Real Estate: 193 Grand St $239,911

193 Grand St Newburgh NY

This Victorian beauty is amongst some of Newburgh’s most stunning homes. There are no interior photos of this home, nor many details in the listing, but it is quite easy to dream up all the potential this home has just looking from the exterior. It is being listed as a multi-family home. According to the historic district tour guide, this home was built circa 1860 and the original owner was H.H. Stevens designed in the Italianate style. If you want more details you will have to contact the agent.

193 Grand St Newburgh NY (James Walker, Williams-Sykes Realty)
Asking Price: $239,911
Year Built: c. 1860
Size: 6,260 sq ft
Taxes: $17,067
Neighborhood: MGL
Distance to NYC: 59.9 mi, 1 hour 4 mins
Public Transportation: MetroNorth to Beacon, then take ferry, Transit Orange Bus Service
Closest Roadways: 9W, I-87, I-84
Google Map

5 Comment

  • Wow! Take a look at that tax figure! It’s an insult! That’s just about $1500 a month. Is that normal? We would love to see this house owner-occupied (it is directly behind my house – we share a fence), but a mortgage is probably about $1500, then taxes another $1500, then heating costs would easily be $1000 a month from November-March. Sure you get, say a thousand a month back from a rental, but that’s a mixed bag too. It’s a tough sell for any “decent, middle-class homeowner. They’ll have to put up with the inadequacies of the city government who is pretty much in direct opposition to homeowners in this city. Tough sell.

  • I think it is listed as a three family, and while the taxes are high, the price, and therefore the mortgage is low, relatively speaking.
    It could make sense for someone who would live in it and would otherwise be paying rent. In this case, they would own and would be building equity.

    The taxes are about 1600/mo, the mortgage would be less than 1000. /mo and the heat/water/sanitation/ins probably about another 800/mo. So, 3400/mo.

    Two rentals may bring in half that each month. The rest is what the owner pays to live in the home while building equity.

    I don’t think it is impossible to imagine that scenario. I do think it works best for a homeowner.

    On the other hand, it would not make sense to an investor unless they were to subdivide it further to make a profit.. Not necessarily good for the home or the neighborhood.

  • Taxes: $17,067 This is the problem with the City of Newburgh. There is not that many with higher paying jobs that want to live in/with lets be honest the riff raff that is the City of Newburgh. I looked at a house that was near in size to this house different shape and opposite end (on Grand street). It had the problem/feature of having a double lot. The cost of house asking price was 68k. Had people living it and was pretty decent not falling down or anything, The damn taxes on the place were 12k a year. How is someone looking for a under 100k mortgage supposed to pay 12k a year in taxes WTF….

  • The ‘City has had a 14.5% annual increase (non-compounded) in combined property and school taxes over the past five years. Relative to a “owner’s” cash flow, this annual increase has been offset by the declining value of the underlining asset.
    Case in point : over the same period, 193 Grand has seen its taxes increase 24% and a property value decrease of 37%.
    As 193 Grand St. has a current tentative assessment value of $301,000, a 14.5% average annual tax increase will wipe out any “equity” derived without any consideration to interest paid on a mortgage. Further, one needs to consider the maintenance and repair costs on a 6000+ sq.’ house built in 1860.
    But hey, the banks have lowered their under writing standards so all is well.
    “Deja vu all over again”.

  • no way the mortgage would be under $1200/month, as my mortgage on a loan of $148K @5.3% (thanks FHA) is $1250/month. And, I won’t have equity in my home til…
    But you’re right in the sense that if you compare it to renting (like I was doing in BK before this house), it kinda makes sense – but only if there is a turn-around in the community within the time you are living in the house (i.e. before you ever sell). In the meantime, you have to put up with some annoyances to say the least.
    I didn’t realize it was a 3 family. That in itself is a bit sketchy since it means an awkward chopping up of the living space.