2823 W 37th St · New York, NY 11224

$649,000

3 bd · 1.5 ba · 1,440 sqft · SingleFamily public records · 3 Days on market

Built 1993 3,088 sqft lot Est $706k · 8% under

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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).

• ARV discount +11.1/15.0
• Cash flow +9.3/30.0
• Appreciation +7.5/10.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• Livability +3.8/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0

Listing remarks

Coney Island Semi-Attached Single-Family Home with Private Driveway & Large Yard Space Welcome to this charming semi-attached single-family home in Coney Island, situated on an oversized 3,000+ sq. ft. lot with a private driveway and excellent outdoor space. This home offers rare flexibility with front, side, and rear yards, making it ideal for outdoor entertaining, gardening, storage, or future possibilities. Inside, the home features 3 bedrooms, 1 full bathroom plus 1 half bathroom, a comfortable living room, kitchen, and a formal dining room that can also be used as a family room. Additional highlights include washer/dryer hookup and plenty of closet space throughout. Enjoy the c

Key facts

• Large yard space
• Private driveway
• Outdoor entertaining

Tags

• PRIVATE DRIVEWAY
• LARGE YARD SPACE
• OUTDOOR ENTERTAINING
• WASHER DRYER HOOKUP
• RESIDENTIAL LOCATION

Property features AI

Exterior

• Parking: Carport with space for 8 vehicles; Driveway
• Utilities: Public sewer; Electricity connected; Natural gas connected; Sewer connected; Public trash collection; Water connected
• Home design: Townhouse; Single-family residence; Living area reported from public records
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront

Interior

• Kitchen: Freezer; Gas oven; Refrigerator
• Bedrooms: 8 total rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Steam heating; No cooling system
• Interior features: Formal dining area; Washer/dryer hookup
• Laundry & utility: Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $649k.

Deal economics

• At list price, monthly cash flow is $-901 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $490k (24.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $474k (26.9% below list).
• Recommended offer: $474k (26.9% below list) — sets the bar for 1% rule.
• Cap rate 5.4% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Is 98 Bay Academy (math 96% / reading 96%, grade A+, #2 of 729 statewide, top 0%, 1,488 students, 63% 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 (+7.0%/yr); 114 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $4,742/mo this rent would consume 130% of the median local household income ($44k/yr) (locally 4426% 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 $37k of equity ($4k loan paydown + $32k appreciation (5.0% 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 ~$59k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $157k; list at $649k implies a 313% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $474,185 (26.9% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.73% ✗
• Cap rate: 5.42%
• Cash-on-cash: -3.13%
• DSCR: 0.86
• GRM: 11.4

CMA / ARV

• ARV (on-the-fly): $705,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2858 W 35th St	0.09mi	3/2.0	1,445 (+0%)	17mo	$703,000	$487	80
2842 W 27th St	0.47mi	3/1.5	1,460 (+1%)	1mo	$735,000	$503	75
2836 W 29th St	0.36mi	3/1.5	1,344 (-7%)	3mo	$653,900	$487	69
3114 Neptune Ave	0.24mi	3/2.0	1,520 (+6%)	10mo	$585,000	$385	69
2878 We 31 St	0.27mi	3/2.0	1,520 (+6%)	9mo	$670,000	$441	69
2813 W 30th St	0.34mi	3/1.5	1,344 (-7%)	7mo	$665,000	$495	67
4469 Surf Ave	0.31mi	3/1.5	1,360 (-6%)	14mo	$500,000	$368	65
3912 Lyme Ave	0.31mi	3/1.5	1,621 (+13%)	1mo	$870,000	$537	64
3822 Atlantic Ave	0.23mi	3/3.0	1,496 (+4%)	18mo	$999,950	$668	62
2885 W 23rd St	0.68mi	3/1.5	1,356 (-6%)	0mo	$683,000	$504	58
2868 W 25th St	0.53mi	3/1.5	1,344 (-7%)	10mo	$658,000	$490	56
2852 W 27th St	0.47mi	3/2.0	1,344 (-7%)	18mo	$655,000	$487	50

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

Projected returns pro-forma

4.98% appreciation · 7.03% rent growth · sell at horizon

5-year hold

• IRR: 9.4%
• Equity multiple: 1.61×
• Total profit: $111,703
• Equity at exit: $367,070

10-year hold

• IRR: 12.5%
• Equity multiple: 3.39×
• Total profit: $434,230
• Equity at exit: $632,927

Cash invested: $181,720 (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 11224

