474 Bay Ridge Ave

New York, NY 11220

$999,000A-

5 bd · 7.2 ba · 3,042 sqft · Built 1910 · MultiFamily · Active · 163 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,896/mo
• Mortgage (P&I): −$5,239
• Tax + insurance: −$1,271
• HOA: −$0
• Vac / Maint / Mgmt: −$2,918
• Net cashflow: $4,468/mo
• Annual: $53,615/yr
• Cap rate: 11.66%
• Cash-on-cash: 19.17%
• DSCR: 1.85
• 1% rule: 1.39%
• Cash to close: $279,720

Investor read

• This is a 5×1bd/1.2ba + 1×?bd/1.2ba units multifamily listed at $999k. Condition is rated fair.
• At list price, monthly cash flow is $4k ($54k/yr) — positive. Per door: $745/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $999k).
• It's been on market 163 days — a 12% lower offer ($879k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $879k (12.0% below list) — sets the bar for market timing.
• In year one you build about $63k of equity ($7k loan paydown + $56k 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 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+11.0%/yr); 384 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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.
• 3 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (5.6% appreciation + 8.0% rent growth), your $280k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$101k 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→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.7% 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.
• This rent per unit runs 40% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 163 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 1910 — 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: Kitchen appliances — Older appliances need replacement for functionality and aesthetics.
• Major: Bathroom renovation — Outdated bathroom needs a full renovation for modern appeal and functionality.
• Moderate: Exterior paint — Brick facade could benefit from a fresh coat of paint to improve curb appeal.
• Minor: Landscaping — Minimal landscaping could be improved with some basic landscaping.