582 E 82nd St

New York, NY 11236

$975,000D-

8 bd · 5.0 ba · 2,760 sqft · Built 1965 · MultiFamily · Active · 1571 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,180/mo
• Mortgage (P&I): −$5,113
• Tax + insurance: −$1,134
• HOA: −$0
• Vac / Maint / Mgmt: −$1,508
• Net cashflow: $-575/mo
• Annual: $-6,902/yr
• Cap rate: 5.59%
• Cash-on-cash: -2.53%
• DSCR: 0.89
• 1% rule: 0.74%
• Cash to close: $273,000

Investor read

• This is a 1×4.0bd/2.5ba + 1×2.0bd/1.0ba units multifamily listed at $975k.
• At list price, monthly cash flow is $-575 ($-7k/yr) — negative. Per door: $-288/mo.
• To cash-flow at today's rent, offer at most $873k (10.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $718k (26.4% below list).
• It's been on market 1571 days — a 12% lower offer ($858k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $718k (26.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $29k 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: 229 active listings in the ZIP; solid renter incomes; 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.
• Current owner paid $232k; list at $975k implies a 320% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.6% 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.
• At $7,180/mo this rent would consume 106% of the median local household income ($81k/yr) (locally 4225% 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 1571 days. Have you received any prior offers? Is the seller open to a 26% 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 1965 — 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?