91-16 43rd Ave

New York, NY 11373

$1,875,000B

49 bd · 49.0 ba · 6,294 sqft · Built 2002 · MultiFamily · Active · 440 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $23,838/mo
• Mortgage (P&I): −$9,833
• Tax + insurance: −$2,507
• HOA: −$0
• Vac / Maint / Mgmt: −$5,006
• Net cashflow: $6,492/mo
• Annual: $77,907/yr
• Cap rate: 10.45%
• Cash-on-cash: 14.84%
• DSCR: 1.66
• 1% rule: 1.27%
• Cash to close: $525,000

Investor read

• This is a 7 × 7-bed/7.0-bath units multifamily listed at $1.88M.
• At list price, monthly cash flow is $6k ($78k/yr) — positive. Per door: $927/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $1.88M).
• It's been on market 440 days — a 12% lower offer ($1.65M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.65M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.0%/yr); year-one equity from $13k of loan paydown is wiped out by about $18k 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.
• Market conditions: Rents rising fast (+7.2%/yr); 270 active listings in the ZIP; 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.
• Current owner paid $907k; list at $1.88M implies a 107% gain — meaningful room to come down on a strong offer.
• At projected returns (-1.0% appreciation + 7.2% rent growth), your $525k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 10.4% 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.
• At $23,838/mo this rent would consume 400% of the median local household income ($71k/yr) (locally 7283% 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 440 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.