117-68 126th St

New York, NY 11420

$829,000F

6 bd · 6.0 ba · 1,104 sqft · Built 1930 · MultiFamily · Pending · 104 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,978/mo
• Mortgage (P&I): −$4,347
• Tax + insurance: −$720
• HOA: −$0
• Vac / Maint / Mgmt: −$1,045
• Net cashflow: $-1,135/mo
• Annual: $-13,614/yr
• Cap rate: 4.65%
• Cash-on-cash: -5.87%
• DSCR: 0.74
• 1% rule: 0.60%
• Cash to close: $232,120

Investor read

• This is a 2 × 3-bed/3.0-bath units multifamily listed at $829k.
• At list price, monthly cash flow is $-1k ($-14k/yr) — negative. Per door: $-567/mo.
• To cash-flow at today's rent, offer at most $629k (24.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $498k (40.0% below list).
• It's been on market 104 days — a 9% lower offer ($754k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $498k (40.0% 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 $25k 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.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 162 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• Current owner paid $408k; list at $829k implies a 103% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 66% 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 4.7% 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.

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 104 days. Have you received any prior offers? Is the seller open to a 40% 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 1930 — 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?