1425 Thieriot Ave Unit 6M

New York, NY 10460

$189,000D

2 bd · 1.0 ba · 920 sqft · Built 1965 · Condo · Pending · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,142/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$315
• HOA: −$120,827
• Vac / Maint / Mgmt: −$660
• Net cashflow: $-119,651/mo
• Annual: $-1,435,810/yr
• Cap rate: -753.39%
• Cash-on-cash: -2713.17%
• DSCR: -119.72
• 1% rule: 1.66%
• Cash to close: $52,920

Investor read

• This is a 2-bed/1.0-bath condo listed at $189k. Condition is rated average.
• At list price, monthly cash flow is $-120k ($-1.44M/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $189k).
• It's been on market 31 days — a 3% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $183k (3.0% below list) — sets the bar for market timing.
• In year one you build about $15k of equity ($1k loan paydown + $14k appreciation (7.5% 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: Ps 214 (math 30% / reading 50%, grade F, #1,418 of 2,108 statewide, top 68%, 836 students, 92% 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: HOA is 3845% of rent.
• Market conditions: 78 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• By year 3, paydown + projected appreciation supports a ~$38k 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→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate -753.4% vs local median 2.6% in New York — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• At $3,142/mo this rent would consume 104% of the median local household income ($36k/yr) (locally 7852% 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 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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)

• Minor: kitchen cabinets — dated and worn
• Minor: bathroom tiles — dated pattern
• Minor: exterior paint — some wear