This bungalow in a nice area of Jamaica (Queens) might not have the best curb appeal on the block, but it has lots of potential, and has a decent amount of space for the money. This 5-bedroom fully-detached (free-standing) house is listed for $295,900; the foreclosee paid $480,000 for it not even two years ago (9/26/2006). Zillow.com estimates that this house is worth $507,000. The biggest drawback appears to be that the property backs up to the Long Island Railroad track right-of-way.This house could be a great rental property for a particular reason: it has five bedrooms. Apartments and houses with 2 to 4 bedrooms are usually pretty easy to find in Queens, but 5+ bedrooms are few and far between --- giving the property owner a major advantage. This house could be rented for $2,000 or more per month, likely comfortably covering the mortgage. Alternately, this house might be a great candidate for an owner occupant or a flipper --- minor rehab and sprucing could make this house shine. Enhancing the curb appeal of the house and doing a quick and simple rehab all around might cost $30,000 or so, but could probably turn more than twice that in profit when it is time to resell in a couple of months, if one chooses to go that route.
The basics...
Address: 118-18 Marsden Street, Jamaica, NY 11434
Current Listing Price: $295,900
PREVIOUS Sale Price: $480,000
Size: 5 Bedrooms, 1 Bathroom; 1,200 square feet
Lot: .07 acres
http://www.realtor.com/realestate/jamaica-ny-11434-1100508363/
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