86-16 60th Ave Unit 4L

New York, NY 11373

$200,000D-

2 bd · 2.0 ba · 1,400 sqft · Built 1963 · Condo · Active · 206 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,396/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$333
• HOA: −$2,955
• Vac / Maint / Mgmt: −$713
• Net cashflow: $-1,654/mo
• Annual: $-19,847/yr
• Cap rate: -3.63%
• Cash-on-cash: -35.44%
• DSCR: -0.58
• 1% rule: 1.70%
• Cash to close: $56,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $200k.
• At list price, monthly cash flow is $-2k ($-20k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• It's been on market 206 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $2k 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.
• Zoned schools: Ps 102 Bayview (math 47% / reading 69%, grade C+, #833 of 2,108 statewide, top 40%, 1,169 students, 80% FRL); Is 73 Frank Sansivieri Intermediate School (The) (math 48% / reading 71%, grade B, #161 of 729 statewide, top 24%, 1,799 students, 72% 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 87% of rent.
• Market conditions: Rents rising fast (+7.2%/yr); 270 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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; this cycle's ask has dropped $25k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: 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 -3.6% 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.
• At $3,396/mo this rent would consume 57% of the median local household income ($71k/yr) (locally 7283% 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 206 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1963 — 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?
• 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?