It's all about monthly payment and market rentals. Since you have a potentially large down payment, you can set your monthly payment to a level where, once you factor in the market rental for the second unit, you'll achieve your goal of breaking even.
You have mentioned several neighborhoods in your post/question.
What I'd recommend you do is determine both pricing ranges for 2FAM homes in those neighborhoods AND market rentals.
Armed with this information, when you meet with your Mortgage Banker to get Prequalified, you can do a thorough analysis to compare your total monthly mortgage expense (including Principal & Interest, Taxes, Insurance and Mortgage Insurance if required) with the potential rental in any given neighborhood.
By the way, I advise that you take the conservative approach. Qualify your mortgage payment at a rate slightly higher than market, this way you can take your time shopping, and you're prepared in case interest rates go up. Use a lower rental number than what your market research has told you.
Since your goal is to break even on your housing expense, you should use that to guide you in selecting the neighborhood. In other words, while you favor Greenpoint, when you analzye the numbers you may find that Sunset Park is more in line with achieving your goal. Don't get off track; Buyers often stray from their original intent once they've been Prequalified. Your goal is smart and an admirable one---not to mention financially prudent. Adhere to that goal with accurate information from your Mortgage Banker and an understanding of your market rentals.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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Yes it is possible. Just speak to a mortgage banker to make sure you are qualified and see how much you can borrow and how much the loan will cost you each month. Then you should look at everything in those areas within your budget and buy the one that is the best deal. In the price range you are in you may have to sacrifice on size and/or condition, but if the house meets your specifications, you will be living rent free and then some.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
My name is Chris Miceli and I am a Mortgage Loan Officer with PNC Mortgage. I have over 15 years of experience in the mortgage industry. I was born and raised in Brooklyn NY and I am very familiar with the areas you are looking to buy in. I would like to go over your options and let you know what it will take to make your Dream come true! Please call me when you can. Thanks!
Sometimes what you do before you sign a contract can be more important then what you do after you sing the contract!
Mortgage Loan Officer
PNC Mortgage is a division of PNC Bank