661 Jefferson Pl

New York, NY 10456

$749,000A-

10 bd · 3.0 ba · 2,463 sqft · Built 1901 · MultiFamily · Active · 142 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,200/mo
• Mortgage (P&I): −$3,928
• Tax + insurance: −$514
• HOA: −$0
• Vac / Maint / Mgmt: −$1,932
• Net cashflow: $2,826/mo
• Annual: $33,912/yr
• Cap rate: 10.82%
• Cash-on-cash: 16.17%
• DSCR: 1.72
• 1% rule: 1.23%
• Cash to close: $209,720

Investor read

• This is a 10-bed/3.0-bath multifamily listed at $749k. Condition is rated poor.
• At list price, monthly cash flow is $3k ($34k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $749k).
• It's been on market 142 days — a 12% lower offer ($659k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $659k (12.0% below list) — sets the bar for market timing.
• In year one you build about $69k of equity ($5k loan paydown + $64k appreciation (8.6% 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: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% 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 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 62 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.
• 2 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.
• Current owner paid $345k; list at $749k implies a 117% gain — meaningful room to come down on a strong offer.
• At projected returns (8.6% appreciation + 3.0% rent growth), your $210k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$111k 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→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.8% vs local median 2.7% 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 142 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1901 — 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — Old cabinets need replacement or renovation.
• Major: Bathroom fixtures — Old fixtures need replacement or renovation.
• Major: Siding — Weathered siding needs repainting or replacement.
• Major: Flooring — Worn and outdated flooring needs replacement.
• Major: Paint — Peeling paint needs repainting.
• Major: Windows — Old, possibly single-pane windows need replacement.