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Tuesday, October 28, 2014

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Out of curiosity, what kind of rent do you think would one of those apartments would fetch?

Hard to say. They look like big units, but who knows if they're renovated/updated, that would matter. The neighborhood isn't so hot. I wouldn't live there, even for free. Sounds harsh, but that's the truth. Rent? I don't know 500/month? Put that building in a good neighborhood, even without renovation and it would be snapped up in heartbeat for several times the amount they're asking. That's the reason it isn't selling. A friend just sold a unit that is probably about the same size, in a building about the same age, but a better neighborhood. Their unit went for over 500k and sold the week it went on the market.

$500 a month isn't much. If the unit is worth 100k and there were no other expenses it would give $6000 or 6% per year, but there would be taxes, upkeep, possible vacancy rate, not to mention the possible renovation costs that could make the building a tear down and worth only as much as the lot (which doesn't look that big).
Sounds like a big difference between neighborhoods!

It's always creepy when people historicize ie: glorify murderous thugs. Every time I see another trailer for yet another mafia movie I want to throw something at the screen. One theory for why there are so many of these movies glorifying thieves, bullies and murderers is a way for conformist, downtrodden typical Americans to vicariously thrill. A Walter Mitty daydream of violence and mayhem against those who demean them. A simpler view wd be that the mob funds many of these movies and wants people admiring them.

As to the house? Make it a drug rehab center and let it be redeemed...

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