Price reduction

131 Havemeyer Place

131 Havemeyer Place

131 Havemeyer Place, central Greenwich, from $999,000 to $899,000. Owner paid $995,000 for it in 2006, put on a new roof, siding and replaced the windows and kitchen cabinets. It’s rented for $3,750 through August, 2014. I’ll let you number whizzes work that out but it seems like a decent deal to me.


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6 responses to “Price reduction

  1. Mickster

    Tough when the lease end is so far in the future…gotta be an investor out there for that, tho

  2. D

    I would be curious to hear from an investor on this, but if I were looking:

    800,000 Price
    160,000 Down 20%
    640,000 Mortgage
    2,935 Payment 3.67% ( 30yr)
    584 Taxes 7,005
    100 Insurance
    3,619 Total Cost
    3,750 Rent
    131 NOI/Mo
    1,575 NOI
    0.98% Cash-on-Cash

    So, ~1% cash-on-cash which doesn’t include repair/replacement reserve – could be increased if you went interest only, but then you’d lose your long term interest rate play. Add to this some tax benefits with interest and depreciation?

  3. Anonymous

    Anything much more than 100x monthly rents and you are praying for capital appreciation. Not a “deal”.

  4. The New Normal

    PITA factor is worth at least $1000/month (depending on how you value your time and comfort)