2922 Nostrand Ave Unit 6A

New York, NY 11229

$207,000B-

1 bd · 1.0 ba · 750 sqft · Built 1960 · Condo · Pending · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,516/mo
• Mortgage (P&I): −$1,086
• Tax + insurance: −$345
• HOA: −$0
• Vac / Maint / Mgmt: −$528
• Net cashflow: $557/mo
• Annual: $6,681/yr
• Cap rate: 9.52%
• Cash-on-cash: 11.53%
• DSCR: 1.51
• 1% rule: 1.22%
• Cash to close: $57,960

Investor read

• This is a 1-bed/1.0-bath condo listed at $207k. Condition is rated fair.
• At list price, monthly cash flow is $557 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $207k).
• It's been on market 63 days — a 6% lower offer ($195k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $195k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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: Rents rising fast (+15.8%/yr); 359 active listings in the ZIP; 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $58k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 72% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.5% 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 ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1960 — 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?

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Worn but still functional, could be refinished or replaced.
• Minor: Bathroom fixtures — Standard fixtures, could be replaced with modern ones.
• Moderate: Roof inspection — Further inspection needed to determine condition and potential repairs.
• Moderate: Exterior siding inspection — Further inspection needed to determine condition and potential repairs.
• Moderate: HVAC inspection — Further inspection needed to determine condition and potential repairs.
• Minor: Landscaping — Could benefit from some updates to enhance curb appeal.