303 W 146th St Unit 5F

New York, NY 10039

$435,000D-

1 bd · 1.0 ba · 670 sqft · Built 2005 · Condo · Active · 138 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,364/mo
• Mortgage (P&I): −$2,281
• Tax + insurance: −$725
• HOA: −$862
• Vac / Maint / Mgmt: −$707
• Net cashflow: $-1,210/mo
• Annual: $-14,523/yr
• Cap rate: 2.95%
• Cash-on-cash: -11.92%
• DSCR: 0.47
• 1% rule: 0.77%
• Cash to close: $121,800

Investor read

• This is a 1-bed/1.0-bath condo listed at $435k.
• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $260k (40.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $336k (22.7% below list).
• It's been on market 138 days — a 12% lower offer ($383k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $260k (40.3% below list) — sets the bar for cash-flow.
• In year one you build about $47k of equity ($3k loan paydown + $44k 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.
• Watch-outs: HOA is 26% of rent.
• Market conditions: Rents rising fast (+6.7%/yr); 42 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 13y ago; this cycle's ask has dropped $30k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$75k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• At $3,364/mo this rent would consume 89% of the median local household income ($45k/yr) (locally 2826% 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 138 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
• 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?
• 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.
• 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?