78-01 95th Avenue Ave

New York, NY 11416

$729,000C-

4 bd · 2.0 ba · 1,920 sqft · Built 1915 · MultiFamily · Active · 270 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,075/mo
• Mortgage (P&I): −$3,823
• Tax + insurance: −$913
• HOA: −$0
• Vac / Maint / Mgmt: −$1,276
• Net cashflow: $64/mo
• Annual: $764/yr
• Cap rate: 6.40%
• Cash-on-cash: 0.37%
• DSCR: 1.02
• 1% rule: 0.83%
• Cash to close: $204,120

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $729k.
• At list price, monthly cash flow is $64 ($764/yr) — positive. Per door: $32/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 $608k (16.7% below list).
• It's been on market 270 days — a 12% lower offer ($642k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $608k (16.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k 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 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 55 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 2 sale attempts since 8y ago; this cycle's ask is 39% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $535k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wind risk, 50% 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 6.4% 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.

Questions for listing agent

• It's been on market 270 days. Have you received any prior offers? Is the seller open to a 17% 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 1915 — 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?