1129 E Tremont Ave

New York, NY 10460

$524,900B

4 bd · 2.0 ba · 1,628 sqft · Built 1910 · MultiFamily · Active · 362 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,212/mo
• Mortgage (P&I): −$2,753
• Tax + insurance: −$499
• HOA: −$0
• Vac / Maint / Mgmt: −$1,305
• Net cashflow: $1,656/mo
• Annual: $19,866/yr
• Cap rate: 10.08%
• Cash-on-cash: 13.52%
• DSCR: 1.60
• 1% rule: 1.18%
• Cash to close: $146,972

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $525k. Condition is rated poor.
• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $828/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $525k).
• It's been on market 362 days — a 12% lower offer ($462k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $462k (12.0% below list) — sets the bar for market timing.
• In year one you build about $43k of equity ($4k loan paydown + $39k appreciation (7.5% 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: Ps 214 (math 30% / reading 50%, grade F, #1,418 of 2,108 statewide, top 68%, 836 students, 92% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% 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 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 98 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 63d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 18y ago; this cycle's ask has dropped $125k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $11k; list at $525k implies a 4672% gain — meaningful room to come down on a strong offer.
• At projected returns (7.5% appreciation + 3.0% rent growth), your $147k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$68k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: 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 10.1% vs local median 2.7% 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.

Questions for listing agent

• It's been on market 362 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 1910 — 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: Boarded-up windows — Prevents entry and natural light
• Major: Paint — Peeling and worn, needs repainting
• Major: Flooring — Worn-out and needs replacement
• Major: Exterior siding — Peeling and damaged
• Major: Roof — No visible condition, but likely in need of repair