1029 Wheeler Ave · New York, NY 10472

$699,999

4 bd · 3.0 ba · 1,482 sqft · MultiFamily public records · 38 Days on market

Built 1940 1,440 sqft lot Est $849k · 18% under

---

Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Appreciation +7.0/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Cash flow +3.4/30.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Multi-family units

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

Listing remarks

* * Available * * * Legal brick 2-family in the Bronx, delivered vacant. Upper unit: 3 bedrooms, 2 full bathrooms, living room, dining room, kitchen. First-floor unit: 1 bedroom, 1 full bathroom which gives strong rental income potential. 2,026 sq ft house. Hardwood floors throughout, brand new boiler. The roof and windows in good condition. Private 1-car driveway and a finished shed in the backyard for storage, workshop, or studio space. Solid brick construction. 0.5 miles to the Morrison Av-Soundview 6 train for a direct ride to Manhattan. Quick access to the Bruckner and Cross Bronx Expressways. 0.5 miles to Bruckner Plaza and ShopRite, with Concrete Plant Park, Starlight Park, and

Key facts

• Brand new boiler
• Finished shed
• Brick 2-family

Tags

• BRICK 2-FAMILY
• STRONG RENTAL INCOME POTENTIAL
• HARDWOOD FLOORS
• BRAND NEW BOILER
• PRIVATE 1-CAR DRIVEWAY
• FINISHED SHED

Property features AI

Exterior

• Parking: Driveway
• Utilities: Con-Edison electric service; Public sewer; Natural gas available
• Home design: Duplex
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Bedrooms: One 1-bedroom unit; One 3-bedroom unit
• Bathrooms: 3 full bathrooms
• Heating & cooling: Oil heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; Primary bathroom; Storage

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $700k.

Deal economics

• At list price, monthly cash flow is $-2k ($-26k/yr) — negative. Per door: $-1k/mo.
• To cash-flow at today's rent, offer at most $311k (55.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $281k (59.9% below list).
• Recommended offer: $281k (59.9% below list) — sets the bar for 1% rule.

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: 53 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).

Forward outlook

• In year one you build about $33k of equity ($5k loan paydown + $29k appreciation (4.1% local appreciation)).
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$54k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($679k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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.

Recommended offer $281,000 (59.9% below list)

Questions for the listing agent

1. 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?
2. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 60% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.40% ✗
• Cap rate: 2.63%
• Cash-on-cash: -13.07%
• DSCR: 0.42
• GRM: 20.8

CMA / ARV

• ARV (on-the-fly): $849,186
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1239 Evergreen Ave	0.38mi	5/2.0 (+1)	1,440 (-3%)	15mo	$825,000	$573	56
1449 Longfellow Ave	0.63mi	5/3.0 (+1)	1,680 (+13%)	15mo	$700,000	$417	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.08% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.2%
• Equity multiple: 0.92×
• Total profit: $-15,120
• Equity at exit: $358,315

10-year hold

• IRR: 2.7%
• Equity multiple: 1.48×
• Total profit: $94,165
• Equity at exit: $588,786

Cash invested: $196,000 (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 10472

• Home prices YoY: 1.8%
• Active inventory: 53
• Price-to-rent: 41.5×

Monthly cashflow live

• Estimated rent: $2,810 medium
• Mortgage (P&I): −$3,671
• Tax from tax record: −$392 /mo · $4,703/yr
• Insurance: −$292
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$590
• Net cashflow: $-2,201

Break-even live

Break-even rent $5,596

Max offer price $311,185

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,810
Total (2 units)			$2,810

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: $175,000
• Closing costs: $21,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
620 Rosedale Ave Bronx, NY	3.0	1.0	1053	$3,643	$3.46	24d	1	0.84mi

