Good morning gorkmonkey,
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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