6934 Almeda Ave

New York, NY 11692

$635,000D

4 bd · 3.0 ba · 2,048 sqft · Built 1920 · SingleFamily · Active · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,955/mo
• Mortgage (P&I): −$3,330
• Tax + insurance: −$512
• HOA: −$0
• Vac / Maint / Mgmt: −$831
• Net cashflow: $-717/mo
• Annual: $-8,605/yr
• Cap rate: 5.06%
• Cash-on-cash: -4.39%
• DSCR: 0.80
• 1% rule: 0.62%
• Cash to close: $177,800

Investor read

• This is a 4-bed/3.0-bath single-family listed at $635k.
• At list price, monthly cash flow is $-717 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $508k (19.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $396k (37.7% below list).
• It's been on market 71 days — a 6% lower offer ($597k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $396k (37.7% below list) — sets the bar for 1% rule.
• In year one you build about $68k of equity ($4k loan paydown + $64k appreciation (10.0% 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.
• Watch-outs: flood insurance adds $66/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 80 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $64k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $430k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$109k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk; major wind risk, 77% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.1% 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 $3,955/mo this rent would consume 95% of the median local household income ($50k/yr) (locally 1734% 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 71 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?