15517 Sanford Ave Unit 2E

New York, NY 11355

$169,000D

1 bd · 1.0 ba · 699 sqft · Built 1928 · Condo · Active · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,504/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$282
• HOA: −$1,317
• Vac / Maint / Mgmt: −$526
• Net cashflow: $-507/mo
• Annual: $-6,084/yr
• Cap rate: 2.69%
• Cash-on-cash: -12.86%
• DSCR: 0.43
• 1% rule: 1.48%
• Cash to close: $47,320

Investor read

• This is a 1-bed/1.0-bath condo listed at $169k.
• At list price, monthly cash flow is $-507 ($-6k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $169k).
• It's been on market 98 days — a 9% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $154k (9.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($1k loan paydown + $2k appreciation (1.1% 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.
• Watch-outs: HOA is 53% of rent; built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.9%/yr); 405 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 10, paydown + projected appreciation supports a ~$31k 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.
• At $2,504/mo this rent would consume 54% of the median local household income ($55k/yr) (locally 6765% 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 9% concession, seller financing, or rate buy-down credit?
• Built in 1928 — 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?