860 Grand Concourse Unit 4i

New York, NY 10451

$162,000B-

2 bd · 1.0 ba · 1,056 sqft · Built 1940 · Condo · Active · 505 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,085/mo
• Mortgage (P&I): −$850
• Tax + insurance: −$270
• HOA: −$1,800
• Vac / Maint / Mgmt: −$858
• Net cashflow: $308/mo
• Annual: $3,691/yr
• Cap rate: 8.57%
• Cash-on-cash: 8.14%
• DSCR: 1.36
• 1% rule: 2.52%
• Cash to close: $45,360

Investor read

• This is a 2-bed/1.0-bath condo listed at $162k. Condition is rated fair.
• At list price, monthly cash flow is $308 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $162k).
• It's been on market 505 days — a 12% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $143k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($1k loan paydown + $1k appreciation (0.7% 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.
• Watch-outs: HOA is 44% of rent; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.6%/yr); 69 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 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.
• 2 sale attempts; this cycle's ask has dropped $152k (48%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (0.7% appreciation + 2.6% rent growth), your $45k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 8.6% 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 $4,085/mo this rent would consume 126% of the median local household income ($39k/yr) (locally 6917% 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 505 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — dated and in poor condition
• Major: kitchen countertops — dated and in poor condition
• Major: kitchen appliances — dated and in poor condition
• Major: bathroom fixtures — dated and in poor condition
• Major: bathroom tile — dated and in poor condition