375 61 St

New York, NY 11220

$3,750,000B-

None bd · None ba · 14,400 sqft · Built — · MultiFamily · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $39,930/mo
• Mortgage (P&I): −$19,665
• Tax + insurance: −$6,250
• HOA: −$0
• Vac / Maint / Mgmt: −$8,385
• Net cashflow: $5,629/mo
• Annual: $67,552/yr
• Cap rate: 8.09%
• Cash-on-cash: 6.43%
• DSCR: 1.29
• 1% rule: 1.06%
• Cash to close: $1,050,000

Investor read

• This is a multifamily listed at $3.75M. Condition is rated average.
• At list price, monthly cash flow is $6k ($68k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($40k rent vs $3.75M).
• It's been on market 36 days — a 3% lower offer ($3.64M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $3.64M (3.0% below list) — sets the bar for market timing.
• In year one you build about $237k of equity ($26k loan paydown + $211k appreciation (5.6% 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.
• Market conditions: Rents rising fast (+11.0%/yr); 271 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 (5.6% appreciation + 8.0% rent growth), your $1.05M cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$380k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.1% 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 $39,930/mo this rent would consume 686% of the median local household income ($70k/yr) (locally 6563% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Minor: exterior paint — Some discoloration on brick facade
• Moderate: roof inspection — Roof may need inspection for any issues