523 W 121 St #22 · New York, NY 10027

$445,000

2 bd · 1.0 ba · 850 sqft · Condo · 31 Days on market

Built 1926 Poor condition $1781/mo HOA · 42% of rent

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Why this score? — see what drove the F 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 +7.5/15.0
• Schools +5.0/10.0
• 1% rule +4.6/10.0
• Appreciation +4.4/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• Cash flow +2.8/30.0
• Condition / age +1.0/5.0
• DSCR +0.0/10.0

Listing remarks

Estate sale opportunity in the charming, pre-war "The Spencer" Co-operative, in the heart of Morningside Heights. This spacious 2 bed, 1 bath co-op offers a rare chance to create a completely custom home. The unit has great bones, just needs to be restored. Low monthly maintenance: $1,781.53. Individual investors welcome as well. Unit highlights: - Massive living room - Tall ceilings - Abundant closet space, including walk-in closet - Many oversized windows - Hardwood floors - Foyer Amenities: 24/7 doorman, live-in super, in-building laundry, bike storage and storage unit. Elevator in building. Dogs and cats allowed. About Morningside Heights: Nestled between the Upper West Side

Key facts

• Massive living room
• Tall ceilings
• Walk-in closet

Tags

• MASSIVE LIVING ROOM
• TALL CEILINGS
• ABUNDANT CLOSET SPACE
• WALK-IN CLOSET
• OVERSIZED WINDOWS
• HARDWOOD FLOORS

Property features AI

Finance

• Other: Living area reported by appraiser
• HOA & community: Has an association; Monthly association fee; Association fee covers heat, hot water, exterior and common area maintenance, grounds care, snow removal, and trash; Association amenities include doorman, elevators, live-in super, maintenance, snow removal, trash, and other services; One-time additional fee of $400 (only if bank financing; additional $250 if POA)

Exterior

• Parking: No carport; No designated parking
• Security: Video cameras; Other security features
• Utilities: Public sewer; Cable available; Electricity connected; Phone available; Water connected
• Home design: Townhouse (stock cooperative); Fixer condition
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Cooktop; Oven; Dishwasher; Open kitchen layout
• Bedrooms: Pets allowed: cats and dogs; Total rooms: 4; Entry level is on the 2nd floor; Total stories: 6
• Bathrooms: 1 full bathroom
• Heating & cooling: Steam heating; No central cooling; Other heating
• Interior features: Entrance foyer; High ceilings; Open kitchen; Original details; Soaking tub; Walk-through kitchen; Walk-in closet(s); Other interior features
• Laundry & utility: No basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $445k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $-1k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $231k (48.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $427k (4.0% below list).
• Recommended offer: $231k (48.2% below list) — sets the bar for cash-flow.

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 (+2.7%/yr); 175 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $4,271/mo this rent would consume 86% of the median local household income ($60k/yr) (locally 5635% 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 (-1.3%/yr); year-one equity from $3k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($432k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 42% of rent; built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $230,541 (48.2% 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 31 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 0.96% ✗
• Cap rate: 2.30%
• Cash-on-cash: -14.27%
• DSCR: 0.36
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.26% appreciation · 2.71% rent growth · sell at horizon

5-year hold

• IRR: -26.5%
• Equity multiple: -0.07×
• Total profit: $-133,177
• Equity at exit: $101,894

10-year hold

• IRR: -20.9%
• Equity multiple: -0.66×
• Total profit: $-206,921
• Equity at exit: $102,358

Cash invested: $124,600 (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 10027

• Home prices YoY: -0.3%
• Rents YoY: 2.7%
• Active inventory: 175
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $4,271 medium
• Mortgage (P&I): −$2,334
• Tax est. 1.5%: −$556 /mo · $6,675/yr
• Insurance: −$185
• HOA: −$1,781
• Vacancy / Maint / Mgmt: −$897
• Net cashflow: $-1,482

Break-even live

Break-even rent $6,147

Max offer price $230,541

Occupancy floor —

Sensitivity live

Price	-10% $-1,175	-5% $-1,328	+0% $-1,482	+5% $-1,636	+10% $-1,790
Rent	-10% $-1,820	-5% $-1,651	+0% $-1,482	+5% $-1,313	+10% $-1,145
Rate	-1.0pp $-1,258	-0.5pp $-1,369	base $-1,482	+0.5pp $-1,597	+1.0pp $-1,715