• Home prices YoY: 1.0%
• Rents YoY: 7.0%
• Active inventory: 114
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $4,742 high
• Mortgage (P&I): −$3,403
• Tax from tax record: −$547 /mo · $6,562/yr
• Insurance: −$270
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$996
• Net cashflow: $-901

Break-even live

Break-even rent $5,883

Max offer price $489,814

Occupancy floor —

Sensitivity live

Price	-10% $-534	-5% $-717	+0% $-901	+5% $-1,085	+10% $-1,268
Rent	-10% $-1,276	-5% $-1,088	+0% $-901	+5% $-714	+10% $-527
Rate	-1.0pp $-574	-0.5pp $-736	base $-901	+0.5pp $-1,069	+1.0pp $-1,240

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: $162,250
• Closing costs: $19,470
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1515 Surf Ave Brooklyn, NY	1.0–2.0	1.0	706	$5,195	$7.35	0d	16	1.06mi
2286 Cropsey Ave Unit 6A Brooklyn, NY	2.0	2.0	889	$5,125	$5.76	26d	1	1.37mi
2286 Cropsey Ave Unit 9A Brooklyn, NY	2.0	2.0	889	$5,200	$5.85	20d	1	1.37mi
2286 Cropsey Ave Unit 7E Brooklyn, NY	2.0	2.0	948	$5,250	$5.54	20d	1	1.37mi
2286 Cropsey Ave Unit 13E Brooklyn, NY	2.0	2.0	948	$5,550	$5.85	20d	1	1.37mi
2286 Cropsey Ave Unit 8B Brooklyn, NY	2.0	2.0	889	$5,000	$5.62	20d	1	1.37mi
2286 Cropsey Ave Unit 18B Brooklyn, NY	2.0	2.0	889	$5,300	$5.96	20d	1	1.37mi
2971 Shell Rd Unit 612 Brooklyn, NY	2.0	2.0	907	$4,150	$4.58	26d	1	1.47mi
2971 Shell Rd Unit 711 Brooklyn, NY	2.0	2.0	907	$4,200	$4.63	26d	1	1.47mi
2971 Shell Rd Unit 602 Brooklyn, NY	3.0	2.0	1301	$5,299	$4.07	26d	1	1.47mi
2971 Shell Rd Unit 720 Brooklyn, NY	2.0	2.0	920	$4,100	$4.46	26d	1	1.47mi
2971 Shell Rd Unit 508 Brooklyn, NY	2.0	2.0	930	$4,099	$4.41	26d	1	1.47mi
2971 Shell Rd Unit 406 Brooklyn, NY	2.0	2.0	920	$3,550	$3.86	26d	1	1.47mi
2957 Shell Rd Brooklyn, NY	3.0	2.0	1292	$5,550	$4.30	26d	1	1.48mi

Listing history 3 events

1. 2026-06-21
   days on market $649,000 Active 3 DOM
2. 2026-06-18
   remarks 695-char remark
3. 2026-06-18
   listed $649,000 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: $6,562 · $547/mo
• Projected year-2 tax: $8,765 · $730/mo
• Expected delta: +$2,203/yr (+$184/mo · 33.6%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 66% chance over 30 yrs
• 🔥 Wildfire 1/10 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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,902
• − Mortgage interest: −$36,354
• − Property taxes: −$6,562
• − Insurance: −$8,364
• − Repairs & maintenance: −$4,552
• − Management: −$4,552
• − Depreciation: −$18,880
• Taxable loss: −$22,361
• Est. tax savings @ 24.0%: +$5,367
• After-tax cash flow: $-5,447/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): 50,822
• Household income: $43,648
• Rent vs Own: 72.7% rent · 27.3% own
• Severe rent burden: 4426.0

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 0.68)
• Race & ethnicity: White 48% Black 22% Hispanic / Latino 19% Asian 8% Two or more races 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 8% Dominican 2%
• Common ancestry: Scotch-Irish 10% Subsaharan African 7% Romanian 1%
• Foreign-born: 48% · Canada, China
• Languages at home: 42% English-only · Russian/Polish/Slavic 32% Spanish 11% Chinese 5%

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: ▲ 4.98%
• Current HPI: 505.1405
• Rent YoY: ▲ 7.03%
• 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

+313.4% since first listed

2 events — show timeline

• 2026-06-17 Listed $649,000 OneKey® MLS as Distributed by MLS Grid
• 1995-08-30 Sold (Public Records) $157,000 Public Records

Property tax history

+9.2%/yr

Latest (2025): $6,562 · +2.9% YoY. Source: county tax records.