5930 108th St Unit 4P

New York, NY 11368

$399,900D

2 bd · 1.5 ba · 850 sqft · Built 1965 · Condo · Pending · 75 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,846/mo
• Mortgage (P&I): −$2,097
• Tax + insurance: −$666
• HOA: −$0
• Vac / Maint / Mgmt: −$598
• Net cashflow: $-515/mo
• Annual: $-6,181/yr
• Cap rate: 4.75%
• Cash-on-cash: -5.52%
• DSCR: 0.75
• 1% rule: 0.71%
• Cash to close: $111,972

Investor read

• This is a 2-bed/1.5-bath condo listed at $400k.
• At list price, monthly cash flow is $-515 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $325k (18.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $285k (28.8% below list).
• It's been on market 75 days — a 6% lower offer ($376k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $285k (28.8% below list) — sets the bar for 1% rule.
• In year one you build about $32k of equity ($3k loan paydown + $30k appreciation (7.4% 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.
• Market conditions: 243 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 2 sale attempts since 2y ago 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.
• By year 2, paydown + projected appreciation supports a ~$52k 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 4.7% 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 $2,846/mo this rent would consume 47% of the median local household income ($72k/yr) (locally 6817% 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 75 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?