309 E 108th St Unit 5C · New York, NY 10029

$779,000

3 bd · 2.0 ba · 1,800 sqft · Condo · 64 Days on market

Built 1899 Good condition $433/sqft · 41% below area Est $1.313M · 41% under $1628/mo HOA · 25% of rent

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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).

• ARV discount +15.0/15.0
• Appreciation +8.2/10.0
• Schools +7.0/10.0
• Cash flow +4.7/30.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• 1% rule +3.2/10.0
• DSCR +0.0/10.0

Listing remarks

Priced to sell and major price reduction! Expansive 1800sf Duplex Loft in a Historic 1899 Schoolhouse Conversion! Discover a truly unique home in a beautifully converted 1899 schoolhouse. Offering approximately 1,800 square feet of living space, this oversized duplex loft is currently configured and used as a 4-bedroom residence, with the potential for a 5-bedroom layout. Designed for comfortable family living, the apartment features an exceptional floor plan with bathrooms on both levels.

Key facts

• Flexible bonus room
• In-unit washer dryer
• $1,628 HOA

Tags

• EXPANSIVE SHARED BACKYARD
• DOUBLE-HEIGHT LIVING ROOM
• WRAPAROUND 10-FOOT WINDOWS
• FLEXIBLE BONUS ROOM
• IN-UNIT WASHER DRYER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $779k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-2k ($-28k/yr) — negative.
• To cash-flow at today's rent, offer at most $436k (44.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $641k (17.7% below list).
• Recommended offer: $436k (44.1% below list) — sets the bar for cash-flow.
• Cap rate 3.3% vs local median 2.7% in New York — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Mark Twain Is 239 For The Gifted And Talented (math 90% / reading 96%, grade A+, #6 of 729 statewide, top 1%, 1,207 students, 44% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: Rents rising fast (+4.5%/yr); 112 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 71d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 82% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $6,413/mo this rent would consume 199% of the median local household income ($39k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $55k of equity ($5k loan paydown + $49k appreciation (6.3% local appreciation)).
• New York 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 ~$87k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($732k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 25% of rent; built in 1899 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $435,819 (44.1% 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 64 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
3. Built in 1899 — 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. 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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?
12. 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.
13. 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.
14. 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: 0.82% ✗
• Cap rate: 3.30%
• Cash-on-cash: -10.70%
• DSCR: 0.52
• GRM: 10.1

CMA / ARV

• ARV (median comp): $1,312,808
• List price: $779,000
• Delta: -40.66%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
65 E 96th St Unit 16B	0.73mi	3/2.5	1,800 (0%)	13mo	$1,950,000	$1,083	53
30-55 Vernon Blvd Unit 5Q	1.49mi	3/3.0	1,730 (-4%)	5mo	$1,950,000	$1,127	51
1975 Madison Ave Unit 311	1.01mi	3/2.0	1,993 (+11%)	5mo	$354,900	$178	43
1916 23rd Rd	1.40mi	3/2.0	1,590 (-12%)	8mo	$1,380,000	$868	39
26-19 14th Pl	1.41mi	3/3.0	1,600 (-11%)	6mo	$1,339,000	$837	38
2280 Frederick Douglass Blvd Unit 11D	1.30mi	3/2.5	1,355 (-25%)	3mo	$1,445,000	$1,066	35
22-69 21 St	1.47mi	3/2.5	2,000 (+11%)	12mo	$1,650,000	$825	34
345 E 93rd St Unit 25AK	0.76mi	3/3.0	1,600 (-11%)	11mo	$1,480,000	$925	34
1901 21st Rd	1.43mi	4/2.0 (+1)	2,080 (+16%)	2mo	$1,350,000	$649	33
340 E 86th St Unit 11	1.14mi	2/2.0 (-1)	1,448 (-20%)	11mo	$400,268	$276	26
152 W 128th St Unit 4	1.31mi	2/2.5 (-1)	2,048 (+14%)	12mo	$436,995	$213	25
345 E 93rd St Unit 2FG	0.76mi	2/2.0 (-1)	1,450 (-19%)	12mo	$1,300,000	$897	25

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

Projected returns pro-forma

6.32% appreciation · 4.5% rent growth · sell at horizon

5-year hold

• IRR: 6.5%
• Equity multiple: 1.46×
• Total profit: $99,907
• Equity at exit: $505,521

10-year hold

• IRR: 9.2%
• Equity multiple: 2.98×
• Total profit: $432,415
• Equity at exit: $930,703

