3650 Waldo Ave

New York, NY 10463

$899,000D-

6 bd · 4.0 ba · 2,816 sqft · Built 1962 · MultiFamily · Active · 418 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,287/mo
• Mortgage (P&I): −$4,714
• Tax + insurance: −$1,498
• HOA: −$0
• Vac / Maint / Mgmt: −$1,530
• Net cashflow: $-456/mo
• Annual: $-5,473/yr
• Cap rate: 5.68%
• Cash-on-cash: -2.17%
• DSCR: 0.90
• 1% rule: 0.81%
• Cash to close: $251,720

Investor read

• This is a 2 × 3-bed/?-bath units multifamily listed at $899k.
• At list price, monthly cash flow is $-456 ($-5k/yr) — negative. Per door: $-228/mo.
• To cash-flow at today's rent, offer at most $833k (7.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $729k (18.9% below list).
• It's been on market 418 days — a 12% lower offer ($791k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $729k (18.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• 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 (+11.6%/yr); 342 active listings in the ZIP; 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.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $151k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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 5.7% 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 $7,287/mo this rent would consume 117% of the median local household income ($75k/yr) (locally 5586% 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 418 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• 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 1962 — 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?