1060 Rogers Ave

New York, NY 11226

$1,695,000C-

48 bd · 36.0 ba · 4,800 sqft · Built 1910 · MultiFamily · Active · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $16,039/mo
• Mortgage (P&I): −$8,889
• Tax + insurance: −$2,825
• HOA: −$0
• Vac / Maint / Mgmt: −$3,368
• Net cashflow: $957/mo
• Annual: $11,485/yr
• Cap rate: 6.97%
• Cash-on-cash: 2.42%
• DSCR: 1.11
• 1% rule: 0.95%
• Cash to close: $474,600

Investor read

• This is a 6 × 8-bed/6.0-bath units multifamily listed at $1.70M. Condition is rated fair.
• At list price, monthly cash flow is $957 ($11k/yr) — positive. Per door: $160/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.60M (5.4% below list).
• It's been on market 50 days — a 3% lower offer ($1.64M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.60M (5.4% below list) — sets the bar for 1% rule.
• In year one you build about $60k of equity ($12k loan paydown + $49k appreciation (2.9% 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: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.0%/yr); 151 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.
• 3 sale attempts since 9y 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.
• At projected returns (2.9% appreciation + 4.0% rent growth), your $475k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$98k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 64% 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 7.0% 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 $16,039/mo this rent would consume 238% of the median local household income ($81k/yr) (locally 8485% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 50 days. Have you received any prior offers? Is the seller open to a 5% 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear on the exterior siding, requiring replacement.
• Major: roof — Visible signs of wear and potential leaks, requiring replacement.
• Major: HVAC/mechanicals — Significant wear and potential issues, requiring replacement or repair.
• Major: landscaping — Overgrown vegetation and lack of maintenance, requiring landscaping improvements.