825 Walton Ave Unit 2F

New York, NY 10451

$345,000B

2 bd · 1.0 ba · 0 sqft · Built 1924 · Condo · Active · 103 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,221/mo
• Mortgage (P&I): −$1,809
• Tax + insurance: −$575
• HOA: −$990
• Vac / Maint / Mgmt: −$1,096
• Net cashflow: $750/mo
• Annual: $9,006/yr
• Cap rate: 8.90%
• Cash-on-cash: 9.32%
• DSCR: 1.41
• 1% rule: 1.51%
• Cash to close: $96,600

Investor read

• This is a 2-bed/1.0-bath condo listed at $345k.
• At list price, monthly cash flow is $750 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $345k).
• It's been on market 103 days — a 9% lower offer ($314k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $314k (9.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($2k loan paydown + $2k appreciation (0.7% 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 1924 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.6%/yr); 69 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $24k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $295k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (0.7% appreciation + 2.6% rent growth), your $97k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k 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→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.9% 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 $5,221/mo this rent would consume 162% of the median local household income ($39k/yr) (locally 6917% 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 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1924 — 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?
• 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?