309 E 108th St Unit 5C

New York, NY 10029

$779,000D+

3 bd · 2.0 ba · 1,800 sqft · Built 1899 · Condo · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,413/mo
• Mortgage (P&I): −$4,085
• Tax + insurance: −$1,725
• HOA: −$1,628
• Vac / Maint / Mgmt: −$1,347
• Net cashflow: $-2,372/mo
• Annual: $-28,460/yr
• Cap rate: 3.30%
• Cash-on-cash: -10.70%
• DSCR: 0.52
• 1% rule: 0.82%
• Cash to close: $218,120

Investor read

• This is a 3-bed/2.0-bath condo listed at $779k. Condition is rated good.
• At list price, monthly cash flow is $-2k ($-28k/yr) — negative.
• To cash-flow at today's rent, offer at most $436k (44.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $641k (17.7% below list).
• It's been on market 64 days — a 6% lower offer ($732k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $436k (44.1% below list) — sets the bar for cash-flow.
• In year one you build about $55k of equity ($5k loan paydown + $49k appreciation (6.3% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Mark Twain Is 239 For The Gifted And Talented (math 90% / reading 96%, grade A+, #6 of 729 statewide, top 1%, 1,207 students, 44% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Watch-outs: flood insurance adds $427/mo; HOA is 25% of rent; built in 1899 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.5%/yr); 112 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 71d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 82% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$87k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 27% 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 3.3% vs local median 2.7% in New York — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• At $6,413/mo this rent would consume 199% of the median local household income ($39k/yr) — 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 64 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
• Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.