166 Coffey St

New York, NY 11231

$1,499,000D-

4 bd · 4.5 ba · 1,000 sqft · Built 2025 · Other · Active · 233 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,015/mo
• Mortgage (P&I): −$7,861
• Tax + insurance: −$942
• HOA: −$0
• Vac / Maint / Mgmt: −$1,263
• Net cashflow: $-4,051/mo
• Annual: $-48,609/yr
• Cap rate: 3.05%
• Cash-on-cash: -11.58%
• DSCR: 0.48
• 1% rule: 0.40%
• Cash to close: $419,720

Investor read

• This is a 4-bed/4.5-bath other listed at $1.50M.
• At list price, monthly cash flow is $-4k ($-49k/yr) — negative.
• To cash-flow at today's rent, offer at most $783k (47.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $602k (59.9% below list).
• It's been on market 233 days — a 12% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $602k (59.9% below list) — sets the bar for 1% rule.
• In year one you build about $160k of equity ($10k loan paydown + $150k 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.
• Market conditions: Rents rising fast (+12.0%/yr); 88 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 7 sale attempts since 7y ago; this cycle's ask has dropped $300k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $1.30M; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$258k 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.
• At $6,015/mo this rent would consume 52% of the median local household income ($140k/yr) (locally 1542% 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 233 days. Have you received any prior offers? Is the seller open to a 60% concession, seller financing, or rate buy-down credit?
• 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?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.