521 W 135th St Unit 5A · New York, NY 10031

$349,990

2 bd · 1.0 ba · 650 sqft · Condo · 25 Days on market

Built 1915

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Why this score? — see what drove the C+ 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 +24.1/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Schools +5.0/10.0
• Rent growth +4.2/5.0
• Appreciation +4.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

A two-bedroom apartment for the price of a studio! This top-floor apartment features a Southern exposure in the Primary Bedroom with treetop views for maximum light and privacy. Each room is well proportioned with hardwood floors. The Primary Bedroom can easily accommodate a queen bed and a home office, compact gym, or seating area and features dual closets. The second bedroom allows for a full-size bed or bunk beds. Perhaps you will keep this as a home office. Storage is abundant throughout the home. The living room is spacious with an incredibly functional layout. The adjacent windowed kitchen makes cooking easy. Just thirty minutes to Times Square on the nearby 1 train at 137th St. Shopping includes several grocery stores including Whole Foods. Retail options abound along the Broadway and 125th Street corridors. Dining options are plentiful and include Trufa, Hamilton Grange, and Dinosaur BBQ, among others. This self-managed managed HDFC has a laundry room in the building. The income limits are 120% of AMI. For 2022 the income limits are $112,080 for 1 person, $128,160 two people, and $144,120 for three. Pet friendly. 80% Financing and must be your primary residence.

Key facts

• No neighbors above
• Windowed kitchen
• Top floor

Tags

• TOP FLOOR
• EXCEPTIONAL CLOSET SPACE
• OPEN SKY VIEWS
• ABUNDANT NATURAL LIGHT
• NO NEIGHBORS ABOVE
• WINDOWED KITCHEN

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public sewer; Electricity connected; Natural gas available
• Home design: Stock cooperative; Entry on 5th level
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Stainless steel appliances; Stone counters
• Bedrooms: 4 rooms total
• Bathrooms: 1 full bathroom
• Heating & cooling: Steam heating; Wall/window air conditioning unit(s)
• Interior features: Stone counters; Stainless steel appliances; Five total stories (unit located on 5th floor); Cats and dogs allowed
• Laundry & utility: No basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $350k.

Deal economics

• At list price, monthly cash flow is $690 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $345k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% 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 (+6.7%/yr); 89 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $3,936/mo this rent would consume 72% of the median local household income ($65k/yr) (locally 5780% 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 (-2.1%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-2.1% appreciation + 6.7% rent growth), your $98k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $344,740 (1.5% below list)

Questions for the listing agent

1. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
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. 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.
7. 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.
8. 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: 1.12% ✓
• Cap rate: 8.66%
• Cash-on-cash: 8.45%
• DSCR: 1.38
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.06% appreciation · 6.67% rent growth · sell at horizon

5-year hold

• IRR: 3.9%
• Equity multiple: 1.17×
• Total profit: $16,344
• Equity at exit: $67,031

10-year hold

• IRR: 14.9%
• Equity multiple: 2.53×
• Total profit: $150,193
• Equity at exit: $56,388

Cash invested: $97,997 (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 10031

• Home prices YoY: -0.4%
• Rents YoY: 6.7%
• Active inventory: 89
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $3,936 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$437 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$826
• Net cashflow: $690

Break-even live

Break-even rent $3,062

Max offer price $349,990

Occupancy floor 77%

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: $87,498
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
132 W 134th St New York, NY	2.0	1.0	750	$4,500	$6.00	24d	1	0.69mi
100 Tower Dr Edgewater, NJ	1.0–3.0	1.0–2.5	1290	$5,617	$4.35	1d	9	1.07mi
30 Morningside Dr #2096 New York, NY	1.0–2.0	1.0–2.0	780	$9,000	$11.53	3d	2	1.13mi
2 Columbia Ter Edgewater, NJ	1.0	1.0	500	$1,650	$3.30	15d	1	1.21mi
1 Morningside Dr New York, NY	3.0	1.0–2.0	1655	$8,145	$4.92	1d	1	1.28mi
100 River Mews Ln Edgewater, NJ	3.0	1.0–2.0	988	$4,452	$4.50	2d	1	1.31mi
2413 3rd Ave Bronx, NY	1.0–3.0	1.0–2.0	857	$3,948	$4.60	12d	23	1.41mi
308 W 107th St Unit 1239985P New York, NY	1.0	1.0	559	$8,500	$15.21	22d	1	1.44mi

HOA detail condo

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

Listing history 22 events

1. 2026-06-18
   days on market $349,990 Active 25 DOM
2. 2026-06-17
   days on market $349,990 Active 24 DOM
3. 2026-06-16
   days on market $349,990 Active 23 DOM
4. 2026-06-15
   days on market $349,990 Active 22 DOM
5. 2026-06-13
   days on market $349,990 Active 20 DOM
6. 2026-06-10
   days on market $349,990 Active 16 DOM
7. 2026-06-08
   days on market $349,990 Active 15 DOM
8. 2026-06-08
   days on market $349,990 Active 14 DOM
9. 2026-06-04
   days on market $349,990 Active 11 DOM
10. 2026-06-03
    days on market $349,990 Active 10 DOM
11. 2026-06-02
    days on market $349,990 Active 9 DOM
12. 2026-06-01
    days on market $349,990 Active 8 DOM
13. 2026-05-31
    days on market $349,990 Active 7 DOM
14. 2026-05-24
    listed $349,990 Active
15. 2025-07-19
    historical $2,400
16. 2025-07-17
    price $2,400
17. 2025-07-16
    price $2,700
18. 2025-06-29
    listed $2,900
19. 2024-05-05
    historical $2,650
20. 2024-04-24
    listed $2,650
21. 2023-02-10
    soldstatus $315,000 1188-char remark

