2229 Knapp St Unit 1H · New York, NY 11229

$265,000

2 bd · 1.0 ba · 950 sqft · Condo · 53 Days on market

Built 1951

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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 +25.6/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Large 2 bedroom coop in elevator building on the 1st floor, updated kitchen, lots of closets, maintenance includes all the utilities, close to shopping, buses, park, etc. Laundry in the building. Kitchen and bathroom with windows. Very sunny spacious apartment.

Key facts

• Laundry room
• Elevator building
• Hardwood floors

Tags

• ELEVATOR BUILDING
• LAUNDRY ROOM
• KITCHEN WITH A WINDOW
• BATHROOM WITH A WINDOW
• HARDWOOD FLOORS
• CLOSE TO SUPERMARKETS

Property features AI

Finance

• Other: Building flip tax applies
• Financial info: Financing available: bank mortgage or cash; Down payment guideline: 20%; Flip tax applies
• HOA & community: Monthly maintenance fee applies; Management by Advanced Management Services; Manager contact available; Maintenance includes air conditioning, dishwasher, and parking; Pets: cats only (general statement: pets not allowed / restrictions apply); Handicap access available; Co-op shares indicated

Exterior

• Parking: Street parking (wait-list)
• Security: Secure lobby; Resident superintendent
• Utilities: Electric service; Gas service; Heat included (steam/radiator); Water
• Home design: Detached building; Residential property; Unit located on the first floor
• Construction: Building contains 48 units
• Exterior features: Terrace; Secure lobby

Interior

• Kitchen: Eat-in kitchen with refrigerator, stove, microwave, and dishwasher
• Bedrooms: Master bedroom on first floor; Second bedroom on first floor
• Flooring: Hardwood floors
• Bathrooms: One full bathroom on first floor
• Heating & cooling: Steam/radiator heat; No AC units reported
• Interior features: Dishwasher; Elevator access; Laundry area (card-operated in building); Microwave; Refrigerator; Stove; Terrace; Hardwood floors; No central air units
• Laundry & utility: Building has card-operated laundry; Unit has a laundry area

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $265k.

Deal economics

• At list price, monthly cash flow is $624 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Recommended offer: $257k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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); 359 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $3,109/mo this rent would consume 53% 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 $2k of loan paydown is wiped out by about $8k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $74k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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.
• Current owner paid $160k; list at $265k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; 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 $257,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.17% ✓
• Cap rate: 9.12%
• Cash-on-cash: 10.10%
• DSCR: 1.45
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 4.4%
• Equity multiple: 1.18×
• Total profit: $13,303
• Equity at exit: $39,512

10-year hold

• IRR: 18.1%
• Equity multiple: 2.86×
• Total profit: $137,756
• Equity at exit: $22,912

Cash invested: $74,200 (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: 359
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $3,109 medium
• Mortgage (P&I): −$1,390
• Tax est. 1.5%: −$331 /mo · $3,975/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$653
• Net cashflow: $624

Break-even live

Break-even rent $2,318

Max offer price $265,000

Occupancy floor 75%

Sensitivity live

Price	-10% $808	-5% $716	+0% $624	+5% $533	+10% $441
Rent	-10% $379	-5% $502	+0% $624	+5% $747	+10% $870
Rate	-1.0pp $758	-0.5pp $692	base $624	+0.5pp $556	+1.0pp $486

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3112 Emmons Ave Unit 203 Brooklyn, NY	1.0	1.0	734	$3,200	$4.36	25d	1	1.06mi
3000 Emmons Ave Unit 5 Brooklyn, NY	2.0	2.0	840	$4,085	$4.86	25d	1	1.11mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-21
   days on market $265,000 Active 53 DOM
2. 2026-06-18
   days on market $265,000 Active 50 DOM
3. 2026-06-17
   days on market $265,000 Active 49 DOM
4. 2026-06-16
   days on market $265,000 Active 48 DOM
5. 2026-06-15
   days on market $265,000 Active 47 DOM
6. 2026-06-13
   days on market $265,000 Active 45 DOM
7. 2026-06-10
   days on market $265,000 Active 41 DOM
8. 2026-06-08
   days on market $265,000 Active 40 DOM
9. 2026-06-08
   days on market $265,000 Active 39 DOM
10. 2026-06-04
    days on market $265,000 Active 36 DOM
11. 2026-06-03
    days on market $265,000 Active 35 DOM
12. 2026-06-01
    days on market $265,000 Active 33 DOM
13. 2026-05-31
    days on market $265,000 Active 32 DOM
14. 2026-04-29
    listed $265,000 Active
15. 2020-04-15
    soldstatus $160,000 Sold 264-char remark

    Show marketing remark (264 chars)

    Large 2 bedroom coop in elevator building on the 1st floor, updated kitchen, lots of closets, maintenance includes all the utilities, close to shopping, buses, park, etc. Laundry in the building. Kitchen and bathroom with windows. Very sunny spacious apartment.

16. 2017-04-26
    historical 264-char remark

    Show marketing remark (264 chars)

    Large 2 bedroom coop in elevator building on the 1st floor, updated kitchen, lots of closets, maintenance includes all the utilities, close to shopping, buses, park, etc. Laundry in the building. Kitchen and bathroom with windows. Very sunny spacious apartment.

17. 2017-03-09
    price $175,000 264-char remark

    Show marketing remark (264 chars)

    Large 2 bedroom coop in elevator building on the 1st floor, updated kitchen, lots of closets, maintenance includes all the utilities, close to shopping, buses, park, etc. Laundry in the building. Kitchen and bathroom with windows. Very sunny spacious apartment.

18. 2016-12-13
    listed $199,000 Active 264-char remark

    Show marketing remark (264 chars)

    Large 2 bedroom coop in elevator building on the 1st floor, updated kitchen, lots of closets, maintenance includes all the utilities, close to shopping, buses, park, etc. Laundry in the building. Kitchen and bathroom with windows. Very sunny spacious apartment.

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 14% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $37,303
• − Mortgage interest: −$14,844
• − Property taxes: −$3,975
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,984
• − Management: −$2,984
• − Depreciation: −$7,709
• Taxable income: $3,481
• Est. tax owed @ 24.0%: −$836
• After-tax cash flow: $6,658/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

+33.2% since first listed

5 events — show timeline

• 2026-04-29 Listed $265,000 BNYMLS
• 2020-04-15 Sold (MLS) $160,000 BNYMLS
• 2017-04-26 Delisted — BNYMLS
• 2017-03-09 Price Changed $175,000 BNYMLS
• 2016-12-13 Listed $199,000 BNYMLS