1605 Metropolitan Ave

New York, NY 10462

$279,000F

1 bd · 1.0 ba · 801 sqft · Built 1985 · Condo · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,434/mo
• Mortgage (P&I): −$1,463
• Tax + insurance: −$531
• HOA: −$943
• Vac / Maint / Mgmt: −$511
• Net cashflow: $-1,015/mo
• Annual: $-12,174/yr
• Cap rate: 2.22%
• Cash-on-cash: -14.56%
• DSCR: 0.35
• 1% rule: 0.87%
• Cash to close: $78,120

Investor read

• This is a 1-bed/1.0-bath condo listed at $279k. Condition is rated fair.
• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $269k (3.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $243k (12.8% below list).
• It's been on market 40 days — a 3% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $243k (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 $8k 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 106 Parkchester (math 17% / reading 37%, grade F, #1,786 of 2,108 statewide, top 86%, 889 students, 79% 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: flood insurance adds $66/mo; HOA is 39% of rent.
• Market conditions: Rents rising fast (+9.4%/yr); 192 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• Climate carrying-cost: major 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.
• At $2,434/mo this rent would consume 48% of the median local household income ($61k/yr) (locally 7650% 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 40 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: exterior paint — The brick buildings in the street-level image show significant wear and tear, indicating a need for repainting.
• Minor: interior paint — The interior photo shows plain walls with no visible damage or updates, suggesting minor touch-ups might be needed.
• Major: landscaping — The street-level image shows a lack of landscaping and a general lack of curb appeal, indicating a need for landscaping improvements.