410 Maryland Ave Unit 3c

New York, NY 10305

$364,000F

2 bd · 1.0 ba · 1,100 sqft · Built 1974 · Condo · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,167/mo
• Mortgage (P&I): −$1,909
• Tax + insurance: −$607
• HOA: −$889
• Vac / Maint / Mgmt: −$665
• Net cashflow: $-902/mo
• Annual: $-10,829/yr
• Cap rate: 3.32%
• Cash-on-cash: -10.63%
• DSCR: 0.53
• 1% rule: 0.87%
• Cash to close: $101,920

Investor read

• This is a 2-bed/1.0-bath condo listed at $364k.
• At list price, monthly cash flow is $-902 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $362k (0.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $317k (13.0% below list).
• It's been on market 19 days — a 2% lower offer ($359k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $317k (13.0% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Watch-outs: HOA is 28% of rent.
• Market conditions: Rents rising fast (+7.5%/yr); 255 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 480 units permitted in Richmond County in 2024 (22 in 5+ unit buildings).
• Richmond County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 6 sale attempts since 22y 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.
• Climate carrying-cost: major wind risk, 65% 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.
• Cap rate 3.3% 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.
• At $3,167/mo this rent would consume 46% of the median local household income ($83k/yr) (locally 1647% 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 1974 — 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?
• 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?