243 E 77th St Unit 2A

New York, NY 10075

$899,000D-

2 bd · 1.0 ba · 983 sqft · Built 1910 · Condo · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,515/mo
• Mortgage (P&I): −$4,714
• Tax + insurance: −$1,498
• HOA: −$1,797
• Vac / Maint / Mgmt: −$1,368
• Net cashflow: $-2,863/mo
• Annual: $-34,354/yr
• Cap rate: 2.47%
• Cash-on-cash: -13.65%
• DSCR: 0.39
• 1% rule: 0.72%
• Cash to close: $251,720

Investor read

• This is a 2-bed/1.0-bath condo listed at $899k.
• At list price, monthly cash flow is $-3k ($-34k/yr) — negative.
• To cash-flow at today's rent, offer at most $745k (17.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $652k (27.5% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $652k (27.5% below list) — sets the bar for 1% rule.
• In year one you build about $46k of equity ($6k loan paydown + $40k appreciation (4.4% 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 28% of rent; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.4%/yr); 196 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• By year 2, paydown + projected appreciation supports a ~$74k 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.
• At $6,515/mo this rent would consume 50% of the median local household income ($156k/yr) (locally 1241% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?