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: $111,250
• Closing costs: $13,350
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
543 W 122nd St New York, NY	2.0	1.0–2.0	1057	$10,995	$10.40	3d	7	0.04mi
506 Manhattan Ave Unit 1A New York, NY	3.0	1.0	800	$4,699	$5.87	12d	1	0.36mi
312 W 121st St Unit 4C New York, NY	3.0	2.0	900	$4,854	$5.39	8d	1	0.36mi
508 Manhattan Ave Unit 2C New York, NY	3.0	1.0	800	$4,699	$5.87	12d	1	0.36mi
312 W 121st St Unit 5-A New York, NY	3.0	1.0	800	$4,655	$5.82	12d	1	0.38mi
30 Morningside Dr #2096 New York, NY	1.0–2.0	1.0–2.0	780	$8,940	$11.45	0d	2	0.46mi
230 W 126th St Unit 20C New York, NY	2.0	1.0	860	$4,555	$5.30	25d	1	0.56mi
1 Morningside Dr New York, NY	3.0	1.0–2.0	1655	$8,138	$4.92	0d	1	0.60mi
308 W 107th St Unit 1239985P New York, NY	1.0	1.0	559	$5,497	$9.83	0d	1	0.75mi
300 W 135th St Unit 9G New York, NY	3.0	2.0	1032	$5,500	$5.33	5d	1	0.76mi
915 W End Ave #1020 New York, NY	1.0–3.0	1.0–2.0	851	$7,305	$8.58	0d	2	0.86mi
132 W 134th St New York, NY	2.0	1.0	750	$4,500	$6.00	25d	1	0.90mi
202 W 102nd St Unit 1053014P New York, NY	2.0	2.0	538	$10,000	$18.59	22d	1	1.00mi
420 Central Park W Unit 6K New York, NY	2.0	2.0	1060	$8,000	$7.55	22d	1	1.05mi
814 Amsterdam Ave #1019 New York, NY	1.0–2.0	1.0–2.0	800	$5,270	$6.59	25d	2	1.09mi
100 River Mews Ln Edgewater, NJ	3.0	1.0–2.0	988	$4,452	$4.50	3d	1	1.17mi
788 Columbus Ave #1323 New York, NY	1.0–3.0	1.0–1.5	900	$6,320	$7.02	25d	2	1.17mi
808 Columbus Ave New York, NY	2.0	1.0–2.0	773	$9,876	$12.77	0d	30	1.18mi
309 W 97th St Unit 5N New York, NY	2.0	2.0	900	$5,495	$6.11	25d	1	1.23mi
160 W 97th St #1101 New York, NY	2.0	1.0	850	$6,050	$7.12	14d	1	1.25mi
77 E 110th St Unit 1322508P New York, NY	2.0	1.5	990	$6,360	$6.42	25d	1	1.26mi
100 Tower Dr Edgewater, NJ	1.0–3.0	1.0–2.5	1290	$5,557	$4.31	0d	10	1.28mi
50 W 97th St #1739 New York, NY	2.0	1.0	800	$6,560	$8.20	7d	1	1.30mi
105 Lighthouse Ter Edgewater, NJ	1.0–2.0	1.5–2.5	1000	$4,239	$4.24	3d	7	1.34mi
255 W 94th St #686 New York, NY	1.0–2.0	1.0–2.0	750	$9,090	$12.12	0d	2	1.36mi
70 W 95th St New York, NY	1.0–4.0	1.0–2.0	1095	$13,166	$12.02	17d	1	1.39mi
1110 City Pl Unit 1-110 Edgewater, NJ	1.0	1.0	800	$2,650	$3.31	18d	1	1.43mi
134 W 93rd St New York, NY	1.0	1.0	763	$4,700	$6.16	12d	1	1.46mi
360 Old River Rd Unit 523 Edgewater, NJ	1.0	1.0	848	$2,255	$2.66	25d	1	1.49mi
1399 Park Ave Unit 10C New York, NY	2.0	2.0	962	$5,500	$5.72	0d	1	1.49mi
2413 3rd Ave Bronx, NY	1.0–3.0	1.0–2.0	857	$4,022	$4.69	0d	21	1.50mi

