☞ DWELL: 465 West 147th Street Brownstone

The brownstone on the right might be the cheapest house in Manhattan, but folks have been holding back to see how far prices may go. The photo is actually of a brick townhouse painted white with black trim, and it is located in the more northern reaches of Harlem but on a charming tree-lined block. What's the catch? Even though the building apparently has a lot of original details on the inside, the buyer will not be able to see it before a purchase because it is currently an SRO. For 350K asking price, it's still been on the market for the past six months.

As far as other brownstones, the average asking price has dropped 100k in the past couple of months. Currently 799k seems to be the number brokers are trying to achieve for a fixer-upper. As a buyer, the renovations would be around 100k-500k, depending on if you've bought a total shell or not. In a couple of more months, prices could possibly be achievable for many middle-class families and first-time buyers.