490 Clove Rd Unit Ms

New York, NY 10310

$344,000F

2 bd · 1.0 ba · 900 sqft · Built 1990 · SingleFamily · Active · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,349/mo
• Mortgage (P&I): −$1,804
• Tax + insurance: −$573
• HOA: −$198
• Vac / Maint / Mgmt: −$493
• Net cashflow: $-719/mo
• Annual: $-8,633/yr
• Cap rate: 3.78%
• Cash-on-cash: -8.96%
• DSCR: 0.60
• 1% rule: 0.68%
• Cash to close: $96,320

Investor read

• This is a 2-bed/1.0-bath single-family listed at $344k. Condition is rated good.
• At list price, monthly cash flow is $-719 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $240k (30.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $235k (31.7% below list).
• It's been on market 76 days — a 6% lower offer ($323k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $235k (31.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• 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: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Is 27 Anning S Prall (math 52% / reading 67%, grade B, #161 of 729 statewide, top 24%, 952 students, 76% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: 92 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 480 units permitted in Richmond County in 2024 (22 in 5+ unit buildings).
• Richmond County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Climate carrying-cost: major wind risk, 56% 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 3.8% vs local median 2.7% 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.

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 76 days. Have you received any prior offers? Is the seller open to a 32% 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?
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — slight wear
• Minor: bathroom fixtures — basic design