25-37 48th St

New York, NY 11103

$1,049,000C

6 bd · 4.0 ba · 1,320 sqft · Built 1955 · MultiFamily · Active · 643 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,942/mo
• Mortgage (P&I): −$5,501
• Tax + insurance: −$1,145
• HOA: −$0
• Vac / Maint / Mgmt: −$1,878
• Net cashflow: $418/mo
• Annual: $5,014/yr
• Cap rate: 6.77%
• Cash-on-cash: 1.71%
• DSCR: 1.08
• 1% rule: 0.85%
• Cash to close: $293,720

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $1.05M.
• At list price, monthly cash flow is $418 ($5k/yr) — positive. Per door: $209/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $894k (14.8% below list).
• It's been on market 643 days — a 12% lower offer ($923k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $894k (14.8% below list) — sets the bar for 1% rule.
• In year one you build about $81k of equity ($7k loan paydown + $74k appreciation (7.0% 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: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.6%/yr); 54 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $276k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $575k; list at $1.05M implies a 82% gain — meaningful room to come down on a strong offer.
• At projected returns (7.0% appreciation + 6.6% rent growth), your $294k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$129k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 27% 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 6.8% 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 $8,942/mo this rent would consume 115% of the median local household income ($93k/yr) (locally 2848% 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 643 days. Have you received any prior offers? Is the seller open to a 15% 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 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?