820 Boynton Ave Unit 18G

New York, NY 10473

$375,000D

2 bd · 1.0 ba · 900 sqft · Built 1962 · Condo · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,220/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$625
• HOA: −$0
• Vac / Maint / Mgmt: −$676
• Net cashflow: $-48/mo
• Annual: $-572/yr
• Cap rate: 6.14%
• Cash-on-cash: -0.54%
• DSCR: 0.98
• 1% rule: 0.86%
• Cash to close: $105,000

Investor read

• This is a 2-bed/1.0-bath condo listed at $375k.
• At list price, monthly cash flow is $-48 ($-572/yr) — negative.
• To cash-flow at today's rent, offer at most $368k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $322k (14.1% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $322k (14.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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.
• Market conditions: 141 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.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% vs local median 2.6% in New York — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $3,220/mo this rent would consume 74% of the median local household income ($52k/yr) (locally 3913% 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?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.