123-35 82nd Unit 4D

New York, NY 11415

$188,500F

1 bd · 1.0 ba · 750 sqft · Built 1938 · Condo · Active · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,496/mo
• Mortgage (P&I): −$989
• Tax + insurance: −$314
• HOA: −$1,127
• Vac / Maint / Mgmt: −$524
• Net cashflow: $-458/mo
• Annual: $-5,495/yr
• Cap rate: 3.38%
• Cash-on-cash: -10.41%
• DSCR: 0.54
• 1% rule: 1.32%
• Cash to close: $52,780

Investor read

• This is a 1-bed/1.0-bath condo listed at $188k. Condition is rated poor.
• At list price, monthly cash flow is $-458 ($-5k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $188k).
• It's been on market 80 days — a 6% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $177k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 45% of rent; built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.4%/yr); 133 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: major wind risk, 49% 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.
• Cap rate 3.4% vs local median 2.6% in New York — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 35% of the median local income ($86k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 80 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?
• Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen — The kitchen is completely gutted and requires a full renovation.
• Major: Bathroom — The bathroom has peeling paint and outdated fixtures that need to be replaced.
• Major: Exterior — The exterior siding and windows are in poor condition and need to be repaired or replaced.
• Major: Flooring — The flooring is in poor condition and needs to be replaced or repaired.
• Major: Interior walls — The interior walls have peeling paint and need to be repainted or replaced.