67-87 Booth St Unit 4C

New York, NY 11375

$350,000F

2 bd · 1.0 ba · 900 sqft · Built 1950 · Condo · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,036/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$583
• HOA: −$906
• Vac / Maint / Mgmt: −$638
• Net cashflow: $-926/mo
• Annual: $-11,116/yr
• Cap rate: 3.12%
• Cash-on-cash: -11.34%
• DSCR: 0.50
• 1% rule: 0.87%
• Cash to close: $98,000

Investor read

• This is a 2-bed/1.0-bath condo listed at $350k. Condition is rated fair.
• At list price, monthly cash flow is $-926 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $347k (0.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $304k (13.3% below list).
• It's been on market 81 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $304k (13.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 144 Col Jeromus Remsen (math 92% / reading 87%, grade A+, #45 of 2,108 statewide, top 3%, 830 students, 24% 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 30% of rent; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.3%/yr); 620 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• Climate carrying-cost: major wind risk, 49% 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.
• This rent runs 34% of the median local income ($106k/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 81 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1950 — 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen countertops — Worn appearance suggests minor repairs or replacement needed.
• Minor: Exterior siding — Discoloration and wear indicate minor repairs or repainting needed.
• Minor: Interior paint — Wear and discoloration suggest touch-up or repainting needed.