Looking to buy an investment apartment? Here are 8 excellent properties

by Verus Real Estate

After being extremely competitive for nearly two years, the NYC housing market may become a buyer’s market. The above 6 percent mortgage rates demotivated many buyers in spite of even higher inflation rates. Many of them decided to wait out high interest rates and put themselves back into the rental market. In the summer, the demand for rentals skyrocketed, and so did the prices. The average rent in Manhattan reached $5,113 in July.

As competition shrinks, buyers have more power to negotiate the asking price, and sellers are more willing to offer discounts. Now is a great time to shop for a condo with low property taxes and maintenance fees in an up-and-coming NYC neighborhood.

Here 8 perfect investment candidates:

301 Covert St (Bushwick, Brooklyn)

Number of bedrooms: 1

Number of bathrooms: 1

Property taxes: $403/month

Maintenance fees: $437/month

*(Image credit: Douglas Elliman Real Estate)*

163 Macdougal Street (Ocean Hill, Brooklyn)

Number of bedrooms: 1

Number of bathrooms: 1

Property taxes: $353/month

Maintenance fees: $458/month

*(Image credit: E Realty International Corp.)*

800 Park Place (Crown Heights, Brooklyn)

Number of bedrooms: 1

Number of bathrooms: 1

Property taxes: $387/month

Maintenance fees: $279/month

21-17 31st Avenue (Astoria, Queens)

Number of bedrooms: 1

Number of bathrooms: 1

Property taxes: $41/month

Maintenance fees: $225/month

198 South 2nd Street (Williamsburg, Brooklyn)

Number of bedrooms: 2

Number of bathrooms: 1.5

Property taxes: $20/month

Maintenance fees: $583/month

1421 Hancock Street (Bushwick, Brooklyn)

Number of bedrooms: 2

Number of bathrooms: 2.5

Property taxes: $199/month

Maintenance fees: $485/month

105 Lexington Avenue (Bushwick, Brooklyn)

Number of bedrooms: 2

Number of bathrooms: 2

Property taxes: $812/month

Maintenance fees: $773/month

345 Union Avenue (Williamsburg, Brooklyn)

Number of bedrooms: 2

Number of bathrooms: 1

Property taxes: $12/month

Maintenance fees: $553/month

Investing in real estate is a great way to grow your portfolio and hedge against inflation, which climbed to 8.5 percent. The up-and-coming neighborhoods in Brooklyn and Queens are the perfect choice for anyone who wants to receive higher-than-average annual return from rent.

Astoria, an increasingly popular neighborhood in Northwestern Queens, saw an 4.6 percent appreciation over the past year, according to Redfin. In Ocean Hill, home prices went up a whopping 34.4 percent from last year. Similar increases in property values could also be seen in Bushwick, where an average home appreciated 11.5 percent. Choosing the right neighborhood is one of the key elements of a profitable real estate investment.