31-72 44th St

New York, NY 11103

$1,240,000A-

60 bd · 36.0 ba · 4,458 sqft · Built 1928 · MultiFamily · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $26,162/mo
• Mortgage (P&I): −$6,503
• Tax + insurance: −$2,123
• HOA: −$0
• Vac / Maint / Mgmt: −$5,494
• Net cashflow: $12,042/mo
• Annual: $144,508/yr
• Cap rate: 18.01%
• Cash-on-cash: 41.85%
• DSCR: 2.86
• 1% rule: 2.11%
• Cash to close: $347,200

Investor read

• This is a 6 × 2-bed/1-bath units multifamily listed at $1.24M. Condition is rated fair.
• At list price, monthly cash flow is $12k ($145k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($26k rent vs $1.24M).
• It's been on market 19 days — a 2% lower offer ($1.22M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.22M (1.5% below list) — sets the bar for market timing.
• In year one you build about $96k of equity ($9k loan paydown + $87k appreciation (7.0% 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: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% 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: flood insurance adds $66/mo; built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.6%/yr); 85 active listings in the ZIP; 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.
• At projected returns (7.0% appreciation + 6.6% rent growth), your $347k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$153k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 18.0% 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.
• At $4,360/mo per unit this rent would consume 56% of the median local household income ($93k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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 1928 — 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?
• 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?

Repairs flagged (vision-AI assessment)

• Moderate: Kitchen cabinets — Dated and in need of replacement
• Major: Bathroom fixtures — Outdated and in poor condition