444 68th St

New York, NY 11220

$1,080,000A-

None bd · 0.0 ba · 5,250 sqft · Built 1931 · MultiFamily · Active · 300 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $16,349/mo
• Mortgage (P&I): −$5,664
• Tax + insurance: −$2,583
• HOA: −$0
• Vac / Maint / Mgmt: −$3,433
• Net cashflow: $4,669/mo
• Annual: $56,033/yr
• Cap rate: 11.48%
• Cash-on-cash: 18.53%
• DSCR: 1.82
• 1% rule: 1.51%
• Cash to close: $302,400

Investor read

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $1.08M. Condition is rated fair.
• At list price, monthly cash flow is $5k ($56k/yr) — positive. Per door: $778/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.08M).
• It's been on market 300 days — a 12% lower offer ($950k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $950k (12.0% below list) — sets the bar for market timing.
• In year one you build about $68k of equity ($7k loan paydown + $61k appreciation (5.6% 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: Ps/Is 30 Mary White Ovington (math 44% / reading 44%, grade F, #1,349 of 2,108 statewide, top 64%, 911 students, 82% FRL); Christa Mcauliffe School (The) /Is 187 (math 94% / reading 96%, grade A+, #3 of 729 statewide, top 0%, 928 students, 76% 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 1931 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+11.0%/yr); 384 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 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.
• Current owner paid $70k; list at $1.08M implies a 1443% gain — meaningful room to come down on a strong offer.
• At projected returns (5.6% appreciation + 8.0% rent growth), your $302k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$109k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 61% 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 11.5% 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 $2,725/mo per unit this rent would consume 47% of the median local household income ($70k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 300 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1931 — 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?

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of potential leaks and discoloration suggest a major repair is needed.
• Moderate: exterior paint — The paint is faded and uneven, indicating a need for repainting or staining.
• Minor: landscaping — The trees and fence are in need of trimming and maintenance to improve curb appeal.