2092 Ryer Ave

New York, NY 10457

$949,000B-

None bd · None ba · 2,862 sqft · Built 1901 · MultiFamily · Pending · 150 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,986/mo
• Mortgage (P&I): −$4,977
• Tax + insurance: −$813
• HOA: −$0
• Vac / Maint / Mgmt: −$2,097
• Net cashflow: $2,099/mo
• Annual: $25,190/yr
• Cap rate: 8.95%
• Cash-on-cash: 9.48%
• DSCR: 1.42
• 1% rule: 1.05%
• Cash to close: $265,720

Investor read

• This is a 1×1bd/1.0ba + 2×3bd/1.0ba units multifamily listed at $949k.
• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $700/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $949k).
• It's been on market 150 days — a 12% lower offer ($835k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $835k (12.0% below list) — sets the bar for market timing.
• In year one you build about $47k of equity ($7k loan paydown + $41k appreciation (4.3% 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.
• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 47 active listings in the ZIP; lower-income renter base — watch delinquency; 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.
• 5 sale attempts since 24y ago; this cycle's ask has dropped $50k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $250k; list at $949k implies a 280% gain — meaningful room to come down on a strong offer.
• At projected returns (4.3% appreciation + 3.0% rent growth), your $266k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$76k 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 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.9% 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 $9,986/mo this rent would consume 281% of the median local household income ($43k/yr) (locally 8573% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 150 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?
• 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?
• 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?