2626 Homecrest Ave Unit 1U · New York, NY 11235

$235,000

1 bd · 1.0 ba · 700 sqft · Condo · 165 Days on market

Built 1958

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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 +13.8/30.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +4.2/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

PRIME LOCATION, EXCELLENT BLDG HUGE 1 BDRM APT,NEEDS RENOVATION. MAINT INCLUDES HEAT, ELECTRIC,and A/C. APT IS ON LOBBY LEVEL. GOOD FOR LIVING OR INVESTMENT.

Key facts

• Ample cabinets
• Fully tiled bathroom
• Upgraded elevators

Tags

• MOVE-IN READY APARTMENT
• FULLY TILED BATHROOM
• DEEP SOAKING TUB
• COZY GALLEY KITCHEN
• AMPLE CABINETS
• UPGRADED ELEVATORS

Property features AI

Finance

• Other: Additional fees may include air conditioning and dishwasher
• Financial info: Financing considered: bank mortgage, cash, exchange; Down payment typically 20%; Flip tax: $1,000
• HOA & community: Monthly maintenance fee: $563; Management company: Jalen (718-439-0303); Pets allowed (cats only); Handicap accessible; Co-op shares: 402

Exterior

• Parking: Garage (wait-list)
• Security: Intercom door; Secure lobby
• Utilities: Electric; Gas; Water; Sewer; Septic; Heat; All utilities available
• Home design: Detached residential building; First floor unit; Floor 1 of the building
• Construction: Building with 140 total units
• Exterior features: Secure lobby; Resident superintendent; Part-time doorman; Sprinkler system

Interior

• Kitchen: Stove; Refrigerator; Dishwasher; Kitchen with 9 ft+ ceilings
• Bedrooms: 1 bedroom on the first floor (9 ft+ ceilings)
• Flooring: Carpeting; Tile floors
• Bathrooms: 1 full bathroom on the first floor (9 ft+ ceilings)
• Heating & cooling: Window A/C units; Heat (building utilities)
• Interior features: Window A/C units (2); Elevator access; Laundry area; Intercom door
• Laundry & utility: Card-operated laundry (building); Laundry area in unit

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $235k.

Deal economics

• At list price, monthly cash flow is $-46 ($-553/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $207k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.4% 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 (+5.0%/yr); 521 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $2,994/mo this rent would consume 60% of the median local household income ($60k/yr) (locally 7823% 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 $7k 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 165 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 24% of rent; built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 72% 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 $206,800 (12.0% 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. It's been on market 165 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1958 — 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: 1.27% ✓
• Cap rate: 6.40%
• Cash-on-cash: 0.37%
• DSCR: 1.02
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.04% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.48×
• Total profit: $-34,213
• Equity at exit: $35,039

10-year hold

• IRR: -0.9%
• Equity multiple: 0.93×
• Total profit: $-4,591
• Equity at exit: $20,319

Cash invested: $65,800 (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 11235

• Rents YoY: 5.0%
• Active inventory: 521
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,994 medium
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA est. from 1 same-building comp: −$721
• Vacancy / Maint / Mgmt: −$629
• Net cashflow: $-46

Break-even live

Break-even rent $3,053

Max offer price $228,337

Occupancy floor 97%

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3000 Emmons Ave Unit 1 Brooklyn, NY	—	1.0	536	$3,273	$6.11	24d	1	1.02mi
3000 Emmons Ave Unit 4 Brooklyn, NY	—	1.0	489	$3,250	$6.65	24d	1	1.02mi
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$3,400	$3.58	7d	8	1.06mi
3112 Emmons Ave Unit 203 Brooklyn, NY	1.0	1.0	734	$3,200	$4.36	24d	1	1.17mi

HOA detail condo

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

Listing history 16 events

1. 2026-06-18
   days on market $235,000 Active 165 DOM
2. 2026-06-17
   days on market $235,000 Active 164 DOM
3. 2026-06-15
   days on market $235,000 Active 162 DOM
4. 2026-06-13
   days on market $235,000 Active 160 DOM
5. 2026-06-10
   days on market $235,000 Active 156 DOM
6. 2026-06-08
   days on market $235,000 Active 155 DOM
7. 2026-06-04
   days on market $235,000 Active 151 DOM
8. 2026-06-03
   days on market $235,000 Active 150 DOM
9. 2026-06-01
   days on market $235,000 Active 148 DOM
10. 2026-05-31
    days on market $235,000 Active 147 DOM
11. 2026-05-01
    price $235,000
12. 2026-03-20
    price $239,900
13. 2026-01-04
    listed $244,900 Active
14. 2025-10-18
    price $244,900
15. 2005-09-18
    listed $130,000 157-char remark

    Show marketing remark (157 chars)

    PRIME LOCATION, EXCELLENT BLDG HUGE 1 BDRM APT,NEEDS RENOVATION. MAINT INCLUDES HEAT, ELECTRIC,and A/C. APT IS ON LOBBY LEVEL. GOOD FOR LIVING OR INVESTMENT.

16. 2005-05-19
    listed $99,000

ⓘ 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 7/10 Severe FEMA zone X (shaded) · 77% 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 72% 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: $35,931
• − Mortgage interest: −$13,164
• − Property taxes: −$3,525
• − Insurance: −$1,972
• − Repairs & maintenance: −$2,874
• − Management: −$2,874
• − HOA: −$8,652
• − Depreciation: −$6,836
• Taxable loss: −$3,968
• Est. tax savings @ 24.0%: +$952
• After-tax cash flow: $400/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): 78,558
• Household income: $59,661
• Rent vs Own: 65.2% rent · 34.8% own
• Severe rent burden: 7823.0

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: Predominantly White (67%)
• Race & ethnicity: White 67% Asian 15% Two or more races 9% Hispanic / Latino 9% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Scotch-Irish 15% Subsaharan African 12% Romanian 2%
• Foreign-born: 63% · China, Canada, Vietnam
• Languages at home: 24% English-only · Russian/Polish/Slavic 48% Chinese 7% Spanish 7%

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: ▼ -181.73%
• Current HPI: 303.6714
• Rent YoY: ▲ 5.04%
• 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

+137.4% since first listed

6 events — show timeline

• 2026-05-01 Price Changed $235,000 BNYMLS
• 2026-03-20 Price Changed $239,900 BNYMLS
• 2026-01-04 Listed $244,900 BNYMLS
• 2025-10-18 Price Changed $244,900 BNYMLS
• 2005-09-18 Listed $130,000 BNYMLS
• 2005-05-19 Listed $99,000 BNYMLS