90 Gold St Unit 18N

New York, NY 10038

$680,000D

1 bd · 1.0 ba · 725 sqft · Built 1971 · Condo · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,145/mo
• Mortgage (P&I): −$3,566
• Tax + insurance: −$1,200
• HOA: −$875
• Vac / Maint / Mgmt: −$1,290
• Net cashflow: $-786/mo
• Annual: $-9,433/yr
• Cap rate: 5.02%
• Cash-on-cash: -4.54%
• DSCR: 0.80
• 1% rule: 0.90%
• Cash to close: $190,400

Investor read

• This is a 1-bed/1.0-bath condo listed at $680k. Condition is rated good.
• At list price, monthly cash flow is $-786 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $566k (16.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $615k (9.6% below list).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $566k (16.7% below list) — sets the bar for cash-flow.
• In year one you build about $25k of equity ($5k loan paydown + $20k appreciation (3.0% 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: flood insurance adds $66/mo.
• Market conditions: Rents rising fast (+4.3%/yr); 112 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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.
• By year 2, paydown + projected appreciation supports a ~$41k 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→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.0% 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 $6,145/mo this rent would consume 70% of the median local household income ($105k/yr) (locally 1501% 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?
• Built in 1971 — 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?
• 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?
• 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?