2101 76th St

New York, NY 11214

$1,299,000B-

12 bd · 6.0 ba · 4,797 sqft · Built 1931 · MultiFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $16,149/mo
• Mortgage (P&I): −$6,812
• Tax + insurance: −$2,322
• HOA: −$0
• Vac / Maint / Mgmt: −$3,391
• Net cashflow: $3,624/mo
• Annual: $43,484/yr
• Cap rate: 9.64%
• Cash-on-cash: 11.96%
• DSCR: 1.53
• 1% rule: 1.24%
• Cash to close: $363,720

Investor read

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $1.30M. Condition is rated fair.
• At list price, monthly cash flow is $4k ($43k/yr) — positive. Per door: $604/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.30M).
• It's been on market 23 days — a 2% lower offer ($1.28M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.28M (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $39k 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Christa Mcauliffe School (The) /Is 187 (math 94% / reading 96%, grade A+, #3 of 729 statewide, top 0%, 928 students, 76% 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 1931 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.9%/yr); 505 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.9% rent growth), your $364k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 68% 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 9.6% 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 $2,692/mo per unit this rent would consume 49% of the median local household income ($66k/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 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible wear and tear.
• Moderate: exterior walls — The siding appears to be in fair condition, but there is some discoloration and wear visible.
• Major: flooring — The flooring in the interior appears to be carpeted and in poor condition, with visible wear and tear.
• Moderate: interior walls — The interior walls appear to be painted, but there are some signs of wear and tear, such as peeling paint and discoloration.