13-77 Eggert Pl

New York, NY 11691

$679,900F

5 bd · 2.0 ba · 1,653 sqft · Built 1930 · SingleFamily · Pending · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,073/mo
• Mortgage (P&I): −$3,565
• Tax + insurance: −$594
• HOA: −$0
• Vac / Maint / Mgmt: −$855
• Net cashflow: $-942/mo
• Annual: $-11,304/yr
• Cap rate: 4.63%
• Cash-on-cash: -5.94%
• DSCR: 0.74
• 1% rule: 0.60%
• Cash to close: $190,372

Investor read

• This is a 5-bed/2.0-bath single-family listed at $680k.
• At list price, monthly cash flow is $-942 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $513k (24.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $407k (40.1% below list).
• It's been on market 68 days — a 6% lower offer ($639k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $407k (40.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k 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.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 137 active listings in the ZIP; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $155k; list at $680k implies a 339% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 80% 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 4.6% 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 $4,073/mo this rent would consume 87% of the median local household income ($56k/yr) (locally 4702% 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 68 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
• Built in 1930 — 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?
• 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?