Here’s a property that has been in a repeated cycle of poor fix-ups just to get the next tenant. Fortunately, it seems that a lot of original details and character remain, enough for someone to come along and restore it. This would be a nice choice for someone looking to live in a property along with tenants. If your aim is just to do the bare minimum to rent out the apartments, not much will change for this northern section of Liberty Street. Although many of these homes are in disrepair, this section of Liberty Street is often photographed for its beautiful architecture. One of the best examples of how these properties can be turned around can be seen in 292 Liberty, the next door neighbor. Other interesting neighboring properties to keep your eye on are The Girdle Factory and Weigand’s Tavern.
300 Liberty Street Newburgh NY (Jo-Ann Merla, BHG Rand Realty)
Asking Price: $99,900
Year Built: 1900
Size: 3,840 sq ft
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
Early 1900’s vintage postcard showing the side of 300 Liberty at the corner of South Street
Wow! What a beauty! I look at this home and all I can see is the potential it has to be even more beautiful. This building would go for $1.5 mil in Brooklyn, easy. Native NYer here, living in Crown Heights, Brooklyn for the last 6 years. I’ve been reading all about the history and politics of Newburgh since last month when I came across this website. We’ve missed the owning boat here by quite a few years and like so many others, see all the things we loved about Brooklyn originally, in Newburgh: the community, activism, art, DIY ethics, diversity, architecture etc. My wife and I are both in our young 30s, make a very modest income and could probably barely afford even the cheapest foreclosure at this point. We’re hoping if we save up enough that in a few years we can make it over and purchase something, I’m relatively handy and fixing up a property would be my dream. That asking price, even with materials and renovations is unreal! Who knows how long it will take and if we’ll miss the affordable boat in Newburgh too. We are slowly saving, but buildings like this make me want to get up and come over right now!
Don’t sweat the money situation. Look into a FHA loan with a 203K component (rehab $$). Down’ payment is like 3-5% or something. You’d just have to qualify (not hard), and be patient with the slow wheels of government (hard but not impossible). Talk to Chris Hanson from Apples2Orange Realty here in Newburgh for a formal education on it, or stop by my house at 292 Liberty for an informal chat. I was born in South Brooklyn (1974) and raised in East Flatbush (1983-2000). Moved to Newburgh with wife in 2009 with the FHA/203k. You can do it.
FYI my house at 292 Liberty is not next door, it’s about 4 doors down. But yes, we’d be neighbors.
earrabito, thanks for the information and kind words. I’ll definitely read up on the FHA/203k and I appreciate the contact info for the realtor!