Cash invested: $218,120 (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 →

Active competition Active MLS

• For sale now: 5 active
• Median asking: $2,800,000 ($1511/sqft)
• Median days on market: 46 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -51.7% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 10029

• Home prices YoY: 1.9%
• Rents YoY: 4.5%
• Active inventory: 112
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $6,413 high
• Mortgage (P&I): −$4,085
• Tax est. 1.5%: −$974 /mo · $11,685/yr
• Insurance: −$325
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,628
• Vacancy / Maint / Mgmt: −$1,347
• Net cashflow: $-2,372

Break-even live

Break-even rent $9,415

Max offer price $435,819

Occupancy floor —

Sensitivity live

Price	-10% $-1,833	-5% $-2,102	+0% $-2,372	+5% $-2,641	+10% $-2,910
Rent	-10% $-2,878	-5% $-2,625	+0% $-2,372	+5% $-2,118	+10% $-1,865
Rate	-1.0pp $-1,979	-0.5pp $-2,174	base $-2,372	+0.5pp $-2,574	+1.0pp $-2,779

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: $194,750
• Closing costs: $23,370
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
309 E 108th St New York, NY	3.0	1.0	1500	$5,400	$3.60	73d	1	0.03mi
1280 5th Ave Unit 15G New York, NY	3.0	3.0	1640	$10,500	$6.40	68d	1	0.52mi
245 E 93rd St Unit 7E New York, NY	2.0	2.5	1262	$8,200	$6.50	73d	1	0.75mi
181 E 93rd St Unit 6E New York, NY	3.0	1.5	1250	$7,200	$5.76	38d	1	0.79mi
61 Malcolm X Blvd New York, NY	2.0	2.0	1300	$4,795	$3.69	73d	1	0.79mi
12 W 127th St Unit 1 New York, NY	3.0	3.5	1899	$8,999	$4.74	73d	1	1.09mi
5 Lincoln Ave Bronx, NY	1.0–3.0	1.0–2.5	987	$7,141	$7.24	0d	70	1.19mi
344 E 84th St #1 New York, NY	3.0	2.5	2100	$14,000	$6.67	71d	1	1.24mi
1 Morningside Dr New York, NY	3.0	1.0–2.0	1655	$9,700	$5.86	0d	1	1.30mi
114 W 131st St Apt 2 New York, NY	3.0	2.0	2000	$6,750	$3.38	73d	1	1.37mi
114 W 131st St Apt 2 New York, NY	3.0	2.0	2000	$6,150	$3.08	67d	1	1.37mi

Property features AI

Finance

• Other: Zoning: R7ABuilding has elevator(s)Pets: building allows pets
• HOA & community: Monthly association fee of $1,628

Exterior

• Home design: Located on entry level 66-story buildingBuilding name: MAGNOLIA MANSION
• Exterior features: Private outdoor space (under 60 sqft)

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Total of 8 roomsBasement: OtherHas a view
• Laundry & utility: No in-building laundry (building none)

HOA detail $1,628/mo · $19,536/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 47 events

