58-03 Calloway St Unit 5E

New York, NY 11368

$208,000D

1 bd · 1.0 ba · 854 sqft · Built 1968 · Condo · Active · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,611/mo
• Mortgage (P&I): −$1,091
• Tax + insurance: −$413
• HOA: −$1,389
• Vac / Maint / Mgmt: −$548
• Net cashflow: $-831/mo
• Annual: $-9,966/yr
• Cap rate: 1.88%
• Cash-on-cash: -15.74%
• DSCR: 0.30
• 1% rule: 1.26%
• Cash to close: $58,240

Investor read

• This is a 1-bed/1.0-bath condo listed at $208k. Condition is rated good.
• At list price, monthly cash flow is $-831 ($-10k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $208k).
• It's been on market 83 days — a 6% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $196k (6.0% below list) — sets the bar for market timing.
• In year one you build about $17k of equity ($1k loan paydown + $15k appreciation (7.4% 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.
• Watch-outs: flood insurance adds $66/mo; HOA is 53% of rent.
• Market conditions: 243 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe 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 1.9% vs local median 2.6% in New York — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 43% of the median local income ($72k/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 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.