1200 Gravesend Neck Rd Unit 4C

New York, NY 11229

$460,000F

3 bd · 2.0 ba · 1,250 sqft · Built — · Condo · Active · 91 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,779/mo
• Mortgage (P&I): −$2,412
• Tax + insurance: −$767
• HOA: −$1,215
• Vac / Maint / Mgmt: −$794
• Net cashflow: $-1,409/mo
• Annual: $-16,903/yr
• Cap rate: 2.62%
• Cash-on-cash: -13.12%
• DSCR: 0.42
• 1% rule: 0.82%
• Cash to close: $128,800

Investor read

• This is a 3-bed/2.0-bath condo listed at $460k. Condition is rated fair.
• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $432k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $378k (17.8% below list).
• It's been on market 91 days — a 9% lower offer ($419k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $378k (17.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k 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.
• Watch-outs: HOA is 32% of rent.
• Market conditions: Rents rising fast (+15.8%/yr); 355 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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.
• Climate carrying-cost: moderate flood risk; major wind risk, 72% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $3,779/mo this rent would consume 64% of the median local household income ($71k/yr) (locally 4771% 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 91 days. Have you received any prior offers? Is the seller open to a 18% 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — Significant damage and wear
• Moderate: exterior siding — Visible discoloration and possible paint peeling