223 15th St

New York, NY 11215

$2,200,000A-

None bd · None ba · 5,684 sqft · Built 1931 · MultiFamily · Active · 362 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $26,560/mo
• Mortgage (P&I): −$11,537
• Tax + insurance: −$3,667
• HOA: −$0
• Vac / Maint / Mgmt: −$5,578
• Net cashflow: $5,779/mo
• Annual: $69,344/yr
• Cap rate: 9.44%
• Cash-on-cash: 11.26%
• DSCR: 1.50
• 1% rule: 1.21%
• Cash to close: $616,000

Investor read

• This is a multifamily listed at $2.20M. Condition is rated fair.
• At list price, monthly cash flow is $6k ($69k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($27k rent vs $2.20M).
• It's been on market 362 days — a 12% lower offer ($1.94M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.94M (12.0% below list) — sets the bar for market timing.
• In year one you build about $235k of equity ($15k loan paydown + $220k appreciation (10.0% 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: Magnet School of Math Science & Design Technology (math 72% / reading 87%, grade A, #188 of 2,108 statewide, top 11%, 829 students, 22% FRL); Ms 51 William Alexander (math 67% / reading 92%, grade A+, #32 of 729 statewide, top 5%, 1,026 students, 61% 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: Rents rising fast (+5.7%/yr); 436 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 5.7% rent growth), your $616k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$378k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 9.4% 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 $26,560/mo this rent would consume 171% of the median local household income ($186k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 362 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 1931 — 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?
• 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?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.

Repairs flagged (vision-AI assessment)

• Moderate: exterior paint — The exterior paint appears to be in fair condition, with some visible wear and discoloration.
• Moderate: roof — The roof appears to be in fair condition, with some visible wear.
• Moderate: HVAC and plumbing systems — The building appears to be a multi-family structure, which may require HVAC and plumbing updates.
• Moderate: windows — The presence of fire escapes suggests that the windows may be older and in need of replacement or maintenance.
• Moderate: landscaping — The landscaping appears to be minimal, with some trees and a sidewalk visible. The curb appeal is average, with no significant landscaping features. The parking lot is visible and appears to be in fair condition.
• Moderate: foundation and structure — No foundation or structure is visible in the photos, so their condition cannot be assessed. However, the building appears to be a multi-family structure, which may require structural assessments and updates.