Clinton Hill is one of the hottest areas in Brooklyn right now with plenty of room for growth of property values. Nobody can predict the future with 100% accuracy, but I think the area it is a very safe and good investment opportunity right now. As far as the rental covering your costs, it also depends on how much the maintenance is.
On a side note, I just listed a 4 story 2 family home in the area, they are asking $1,200,000, this link will take you to the virtual tour: http://youtu.be/IJRn9JvDk-I
Let me know if I can be of further assistance. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com... more
Wherever u are cmfortable walking to the subway! There is only the G train and the buses down DeKalb Ave to deKalb Station of BQ, D and R, which are quick to the city. I like Clinton and Washington Ave with their turn-of the century houses and apartments. Very reasonable priced are the Clinton Coops. If u need help, I lived there for many years and sold apartments and hoiuses there. Just call me and I will help u find a great space. Sarah Parsons, firstname.lastname@example.org... more
The first thing you should do is contact a sales agent who operates that area. The market is always changing, and an agent who is in touch with the neighborhood will steer you in the right direction! With your salary and excellent credit, you may be able to afford more than you think.
You could follow up by talking to a mortgage broker. The broker will review your financial situation and pre-qualify you, or let you know how big of a loan for which you are likely to be approved. This will help you decide on your exact budget. I hope this helps!... more
M - You take two risks if you wait. Risk 1 is that prices go up, and risk 2 is that interest rates on loans go up. Have you spoken with a local Realtor about whether this co-op is at a reasonable price? All markets are local. What are the local trends? How long will you be likely to live there? If it's more than a couple years, it could be a good investment even if prices don't go up by much. You will be building some equity, not paying rent. I think it's time for you to make some assumptions based on your local market, and do some number crunching. best of luck!... more