87-19 204th St Unit A68

New York, NY 11423

$228,000F

2 bd · 1.0 ba · 700 sqft · Built 1950 · Condo · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,268/mo
• Mortgage (P&I): −$1,196
• Tax + insurance: −$380
• HOA: −$826
• Vac / Maint / Mgmt: −$476
• Net cashflow: $-610/mo
• Annual: $-7,323/yr
• Cap rate: 3.08%
• Cash-on-cash: -11.47%
• DSCR: 0.49
• 1% rule: 0.99%
• Cash to close: $63,840

Investor read

• This is a 2-bed/1.0-bath condo listed at $228k. Condition is rated fair.
• At list price, monthly cash flow is $-610 ($-7k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (0.5% below list).
• It's been on market 65 days — a 6% lower offer ($214k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $214k (6.0% 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.
• Watch-outs: HOA is 36% of rent; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 119 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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.
• 2 sale attempts since 6y 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.
• Climate carrying-cost: major wind risk, 54% 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.

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 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1950 — 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen appliances — Old and worn, likely not functioning optimally.
• Major: Bathroom tiles — Dated and in need of replacement.
• Minor: Exterior brick — Weathered but not structurally compromised.
• Major: Landscaping — Overgrown and in need of maintenance and new planting.