12 Balfour St · New York, NY 10305

$1,099,999

16 bd · 16.0 ba · 3,245 sqft · MultiFamily public records · 18 Days on market

Built 1931 3,200 sqft lot

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +17.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• Schools +5.0/10.0
• Rent growth +4.4/5.0
• 1% rule +4.1/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Exceptional legal 4 -family property consisting of two separate buildings, offering strong income potential in a prime South Beach location. The main building features three spacious units: a first-floor two-bedroom apartment, a second-floor one-bedroom, and a studio with the potential to be converted into a one-bedroom. One of the units has been recently renovated with a brand-new kitchen and appliances. The property also includes a large attic with high ceilings, providing additional usable space. The second building is a single-story ranch with a full basement and private yard, currently configured as a one-bedroom unit, ideal for additional rental income or owner occupancy. Conveniently

Key facts

• Full basement
• High ceilings
• Large attic

Tags

• STRONG INCOME POTENTIAL
• PRIME SOUTH BEACH LOCATION
• RECENTLY RENOVATED KITCHEN
• LARGE ATTIC
• HIGH CEILINGS
• FULL BASEMENT

Property features AI

Finance

• Other: Building total area reported as 3,245 (unit unspecified)
• Financial info: Total of 1 unit for the listing (multifamily details included); Unit 1 reported rent: $2,000/month; Unit 3 reported rent: $1,800/month; Unit 4 reported rent: $2,000/month

Exterior

• Parking: On-street parking
• Utilities: 220 Volt electric
• Home design: Stone construction; 2 stories; Property in excellent condition
• Construction: Stone exterior
• Exterior features: Lot approximately 0.07 acres (about 3,200 sq ft); Lot dimensions about 40.3 x 80.5; Zoned R3-X

Interior

• Bedrooms: Unit 1: 2 bedrooms (level 1); Unit 3: 1 bedroom (level 2); Unit 4: 1 bedroom (level 1)
• Bathrooms: 3 full bathrooms; 1 three-quarter bathroom (total 4 bathrooms)
• Heating & cooling: Steam and oil heating; Unit cooling
• Interior features: Unit-controlled air conditioning; Cable available

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 3×1bd/1ba units multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $798 ($10k/yr) — positive. Per door: $200/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $999k (9.2% below list).
• Recommended offer: $999k (9.2% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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.

Location & tenants

• 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.
• Market conditions: Rents rising fast (+7.5%/yr); 254 active listings in the ZIP; solid renter incomes; 480 units permitted in Richmond County in 2024 (22 in 5+ unit buildings).
• At $9,990/mo this rent would consume 144% 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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $33k of value loss. Plan a longer hold.
• Richmond County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($1.08M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $999,000 (9.2% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 7.24%
• Cash-on-cash: 3.37%
• DSCR: 1.15
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.5% rent growth · sell at horizon

5-year hold

• IRR: -6.8%
• Equity multiple: 0.74×
• Total profit: $-80,283
• Equity at exit: $164,013

10-year hold

• IRR: 7.5%
• Equity multiple: 1.67×
• Total profit: $207,846
• Equity at exit: $95,108

Cash invested: $308,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City New York: 0 Strongly Tenant-Friendly · D+34

Rent Stabilization Code; HSTPA; 6+ months in housing court.

Methodology + full state rankings →

ZIP-level market 10305

• Rents YoY: 7.5%
• Active inventory: 254
• Price-to-rent: 34.4×

Monthly cashflow live

• Estimated rent: $9,990 medium
• Mortgage (P&I): −$5,769
• Tax from tax record: −$800 /mo · $9,606/yr
• Insurance: −$458
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,098
• Net cashflow: $798

Break-even live

Break-even rent $8,980

Max offer price $1,099,999

Occupancy floor 87%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	1	$2,665
▸ 3× units	1	1	$7,326
Total (4 units)			$9,990

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-11
   status Pending
2. 2026-04-23
   status Active
3. 2026-04-22
   listed $1,099,999 Active
4. 2026-04-22
   historical

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $9,606 · $800/mo
• Projected year-2 tax: $14,098 · $1,175/mo
• Expected delta: +$4,492/yr (+$374/mo · 46.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $119,880
• − Mortgage interest: −$61,617
• − Property taxes: −$9,606
• − Insurance: −$6,297
• − Repairs & maintenance: −$9,590
• − Management: −$9,590
• − Depreciation: −$32,000
• Taxable loss: −$8,821
• Est. tax savings @ 24.0%: +$2,117
• After-tax cash flow: $11,697/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

No district data.

Livability — New York

• Score: 75/100
• State rank: #268
• US rank: #4188

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A- Housing C+ Health & safety A User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New York, NY
• County: Richmond County · 404,174 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 41,270
• Household income: $83,413
• Rent vs Own: 35.1% rent · 64.9% own
• Severe rent burden: 1647.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 482,784 people
• By 2030: 481,831 · -0.2%
• By 2040: 473,159 · -2.0%
• By 2050: 457,242 · -5.3%
• By 2075: 408,029 · -15.5%
• By 2100: 341,459 · -29.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 58% Asian 21% Hispanic / Latino 15% Two or more races 7% Black 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 8%
• Common ancestry: Scotch-Irish 5% Romanian 4% Subsaharan African 2%
• Foreign-born: 36% · China, Canada, Jamaica
• Languages at home: 52% English-only · Chinese 13% Russian/Polish/Slavic 12% Other Indo-European 8%

Political lean MEDSL · Richmond

• 2024 margin: Strong R (+29.8) · D 35.1% · R 64.9%
• 2008→2024 swing: -25.7pp toward R · 2008: -4.0pp · 2024: -29.8pp
• All cycles: 2024: R+29.8 2020: R+14.9 2016: R+16.8 2012: D+0.8 2008: R+4.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -487.06%
• Current HPI: 342.7938
• Rent YoY: ▲ 7.50%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

4 events — show timeline

• 2026-05-11 Pending — SIBORMLS
• 2026-04-23 Relisted — SIBORMLS
• 2026-04-22 Listing Removed — SIBORMLS
• 2026-04-22 Listed $1,099,999 SIBORMLS

Property tax history

+6.1%/yr

Latest (2025): $9,606 · +8.2% YoY. Source: county tax records.