2135 Crotona Ave Unit 2B

New York, NY 10457

$330,000D

2 bd · 1.0 ba · 771 sqft · Built 2006 · Condo · Active · 146 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,101/mo
• Mortgage (P&I): −$1,731
• Tax + insurance: −$550
• HOA: −$635
• Vac / Maint / Mgmt: −$651
• Net cashflow: $-466/mo
• Annual: $-5,588/yr
• Cap rate: 4.60%
• Cash-on-cash: -6.05%
• DSCR: 0.73
• 1% rule: 0.94%
• Cash to close: $92,400

Investor read

• This is a 2-bed/1.0-bath condo listed at $330k.
• At list price, monthly cash flow is $-466 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $263k (20.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $310k (6.0% below list).
• It's been on market 146 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $263k (20.4% below list) — sets the bar for cash-flow.
• In year one you build about $16k of equity ($2k loan paydown + $14k appreciation (4.3% 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.
• Zoned schools: Ps 214 (math 30% / reading 50%, grade F, #1,418 of 2,108 statewide, top 68%, 836 students, 92% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Watch-outs: HOA is 20% of rent.
• Market conditions: 49 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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.
• 5 sale attempts since 9y 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.
• Current owner paid $250k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 3, 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 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 4.6% 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 $3,101/mo this rent would consume 87% of the median local household income ($43k/yr) (locally 8573% 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 146 days. Have you received any prior offers? Is the seller open to a 20% 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?