3531 Bronxwood Unit 6K

New York, NY 10469

$175,000D

2 bd · 1.0 ba · 950 sqft · Built 1962 · Condo · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,737/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$292
• HOA: −$1,192
• Vac / Maint / Mgmt: −$575
• Net cashflow: $-239/mo
• Annual: $-2,869/yr
• Cap rate: 4.65%
• Cash-on-cash: -5.86%
• DSCR: 0.74
• 1% rule: 1.56%
• Cash to close: $49,000

Investor read

• This is a 2-bed/1.0-bath condo listed at $175k. Condition is rated fair.
• At list price, monthly cash flow is $-239 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (19.8% below list).
• Meets the 1% rule at list price ($3k rent vs $175k).
• It's been on market 42 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $140k (19.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 44% of rent.
• Market conditions: Rents rising fast (+4.3%/yr); 200 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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.
• 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 flood risk; major wind risk, 27% 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.
• Cap rate 4.7% 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.
• This rent runs 43% of the median local income ($76k/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 42 days. Have you received any prior offers? Is the seller open to a 20% 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 1962 — 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: exterior paint — The brick facade and exterior walls show significant wear and tear, indicating a need for repainting or possibly a new coat of paint.
• Major: roof — The roof is not visible, but given the exterior condition, it is likely in need of repair or replacement.
• Major: kitchen cabinetry — The kitchen cabinetry is dated and in poor condition, indicating a need for replacement or renovation.
• Major: bathroom tiles — The pink tiles in the bathroom are dated and in poor condition, indicating a need for replacement or renovation.