Not one pied-a-terre, but three

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The third one she saw was a studio on the Rue Nobel, a short street in Montmartre that has access to the stairs of Rue du Mont Cenis — a picturesque site for which this Parisian neighborhood on a hill is known. Ms. Pike had lived in the neighborhood when she was a student.

She bought the place in 2006 for 148,000 euros ($176,000 at the time), and spent 9,000 euros ($10,700) on renovations. The 22-square-meter, or almost 237-square-foot ground-floor studio, which has a glass chandelier, also has a small bar to separate the kitchen area from the rest of the room; the bathroom has a bathtub. To supplement a 20 percent down payment, Ms. Pike got a mortgage with a French bank that she found through a broker, France Home Finance. She generally rents out the apartment, which generates enough income to cover the mortgage, taxes and all costs associated with its upkeep.

Emboldened by the success of the operation, she partnered with her New Jersey-based accountant, a friend of 20 years, and bought two more properties: a small one-bedroom in eastern Paris, between Bastille and Nation, and a studio in the Marais, on the Rue aux Ours.

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Posted July 11, 2007