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Old 03-12-2018, 07:45 AM
 
11 posts, read 10,366 times
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Is there a major difference in Williamsbridge North and South of Gun Hill Road (Specifically, Paulding btw. Bronxwood and Laconia vs. 216 btw. Bronxwood and Laconia)?

Houses seem to be similarly priced in both areas... Is Gun Hill Brewery a real sign of gentrification or is that a one-hit-wonder?

Houses also seem to be similarly priced in Morris Heights (see my last post) as well...

Where would you move? Looking for a place to live in one unit and rent out the other. I am a teacher in the Bronx, so commute is good regardless. I have lived in Belmont for around 15 years but can't afford to buy in my area.
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Old 03-12-2018, 08:05 AM
 
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Whats your budget?
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Old 03-12-2018, 08:20 AM
 
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Looking for a 3 fam around 760K top end. Doing FHA, so the house must be "self sufficient," meaning that at this price, the projected rental income for the 3 apartments must total $6500 (this accounts for vacancy etc.) - or around $2175+ each. This limits me to mostly 3/3/3 houses (in renovated/newish condition) or larger, depending on neighborhood. With these specs, I am finding homes in Morris Heights (rents barely work out) and Williamsbridge. My preferred neighborhood is Belmont as I have lived there forever, but haven't seen anything for sale in my price range (or anything for sale really at all).
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Old 03-12-2018, 08:51 AM
 
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To be honest, there's really no deal to be had anymore, IMO.

If you want a cheap turnkey multifamily, and in the Bronx, there are only a few places to look, and those places are:

-Anything north of Gun Hill Road
-Anything around the "other" 5 train north of Pelham Parkway
-Anything around the 4 train between 167th Street to Fordham Road (both east and west sides)

Better off looking for a 2 family in a slightly better area. Even if you can find a quiet 2 family more around the Dyre Avenue area.

Anything else on the market is either over your price budget, needs major reno, or on a "lively" block.
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Old 03-12-2018, 09:03 AM
 
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Yeah, I'm wondering if it's time to move a little north to Mt. Vernon or Yonkers. Only problem is that even though prices are slightly lower, taxes are higher and rents are lower too. Plus I know absolutely nothing about those areas other than my mechanic in Mt. Vernon and Costco in Yonkers.

Where do you think good multifamily deals are around the Bronx/NYC area now? Good to me means 1)I live for free and 2) I make a few dollars (maybe 500-1000 a month) to go into the house fund to cover repairs etc.
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Old 03-12-2018, 09:32 AM
 
33,122 posts, read 46,588,233 times
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Quote:
Originally Posted by buyinginbronx View Post
Yeah, I'm wondering if it's time to move a little north to Mt. Vernon or Yonkers. Only problem is that even though prices are slightly lower, taxes are higher and rents are lower too. Plus I know absolutely nothing about those areas other than my mechanic in Mt. Vernon and Costco in Yonkers.

Where do you think good multifamily deals are around the Bronx/NYC area now? Good to me means 1)I live for free and 2) I make a few dollars (maybe 500-1000 a month) to go into the house fund to cover repairs etc.
For the Bronx, I mentioned what areas I think your budget would work best.

I wouldn't do Yonkers, its the same thing as the Bronx, only thing is that its farther away.

Mount Vernon can be good if you find something within walking distance of 241st Street, or Dyre Avenue, if you catch my drift.

What will make a huge difference in your search is if the property has off-street parking or not. This is very important in the Bronx.
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Old 03-12-2018, 02:58 PM
 
Location: New York, NY
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Yeah the OP is basically looking in the cheapest parts of the Bronx, but not the greatest (dare I say seedy), especially north of Gun Hill Road. What a depressing neighborhood. I think I can actually tolerate parts of the South Bronx more than Williamsbridge. I think having that elevated subway line along White Plains Road just makes it feel even more ghetto. I will say that the closer you can get to Pelham Parkway (the neighborhood and the road), the better; that is SOUTH of Gun Hill Road. If you can get south of Allerton Avenue, and by Pelham Parkway North or South near the Bronx Zoo, even better.
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Old 03-12-2018, 04:38 PM
 
11,445 posts, read 10,343,693 times
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Quote:
Originally Posted by SeventhFloor View Post
To be honest, there's really no deal to be had anymore, IMO.

If you want a cheap turnkey multifamily, and in the Bronx, there are only a few places to look, and those places are:

-Anything north of Gun Hill Road
-Anything around the "other" 5 train north of Pelham Parkway
-Anything around the 4 train between 167th Street to Fordham Road (both east and west sides)

Better off looking for a 2 family in a slightly better area. Even if you can find a quiet 2 family more around the Dyre Avenue area.

Anything else on the market is either over your price budget, needs major reno, or on a "lively" block.
How about turnkey 1 family homes (whether detached or rowhome) near the 4 train? I don't even care if the neighborhood is super ghetto
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Old 03-12-2018, 04:56 PM
 
Location: Mott Haven, New York
965 posts, read 1,101,382 times
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Quote:
Originally Posted by pierrepont7731 View Post
Yeah the OP is basically looking in the cheapest parts of the Bronx, but not the greatest (dare I say seedy), especially north of Gun Hill Road. What a depressing neighborhood. I think I can actually tolerate parts of the South Bronx more than Williamsbridge. I think having that elevated subway line along White Plains Road just makes it feel even more ghetto. I will say that the closer you can get to Pelham Parkway (the neighborhood and the road), the better; that is SOUTH of Gun Hill Road. If you can get south of Allerton Avenue, and by Pelham Parkway North or South near the Bronx Zoo, even better.

This posts says a lot. Haha
Great choice of a word there. That area does feel really depressing. I don't know, it just is. At least being in Mott Haven is only two stops / extremely short cab ride the Hell out of dodge and into the city.

#GoneIn60Seconds.
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Old 03-12-2018, 05:20 PM
 
33,122 posts, read 46,588,233 times
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Originally Posted by l1995 View Post
How about turnkey 1 family homes (whether detached or rowhome) near the 4 train? I don't even care if the neighborhood is super ghetto
Barely anything, just not enough inventory

Majority of the housing around there is multiple dwelling.

Expect to pay not what it's worth for turnkey IMO.

I saw a single family listing near BCC for $1.2M. But it was a really nice older house in pretty good condition. Pretty large home too with 5 or 6 bedrooms and a 2 car garage. I believe it's off the market now.
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