Multi-Family Investing in the Bronx

[Lei Marte]

Hi all,

I grew up in the Bronx and somehow the prices of multi-families seems to be calling me back!

I am analyzing an opportunity that has had several price cuts in the area I grew up in.  It's below $1M for a 7-unit, but it seems most if not all are rent stabilized.  Even with the low rents, the property seems to break-even monthly on Mortgage and Taxes, however, I am not sure what the maintenance and utilities looks like.  I am used to investing in MA where you can push literally all the costs on to the tenants, but what are landlords responsible for here in NYC?  I believe heating costs fall on the landlord, does anyone have an idea of what it costs to heat 1-2bd apartments with heating oil/steam heat?

I would likely house-hack and I am willing to put up my fair share of the mortgage, however, I am wondering it utilities and maintenance would turn the whole equation upside-down.  It's a brick pre-war building if that helps.  Any NYC multi-fam investors that can provide some advice??

Best,

Lei