1993 E 29th St · New York, NY 11229

$948,000

6 bd · 4.0 ba · 1,785 sqft · MultiFamily public records · 35 Days on market

Built 1930 1,942 sqft lot Est $878k · 8% over

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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).

• Cash flow +11.7/30.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• ARV discount +3.9/15.0
• Livability +3.8/5.0
• DSCR +3.4/10.0
• 1% rule +2.6/10.0
• 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: 2 units. confirmed

Listing remarks

Well-maintained 2-family home in a desirable Madison location. The top unit features 3 spacious bedrooms, a large living room, dining room, and galley kitchen. The lower level offers a separate studio apartment with a private entrance — ideal for extended storage, or home office. Property features split air systems on each floor (updated last year), a 1-car garage with electric opener, and community driveway access. Major updates include a 2-year-old boiler and hot water heater replaced in July 2024. Conveniently located close to shopping, dining, and transportation.

Key facts

• Split air systems
• Hot water heater
• Private entrance

Tags

• SEPARATE STUDIO APARTMENT
• PRIVATE ENTRANCE
• SPLIT AIR SYSTEMS
• 2 YEAR OLD BOILER
• HOT WATER HEATER

Property features AI

Finance

• Financial info: Financing available: Bank mortgage or cash; Multifamily: 2-unit building (Unit 1: efficiency; Unit 2: 3-bedroom). Both units owner occupied

Exterior

• Parking: Community drive access; Detached garage with 1 space
• Utilities: Electric with circuit breakers; Gas service; Hot water from boiler; Sewer and water details not provided
• Home design: Residential property; Attached building; Flat roof; Facing information not provided
• Construction: Block construction; Brick exterior; Poured concrete foundation
• Exterior features: Back yard; Attached building; R4 zoning

Interior

• Kitchen: Oven/Range; Refrigerator; Dishwasher (Unit 2)
• Bedrooms: Unit 2: 3 bedrooms
• Flooring: Hardwood floors
• Bathrooms: One full bath; One three-quarter bath
• Heating & cooling: Gas heating; Baseboard heating; Steam/radiator heating
• Interior features: Central split air conditioning; Garage door opener; Finished full basement; Three AC units
• Laundry & utility: Hot water coil in boiler

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $948k.

Deal economics

• At list price, monthly cash flow is $-283 ($-3k/yr) — negative. Per door: $-142/mo.
• To cash-flow at today's rent, offer at most $898k (5.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $716k (24.5% below list).
• Recommended offer: $716k (24.5% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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 (+15.8%/yr); 355 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $7,158/mo this rent would consume 122% of the median local household income ($71k/yr) (locally 4771% 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 $7k of loan paydown is wiped out by about $28k of value loss. Plan a longer hold.
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($920k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 72% 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 $715,800 (24.5% 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 35 days. Have you received any prior offers? Is the seller open to a 24% 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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.76% ✗
• Cap rate: 5.93%
• Cash-on-cash: -1.28%
• DSCR: 0.94
• GRM: 11.0

CMA / ARV

• ARV (on-the-fly): $878,220
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1965 E 28th St	0.07mi	5/2.0 (-1)	1,890 (+6%)	21mo	$930,000	$492	57

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

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -13.5%
• Equity multiple: 0.49×
• Total profit: $-134,102
• Equity at exit: $141,350

10-year hold

• IRR: 1.4%
• Equity multiple: 1.12×
• Total profit: $31,071
• Equity at exit: $81,966

Cash invested: $265,440 (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 11229

• Rents YoY: 15.8%
• Active inventory: 355
• Price-to-rent: 22.1×

Monthly cashflow live

• Estimated rent: $7,158 medium
• Mortgage (P&I): −$4,971
• Tax from tax record: −$572 /mo · $6,861/yr
• Insurance: −$395
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,503
• Net cashflow: $-283

Break-even live

Break-even rent $7,517

Max offer price $897,950

Occupancy floor 99%

Sensitivity live

Price	-10% $253	-5% $-15	+0% $-283	+5% $-552	+10% $-820
Rent	-10% $-849	-5% $-566	+0% $-283	+5% $-1	+10% $282
Rate	-1.0pp $194	-0.5pp $-42	base $-283	+0.5pp $-529	+1.0pp $-779

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$7,158
Total (2 units)			$7,158

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: $237,000
• Closing costs: $28,440
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $948,000 Active 35 DOM
2. 2026-06-17
   days on market $948,000 Active 34 DOM
3. 2026-06-16
   days on market $948,000 Active 33 DOM
4. 2026-06-15
   days on market $948,000 Active 32 DOM
5. 2026-06-13
   days on market $948,000 Active 30 DOM
6. 2026-06-10
   days on market $948,000 Active 26 DOM
7. 2026-06-08
   days on market $948,000 Active 25 DOM
8. 2026-06-08
   days on market $948,000 Active 24 DOM
9. 2026-06-04
   days on market $948,000 Active 21 DOM
10. 2026-06-03
    days on market $948,000 Active 20 DOM
11. 2026-06-02
    days on market $948,000 Active 19 DOM
12. 2026-06-01
    days on market $948,000 Active 18 DOM
13. 2026-05-31
    days on market $948,000 Active 17 DOM
14. 2026-05-12
    listed $948,000 Active

ⓘ 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: $6,861 · $572/mo
• Projected year-2 tax: $11,441 · $953/mo
• Expected delta: +$4,580/yr (+$382/mo · 66.8%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% 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 72% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $85,896
• − Mortgage interest: −$53,103
• − Property taxes: −$6,861
• − Insurance: −$4,740
• − Repairs & maintenance: −$6,872
• − Management: −$6,872
• − Depreciation: −$27,578
• Taxable loss: −$20,129
• Est. tax savings @ 24.0%: +$4,831
• After-tax cash flow: $1,431/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: Kings County · 2,614,986 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 78,377
• Household income: $70,603
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 4771.0

Population outlook (Kings County) Hauer SSP2

• Today (2025): 2,847,441 people
• By 2030: 2,937,006 · +3.1%
• By 2040: 3,095,491 · +8.7%
• By 2050: 3,228,968 · +13.4%
• By 2075: 3,321,723 · +16.7%
• By 2100: 3,111,387 · +9.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 59% Asian 22% Hispanic / Latino 9% Black 6% Two or more races 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Scotch-Irish 6% Subsaharan African 6% Romanian 1%
• Foreign-born: 47% · China, Canada, Vietnam
• Languages at home: 40% English-only · Russian/Polish/Slavic 22% Chinese 16% Spanish 6%

Political lean MEDSL · Kings

• 2024 margin: Solid D (+44.0) · D 72.0% · R 28.0%
• 2008→2024 swing: -15.5pp toward R · 2008: 59.4pp · 2024: 44.0pp
• All cycles: 2024: D+44.0 2020: D+54.8 2016: D+61.8 2012: D+63.9 2008: D+59.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -761.52%
• Current HPI: 361.7011
• Rent YoY: ▲ 15.81%
• 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

1 event — show timeline

• 2026-05-12 Listed $948,000 BNYMLS

Property tax history

+4.3%/yr

Latest (2025): $6,861 · -2.5% YoY. Source: county tax records.