This week's fixer upper special is 1,000 sq ft
1 BR in the Carlton House—with a terrace!—that could convert to a true 2 BR with grace and ease. Comparable two-bedroom homes in this neighborhood go for
upwards of $650k, and that's without the outdoor space. This home is listed at $465k, so at the very least there is $185k of instant equity on the line—and that will pay for a nice renovation, indeed. Let's take a look.
Many times when you see a 1BR converted to a 2BR, it's an awkward execution. I've seen bizarre configurations, where a small eat-in area off the kitchen like this has gets turned into a tiny "bedroom" with no closet, which as we know is not a legal bedroom. Not so with this home. Looking at the original floor plan, a clever renovator would remove the closets between the current kitchen and bath and reorient the kitchen so that faces the foyer.
Annex some of that floor space and add a generous island, where a cook (or two) can converse with their guests. There's plenty of room in the spacious living room to locate a full dining table.
Speaking of closets, the original floor plan appears to be missing one that the photos show is perpendicular to the entryway. Let's reorient that, and use it as a kitchen pantry.
The rest of the home looks move-in ready.
From the listing on Streeteasy, we see that this elevator building, built in 1946, is cat-friendly and offers all the amenities that most co-ops within this landmarked Historic District feature, including common garden, laundry room, and storage (wait-listed), but also has a gym and—wait for it—garage parking! Parking and a terrace? Even I am tempted, and I just finally finished gut renovating our home to my taste.
I won't speculate on the strength of this building's finances—though I have it on good authority that it's solid. Every buyer has to do their due diligence. But given all it could be and at this price, this home is definitely worth a closer look.
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