604 Logan Ave

New York, NY 10465

$1,099,999D-

5 bd · None ba · 2,815 sqft · Built 1960 · MultiFamily · Pending · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,183/mo
• Mortgage (P&I): −$5,769
• Tax + insurance: −$1,093
• HOA: −$0
• Vac / Maint / Mgmt: −$1,718
• Net cashflow: $-397/mo
• Annual: $-4,766/yr
• Cap rate: 5.86%
• Cash-on-cash: -1.55%
• DSCR: 0.93
• 1% rule: 0.74%
• Cash to close: $308,000

Investor read

• This is a 5-bed/?-bath multifamily listed at $1.10M.
• At list price, monthly cash flow is $-397 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.03M (6.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $818k (25.6% below list).
• It's been on market 41 days — a 3% lower offer ($1.07M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $818k (25.6% below list) — sets the bar for 1% rule.
• 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.
• Market conditions: Rents rising fast (+10.7%/yr); 217 active listings in the ZIP; solid renter incomes; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: moderate flood risk; 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 5.9% 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.
• At $8,183/mo this rent would consume 112% of the median local household income ($88k/yr) (locally 2294% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 41 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.