3 bd · 1.0 ba ·
12,688 sqft ·
Built 1911
· Condo
· Active
· 131 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$3,436/mo
Mortgage (P&I)
−$498
Tax + insurance
−$158
HOA
−$0
Vac / Maint / Mgmt
−$722
Net cashflow
$2,058/mo
Annual
$24,694/yr
Cap rate
32.29%
Cash-on-cash
92.84%
DSCR
5.13
1% rule
3.62%
Cash to close
$26,600
Investor read
This is a 3-bed/1.0-bath condo listed at $95k.
At list price, monthly cash flow is $2k ($25k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($3k rent vs $95k).
It's been on market 131 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
In year one you build about $8k of equity ($657 loan paydown + $7k appreciation (7.5% 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: Ps 214 (math 30% / reading 50%, grade F, #1,418 of 2,108 statewide, top 68%, 836 students, 92% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% 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 1911 — expect roof / HVAC / electrical / plumbing capex.
Market conditions: 78 active listings in the ZIP; lower-income renter base — watch delinquency; 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.
At projected returns (7.5% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~1 year — after that, you're playing with house money.
By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
Cap rate 32.3% 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 $3,436/mo this rent would consume 114% of the median local household income ($36k/yr) (locally 7852% 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 131 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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.
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.
CashFlowRE · CFR-WXJ3S37RSK00TJ
· Data 1 week agocashflowre.app · 2026-05-29