204-20 104th Ave

New York, NY 11412

$1,100,000D+

12 bd · 9.0 ba · 3,500 sqft · Built 1920 · MultiFamily · Active · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,624/mo
• Mortgage (P&I): −$5,769
• Tax + insurance: −$1,001
• HOA: −$0
• Vac / Maint / Mgmt: −$2,231
• Net cashflow: $1,624/mo
• Annual: $19,486/yr
• Cap rate: 8.06%
• Cash-on-cash: 6.33%
• DSCR: 1.28
• 1% rule: 0.97%
• Cash to close: $308,000

Investor read

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $1.10M.
• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $541/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.06M (3.4% below list).
• It's been on market 83 days — a 6% lower offer ($1.03M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.03M (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $33k 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.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 145 active listings in the ZIP; 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; this cycle's ask is 109999900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Cap rate 8.1% 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

• It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?