11 White St

New York, NY 10305

$798,888D+

4 bd · 10.0 ba · 2,005 sqft · Built 1988 · MultiFamily · Pending · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,366/mo
• Mortgage (P&I): −$4,189
• Tax + insurance: −$900
• HOA: −$0
• Vac / Maint / Mgmt: −$1,337
• Net cashflow: $-60/mo
• Annual: $-718/yr
• Cap rate: 6.30%
• Cash-on-cash: 0.04%
• DSCR: 1.00
• 1% rule: 0.80%
• Cash to close: $223,689

Investor read

• This is a 2 × 2-bed/5.0-bath units multifamily listed at $799k.
• At list price, monthly cash flow is $-60 ($-718/yr) — negative. Per door: $-30/mo.
• To cash-flow at today's rent, offer at most $788k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $637k (20.3% below list).
• It's been on market 98 days — a 9% lower offer ($727k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $637k (20.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k 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.
• 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: flood insurance adds $66/mo.
• Market conditions: Rents rising fast (+7.5%/yr); 257 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 480 units permitted in Richmond County in 2024 (22 in 5+ unit buildings).
• Richmond County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Climate carrying-cost: major flood risk; major wind risk, 64% 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.
• Cap rate 6.3% 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 $6,366/mo this rent would consume 92% of the median local household income ($83k/yr) (locally 1647% 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 98 days. Have you received any prior offers? Is the seller open to a 20% 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?