Listing history 32 events

1. 2026-06-18
   days on market $699,999 Active 38 DOM
2. 2026-06-17
   days on market $699,999 Active 37 DOM
3. 2026-06-16
   days on market $699,999 Active 36 DOM
4. 2026-06-15
   days on market $699,999 Active 35 DOM
5. 2026-06-13
   days on market $699,999 Active 33 DOM
6. 2026-06-10
   days on market $699,999 Active 29 DOM
7. 2026-06-08
   pricedays on market $699,999 Active 28 DOM
8. 2026-06-08
   days on market $720,000 Active 27 DOM
9. 2026-06-04
   days on market $720,000 Active 24 DOM
10. 2026-06-03
    days on market $720,000 Active 23 DOM
11. 2026-06-01
    days on market $720,000 Active 21 DOM
12. 2026-05-31
    days on market $720,000 Active 20 DOM
13. 2026-05-11
    listed $720,000 Active
14. 2026-05-11
    historical
15. 2026-03-03
    listed $750,000 Active
16. 2025-05-29
    historical
17. 2025-04-26
    price $690,000
18. 2025-02-25
    price $730,000
19. 2025-01-20
    listed $760,000 Active
20. 2025-01-01
    historical
21. 2024-10-31
    price $749,995
22. 2024-09-13
    price $769,995
23. 2024-08-22
    price $799,999
24. 2024-05-01
    listed $819,999 Active
25. 2024-04-29
    historical
26. 2022-09-02
    soldstatus $660,000
27. 2022-08-23
    soldstatus $660,000 Closed
28. 2022-05-20
    status Pending
29. 2022-05-04
    price $649,900
30. 2022-04-07
    listed $699,000 Active
31. 2002-07-30
    soldstatus $190,000
32. 1991-12-24
    soldstatus $115,000

ⓘ 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: $4,703 · $392/mo
• Projected year-2 tax: $8,266 · $689/mo
• Expected delta: +$3,564/yr (+$297/mo · 75.8%)

ⓘ 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) · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,720
• − Mortgage interest: −$39,211
• − Property taxes: −$4,703
• − Insurance: −$4,297
• − Repairs & maintenance: −$2,698
• − Management: −$2,698
• − Depreciation: −$20,364
• Taxable loss: −$40,250
• Est. tax savings @ 24.0%: +$9,660
• After-tax cash flow: $-16,752/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
• City population: 7,731,280
• Population (ZIP): 63,820

Population outlook (Bronx County) Hauer SSP2

• Today (2025): 1,607,353 people
• By 2030: 1,681,852 · +4.6%
• By 2040: 1,824,421 · +13.5%
• By 2050: 1,945,470 · +21.0%
• By 2075: 2,187,887 · +36.1%
• By 2100: 2,244,136 · +39.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Hispanic / Latino 62% Black 23% Two or more races 9% Asian 8% White 2% Native American 1%
• Hispanic origin (detail): Mexican 8% Puerto Rican 20% Cuban 1% Dominican 20%
• Foreign-born: 40% · Canada, Jamaica
• Languages at home: 36% English-only · Spanish 52% Other Indo-European 7% French/Haitian/Cajun 2%

Political lean MEDSL · Bronx

• 2024 margin: Solid D (+45.4) · D 72.7% · R 27.3%
• 2008→2024 swing: -32.3pp toward R · 2008: 77.8pp · 2024: 45.4pp
• All cycles: 2024: D+45.4 2020: D+67.6 2016: D+79.1 2012: D+82.9 2008: D+77.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.08%
• Current HPI: 236.8002
• Rent YoY: —
• Metro: —
• 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

+526.1% since first listed

20 events — show timeline

• 2026-05-11 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-05-11 Listed $720,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-03 Listed $750,000 OneKey® MLS as Distributed by MLS Grid
• 2025-05-29 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-04-26 Price Changed $690,000 OneKey® MLS as Distributed by MLS Grid
• 2025-02-25 Price Changed $730,000 OneKey® MLS as Distributed by MLS Grid
• 2025-01-20 Listed $760,000 OneKey® MLS as Distributed by MLS Grid
• 2025-01-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-10-31 Price Changed $749,995 OneKey® MLS as Distributed by MLS Grid
• 2024-09-13 Price Changed $769,995 OneKey® MLS as Distributed by MLS Grid
• 2024-08-22 Price Changed $799,999 OneKey® MLS as Distributed by MLS Grid
• 2024-05-01 Listed $819,999 OneKey® MLS as Distributed by MLS Grid
• 2024-04-29 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 2022-09-02 Sold (Public Records) $660,000 Public Records
• 2022-08-23 Sold (MLS) $660,000 OneKey® MLS as Distributed by MLS Grid
• 2022-05-20 Pending — OneKey® MLS as Distributed by MLS Grid
• 2022-05-04 Price Changed $649,900 OneKey® MLS as Distributed by MLS Grid
• 2022-04-07 Listed $699,000 OneKey® MLS as Distributed by MLS Grid
• 2002-07-30 Sold (Public Records) $190,000 Public Records
• 1991-12-24 Sold (Public Records) $115,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $4,703 · +0.0% YoY. Source: county tax records.