6665 Colonial Rd Unit 2F

New York, NY 11220

$399,000F

2 bd · 1.0 ba · 1,000 sqft · Built — · Condo · Pending · 703 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,617/mo
• Mortgage (P&I): −$2,092
• Tax + insurance: −$665
• HOA: −$1,067
• Vac / Maint / Mgmt: −$550
• Net cashflow: $-1,757/mo
• Annual: $-21,084/yr
• Cap rate: 1.01%
• Cash-on-cash: -18.87%
• DSCR: 0.16
• 1% rule: 0.66%
• Cash to close: $111,720

Investor read

• This is a 2-bed/1.0-bath condo listed at $399k.
• At list price, monthly cash flow is $-2k ($-21k/yr) — negative.
• To cash-flow at today's rent, offer at most $299k (25.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $262k (34.4% below list).
• It's been on market 703 days — a 12% lower offer ($351k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $262k (34.4% below list) — sets the bar for 1% rule.
• In year one you build about $25k of equity ($3k loan paydown + $22k appreciation (5.6% 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 102 Bayview (The) (math 58% / reading 69%, grade B, #663 of 2,108 statewide, top 32%, 1,110 students, 64% FRL); Jhs 259 William Mckinley (math 65% / reading 76%, grade A, #84 of 729 statewide, top 12%, 1,591 students, 81% 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 41% of rent.
• Market conditions: Rents rising fast (+11.0%/yr); 271 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $56k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 61% 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 1.0% 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 45% of the median local income ($70k/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 703 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
• 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?
• 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?