A Unique Opportunity in Selden's Property Market
This month, a distinctive property in Selden, a central Long Island suburb with approximately 21,000 residents, has entered the market at a striking $329,900. This price represents a significant 55 percent discount compared to the area's median single-family home value, which exceeds $735,000. Despite its affordability, the home notably lacks a dedicated bedroom, a feature that would typically deter many buyers.
Property Features and Layout
The 446-square-foot dwelling, constructed in 1930, offers a compact yet functional living space. Its layout follows a straightforward linear design: the front door opens into a dining area, which leads to a carpeted living room featuring a fireplace. Adjacent to this is the kitchen, equipped with a full-sized refrigerator and oven, and finally, a bathroom that provides access to a small backyard patio. An unfinished basement and outdoor space complement the main floor, bringing the total footprint to a size comparable to a typical New York City studio apartment, which generally ranges from 300 to 600 square feet.
Denise Beckman of HomeSmart Dynamic Realty, the listing agent, has observed robust interest in the property, receiving multiple offers. She notes that the absence of a bedroom has not proven to be a dealbreaker for prospective purchasers. 'All sorts of different people' have expressed curiosity, including investors, first-time homebuyers, and individuals seeking to downsize. Among those planning to reside in the home, most are single persons or couples.
Financial and Renovation Prospects
Due to its modest dimensions, the home carries an estimated annual property tax bill of $3,750, according to the listing. For those who find the current space insufficient, Beckman highlights the potential to legally convert the basement into a bedroom. This would require obtaining a building permit from the Town of Brookhaven, ensuring ceilings are at least seven feet tall and windows serve as emergency exits—criteria the basement already meets with its ground-level windows.
However, such a renovation would likely trigger a reassessment by the town, potentially increasing property taxes. Beckman argues that the added value from the conversion would outweigh any tax hike. 'With a little bit of money in that house, you could really make it quaint,' she remarked, suggesting the property could appeal to professionals like medical workers due to its low-maintenance nature, including no lawn to mow.
Investment Potential and Owner Sentiments
Investors have shown particular interest in adding a bedroom to enhance the home's rental appeal. Beckman estimates that with this upgrade, landlords could command at least $2,500 per month in rent. At this rate, an owner could recoup the purchase price within approximately 11 years, assuming consistent tenancy.
The current owners, a couple who have cherished the home for years, hope to sell to someone starting a new chapter in life rather than an investor. 'They want to see that home go to somebody that wants to have a nice place just for themselves, whether it's a single or a couple,' Beckman explained. 'They want nice, fresh young blood and people that are going to love it as much as they did.'
Market Response and Open Houses
Despite online skepticism from some critics, Beckman reports that in-person viewings have been overwhelmingly positive. 'The people that say it's ridiculous didn't walk through it. They're those keyboard warriors. When other people walk through it, they understand what they're getting,' she said. The property has been shown numerous times this week, with a second open house scheduled for the upcoming weekend, indicating sustained demand in a competitive market.
