1384 Pacific St Unit A2

New York, NY 11216

$450,000D

2 bd · 1.0 ba · 825 sqft · Built 1905 · Condo · Active · 87 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,719/mo
• Mortgage (P&I): −$2,360
• Tax + insurance: −$816
• HOA: −$756
• Vac / Maint / Mgmt: −$781
• Net cashflow: $-994/mo
• Annual: $-11,930/yr
• Cap rate: 3.82%
• Cash-on-cash: -8.84%
• DSCR: 0.61
• 1% rule: 0.83%
• Cash to close: $126,000

Investor read

• This is a 2-bed/1.0-bath condo listed at $450k.
• At list price, monthly cash flow is $-994 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $306k (32.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $372k (17.4% below list).
• It's been on market 87 days — a 6% lower offer ($423k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $306k (32.0% below list) — sets the bar for cash-flow.
• In year one you build about $48k of equity ($3k loan paydown + $45k 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.
• Watch-outs: flood insurance adds $66/mo; HOA is 20% of rent; built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.7%/yr); 120 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 4 sale attempts 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.
• By year 2, paydown + projected appreciation supports a ~$77k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major 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 3.8% 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.
• This rent runs 44% of the median local income ($101k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 87 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.