9031 Fort Hamilton Pkwy

New York, NY 11209

$224,000F

1 bd · 1.0 ba · 61,176 sqft · Built 1927 · Condo · Active · 124 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,373/mo
• Mortgage (P&I): −$1,175
• Tax + insurance: −$373
• HOA: −$88,460
• Vac / Maint / Mgmt: −$498
• Net cashflow: $-88,133/mo
• Annual: $-1,057,600/yr
• Cap rate: -465.85%
• Cash-on-cash: -1686.22%
• DSCR: -74.03
• 1% rule: 1.06%
• Cash to close: $62,720

Investor read

• This is a 1-bed/1.0-bath condo listed at $224k.
• At list price, monthly cash flow is $-88k ($-1.06M/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $224k).
• It's been on market 124 days — a 12% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $197k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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: Ps/Is 104 Fort Hamilton School (The) (math 62% / reading 77%, grade A-, #447 of 2,108 statewide, top 24%, 1,103 students, 63% FRL); Christa Mcauliffe School (The) /Is 187 (math 94% / reading 96%, grade A+, #3 of 729 statewide, top 0%, 928 students, 76% 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 3728% of rent; built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.5%/yr); 320 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts 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.
• Climate carrying-cost: major wind risk, 64% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate -465.8% vs local median 2.6% in New York — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 30% of the median local income ($94k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1927 — 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?