I'm looking to renovate a kitchen and bathroom in Brooklyn NY.

I am from Connecticut originally and currently live in NYC, right on the boarder between Brooklyn and Queens.I am new to real estate but I do have a background in insurance, economics, and market research.

Quote from @Brooklyn McCarty: @January Johnson is who you want for this question! 

@Brooklyn McCarty neutrals seem like a good bet.  

@Nicholas LaytonI have been investing in Brooklyn, NYC for 21 years.In the year 2000, I bought a 2 family for $140k with a Down Payment and Closing costs totaling $28k.The Rents and Expenses broke even but I lived for free.The CoC Return was 0%.Fast forward to today, the rents for the 2 apts increased from $500 per month each to almost $2,000 per month after 18 years.Because I used a fixed rate mortgage at the time, my monthly expenses increased MUCH less than the Rents did, raising my cash flow.Today, that property would have cashed flowed around $2.5k per month or $30k per year.If I used CoC Return as a metric 18 years later, my CoC Return would be $30k / $28k Initial Investment or 107%.In markets like Brooklyn, NYC, what matters isn't the Current CoC Return, but the FUTURE CoC Return.This is EXACTLY why I use Internal Rates of Return (IRR).You cannot understand the Return on the Investments in Markets like Brooklyn with simple CoC Return Calculation.Instead, you need to understand the CoC Return GROWTH.Certainly not by coincidence, btw, the value of the property went up from $140k in 2000 to a current market value of over $1 Million.If you want to understand the IRR from real examples, you should read my past posts.

It's misleading if you don't consider immigration from other Countries and Population growth from birth.Look at all the Stroller neighborhoods in NYC, especially Park Slope, Brooklyn.

And now that you're here we'd love to see you be an active member of the BP community so be sure to set up Keywords Alerts for your local area such as "NYC" or "Brooklyn" if you're looking to find potential opportunities for investing, education in a subject, or other members in your area.

It doesn't change the rules of just running the numbers, but these older studio units have some unique challengs for sure.Quote from @Brooklyn McCarty: Quote from @Chris Noles: Hi,We currently have a beachfront 1BR/Bath condo in Myrtle Beach that we acquired in 2022, and we are looking at possibly acquiring a second STR in another location.  

Not as much appreciation potential unless you believe in and will wait for de Blasio's big plans out there.http://www.zillow.com/homedetails/467-Jerome-St-Brooklyn-NY-11207/30639992_zpid/It's been out there for 3+ months (maybe for a reason) but they just cut the price and might accept well below ask.

Quote from @Brooklyn McCarty: Bill Faeth just had a recent podcast about this.