Real Estate: 142 Johnston St $45,000

145 Johnston St Newburgh NY

This newly painted home on Johnston Street if for sale. The new paint job looks a million times better and shows the potential of what some of these little rowhomes can look like. It’s being listed as a fully rented 2-family home. A property of this size usually works better just for one family. The caveat here is that many buildings on this block are vacant or abandoned, including the one on the left and across the street.

145 Johnston St Newburgh NY (John J Lease)
Asking Price: $45,000
Year Built: 1900
Size: 1,216 sq ft
Neighborhood: NoBro
Taxes: $1,362 (probably incorrect)
Distance to NYC: 58.1 mi, 1 hour 9 mins
Public Transportation: MetroNorth to Beacon, then take ferry across
Closest Roadways: 9W, I-87, I-84
Google Map

3 Comment

  • Wow. What would the mortgage be on something like that? Maybe $500 a month, including PMI and taxes…say $600 tops! And it’s being rented as a two-unit propoerty? What could the rents be…about $800 for a two bedroom, or maybe $600 if it’s a one bedroom?
    My point being, it doesn’t make sense that these homes remain as investor properties. It would make a fine home for a family to buy and occupy as a one-unit:
    1) the size is right for an energy-efficient dwelling
    2) an FHA loan, with 5% down means you put down $2500, and pay roughly $500 on a 30yr mortgage (estimating about 5.5% interest rate).
    3) take out more to fix it up and everything raises accordingly – but not by much!

    So why would anyone rent instead of own?
    1) Because they’re on section 8, food stamps, etc.
    2) because they don’t have the $3000 upfront cost as a down payment
    3) because anyone who wants to own a home doesn’t want to live in an area surrounded by abject poverty
    4) they dont have a job or cant get financed for this conservative loan (enter FHA which does lend to those with sketchy credit histories

    So what’s the solution? This city can’t keep doing the same thing it’s been doing for forty years and expect change. I believe that all people have a right to a decent and safe place to live, but the current poverty industry is crushing all hope of that.
    They’re beautiful houses on Chambers, Miller, Johnston, etc, and that area deserves to be brought back, just like Montgomery, Grand, and now Liberty!

  • Solution? Import jobs (back) not more people. But the solution is relative and runs counter to the statism and there’s a lot of money to be made skimming, industrial poverty or other wise. It’s hard work running an actual productive business and, gasp, the profits should be shared. So, their ‘solution’, in drawing on an analogy to healthcare, more socioeconomic opiates, more dependence. After forty years of doing “it” one has to question the motivation. “Deserving” buildings, perhaps. However, that’s a red herring for the real issue.

    • Jobs are central to any solution , I agree. Newburgh’s revitalization is within the context of the region as much as it is the city itself. Jobs, transportation to those jobs…so many issues. Meanwhile we plod along and hope somewone is doing the things necessary to generate traction.