118 Scribner Ave

New York, NY 10301

$724,888B-

7 bd · 3.0 ba · 1,544 sqft · Built 1899 · MultiFamily · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,705/mo
• Mortgage (P&I): −$3,801
• Tax + insurance: −$621
• HOA: −$0
• Vac / Maint / Mgmt: −$1,828
• Net cashflow: $2,455/mo
• Annual: $29,454/yr
• Cap rate: 10.36%
• Cash-on-cash: 14.51%
• DSCR: 1.65
• 1% rule: 1.20%
• Cash to close: $202,969

Investor read

• This is a 7-bed/3.0-bath multifamily listed at $725k.
• At list price, monthly cash flow is $2k ($29k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $725k).
• It's been on market 73 days — a 6% lower offer ($681k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $681k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k 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.
• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.1%/yr); 263 active listings in the ZIP; solid renter incomes; 480 units permitted in Richmond County in 2024 (22 in 5+ unit buildings).
• Richmond County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 22y ago; this cycle's ask has dropped $44k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $575k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 6.1% rent growth), your $203k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 53% 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 10.4% 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.
• At $8,705/mo this rent would consume 122% of the median local household income ($86k/yr) (locally 2008% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1899 — 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?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.