284 Willis Ave

New York, NY 10454

$1,750,000B+

None bd · None ba · 12,204 sqft · Built 2024 · MultiFamily · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $41,068/mo
• Mortgage (P&I): −$9,177
• Tax + insurance: −$1,423
• HOA: −$0
• Vac / Maint / Mgmt: −$8,624
• Net cashflow: $21,844/mo
• Annual: $262,123/yr
• Cap rate: 21.27%
• Cash-on-cash: 53.49%
• DSCR: 3.38
• 1% rule: 2.35%
• Cash to close: $490,000

Investor read

• This is a multifamily listed at $1.75M.
• At list price, monthly cash flow is $22k ($262k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($41k rent vs $1.75M).
• It's been on market 39 days — a 3% lower offer ($1.70M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.70M (3.0% below list) — sets the bar for market timing.
• In year one you build about $94k of equity ($12k loan paydown + $82k appreciation (4.7% 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: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: Rents flat; 19 active listings in the ZIP; lower-income renter base — watch delinquency; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $912k; list at $1.75M implies a 92% gain — meaningful room to come down on a strong offer.
• At projected returns (4.7% appreciation + 0.6% rent growth), your $490k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$150k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 21.3% 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 $41,068/mo this rent would consume 2046% of the median local household income ($24k/yr) (locally 5002% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.