8 bd · 4.0 ba ·
3,280 sqft ·
Built 1926
· MultiFamily
· Active
· 141 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$14,572/mo
Mortgage (P&I)
−$7,604
Tax + insurance
−$1,709
HOA
−$0
Vac / Maint / Mgmt
−$3,060
Net cashflow
$2,199/mo
Annual
$26,390/yr
Cap rate
8.11%
Cash-on-cash
6.50%
DSCR
1.29
1% rule
1.00%
Cash to close
$406,000
Investor read
This is a 4 × 2-bed/1.0-bath units multifamily listed at $1.45M.
At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $550/mo.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($15k rent vs $1.45M).
It's been on market 141 days — a 12% lower offer ($1.28M) is reasonable based on typical stale-listing flexibility.
Recommended offer: $1.28M (12.0% below list) — sets the bar for market timing.
In year one you build about $69k of equity ($10k loan paydown + $59k appreciation (4.1% 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: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
Market conditions: 54 active listings in the ZIP; 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 since 12y ago 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.
Current owner paid $420k; list at $1.45M implies a 245% gain — meaningful room to come down on a strong offer.
At projected returns (4.1% appreciation + 3.0% rent growth), your $406k cash investment doubles in ~4 years — after that, you're playing with house money.
By year 2, paydown + projected appreciation supports a ~$111k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
Cap rate 8.1% 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.
Questions for listing agent
It's been on market 141 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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?
CashFlowRE · CFR-N1B8QB520T8JZY
· Data 3 weeks agocashflowre.app · 2026-05-29