RENTS CAN PAY COSTS FOR OWNER
BUYERS looking for a creative way to buy themselves shelter in New York City often consider purchasing a small rental building. The object is to obtain an apartment or two for oneself while counting on the rent from other apartments to cover all or most of the building's costs. The depreciation allowance permitted on the rental portion of the building acts as a tax shelter. Owner-occupied buildings with 6 to 10 units are being sold for less than $200,000 in the Bay Ridge section of Brooklyn and in Jackson Heights and Corona, Queens, brokers report. Prices vary depending on condition, cash flow and location.