19640 67th Ave Unit 2nd FL

New York, NY 11365

$343,000D+

2 bd · 1.0 ba · 900 sqft · Built 1952 · Condo · Active · 99 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,992/mo
• Mortgage (P&I): −$1,799
• Tax + insurance: −$638
• HOA: −$0
• Vac / Maint / Mgmt: −$628
• Net cashflow: $-73/mo
• Annual: $-875/yr
• Cap rate: 6.27%
• Cash-on-cash: -0.08%
• DSCR: 1.00
• 1% rule: 0.87%
• Cash to close: $96,040

Investor read

• This is a 2-bed/1.0-bath condo listed at $343k. Condition is rated good.
• At list price, monthly cash flow is $-73 ($-875/yr) — negative.
• To cash-flow at today's rent, offer at most $332k (3.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $299k (12.8% below list).
• It's been on market 99 days — a 9% lower offer ($312k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $299k (12.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Is 227 Louis Armstrong (math 52% / reading 69%, grade B+, #153 of 729 statewide, top 21%, 1,528 students, 68% FRL); Francis Lewis High School (math 97% / reading 92%, grade A+, #117 of 1,100 statewide, top 11%, 4,265 students, 70% FRL).
• Watch-outs: flood insurance adds $66/mo; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.2%/yr); 133 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• Climate carrying-cost: severe flood risk; 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 6.3% 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.
• This rent runs 44% of the median local income ($81k/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 99 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?