209-25 18th Ave Unit 4C

New York, NY 11360

$338,000F

2 bd · 1.0 ba · 1,200 sqft · Built 1964 · Condo · Pending · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,060/mo
• Mortgage (P&I): −$1,773
• Tax + insurance: −$563
• HOA: −$1,613
• Vac / Maint / Mgmt: −$643
• Net cashflow: $-1,531/mo
• Annual: $-18,375/yr
• Cap rate: 0.86%
• Cash-on-cash: -19.42%
• DSCR: 0.14
• 1% rule: 0.91%
• Cash to close: $94,640

Investor read

• This is a 2-bed/1.0-bath condo listed at $338k.
• At list price, monthly cash flow is $-2k ($-18k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $306k (9.5% below list).
• It's been on market 97 days — a 9% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $306k (9.5% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($2k loan paydown + $11k appreciation (3.3% 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: HOA is 53% of rent.
• Market conditions: 219 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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.
• By year 3, paydown + projected appreciation supports a ~$33k 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 0.9% 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 37% of the median local income ($99k/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 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1964 — 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.
• 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?