    Show marketing remark (1188 chars)

    A two-bedroom apartment for the price of a studio! This top-floor apartment features a Southern exposure in the Primary Bedroom with treetop views for maximum light and privacy. Each room is well proportioned with hardwood floors. The Primary Bedroom can easily accommodate a queen bed and a home office, compact gym, or seating area and features dual closets. The second bedroom allows for a full-size bed or bunk beds. Perhaps you will keep this as a home office. Storage is abundant throughout the home. The living room is spacious with an incredibly functional layout. The adjacent windowed kitchen makes cooking easy. Just thirty minutes to Times Square on the nearby 1 train at 137th St. Shopping includes several grocery stores including Whole Foods. Retail options abound along the Broadway and 125th Street corridors. Dining options are plentiful and include Trufa, Hamilton Grange, and Dinosaur BBQ, among others. This self-managed managed HDFC has a laundry room in the building. The income limits are 120% of AMI. For 2022 the income limits are $112,080 for 1 person, $128,160 two people, and $144,120 for three. Pet friendly. 80% Financing and must be your primary residence.

22. 2023-01-21
    listed $315,000 1188-char remark

    Show marketing remark (1188 chars)

    A two-bedroom apartment for the price of a studio! This top-floor apartment features a Southern exposure in the Primary Bedroom with treetop views for maximum light and privacy. Each room is well proportioned with hardwood floors. The Primary Bedroom can easily accommodate a queen bed and a home office, compact gym, or seating area and features dual closets. The second bedroom allows for a full-size bed or bunk beds. Perhaps you will keep this as a home office. Storage is abundant throughout the home. The living room is spacious with an incredibly functional layout. The adjacent windowed kitchen makes cooking easy. Just thirty minutes to Times Square on the nearby 1 train at 137th St. Shopping includes several grocery stores including Whole Foods. Retail options abound along the Broadway and 125th Street corridors. Dining options are plentiful and include Trufa, Hamilton Grange, and Dinosaur BBQ, among others. This self-managed managed HDFC has a laundry room in the building. The income limits are 120% of AMI. For 2022 the income limits are $112,080 for 1 person, $128,160 two people, and $144,120 for three. Pet friendly. 80% Financing and must be your primary residence.

ⓘ 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 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 · 13 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: $47,228
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,778
• − Management: −$3,778
• − Depreciation: −$10,182
• Taxable income: $2,885
• Est. tax owed @ 24.0%: −$692
• After-tax cash flow: $7,593/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: New York County · 1,599,927 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 61,058
• Household income: $65,283
• Rent vs Own: 85.9% rent · 14.1% own
• Severe rent burden: 5780.0

Population outlook (New York County) Hauer SSP2

• Today (2025): 1,825,725 people
• By 2030: 1,904,611 · +4.3%
• By 2040: 2,052,719 · +12.4%
• By 2050: 2,206,601 · +20.9%
• By 2075: 2,509,427 · +37.4%
• By 2100: 2,702,933 · +48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Hispanic / Latino 49% Black 25% Two or more races 21% White 18% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4% Dominican 32%
• Common ancestry: Italian 2% Hispanic 1% Romanian 1%
• Foreign-born: 38% · Canada, China, Jamaica
• Languages at home: 47% English-only · Spanish 43% French/Haitian/Cajun 3% Other Asian/Pacific 1%

Political lean MEDSL · New York

• 2024 margin: Solid D (+64.8) · D 82.4% · R 17.6%
• 2008→2024 swing: -7.4pp toward R · 2008: 72.2pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+74.5 2016: D+77.2 2012: D+69.6 2008: D+72.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -2.06%
• Current HPI: 468.3156
• Rent YoY: ▲ 6.67%
• 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

+11.1% since first listed

9 events — show timeline

• 2026-05-24 Listed $349,990 OneKey® MLS as Distributed by MLS Grid
• 2025-07-19 Rental Removed $2,400 TURBOTENANT
• 2025-07-17 Price Changed $2,400 TURBOTENANT
• 2025-07-16 Price Changed $2,700 TURBOTENANT
• 2025-06-29 Listed for Rent $2,900 TURBOTENANT
• 2024-05-05 Rental Removed $2,650 TURBOTENANT
• 2024-04-24 Listed for Rent $2,650 TURBOTENANT
• 2023-02-10 Sold (MLS) $315,000 RLS at REBNY
• 2023-01-21 Listed $315,000 RLS at REBNY