108 179th St

New York, NY 10453

$1,599,999D+

None bd · None ba · 2,700 sqft · Built 1920 · MultiFamily · Active · 86 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,669/mo
• Mortgage (P&I): −$8,391
• Tax + insurance: −$1,022
• HOA: −$0
• Vac / Maint / Mgmt: −$2,240
• Net cashflow: $-984/mo
• Annual: $-11,807/yr
• Cap rate: 5.56%
• Cash-on-cash: -2.64%
• DSCR: 0.88
• 1% rule: 0.67%
• Cash to close: $448,000

Investor read

• This is a multifamily listed at $1.60M.
• At list price, monthly cash flow is $-984 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.43M (10.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.07M (33.3% below list).
• It's been on market 86 days — a 6% lower offer ($1.50M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.07M (33.3% below list) — sets the bar for 1% rule.
• In year one you build about $171k of equity ($11k loan paydown + $160k 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: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 34 active listings in the ZIP; 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.
• Current owner paid $560k; list at $1.60M implies a 186% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$275k 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.
• At $10,669/mo this rent would consume 386% of the median local household income ($33k/yr) (locally 10286% 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 33% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?