HOA detail condo

• Monthly dues: $1,781 · $21,372/yr
• Likely covers: doorman
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-15
   status $445,000 Pending 31 DOM
2. 2026-06-13
   days on market $445,000 Active 31 DOM
3. 2026-06-10
   days on market $445,000 Active 27 DOM
4. 2026-06-08
   days on market $445,000 Active 26 DOM
5. 2026-06-08
   days on market $445,000 Active 25 DOM
6. 2026-06-04
   days on market $445,000 Active 22 DOM
7. 2026-06-03
   days on market $445,000 Active 21 DOM
8. 2026-06-02
   days on market $445,000 Active 20 DOM
9. 2026-06-01
   days on market $445,000 Active 19 DOM
10. 2026-05-31
    days on market $445,000 Active 18 DOM
11. 2026-04-26
    listed $445,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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: $51,254
• − Mortgage interest: −$24,927
• − Property taxes: −$6,675
• − Insurance: −$2,225
• − Repairs & maintenance: −$4,100
• − Management: −$4,100
• − HOA: −$21,372
• − Depreciation: −$12,945
• Taxable loss: −$25,091
• Est. tax savings @ 24.0%: +$6,022
• After-tax cash flow: $-11,763/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.

Condition & rehab AI · 16 photos

Poor 20/100 Extensive rehab

This property requires extensive renovations, including kitchen and bathroom updates, exterior repairs, and HVAC system upgrade. The investment in these areas will significantly increase its resale and rental value.

Repairs flagged

• Major Kitchen cabinets — Severe damage to the cabinets
• Major Kitchen countertops — Worn and damaged
• Major Kitchen appliances — Outdated and in poor condition
• Major Bathroom tub and sink — In poor condition
• Major Bathroom walls — Peeling paint
• Major Exterior siding — Peeling and needs replacement
• Major Windows — In need of repair
• Major Hardwood floors — Damaged and need replacement

Value-add opportunities

• Resale Kitchen renovation — Modern kitchen with updated appliances will attract buyers.
• Resale Bathroom renovation — Renovated bathroom with new fixtures will appeal to buyers.
• Both Exterior siding and window repair — Improved curb appeal and energy efficiency will attract both buyers and renters.
• Both HVAC system upgrade — Modern HVAC system will improve comfort and energy efficiency, attracting both buyers and renters.
• Both Painting and flooring replacement — Fresh paint and new flooring will improve the overall appearance and comfort of the home, attracting both buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Severe damage to the cabinets	Major	$15,000–50,000
Kitchen countertops · Worn and damaged	Major	$15,000–50,000
Kitchen appliances · Outdated and in poor condition	Major	$15,000–50,000
Bathroom tub and sink · In poor condition	Major	$15,000–50,000
Bathroom walls · Peeling paint	Major	$15,000–50,000
Exterior siding · Peeling and needs replacement	Major	$15,000–50,000
Windows · In need of repair	Major	$15,000–50,000
Hardwood floors · Damaged and need replacement	Major	$15,000–50,000
Total estimated repair cost · 8 items		$120,000–400,000

Value-add ROI direction

• Resale Kitchen renovation — Modern kitchen with updated appliances will attract buyers. ↑
• Resale Bathroom renovation — Renovated bathroom with new fixtures will appeal to buyers. ↑
• Both Exterior siding and window repair — Improved curb appeal and energy efficiency will attract both buyers and renters. ↑
• Both HVAC system upgrade — Modern HVAC system will improve comfort and energy efficiency, attracting both buyers and renters. ↑
• Both Painting and flooring replacement — Fresh paint and new flooring will improve the overall appearance and comfort of the home, attracting both buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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: New York County · 1,599,927 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 63,885
• Household income: $59,587
• Rent vs Own: 82.6% rent · 17.4% own
• Severe rent burden: 5635.0

Population outlook (New York County) Hauer SSP2

• Today (2025): 1,825,725 people
• By 2030: 1,904,611 · +4.3%
• By 2040: 2,052,719 · +12.4%
• By 2050: 2,206,601 · +20.9%
• By 2075: 2,509,427 · +37.4%
• By 2100: 2,702,933 · +48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: Black 33% White 27% Hispanic / Latino 24% Asian 10% Two or more races 9%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 10%
• Common ancestry: Lithuanian 1% Scotch-Irish 1% Romanian 1%
• Foreign-born: 26% · Canada, China, South Korea
• Languages at home: 61% English-only · Spanish 18% French/Haitian/Cajun 5% Chinese 4%

Political lean MEDSL · New York

• 2024 margin: Solid D (+64.8) · D 82.4% · R 17.6%
• 2008→2024 swing: -7.4pp toward R · 2008: 72.2pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+74.5 2016: D+77.2 2012: D+69.6 2008: D+72.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.26%
• Current HPI: 414.8385
• Rent YoY: ▲ 2.71%
• 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

• 2026-04-26 Listed $445,000 OneKey® MLS as Distributed by MLS Grid