474 48th Ave Unit 7E

New York, NY 11109

$765,000F

2 bd · 1.0 ba · 800 sqft · Built 1998 · Condo · Pending · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,263/mo
• Mortgage (P&I): −$4,012
• Tax + insurance: −$1,702
• HOA: −$2,511
• Vac / Maint / Mgmt: −$1,315
• Net cashflow: $-3,276/mo
• Annual: $-39,317/yr
• Cap rate: 1.82%
• Cash-on-cash: -15.97%
• DSCR: 0.29
• 1% rule: 0.82%
• Cash to close: $214,200

Investor read

• This is a 2-bed/1.0-bath condo listed at $765k.
• At list price, monthly cash flow is $-3k ($-39k/yr) — negative.
• To cash-flow at today's rent, offer at most $654k (14.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $626k (18.1% below list).
• It's been on market 33 days — a 3% lower offer ($742k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $626k (18.1% below list) — sets the bar for 1% rule.
• In year one you build about $28k of equity ($5k loan paydown + $23k appreciation (3.0% 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 $427/mo; HOA is 40% of rent.
• Market conditions: Rents rising (+2.0%/yr); 15 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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.
• 8 sale attempts since 9y 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 ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 1.8% vs local median 2.6% in New York — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 37% of the median local income ($205k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 33 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?