6609 13th Ave

New York, NY 11219

$1,530,000B-

66 bd · 36.0 ba · 4,200 sqft · Built 1920 · MultiFamily · Active · 390 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $16,100/mo
• Mortgage (P&I): −$8,023
• Tax + insurance: −$2,010
• HOA: −$0
• Vac / Maint / Mgmt: −$3,381
• Net cashflow: $2,685/mo
• Annual: $32,223/yr
• Cap rate: 8.40%
• Cash-on-cash: 7.52%
• DSCR: 1.33
• 1% rule: 1.05%
• Cash to close: $428,400

Investor read

• This is a 6 × 11-bed/6.0-bath units multifamily listed at $1.53M.
• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $448/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.53M).
• It's been on market 390 days — a 12% lower offer ($1.35M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.35M (12.0% below list) — sets the bar for market timing.
• In year one you build about $164k of equity ($11k loan paydown + $153k appreciation (10.0% 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.
• Zoned schools: Ps 176 Ovington (math 60% / reading 62%, grade B, #736 of 2,108 statewide, top 35%, 1,111 students, 86% FRL); Jhs 227 Edward B Shallow (math 45% / reading 52%, grade C-, #300 of 729 statewide, top 41%, 1,367 students, 88% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 123 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.
• 4 sale attempts since 4y 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.
• Current owner paid $1.00M; list at $1.53M implies a 53% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $428k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$263k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 62% 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 8.4% 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 390 days. Have you received any prior offers? Is the seller open to a 12% 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?