1 bd · 1.0 ba ·
550 sqft ·
Built 1956
· Condo
· Active
· 42 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$5,502/mo
Mortgage (P&I)
−$2,491
Tax + insurance
−$792
HOA
−$1,341
Vac / Maint / Mgmt
−$1,155
Net cashflow
$-277/mo
Annual
$-3,324/yr
Cap rate
5.59%
Cash-on-cash
-2.50%
DSCR
0.89
1% rule
1.16%
Cash to close
$133,000
Investor read
This is a 1-bed/1.0-bath condo listed at $475k.
At list price, monthly cash flow is $-277 ($-3k/yr) — negative.
To cash-flow at today's rent, offer at most $435k (8.4% below list).
Meets the 1% rule at list price ($6k rent vs $475k).
It's been on market 42 days — a 3% lower offer ($461k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $435k (8.4% below list) — sets the bar for cash-flow.
In year one you build about $27k of equity ($3k loan paydown + $24k appreciation (5.0% 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: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Mark Twain Is 239 For The Gifted And Talented (math 90% / reading 96%, grade A+, #6 of 729 statewide, top 1%, 1,207 students, 44% 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 24% of rent; built in 1956 — expect roof / HVAC / electrical / plumbing capex.
Market conditions: Rents rising fast (+8.7%/yr); 717 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
By year 2, paydown + projected appreciation supports a ~$43k 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→15/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.
This rent runs 38% of the median local income ($172k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.
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 42 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
Built in 1956 — 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?
CashFlowRE · CFR-QHWBRSD9CNEGVK
· Data 3 weeks agocashflowre.app · 2026-05-29