370 E 76th St Unit C1003

New York, NY 10021

$645,000D

1 bd · 1.0 ba · 525 sqft · Built 1966 · Condo · Active · 313 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,351/mo
• Mortgage (P&I): −$3,382
• Tax + insurance: −$1,075
• HOA: −$1,063
• Vac / Maint / Mgmt: −$1,124
• Net cashflow: $-1,293/mo
• Annual: $-15,520/yr
• Cap rate: 3.89%
• Cash-on-cash: -8.59%
• DSCR: 0.62
• 1% rule: 0.83%
• Cash to close: $180,600

Investor read

• This is a 1-bed/1.0-bath condo listed at $645k.
• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $458k (29.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $535k (17.0% below list).
• It's been on market 313 days — a 12% lower offer ($568k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $458k (29.0% below list) — sets the bar for cash-flow.
• In year one you build about $41k of equity ($4k loan paydown + $37k appreciation (5.7% 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.
• Market conditions: Rents rising fast (+9.1%/yr); 423 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $80k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$66k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: 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 3.9% 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.
• This rent runs 40% of the median local income ($159k/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 313 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Built in 1966 — 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?