2355 Bragg St · New York, NY 11229

$950,000

8 bd · 7.0 ba · 1,540 sqft · MultiFamily public records · 133 Days on market

Built 1955 2,833 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).

• Cash flow +13.3/30.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Beautiful semi-detached brick 2 family house in Sheepshead Bay. Private driveway. 1st Floor has 3 bedrooms, 2 full Bathrooms, a master bedroom with its own private bath. 2nd floor has 4 bedrooms 2 full bathrooms, a master bedroom with its own private baths as well, the whole house was fully renovated 6 years ago, beautiful and very well condition. separate heating and hot water system. Terraces in front and back of the house. Close to everything.

Key facts

• Fully renovated
• Private driveway
• Terraces in front

Tags

• SEMI-DETACHED BRICK HOUSE
• PRIVATE DRIVEWAY
• FULLY RENOVATED
• SEPARATE HEATING SYSTEM
• HOT WATER SYSTEM
• TERRACES IN FRONT

Property features AI

Finance

• Financial info: Financing available: bank mortgage or cash

Exterior

• Parking: Private drive; Parking area with approximately 4 spaces
• Utilities: Electric: 110V, 200 Amp; Gas for heating and hot water
• Home design: Semi-detached residential building; Flat roof; Building footprint approximately 880 sq ft; Building dimensions approximately 44 x 20; Zoning: R4
• Construction: Brick construction; Block and poured concrete foundations; Constructed as a multi-unit (2 units)
• Exterior features: Front yard; Back yard

Interior

• Kitchen: Each unit equipped with an oven/range and refrigerator; Stove and refrigerator listed among interior amenities
• Bedrooms: Two-unit property: first unit includes 3 bedrooms on level 1; second unit includes 4 bedrooms on level 2; Total bedrooms by level: 4 on level 1, 5 on level 2
• Flooring: Hardwood floors; Tile floors
• Bathrooms: Total full baths: 4; Total 3/4 baths: 2; Total half baths: 2; Baths by level: 2 on level 1, 3 on level 2
• Heating & cooling: Gas heating with baseboard heat; Hot water heated by gas; Electrical service: 110V, 200 Amp
• Interior features: Front and back porches; Cellar
• Laundry & utility: No central AC units

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/3.5-bath units multifamily listed at $950k.

Deal economics

• At list price, monthly cash flow is $2 ($22/yr) — positive. Per door: $1/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $746k (21.4% below list).
• Recommended offer: $746k (21.4% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% 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 (+15.8%/yr); 359 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $7,464/mo this rent would consume 127% 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 $7k of loan paydown is wiped out by about $28k 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 133 days — a 12% lower offer ($836k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $619k; list at $950k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — 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 $746,400 (21.4% below list)

Questions for the listing agent

1. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
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 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.79% ✗
• Cap rate: 6.30%
• Cash-on-cash: 0.01%
• DSCR: 1.00
• GRM: 10.6

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: -11.4%
• Equity multiple: 0.57×
• Total profit: $-114,677
• Equity at exit: $141,648

10-year hold

• IRR: 3.4%
• Equity multiple: 1.30×
• Total profit: $78,609
• Equity at exit: $82,139

Cash invested: $266,000 (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: 21.2×

Monthly cashflow live

• Estimated rent: $7,464 medium
• Mortgage (P&I): −$4,982
• Tax from tax record: −$517 /mo · $6,204/yr
• Insurance: −$396
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,567
• Net cashflow: $2

Break-even live

Break-even rent $7,462

Max offer price $950,000

Occupancy floor 95%

Sensitivity live

Price	-10% $540	-5% $271	+0% $2	+5% $-267	+10% $-536
Rent	-10% $-588	-5% $-293	+0% $2	+5% $297	+10% $592
Rate	-1.0pp $480	-0.5pp $243	base $2	+0.5pp $-244	+1.0pp $-495

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	3.5	$7,464
Total (2 units)			$7,464

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: $237,500
• Closing costs: $28,500
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $950,000 Active 133 DOM
2. 2026-06-18
   days on market $950,000 Active 130 DOM
3. 2026-06-17
   days on market $950,000 Active 129 DOM
4. 2026-06-15
   days on market $950,000 Active 127 DOM
5. 2026-06-13
   days on market $950,000 Active 125 DOM
6. 2026-06-10
   days on market $950,000 Active 121 DOM
7. 2026-06-08
   days on market $950,000 Active 120 DOM
8. 2026-06-04
   days on market $950,000 Active 116 DOM
9. 2026-06-03
   days on market $950,000 Active 115 DOM
10. 2026-06-01
    days on market $950,000 Active 113 DOM
11. 2026-05-31
    days on market $950,000 Active 112 DOM
12. 2026-02-06
    listed $950,000 Active
13. 2019-08-29
    soldstatus $619,000

ⓘ 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: $6,204 · $517/mo
• Projected year-2 tax: $11,129 · $927/mo
• Expected delta: +$4,926/yr (+$410/mo · 79.4%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $89,568
• − Mortgage interest: −$53,215
• − Property taxes: −$6,204
• − Insurance: −$4,750
• − Repairs & maintenance: −$7,165
• − Management: −$7,165
• − Depreciation: −$27,636
• Taxable loss: −$16,568
• Est. tax savings @ 24.0%: +$3,976
• After-tax cash flow: $3,998/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

+53.5% since first listed

2 events — show timeline

• 2026-02-06 Listed $950,000 BNYMLS
• 2019-08-29 Sold (Public Records) $619,000 Public Records

Property tax history

+12.9%/yr

Latest (2025): $6,204 · +3.4% YoY. Source: county tax records.