844 39th St · New York, NY 11232

$1,999,000

16 bd · 8.0 ba · 3,252 sqft · MultiFamily public records · 13 Days on market

Built 1931 2,504 sqft lot

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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).

• Appreciation +9.2/10.0
• Cash flow +8.3/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• 1% rule +1.5/10.0

Multi-family units

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

Listing remarks

Great Opportunity to own this 4 Family House in the Heart of Sunset Park. House Is 2 Stories of Living Space Plus finished Basement. Good condition. The property is located Near Restaurants, Supermarkets, Sunset Park, shops. And Just Minutes Away From Public Transportation D Line and Buses. Delivery vacant. Great for investment or for end user.

Key facts

• Near supermarkets
• Near restaurants
• Finished basement

Tags

• FINISHED BASEMENT
• NEAR RESTAURANTS
• NEAR SUPERMARKETS
• NEAR SUNSET PARK
• NEAR SHOPS

Property features AI

Finance

• Other: Four residential units total
• Financial info: Financing available: Bank mortgage or cash; Estimated utility expense listed as 250.00

Exterior

• Parking: Other parking
• Utilities: Electric: 110V; Hot water: Gas; Heating fuel: Gas
• Home design: Attached building; Residential property; Building footprint approximately 1,750 sq ft; Building dimensions about 70.00 x 25.00; Zoning: M1-2
• Construction: Brick construction; Flat roof; Poured concrete foundation
• Exterior features: Back yard; Vinyl siding

Interior

• Bedrooms: Four 4+ bedroom units (each unit listed as 4 bedrooms) — units on floors 1 and 2
• Flooring: Other floors (see remarks)
• Bathrooms: Total of 8 full bathrooms across the building (each unit has 2 full baths)
• Heating & cooling: Hot water heat (gas-fired); 3 air conditioning units
• Interior features: Finished basement; Other interior features (see remarks); 3 AC units

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/2.0-bath units multifamily listed at $2.00M.

Deal economics

• At list price, monthly cash flow is $-2k ($-22k/yr) — negative. Per door: $-453/mo.
• To cash-flow at today's rent, offer at most $1.68M (16.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.30M (35.0% below list).
• Recommended offer: $1.30M (35.0% below list) — sets the bar for 1% rule.
• Cap rate 5.2% 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.
• Zoned schools: Ps 169 Sunset Park (math 44% / reading 24%, grade F, #1,577 of 2,108 statewide, top 77%, 934 students, 92% FRL); Ms 51 William Alexander (math 67% / reading 92%, grade A+, #32 of 729 statewide, top 5%, 1,026 students, 61% 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 (+6.3%/yr); 87 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $12,987/mo this rent would consume 171% of the median local household income ($91k/yr) (locally 1713% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $181k of equity ($14k loan paydown + $167k appreciation (8.3% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$289k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $780k; list at $2.00M implies a 156% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 62% 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 $1,298,700 (35.0% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.65% ✗
• Cap rate: 5.20%
• Cash-on-cash: -3.89%
• DSCR: 0.83
• GRM: 12.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.35% appreciation · 6.26% rent growth · sell at horizon

5-year hold

• IRR: 18.7%
• Equity multiple: 2.42×
• Total profit: $795,664
• Equity at exit: $1,566,111

10-year hold

• IRR: 18.3%
• Equity multiple: 5.46×
• Total profit: $2,498,949
• Equity at exit: $3,155,060

Cash invested: $559,720 (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 11232

• Home prices YoY: 2.0%
• Rents YoY: 6.3%
• Active inventory: 87
• Price-to-rent: 51.3×

Monthly cashflow live

• Estimated rent: $12,987 medium
• Mortgage (P&I): −$10,483
• Tax from tax record: −$757 /mo · $9,087/yr
• Insurance: −$833
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,727
• Net cashflow: $-1,813

Break-even live

Break-even rent $15,282

Max offer price $1,678,655

Occupancy floor —

Sensitivity live

Price	-10% $-682	-5% $-1,248	+0% $-1,813	+5% $-2,379	+10% $-2,945
Rent	-10% $-2,839	-5% $-2,326	+0% $-1,813	+5% $-1,300	+10% $-787
Rate	-1.0pp $-807	-0.5pp $-1,305	base $-1,813	+0.5pp $-2,331	+1.0pp $-2,858

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	2	$12,988
Total (4 units)			$12,987

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: $499,750
• Closing costs: $59,970
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-21
   days on market $1,999,000 Active 13 DOM
2. 2026-06-18
   days on market $1,999,000 Active 10 DOM
3. 2026-06-17
   days on market $1,999,000 Active 9 DOM
4. 2026-06-16
   days on market $1,999,000 Active 8 DOM
5. 2026-06-15
   days on market $1,999,000 Active 7 DOM
6. 2026-06-13
   days on market $1,999,000 Active 5 DOM
7. 2026-06-08
   remarks 346-char remark
8. 2026-06-08
   listed $1,999,000 Active 1 DOM

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $9,087 · $757/mo
• Projected year-2 tax: $21,435 · $1,786/mo
• Expected delta: +$12,348/yr (+$1,029/mo · 135.9%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $155,844
• − Mortgage interest: −$111,975
• − Property taxes: −$9,087
• − Insurance: −$9,995
• − Repairs & maintenance: −$12,468
• − Management: −$12,468
• − Depreciation: −$58,153
• Taxable loss: −$58,301
• Est. tax savings @ 24.0%: +$13,992
• After-tax cash flow: $-7,769/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): 27,816
• Household income: $90,891
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 1713.0

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 0.65)
• Race & ethnicity: Hispanic / Latino 52% White 23% Asian 15% Two or more races 12% Black 6% Native American 4%
• Hispanic origin (detail): Mexican 20% Puerto Rican 9% Dominican 7%
• Common ancestry: Romanian 3% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 38% · Canada, China, Jamaica
• Languages at home: 40% English-only · Spanish 44% Chinese 9% Other Asian/Pacific 1%

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: ▲ 8.35%
• Current HPI: 422.0849
• Rent YoY: ▲ 6.26%
• 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

+156.3% since first listed

2 events — show timeline

• 2026-06-08 Listed $1,999,000 BNYMLS
• 2013-07-15 Sold (Public Records) $780,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $9,087 · -1.0% YoY. Source: county tax records.