41 Bradhurst Ave

New York, NY 10030

$1,895,000D-

4 bd · 4.4 ba · 2,984 sqft · Built 1901 · MultiFamily · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,653/mo
• Mortgage (P&I): −$9,938
• Tax + insurance: −$1,401
• HOA: −$0
• Vac / Maint / Mgmt: −$1,817
• Net cashflow: $-4,503/mo
• Annual: $-54,032/yr
• Cap rate: 3.44%
• Cash-on-cash: -10.18%
• DSCR: 0.55
• 1% rule: 0.46%
• Cash to close: $530,600

Investor read

• This is a 2 × 2-bed/?-bath units multifamily listed at $1.90M.
• At list price, monthly cash flow is $-5k ($-54k/yr) — negative. Per door: $-2k/mo.
• To cash-flow at today's rent, offer at most $1.10M (42.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $865k (54.3% below list).
• It's been on market 25 days — a 2% lower offer ($1.87M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $865k (54.3% below list) — sets the bar for 1% rule.
• In year one you build about $166k of equity ($13k loan paydown + $152k appreciation (8.1% 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: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.8%/yr); 73 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 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.
• 3 sale attempts since 8y ago 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 ~$265k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate flood risk; 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 3.4% 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 $8,653/mo this rent would consume 261% of the median local household income ($40k/yr) (locally 4110% 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?