67 Canton Ct

New York, NY 11229

$750,000D+

4 bd · 2.4 ba · 1,964 sqft · Built 1920 · MultiFamily · Pending · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,185/mo
• Mortgage (P&I): −$3,933
• Tax + insurance: −$982
• HOA: −$0
• Vac / Maint / Mgmt: −$1,299
• Net cashflow: $-29/mo
• Annual: $-348/yr
• Cap rate: 6.35%
• Cash-on-cash: 0.21%
• DSCR: 1.01
• 1% rule: 0.82%
• Cash to close: $210,000

Investor read

• This is a 2 × 2-bed/1.2-bath units multifamily listed at $750k.
• At list price, monthly cash flow is $-29 ($-348/yr) — negative. Per door: $-15/mo.
• To cash-flow at today's rent, offer at most $745k (0.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $618k (17.5% below list).
• It's been on market 95 days — a 9% lower offer ($682k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $618k (17.5% below list) — sets the bar for 1% rule.
• 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 278 Marine Park (math 47% / reading 67%, grade B, #192 of 729 statewide, top 28%, 1,076 students, 71% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Watch-outs: flood insurance adds $66/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+15.8%/yr); 359 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• Climate carrying-cost: severe flood risk; major wind risk, 77% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.4% 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 $6,185/mo this rent would consume 105% of the median local household income ($71k/yr) (locally 4771% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 95 days. Have you received any prior offers? Is the seller open to a 18% 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?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.