695 Meeker Ave #6

New York, NY 11222

$1,150,000A-

12 bd · 6.0 ba · 4,536 sqft · Built 1928 · MultiFamily · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $25,685/mo
• Mortgage (P&I): −$6,031
• Tax + insurance: −$919
• HOA: −$0
• Vac / Maint / Mgmt: −$5,394
• Net cashflow: $13,341/mo
• Annual: $160,098/yr
• Cap rate: 20.28%
• Cash-on-cash: 49.97%
• DSCR: 3.22
• 1% rule: 2.23%
• Cash to close: $322,000

Investor read

• This is a 4 × 3-bed/?-bath units multifamily listed at $1.15M.
• At list price, monthly cash flow is $13k ($160k/yr) — positive. Per door: $3k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($26k rent vs $1.15M).
• It's been on market 31 days — a 3% lower offer ($1.12M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.12M (3.0% below list) — sets the bar for market timing.
• In year one you build about $123k of equity ($8k loan paydown + $115k appreciation (10.0% 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.
• 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 318 Eugenio Maria De Hostos (math 54% / reading 74%, grade A-, #121 of 729 statewide, top 17%, 1,069 students, 64% 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 1928 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.0%/yr); 105 active listings in the ZIP; high-income renter base; 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.
• Current owner paid $280k; list at $1.15M implies a 311% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 1.0% rent growth), your $322k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$198k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 20.3% 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 $25,685/mo this rent would consume 245% of the median local household income ($126k/yr) (locally 3139% 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 31 days. Have you received any prior offers? Is the seller open to a 3% 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 1928 — 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?
• 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?