2101 Webster Ave

New York, NY 10457

$1,048,888B+

12 bd · 4.0 ba · 4,760 sqft · Built 1931 · MultiFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $14,497/mo
• Mortgage (P&I): −$5,500
• Tax + insurance: −$1,268
• HOA: −$0
• Vac / Maint / Mgmt: −$3,044
• Net cashflow: $4,684/mo
• Annual: $56,207/yr
• Cap rate: 11.73%
• Cash-on-cash: 19.41%
• DSCR: 1.86
• 1% rule: 1.38%
• Cash to close: $293,689

Investor read

• This is a 4 × 3-bed/1.0-bath units multifamily listed at $1.05M.
• At list price, monthly cash flow is $5k ($56k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.05M).
• It's been on market 29 days — a 2% lower offer ($1.03M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.03M (1.5% below list) — sets the bar for market timing.
• In year one you build about $52k of equity ($7k loan paydown + $45k appreciation (4.3% 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.
• Watch-outs: flood insurance adds $66/mo; built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 47 active listings in the ZIP; lower-income renter base — watch delinquency; 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.
• 4 sale attempts since 8y 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 $375k; list at $1.05M implies a 180% gain — meaningful room to come down on a strong offer.
• At projected returns (4.3% appreciation + 3.0% rent growth), your $294k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$84k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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 11.7% 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 $14,497/mo this rent would consume 408% of the median local household income ($43k/yr) (locally 8573% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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 1931 — 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?
• 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?
• 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.