150 W 51st St #1126

New York, NY 10019

$649,000D

1 bd · 1.0 ba · 506 sqft · Built 1926 · SingleFamily · Active · 86 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,717/mo
• Mortgage (P&I): −$3,403
• Tax + insurance: −$1,082
• HOA: −$965
• Vac / Maint / Mgmt: −$1,201
• Net cashflow: $-934/mo
• Annual: $-11,203/yr
• Cap rate: 4.57%
• Cash-on-cash: -6.16%
• DSCR: 0.73
• 1% rule: 0.88%
• Cash to close: $181,720

Investor read

• This is a 1-bed/1.0-bath single-family listed at $649k. Condition is rated good.
• At list price, monthly cash flow is $-934 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $514k (20.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $572k (11.9% below list).
• It's been on market 86 days — a 6% lower offer ($610k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $514k (20.8% below list) — sets the bar for cash-flow.
• In year one you build about $28k of equity ($4k loan paydown + $23k appreciation (3.6% 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 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.2%/yr); 538 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 8d 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.
• 2 sale attempts 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.
• By year 2, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.6% 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.
• At $5,717/mo this rent would consume 53% of the median local household income ($129k/yr) (locally 3795% 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 86 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1926 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?