1425 Thieriot Ave Unit 5L

New York, NY 10460

$318,000D-

3 bd · 2.0 ba · 1,100 sqft · Built 1965 · Condo · Pending · 310 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,538/mo
• Mortgage (P&I): −$1,668
• Tax + insurance: −$530
• HOA: −$144,467
• Vac / Maint / Mgmt: −$743
• Net cashflow: $-143,870/mo
• Annual: $-1,726,437/yr
• Cap rate: -536.61%
• Cash-on-cash: -1938.95%
• DSCR: -85.27
• 1% rule: 1.11%
• Cash to close: $89,040

Investor read

• This is a 3-bed/2.0-bath condo listed at $318k.
• At list price, monthly cash flow is $-144k ($-1.73M/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $318k).
• It's been on market 310 days — a 12% lower offer ($280k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $280k (12.0% below list) — sets the bar for market timing.
• In year one you build about $26k of equity ($2k loan paydown + $24k 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: HOA is 4083% of rent.
• Market conditions: 78 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $24k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$41k 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 -536.6% vs local median 2.6% in New York — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• At $3,538/mo this rent would consume 117% 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

• 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 310 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?