Amazing Victorian Home for Lease! - Short North « Columbus Underground Messageboard

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Amazing Victorian Home for Lease! - Short North

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Started 1 year ago by bradhowe
Latest reply from Chris Sherman

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bradhowe

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The renovation of this amazing Victorian Home is underway! Available for move-in July 1st. Next to The Jackson on High!

Details:
--$3,000/month lease rate
--Address: 36 W. 4th Avenue
--Around 3,500 sqft of livable area
--Amazing exposed brick throughout interior
--Tall ceilings with terrific wood work throughout
--2-full baths on 2nd level and 1/2 bath on first floor
--Granite countertops and stainless steel appliances
--New roof being installed in May
--Central air
--Many new renovations
--Security system included
--$30 per person per month for water, sewer and trash
--Privacy fence and new landscaping

Please email bhowe@jacksononhigh.com to setup a showing during construction.

Posted 1 year ago #
CycleJackson
OTE
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Trash is free in the City of Columbus for single family homes. Good of you to pass that imaginary expense on to your tenant.

Posted 1 year ago #
Tenzo
Chicago Lakeshore
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You can buy a larger place and pay less in mortgage than that.
I think I saw one for sale at 777 City Park Ave, in German Village.

Posted 1 year ago #
Matthew
Hilltop
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Good, I'm not the only one to choke on the price.

Posted 1 year ago #
Snarf
Dystopia
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CycleJackson wrote >>
Trash is free in the City of Columbus for single family homes. Good of you to pass that imaginary expense on to your tenant.

I live in the City of Columbus in a SFR and pay a quarterly water/trash/sewer bill.

Posted 1 year ago #
cbus11

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I guess I would have to see it. But I think it is the one with the smaller building attached that used to be the offices for the Jackson. I think the price seems fairly high.

eta:
It looks like they are asking $2k for the smaller one bedroom attached building.

http://www.padmapper.com/show.php?type=0&id=70638281&src=main

Posted 1 year ago #
Chris Sherman
East Franklinton
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Depending on the amount of bedrooms that's not bad. Not everyone wants to buy these days. And I stress the number of bedrooms. 3 or 4 then it's doable. Or a wealthy couple or bachelor.

Posted 1 year ago #
Chris Sherman
East Franklinton
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Snarf wrote >>

CycleJackson wrote >>
Trash is free in the City of Columbus for single family homes. Good of you to pass that imaginary expense on to your tenant.

I live in the City of Columbus in a SFR and pay a quarterly water/trash/sewer bill.

I pay for trash and the city won't even give me a dumpster.

Posted 1 year ago #
HeySquare
German Village
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Chris Sherman wrote >>

Snarf wrote >>

CycleJackson wrote >>
Trash is free in the City of Columbus for single family homes. Good of you to pass that imaginary expense on to your tenant.

I live in the City of Columbus in a SFR and pay a quarterly water/trash/sewer bill.

I pay for trash and the city won't even give me a dumpster.

Why would you need a dumpster when you have an empty field next door? ;)

Posted 1 year ago #
Chris Sherman
East Franklinton
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I know right!

Posted 1 year ago #
bradhowe

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I should have explained better how I arrived at the lease price.

Lease price per sqft = $.86

Value of home = roughly $600,000 after renovation completed

Property taxes/month on purchase = $1,000 (not paid if tenant)

Insurance on home/month on purchase = $150 (not paid by tenant)

Roughly 20% down on purchase to borrow $500,000 over 30-years @ 6% = $2,997 monthly payment

To own this bad boy it would cost you about $4,150 per month.

So to own you would need an extra $1,150 per month and $100,000 down.

To lease you just need $3,000...plus we cut the grass, install mulch and pull your weeds!

Brad

Posted 1 year ago #
Tenzo
Chicago Lakeshore
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Wish I could get that much for my house!
And this is what I have seen renting in the $3K's

http://www.metro-rentals.com/SchwartzCastlePenthouse/default.htm

So your basing it on a high value house, with a disadvantage interest rate (correct me here if I'm wrong, with a really high property tax rate and a high insurance rate, under the assumption that the renters would rather pay money in rent than pay it toward equity?

But heck. You posted under classifieds so fair is fair. It's none of my business if you charge even $5,0000 a month for rent.
Do you have a picture of the house? I'm curious now.
Or an adress so I can google it.

Posted 1 year ago #
bradhowe

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The property tax rate average's roughly 2% of your purchase price in this area. Based on a $600,000 purchase that equates to around $1,000 per month.

The insurance rate would be based on replacement cost. You could play with this figure to reduce costs but you then give up something in return if something bad happens.

As for the 6% rate that was based on jumbo figures for a loan. You could get that rate lower depending on down payment etc.

The home is amazing and the wood staircase is fantastic!

Brad

Posted 1 year ago #
labi
Weinland Park
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For some reason the "36 W. 4th Avenue" address doesn't turn up anything on the county auditor's property search. Is that a new address for an existing building?

Posted 1 year ago #
labi
Weinland Park
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Oh, now I found it. It's called "34- 38W FOURTH AV".

link to entry

Posted 1 year ago #
MrStoneCutter

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Chris Sherman wrote >>

Snarf wrote >>

CycleJackson wrote >>
Trash is free in the City of Columbus for single family homes. Good of you to pass that imaginary expense on to your tenant.

I live in the City of Columbus in a SFR and pay a quarterly water/trash/sewer bill.

I pay for trash and the city won't even give me a dumpster.

If you had one of those green residential cans would the City empty it for you?

Posted 1 year ago #
Chris Sherman
East Franklinton
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No... They would most likely dump the trash on my front door and take it...

Posted 1 year ago #