3416 103rd St

New York, NY 11368

$1,449,000D

9 bd · 3.9 ba · 2,360 sqft · Built 1933 · MultiFamily · Active · 168 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,027/mo
• Mortgage (P&I): −$7,599
• Tax + insurance: −$1,647
• HOA: −$0
• Vac / Maint / Mgmt: −$2,106
• Net cashflow: $-1,325/mo
• Annual: $-15,899/yr
• Cap rate: 5.25%
• Cash-on-cash: -3.72%
• DSCR: 0.83
• 1% rule: 0.69%
• Cash to close: $405,720

Investor read

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $1.45M.
• At list price, monthly cash flow is $-1k ($-16k/yr) — negative. Per door: $-442/mo.
• To cash-flow at today's rent, offer at most $1.21M (16.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.00M (30.8% below list).
• It's been on market 168 days — a 12% lower offer ($1.28M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.00M (30.8% below list) — sets the bar for 1% rule.
• In year one you build about $117k of equity ($10k loan paydown + $107k appreciation (7.4% 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 92 Harry T Stewart Sr (math 37% / reading 42%, grade F, #1,444 of 2,108 statewide, top 71%, 829 students, 81% FRL); Is 227 Louis Armstrong (math 52% / reading 69%, grade B+, #153 of 729 statewide, top 21%, 1,528 students, 68% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Watch-outs: flood insurance adds $66/mo; built in 1933 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 246 active listings in the ZIP; 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 10y 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 $960k; list at $1.45M implies a 51% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$188k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; 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 5.3% 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 $10,027/mo this rent would consume 166% of the median local household income ($72k/yr) (locally 6817% 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 168 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1933 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.