2311 Creston Ave

New York, NY 10468

$1,150,000F

6 bd · 3.0 ba · 2,232 sqft · Built 1901 · MultiFamily · Active · 88 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,635/mo
• Mortgage (P&I): −$6,031
• Tax + insurance: −$820
• HOA: −$0
• Vac / Maint / Mgmt: −$1,603
• Net cashflow: $-819/mo
• Annual: $-9,826/yr
• Cap rate: 5.44%
• Cash-on-cash: -3.05%
• DSCR: 0.86
• 1% rule: 0.66%
• Cash to close: $322,000

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $1.15M.
• At list price, monthly cash flow is $-819 ($-10k/yr) — negative. Per door: $-273/mo.
• To cash-flow at today's rent, offer at most $1.01M (12.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $764k (33.6% below list).
• It's been on market 88 days — a 6% lower offer ($1.08M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $764k (33.6% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($8k loan paydown + $6k appreciation (0.5% 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: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.7%/yr); 124 active listings in the ZIP; 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.
• 4 sale attempts since 16y 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.
• Current owner paid $440k; list at $1.15M implies a 161% gain — meaningful room to come down on a strong offer.
• By year 5, paydown + projected appreciation supports a ~$68k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 6→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.4% 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 $7,635/mo this rent would consume 198% of the median local household income ($46k/yr) (locally 9659% 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 88 days. Have you received any prior offers? Is the seller open to a 34% 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 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?