1912 Bay Ridge Pkwy

New York, NY 11204

$999,000B

12 bd · 6.0 ba · 5,364 sqft · Built 1931 · MultiFamily · Active · 162 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $22,024/mo
• Mortgage (P&I): −$5,239
• Tax + insurance: −$2,006
• HOA: −$0
• Vac / Maint / Mgmt: −$4,625
• Net cashflow: $10,154/mo
• Annual: $121,843/yr
• Cap rate: 18.49%
• Cash-on-cash: 43.56%
• DSCR: 2.94
• 1% rule: 2.20%
• Cash to close: $279,720

Investor read

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $999k. Condition is rated fair.
• At list price, monthly cash flow is $10k ($122k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $999k).
• It's been on market 162 days — a 12% lower offer ($879k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $879k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k 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: Ps 186 Dr Irving A Gladstone (math 52% / reading 57%, grade C, #908 of 2,108 statewide, top 46%, 999 students, 76% FRL); Christa Mcauliffe School (The) /Is 187 (math 94% / reading 96%, grade A+, #3 of 729 statewide, top 0%, 928 students, 76% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+12.9%/yr); 233 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $105k; list at $999k implies a 851% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $280k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 68% 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 18.5% 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 $3,671/mo per unit this rent would consume 63% of the median local household income ($69k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 162 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1931 — 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?

Repairs flagged (vision-AI assessment)

• Major: roof — The satellite image shows significant damage to the roof, indicating a major repair is needed.
• Major: exterior siding — The exterior brick facade shows signs of wear and discoloration, indicating a major repair is needed.
• Major: flooring — The flooring in the interior photos appears to be in poor condition, with visible wear and tear, indicating a major repair is needed.
• Major: HVAC units — Further inspection would be needed to confirm the functionality and condition of the HVAC units.