1. 2026-08-06
   days on market $779,000 Active 64 DOM
2. 2026-08-05
   days on market $779,000 Active 63 DOM
3. 2026-08-04
   days on market $779,000 Active 62 DOM
4. 2026-08-03
   days on market $779,000 Active 61 DOM
5. 2026-07-31
   days on market $779,000 Active 58 DOM
6. 2026-07-30
   days on market $779,000 Active 57 DOM
7. 2026-07-30
   days on market $779,000 Active 56 DOM
8. 2026-07-26
   days on market $779,000 Active 53 DOM
9. 2026-07-24
   days on market $779,000 Active 51 DOM
10. 2026-07-23
    days on market $779,000 Active 50 DOM
11. 2026-07-22
    days on market $779,000 Active 49 DOM
12. 2026-07-21
    days on market $779,000 Active 48 DOM
13. 2026-07-20
    days on market $779,000 Active 47 DOM
14. 2026-07-18
    days on market $779,000 Active 45 DOM
15. 2026-07-18
    days on market $779,000 Active 44 DOM
16. 2026-07-16
    days on market $779,000 Active 43 DOM
17. 2026-07-15
    days on market $779,000 Active 42 DOM
18. 2026-07-14
    days on market $779,000 Active 41 DOM
19. 2026-07-14
    days on market $779,000 Active 40 DOM
20. 2026-07-13
    days on market $779,000 Active 39 DOM
21. 2026-07-11
    days on market $779,000 Active 38 DOM
22. 2026-07-10
    days on market $779,000 Active 37 DOM
23. 2026-07-09
    days on market $779,000 Active 36 DOM
24. 2026-07-07
    days on market $779,000 Active 34 DOM
25. 2026-07-06
    days on market $779,000 Active 33 DOM
26. 2026-07-05
    days on market $779,000 Active 31 DOM
27. 2026-07-03
    days on market $779,000 Active 30 DOM
28. 2026-07-02
    days on market $779,000 Active 29 DOM
29. 2026-07-01
    days on market $779,000 Active 28 DOM
30. 2026-06-30
    days on market $779,000 Active 27 DOM
31. 2026-06-29
    days on market $779,000 Active 26 DOM
32. 2026-06-28
    days on market $779,000 Active 25 DOM
33. 2026-06-27
    days on market $779,000 Active 24 DOM
34. 2026-06-26
    days on market $779,000 Active 23 DOM
35. 2026-06-24
    days on market $779,000 Active 21 DOM
36. 2026-06-22
    days on market $779,000 Active 19 DOM
37. 2026-06-21
    days on market $779,000 Active 18 DOM
38. 2026-06-18
    days on market $779,000 Active 15 DOM
39. 2026-06-17
    days on market $779,000 Active 14 DOM
40. 2026-06-16
    days on market $779,000 Active 13 DOM
41. 2026-06-15
    days on market $779,000 Active 12 DOM
42. 2026-06-13
    days on market $779,000 Active 10 DOM
43. 2026-06-09
    days on market $779,000 Active 6 DOM
44. 2026-06-08
    days on market $779,000 Active 5 DOM
45. 2026-06-07
    days on market $779,000 Active 4 DOM
46. 2026-06-04
    remarks 699-char remark
47. 2026-06-04
    listed $779,000 Active 1 DOM

ⓘ 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 AE · 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: $76,958
• − Mortgage interest: −$43,636
• − Property taxes: −$11,685
• − Insurance: −$9,014
• − Repairs & maintenance: −$6,157
• − Management: −$6,157
• − HOA: −$19,536
• − Depreciation: −$22,662
• Taxable loss: −$41,888
• Est. tax savings @ 24.0%: +$10,053
• After-tax cash flow: $-18,407/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 · 13 photos

Good 80/100 Cosmetic rehab Est. rehab $9,000–$27,000 screening

This 1899 schoolhouse conversion offers a unique and well-maintained living space with modern amenities and a good condition score.

Value-add opportunities

• Resale Paint the interior walls — Fresh paint can make the interior look more inviting and modern. ↑
• Rental Replace the air filters — Clean air filters ensure a healthier living environment for tenants. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

B Composite school gradezoned avg 70/100

Zoned Schools

Elementary Ps 146 Ann M Short F NY #1,825/2,108 Nat'l #30,036/41,679 Middle Mark Twain Is 239 For The Gifted And Talented A+ NY #6/729 Nat'l #25/14,009 High High School-Construction Trades Engineering & Architecture A+ NY #131/1,100 Nat'l #215/17,239

Schools (NCES district)

No district data.

B Composite livability gradescore 75/100

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 · 1,825,725 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 77,447
• Household income: $38,695
• Rent vs Own: 92.8% rent · 7.2% own
• Severe rent burden: 8% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Hispanic / Latino 42% Black 28% White 14% Two or more races 12% Asian 12%
• Hispanic origin (detail): Mexican 6% Puerto Rican 19% Dominican 10%
• Common ancestry: Romanian 2% Scotch-Irish 1% Lithuanian 0%
• Foreign-born: 26% · Canada, China, South Korea
• Languages at home: 50% English-only · Spanish 33% Chinese 7% Other Indo-European 3%

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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: ▲ 6.32%
• Current HPI: 333.4025
• Rent YoY: ▲ 4.50%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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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

Property features AI

Finance

• Other: Zoning: R7ABuilding has elevator(s)Pets: building allows pets
• HOA & community: Monthly association fee of $1,628

Exterior

• Home design: Located on entry level 66-story buildingBuilding name: MAGNOLIA MANSION
• Exterior features: Private outdoor space (under 60 sqft)

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Total of 8 roomsBasement: OtherHas a view
• Laundry & utility: No in-building laundry (building none)

Price history

1 event — show timeline

• 2026-06-03 Listed $779,000 RLS at REBNY