39 Strawberry Ln

New York, NY 10312

$698,000F

3 bd · 3.5 ba · 1,890 sqft · Built 1982 · MultiFamily · Active · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,687/mo
• Mortgage (P&I): −$3,660
• Tax + insurance: −$931
• HOA: −$0
• Vac / Maint / Mgmt: −$564
• Net cashflow: $-2,468/mo
• Annual: $-29,619/yr
• Cap rate: 2.05%
• Cash-on-cash: -15.16%
• DSCR: 0.33
• 1% rule: 0.38%
• Cash to close: $195,440

Investor read

• This is a 3-bed/3.5-bath multifamily listed at $698k.
• At list price, monthly cash flow is $-2k ($-30k/yr) — negative.
• To cash-flow at today's rent, offer at most $262k (62.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $269k (61.5% below list).
• It's been on market 63 days — a 6% lower offer ($656k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $262k (62.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k 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.
• Market conditions: Rents rising fast (+8.0%/yr); 396 active listings in the ZIP; high-income renter base; 480 units permitted in Richmond County in 2024 (22 in 5+ unit buildings).
• Richmond County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 28y ago; this cycle's ask has dropped $150k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $400k; list at $698k implies a 74% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 69% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 2.0% 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.

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 63 days. Have you received any prior offers? Is the seller open to a 62% concession, seller financing, or rate buy-down credit?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.