1918 8th Ave

New York, NY 11215

$1,699,000A-

12 bd · 6.0 ba · 5,628 sqft · Built 1931 · MultiFamily · Active · 478 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $32,179/mo
• Mortgage (P&I): −$8,910
• Tax + insurance: −$2,116
• HOA: −$0
• Vac / Maint / Mgmt: −$6,758
• Net cashflow: $14,395/mo
• Annual: $172,746/yr
• Cap rate: 16.46%
• Cash-on-cash: 36.31%
• DSCR: 2.62
• 1% rule: 1.89%
• Cash to close: $475,720

Investor read

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $1.70M. Condition is rated fair.
• At list price, monthly cash flow is $14k ($173k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($32k rent vs $1.70M).
• It's been on market 478 days — a 12% lower offer ($1.50M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.50M (12.0% below list) — sets the bar for market timing.
• In year one you build about $182k of equity ($12k loan paydown + $170k 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: Magnet School of Math Science & Design Technology (math 72% / reading 87%, grade A, #188 of 2,108 statewide, top 11%, 829 students, 22% FRL); Ms 51 William Alexander (math 67% / reading 92%, grade A+, #32 of 729 statewide, top 5%, 1,026 students, 61% 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 1931 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.7%/yr); 436 active listings in the ZIP; high-income renter base; 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.
• Current owner paid $190k; list at $1.70M implies a 794% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 5.7% rent growth), your $476k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$292k 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→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 16.5% 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 per unit runs 35% of the median local income ($186k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 478 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1931 — 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?

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — The cabinets are old and in poor condition, requiring replacement.
• Major: Bathroom fixtures — The bathrooms are basic and lack modern fixtures, requiring replacement.
• Major: Roof — The roof appears old and may need replacement, as indicated by the satellite image.
• Major: Flooring — The flooring in the common areas is carpeted and in need of replacement.
• Major: Paint — The interior walls show signs of wear and discoloration, requiring repainting.
• Major: HVAC system — The HVAC system appears old and may need replacement.