None

New York, NY 11368

$999,000A

None bd · None ba · 4,278 sqft · Built 1972 · MultiFamily · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $14,674/mo
• Mortgage (P&I): −$5,239
• Tax + insurance: −$3,224
• HOA: −$0
• Vac / Maint / Mgmt: −$3,082
• Net cashflow: $3,130/mo
• Annual: $37,560/yr
• Cap rate: 10.05%
• Cash-on-cash: 13.43%
• DSCR: 1.60
• 1% rule: 1.47%
• Cash to close: $279,720

Investor read

• This is a 6 × 1-bed/1-bath units multifamily listed at $999k.
• At list price, monthly cash flow is $3k ($38k/yr) — positive. Per door: $522/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $999k).
• It's been on market 34 days — a 3% lower offer ($969k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $969k (3.0% below list) — sets the bar for market timing.
• In year one you build about $81k of equity ($7k loan paydown + $74k 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 14 Fairview (math 22% / reading 42%, grade F, #1,646 of 2,108 statewide, top 80%, 1,071 students, 81% 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: property tax is 3.4% of price.
• Market conditions: 244 active listings in the ZIP; 2 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 $355k; list at $999k implies a 181% gain — meaningful room to come down on a strong offer.
• At projected returns (7.4% appreciation + 3.0% rent growth), your $280k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$129k 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.
• Cap rate 10.1% 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 $14,674/mo this rent would consume 244% 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

• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% 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 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?