27110 Grand Central Pkwy Unit 5M

New York, NY 11005

$309,000D

1 bd · 1.0 ba · 753 sqft · Built 1975 · Condo · Pending · 82 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,440/mo
• Mortgage (P&I): −$1,620
• Tax + insurance: −$515
• HOA: −$0
• Vac / Maint / Mgmt: −$512
• Net cashflow: $-208/mo
• Annual: $-2,496/yr
• Cap rate: 5.49%
• Cash-on-cash: -2.88%
• DSCR: 0.87
• 1% rule: 0.79%
• Cash to close: $86,520

Investor read

• This is a 1-bed/1.0-bath condo listed at $309k.
• At list price, monthly cash flow is $-208 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $279k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $244k (21.0% below list).
• It's been on market 82 days — a 6% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $244k (21.0% below list) — sets the bar for 1% rule.
• In year one you build about $11k of equity ($2k loan paydown + $9k 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.
• Market conditions: 82 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 4, paydown + projected appreciation supports a ~$39k 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 6→12/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.5% 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.

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 82 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?