413 68th St

New York, NY 11220

$1,150,000A-

11 bd · 6.0 ba · 5,400 sqft · Built 1915 · MultiFamily · Active · 654 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $16,510/mo
• Mortgage (P&I): −$6,031
• Tax + insurance: −$2,503
• HOA: −$0
• Vac / Maint / Mgmt: −$3,467
• Net cashflow: $4,510/mo
• Annual: $54,116/yr
• Cap rate: 11.00%
• Cash-on-cash: 16.81%
• DSCR: 1.75
• 1% rule: 1.44%
• Cash to close: $322,000

Investor read

• This is a 6 × 2-bed/6.0-bath units multifamily listed at $1.15M. Condition is rated fair.
• At list price, monthly cash flow is $5k ($54k/yr) — positive. Per door: $752/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.15M).
• It's been on market 654 days — a 12% lower offer ($1.01M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.01M (12.0% below list) — sets the bar for market timing.
• In year one you build about $73k of equity ($8k loan paydown + $65k appreciation (5.6% 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: Ps/Is 30 Mary White Ovington (math 44% / reading 44%, grade F, #1,349 of 2,108 statewide, top 64%, 911 students, 82% 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 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+11.0%/yr); 384 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.
• 32 sale attempts since 12y ago; this cycle's ask has dropped $200k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (5.6% appreciation + 8.0% rent growth), your $322k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$116k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 61% 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 11.0% 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 $2,752/mo per unit this rent would consume 47% of the median local household income ($70k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 654 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 1915 — 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 wear on the roof, indicating a major repair or replacement is needed.
• Major: exterior paint — The listing photo shows peeling paint and discoloration, indicating a major repainting is needed.
• Minor: landscaping — The listing photo shows a lack of landscaping, which could be improved with some basic landscaping.