3738 104th St

New York, NY 11368

$2,400,000D

15 bd · 6.0 ba · 4,158 sqft · Built 1931 · MultiFamily · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $16,743/mo
• Mortgage (P&I): −$12,586
• Tax + insurance: −$2,363
• HOA: −$0
• Vac / Maint / Mgmt: −$3,516
• Net cashflow: $-1,722/mo
• Annual: $-20,663/yr
• Cap rate: 5.43%
• Cash-on-cash: -3.07%
• DSCR: 0.86
• 1% rule: 0.70%
• Cash to close: $672,000

Investor read

• This is a 5 × 3-bed/?-bath units multifamily listed at $2.40M.
• At list price, monthly cash flow is $-2k ($-21k/yr) — negative. Per door: $-344/mo.
• To cash-flow at today's rent, offer at most $2.10M (12.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.67M (30.2% below list).
• It's been on market 45 days — a 3% lower offer ($2.33M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.67M (30.2% below list) — sets the bar for 1% rule.
• In year one you build about $194k of equity ($17k loan paydown + $178k appreciation (7.4% 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: Ps 16 Nancy Debenedittis School (The) (math 44% / reading 52%, grade D, #1,185 of 2,108 statewide, top 56%, 1,058 students, 92% FRL); Is 61 Leonardo Da Vinci (math 37% / reading 44%, grade F, #407 of 729 statewide, top 56%, 2,079 students, 94% 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 1931 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 244 active listings in the ZIP; 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 14y 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.
• Current owner paid $1.47M; list at $2.40M implies a 63% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$311k 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→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.4% 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 $16,743/mo this rent would consume 278% of the median local household income ($72k/yr) (locally 6817% 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 45 days. Have you received any prior offers? Is the seller open to a 30% 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 1931 — 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?