176 Johnson St Unit 3C

New York, NY 11201

$949,000D-

2 bd · 1.0 ba · 810 sqft · Built 1926 · Condo · Active · 157 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,249/mo
• Mortgage (P&I): −$4,977
• Tax + insurance: −$1,119
• HOA: −$389
• Vac / Maint / Mgmt: −$1,312
• Net cashflow: $-1,548/mo
• Annual: $-18,572/yr
• Cap rate: 4.34%
• Cash-on-cash: -6.99%
• DSCR: 0.69
• 1% rule: 0.66%
• Cash to close: $265,720

Investor read

• This is a 2-bed/1.0-bath condo listed at $949k.
• At list price, monthly cash flow is $-2k ($-19k/yr) — negative.
• To cash-flow at today's rent, offer at most $744k (21.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $625k (34.1% below list).
• It's been on market 157 days — a 12% lower offer ($835k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $625k (34.1% below list) — sets the bar for 1% rule.
• In year one you build about $63k of equity ($7k loan paydown + $57k appreciation (6.0% 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: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.4%/yr); 402 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 13y 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.
• Current owner paid $625k; list at $949k implies a 52% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$101k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.3% 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.
• This rent runs 43% of the median local income ($173k/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 157 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
• Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?