446 E 146th St

New York, NY 10455

$979,000C

4 bd · 3.0 ba · 2,000 sqft · Built 1991 · MultiFamily · Pending · 176 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,137/mo
• Mortgage (P&I): −$5,134
• Tax + insurance: −$881
• HOA: −$0
• Vac / Maint / Mgmt: −$1,919
• Net cashflow: $1,203/mo
• Annual: $14,441/yr
• Cap rate: 7.77%
• Cash-on-cash: 5.27%
• DSCR: 1.23
• 1% rule: 0.93%
• Cash to close: $274,120

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $979k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $602/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $914k (6.7% below list).
• It's been on market 176 days — a 12% lower offer ($862k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $862k (12.0% below list) — sets the bar for market timing.
• In year one you build about $28k of equity ($7k loan paydown + $21k appreciation (2.1% 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.
• Market conditions: 26 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 3 sale attempts since 5y 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 $150k; list at $979k implies a 553% gain — meaningful room to come down on a strong offer.
• At projected returns (2.1% appreciation + 3.0% rent growth), your $274k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$70k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate flood risk; 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 7.8% 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

• It's been on market 176 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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.