1029 Wheeler Ave

New York, NY 10472

$699,999D-

4 bd · 3.0 ba · 1,482 sqft · Built 1940 · MultiFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,810/mo
• Mortgage (P&I): −$3,671
• Tax + insurance: −$750
• HOA: −$0
• Vac / Maint / Mgmt: −$590
• Net cashflow: $-2,201/mo
• Annual: $-26,412/yr
• Cap rate: 2.63%
• Cash-on-cash: -13.07%
• DSCR: 0.42
• 1% rule: 0.40%
• Cash to close: $196,000

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $700k.
• At list price, monthly cash flow is $-2k ($-26k/yr) — negative. Per door: $-1k/mo.
• To cash-flow at today's rent, offer at most $311k (55.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $281k (59.9% below list).
• It's been on market 38 days — a 3% lower offer ($679k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $281k (59.9% below list) — sets the bar for 1% rule.
• In year one you build about $33k of equity ($5k loan paydown + $29k appreciation (4.1% local appreciation)).
• 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: flood insurance adds $66/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 53 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• By year 2, paydown + projected appreciation supports a ~$54k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 38 days. Have you received any prior offers? Is the seller open to a 60% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?