2342 Dean St

New York, NY 11233

$749,999B-

4 bd · 2.0 ba · 1,660 sqft · Built 1910 · MultiFamily · Active · 87 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,660/mo
• Mortgage (P&I): −$3,933
• Tax + insurance: −$494
• HOA: −$0
• Vac / Maint / Mgmt: −$1,399
• Net cashflow: $834/mo
• Annual: $10,010/yr
• Cap rate: 7.63%
• Cash-on-cash: 4.77%
• DSCR: 1.21
• 1% rule: 0.89%
• Cash to close: $210,000

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $750k.
• At list price, monthly cash flow is $834 ($10k/yr) — positive. Per door: $417/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 $666k (11.2% below list).
• It's been on market 87 days — a 6% lower offer ($705k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $666k (11.2% below list) — sets the bar for 1% rule.
• In year one you build about $80k of equity ($5k loan paydown + $75k 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: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.4%/yr); 152 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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 + 6.4% rent growth), your $210k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$129k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.6% 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 $6,660/mo this rent would consume 128% of the median local household income ($62k/yr) (locally 6960% 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 87 days. Have you received any prior offers? Is the seller open to a 11% 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 1910 — 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?