83-30 Vietor Ave #413

New York, NY 11373

$319,000F

1 bd · 1.0 ba · 1,050 sqft · Built 1963 · Condo · Active · 123 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,547/mo
• Mortgage (P&I): −$1,673
• Tax + insurance: −$532
• HOA: −$1,050
• Vac / Maint / Mgmt: −$535
• Net cashflow: $-1,242/mo
• Annual: $-14,910/yr
• Cap rate: 1.62%
• Cash-on-cash: -16.69%
• DSCR: 0.26
• 1% rule: 0.80%
• Cash to close: $89,320

Investor read

• This is a 1-bed/1.0-bath condo listed at $319k.
• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $291k (8.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $255k (20.2% below list).
• It's been on market 123 days — a 12% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $255k (20.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-1.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $3k 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.
• Zoned schools: Ps 7 Louis F Simeone (math 49% / reading 54%, grade C-, #1,041 of 2,108 statewide, top 50%, 1,200 students, 83% FRL); Is 227 Louis Armstrong (math 52% / reading 69%, grade B+, #153 of 729 statewide, top 21%, 1,528 students, 68% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Watch-outs: HOA is 41% of rent.
• Market conditions: Rents rising fast (+7.2%/yr); 270 active listings in the ZIP; 24 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.
• 3 sale attempts since 3y 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.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 1.6% 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 43% of the median local income ($71k/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 123 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• Built in 1963 — 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?