With a budget of $800,000 for a two-family house or $1 million for a three-family, a couple went in search of a place in move-in condition. Here’s what they found.
With a budget of $800,000 for a two-family house or $1 million for a three-family, a couple went in search of a place in move-in condition. Here’s what they found.
The New York Times
Real Estate|Scouring the South Bronx for an Income-Producing Home. Which Would You Pick?
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Real Estate|The Hunt
Scouring the South Bronx for an Income-Producing Home. Which Would You Pick?
ByJOYCE COHENJUNE 11, 2020
With a budget of $800,000 for a two-family house or $1 million for a three-family, a couple went in search of a place in move-in condition. Here’s what they found.Related Article
Nearly three years ago, after renting with roommates, Tano Holmes bought a 900-square-foot, two-bedroom condominium in the South Bronx.
Mr. Holmes had been working as a chef at the Waldorf Astoria’s massive banquet kitchen, a union job that paid well. Many colleagues were “older people who achieved the American dream for themselves,” he said.
“They were from the west coast of Africa or the Dominican Republic, and they made enough to buy homes in the outer boroughs and send money home to their families,” he added. “It really inspired me.”
He was renting his second bedroom to a young man from Texas, and one day his roommate announced that a cousin would be visiting from Austin. In walked Clarissa Martinez. “We hit it off,” Mr. Holmes said.
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Soon after, he quit his job and moved to Austin to be with Ms. Martinez, an elementary school teacher. When the school year ended, the couple drove to New York and were married in the fall of 2018.
Mr. Holmes, 29, now owns William Street Catering and works as a real estate agent with his uncle at a brokerage in Jamaica, Queens, while
Mrs. Holmes, 25, teaches at a charter school in East Harlem.
“A two-bedroom condo, while great for me as a bachelor, was not as conducive to both of our happiness,” Mr. Holmes said. “Clari is used to big, open spaces and yards.”
When a neighbor in their condo building left a note on their door expressing interest in buying their two-bedroom, the couple decided it was a good time to sell and upsize.
“Being from Texas, I felt claustrophobic,” Mrs. Holmes said. “I am used to big backyards, swimming pools in the yard, driveways. While we loved our two-bedroom condo, I missed having the space. I couldn’t picture myself raising a family in it.”
With a budget of up to $800,000 for a two-family house or $1 million for a three-family, they went on the hunt for a place in the South Bronx, which they liked for its prices and proximity to Harlem and Queens. Mr. Holmes was interested in a multifamily house that could produce rental income, but many of the three-family homes they saw were in poor condition.
Their criteria included a yard for their two Pomeranians and a parking spot. Mrs. Holmes was concerned about dealing with children and strollers in the street when she parked. “In Texas, everyone drives and you don’t have to worry about pedestrians nearly as much,” she said.
A Bronx house would likely come with a yard, but some don’t have a parking spot, said Victor Banks, Mr. Holmes’s uncle, who is a broker at Century 21 Milestone Realty, in Jamaica, and served as their agent.
When Mrs. Holmes was growing up, she said, “If anything broke, my dad would fix it. Tano isn’t naturally a handyman. He is, like, ‘I am going to be calling someone.’ I didn’t want to be living in a construction zone and to rely on Tano to get things done.”
So they focused on homes that were recently renovated and flipped, or otherwise in good condition. “A finished home would be better for us, because I would not be the guy to install new drywall,” Mr. Holmes said.
Among their choices:
No. 1
Morris Heights Two-Family
This 1989 house, newly redone by a developer, was about 2,350 square feet, with a three-bedroom duplex over a two-bedroom unit. It had a back deck, a yard and two gated parking spots out front. The price was $739,000.
No. 2
Mott Haven Three-Family
This 1960 stucco house was about 2,250 square feet, with three two-bedroom, one-bathroom apartments. There was a yard in back, but no parking spot. The price was $749,000.
No. 3
Mott Haven Two-Family
This house, built in 2000 and newly redone, was about 1,680 square feet, with a three-bedroom duplex over a two-bedroom unit. There was a big oriel window and a gated parking spot in front, plus a blossoming tree in the backyard. The price was $799,000.
Find out what happened next by answering these two questions:
Which Would You Choose?
Morris Heights Two-Family
Mott Haven Three-Family
Mott Haven Two-Family
Which Did They Choose?
Morris Heights Two-Family
Mott Haven Three-Family
Mott Haven Two-Family
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