523 E 148th St

New York, NY 10455

$1,367,000B+

9 bd · 8.1 ba · 3,606 sqft · Built 2005 · MultiFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $17,824/mo
• Mortgage (P&I): −$7,169
• Tax + insurance: −$1,190
• HOA: −$0
• Vac / Maint / Mgmt: −$3,743
• Net cashflow: $5,722/mo
• Annual: $68,667/yr
• Cap rate: 11.37%
• Cash-on-cash: 18.15%
• DSCR: 1.81
• 1% rule: 1.30%
• Cash to close: $382,760

Investor read

• This is a 3 × 3-bed/2.7-bath units multifamily listed at $1.37M.
• At list price, monthly cash flow is $6k ($69k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.37M).
• It's been on market 16 days — a 2% lower offer ($1.35M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.35M (1.5% below list) — sets the bar for market timing.
• In year one you build about $39k of equity ($9k loan paydown + $29k appreciation (2.1% 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: flood insurance adds $66/mo.
• Market conditions: 26 active listings in the ZIP; 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.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $649k; list at $1.37M implies a 111% gain — meaningful room to come down on a strong offer.
• At projected returns (2.1% appreciation + 3.0% rent growth), your $383k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$98k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; 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 11.4% 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.

Questions for listing agent

• 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.