36 Hamilton Ave Unit 4h

New York, NY 10301

$309,000F

1 bd · 1.0 ba · 900 sqft · Built 1964 · Condo · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,660/mo
• Mortgage (P&I): −$1,620
• Tax + insurance: −$515
• HOA: −$760
• Vac / Maint / Mgmt: −$559
• Net cashflow: $-794/mo
• Annual: $-9,525/yr
• Cap rate: 3.21%
• Cash-on-cash: -11.01%
• DSCR: 0.51
• 1% rule: 0.86%
• Cash to close: $86,520

Investor read

• This is a 1-bed/1.0-bath condo listed at $309k.
• At list price, monthly cash flow is $-794 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $304k (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $266k (13.9% below list).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $266k (13.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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); Is 61 William A Morris (math 22% / reading 57%, grade F, #418 of 729 statewide, top 59%, 932 students, 84% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Watch-outs: HOA is 29% of rent.
• Market conditions: Rents rising fast (+6.1%/yr); 265 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 6 sale attempts since 22y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Climate carrying-cost: major wind risk, 52% 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 3.2% vs local median 2.6% in New York — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 37% of the median local income ($86k/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?
• 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?