if all the luxe makes 2000/3400 seem possible where you are, those rents still sounds more like Prospect Heights than Stuyvesant Heights. Laundry has a very practical value, but I’m not sure that central air will secure the rent premium to pay for itself anytime soon. If it were for my own calculations, I’d do my arithmetic based on 1800/2600 and play safe(r).

annep | 10 years and 9 months ago

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$2K per bedroom sounds reasonable — $3400 for the duplex sounds high.

stuyheights | 10 years and 9 months ago

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We are buying a 17×45 in a nice part (id like to think) On Stuyvesant and Hancock. Our realtor is telling us if it is redone nicely with a washer and dryer in each unit, dishwasher, and AC, we can get at least $2000.00 per unit… Each unit will be a 1 bedroom… For the duplex, redone, with 2 large bedrooms on the ground floor, with a large bathroom, and use of the yard. Parlor level would be a large living room and eat in kitchen with a half bath. Realtor says $3400 Does this seem nuts? Since we are going with a FHA loan and the home needs to be self sufficient, our rehab pretty much depends on these numbers.

bedstuybrownstone | 10 years and 9 months ago

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@bedstuyreno , it does indeed include the backyard!

bedstuyreno | 10 years and 9 months ago

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@bedstuybrownstone impressive rent collection. Does the duplex include outdoor space?

bedstuybrownstone | 10 years and 9 months ago

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my duplex is 1550 sq ft