1961 65th St Unit 3A

New York, NY 11204

$350,000F

3 bd · 1.0 ba · 900 sqft · Built — · Condo · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,322/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$583
• HOA: −$1,171
• Vac / Maint / Mgmt: −$698
• Net cashflow: $-965/mo
• Annual: $-11,586/yr
• Cap rate: 2.98%
• Cash-on-cash: -11.82%
• DSCR: 0.47
• 1% rule: 0.95%
• Cash to close: $98,000

Investor read

• This is a 3-bed/1.0-bath condo listed at $350k. Condition is rated fair.
• At list price, monthly cash flow is $-965 ($-12k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $332k (5.1% below list).
• It's been on market 66 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $329k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#268 in NY, #4,188 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: crime F, cost of living F.
• Watch-outs: HOA is 35% of rent.
• Market conditions: Rents rising fast (+12.9%/yr); 167 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: major wind risk, 68% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $3,322/mo this rent would consume 57% of the median local household income ($69k/yr) (locally 4963% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?

Repairs flagged (vision-AI assessment)

• Major: ceiling — visible cracks and discoloration
• Moderate: kitchen cabinets — dated and worn
• Moderate: bathroom fixtures — dated and worn