609 Wales Ave · New York, NY 10455

$875,000

4 bd · 2.0 ba · 2,790 sqft · MultiFamily public records · 14 Days on market

Built 1920 1,951 sqft lot Est $965k · 9% under

---

Why this score? — see what drove the B 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
• ARV discount +11.7/15.0
• DSCR +8.5/10.0
• Appreciation +6.1/10.0
• 1% rule +5.5/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Corporate Owned. 2 family home on Wales Ave. 2 Story attached home with finished walkout basement with bonus rooms and backyard. 6 Bedrooms, 2 Bathrooms. Sold as-is. Buyer to pay all transfer taxes. All offers with pre-approval and proof of funds

Key facts

• Walkout basement
• New kitchens
• Updated electrical

Tags

• WALKOUT BASEMENT
• NEW KITCHENS
• UPDATED ELECTRICAL
• LARGE REAR DECK
• FRONT PORCH
• COURTYARD

Property features AI

Exterior

• Parking: No carport; No designated parking
• Utilities: Public sewer; Cable connected; Electricity connected; Natural gas connected
• Home design: Duplex
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront

Interior

• Bedrooms: One 2-bedroom unit; One 3-bedroom unit
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas heating; Wall/window air conditioning units
• Interior features: Smart thermostat; Walk-out basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $875k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $875k).
• 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: 26 active listings in the ZIP; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($6k loan paydown + $19k appreciation (2.1% local appreciation)).
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.1% appreciation + 3.0% rent growth), your $245k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$63k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 14y 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: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $875,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.05% ✓
• Cap rate: 9.12%
• Cash-on-cash: 10.09%
• DSCR: 1.45
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $965,340
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
644 St Anns Ave	0.29mi	5/2.5 (+1)	2,700 (-3%)	15mo	$787,000	$291	62
694 Saint Anns Ave	0.32mi	5/3.5 (+1)	2,820 (+1%)	17mo	$975,000	$346	58
720 Beck St	0.39mi	4/3.0	3,090 (+11%)	13mo	$915,000	$296	49
322 E 151st St	0.73mi	4/4.0	2,880 (+3%)	8mo	$1,350,000	$469	46
738 Elton Ave	0.54mi	5/3.0 (+1)	2,400 (-14%)	2mo	$990,000	$413	40
426 E 159th St	0.66mi	5/4.0 (+1)	3,132 (+12%)	22mo	$999,000	$319	17

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

Projected returns pro-forma

2.14% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.8%
• Equity multiple: 1.80×
• Total profit: $196,983
• Equity at exit: $351,644

10-year hold

• IRR: 17.2%
• Equity multiple: 3.32×
• Total profit: $567,559
• Equity at exit: $511,431

Cash invested: $245,000 (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 10455

• Home prices YoY: 1.5%
• Active inventory: 26
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $9,188 medium
• Mortgage (P&I): −$4,589
• Tax from tax record: −$245 /mo · $2,936/yr
• Insurance: −$365
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,929
• Net cashflow: $2,061

Break-even live

Break-even rent $6,580

Max offer price $875,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$9,188
Total (2 units)			$9,188

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: $218,750
• Closing costs: $26,250
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-18
   days on market $875,000 Active 14 DOM
2. 2026-06-17
   days on market $875,000 Active 13 DOM
3. 2026-06-16
   days on market $875,000 Active 12 DOM
4. 2026-06-15
   days on market $875,000 Active 11 DOM
5. 2026-06-13
   days on market $875,000 Active 9 DOM
6. 2026-06-09
   days on market $875,000 Active 5 DOM
7. 2026-06-08
   days on market $875,000 Active 4 DOM
8. 2026-06-07
   remarks 320-char remark
9. 2026-06-07
   listed $875,000 Active 3 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: $2,936 · $245/mo
• Projected year-2 tax: $8,862 · $738/mo
• Expected delta: +$5,926/yr (+$494/mo · 201.8%)

ⓘ 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 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: $110,256
• − Mortgage interest: −$49,014
• − Property taxes: −$2,936
• − Insurance: −$4,375
• − Repairs & maintenance: −$8,820
• − Management: −$8,820
• − Depreciation: −$25,455
• Taxable income: $10,836
• Est. tax owed @ 24.0%: −$2,601
• After-tax cash flow: $22,127/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
• City population: 7,731,280
• Population (ZIP): 42,940

Population outlook (Bronx County) Hauer SSP2

• Today (2025): 1,607,353 people
• By 2030: 1,681,852 · +4.6%
• By 2040: 1,824,421 · +13.5%
• By 2050: 1,945,470 · +21.0%
• By 2075: 2,187,887 · +36.1%
• By 2100: 2,244,136 · +39.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (71%)
• Race & ethnicity: Hispanic / Latino 71% Black 24% Two or more races 17% White 1% Native American 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 27% Dominican 17%
• Foreign-born: 24% · Canada
• Languages at home: 35% English-only · Spanish 60% French/Haitian/Cajun 1%

Political lean MEDSL · Bronx

• 2024 margin: Solid D (+45.4) · D 72.7% · R 27.3%
• 2008→2024 swing: -32.3pp toward R · 2008: 77.8pp · 2024: 45.4pp
• All cycles: 2024: D+45.4 2020: D+67.6 2016: D+79.1 2012: D+82.9 2008: D+77.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.14%
• Current HPI: 145.3911
• Rent YoY: —
• Metro: —
• 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

+600.0% since first listed

16 events — show timeline

• 2026-06-04 Listed $875,000 OneKey® MLS as Distributed by MLS Grid
• 2021-07-19 Sold (Public Records) $765,000 Public Records
• 2020-02-07 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2019-11-13 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2019-10-29 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2019-09-21 Price Changed $645,000 OneKey® MLS as Distributed by MLS Grid
• 2019-08-06 Listed $650,000 OneKey® MLS as Distributed by MLS Grid
• 2014-03-15 Price Changed $165,000 HGMLS
• 2012-04-25 Sold (MLS) $165,000 OneKey® MLS as Distributed by MLS Grid
• 2012-04-25 Sold (MLS) $165,000 HGMLS
• 2012-01-27 Price Changed $179,900 HGMLS
• 2012-01-17 Listed $179,900 OneKey® MLS as Distributed by MLS Grid
• 2012-01-17 Listed $179,900 HGMLS
• 2007-02-21 Sold (Public Records) $460,000 Public Records
• 2004-11-15 Sold (Public Records) $270,300 Public Records
• 2000-01-21 Sold (Public Records) $125,000 Public Records

Property tax history

+5.0%/yr

Latest (2025): $2,936 · +3.0% YoY. Source: county tax records.