2312A Mermaid Ave · New York, NY 11224

$719,000

3 bd · 2.5 ba · 1,812 sqft · SingleFamily · 773 Days on market

Built 2000 990 sqft lot Est $757k · 5% 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 +9.8/15.0
• Appreciation +7.5/10.0
• Cash flow +7.4/30.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• DSCR +1.5/10.0

Listing remarks

Built In 2000 Year New Building, Excellent Maintained 3 Bedrooms And 2.5 Bathrooms Single Dwelling Home In The Heart Of Coney Island. This 3-Stories House Has 1812 Sqft Living Area. Property Tax Is $4435/Year. The First Floor Features A Spacious Living Room, Kitchen, Dining Area And Half Bath With Access To A Crawl Space For Your Storage Needs. The Second Floor Consists Of 2 Large Bedrooms All With Large Closets And Full Beautiful Bathroom. The Third Floor Has Specials Large Bedroom With Huge Closet And Full Bathroom. Hardwood Floors Throughout. Whole House Just Renovated In Few Years, Laundry Room , Community Drive Can Park 2 Cars, The Parking Space Are Excluded From The Lot. Short Distanc

Key facts

• Built 2000
• Listed 773 days

Tags

• RENOVATED WHOLE HOUSE
• HARDWOOD FLOORS THROUGHOUT

Property features AI

Finance

• Financial info: Financing available: Bank mortgage or cash

Exterior

• Parking: Private drive
• Utilities: Electric: Other; Hot water: Gas; Heating fuel: Gas
• Home design: Attached residential building; Three stories; Building dimensions approximately 40.00 x 15.00; Zoning: R6
• Construction: Other foundation; Roof: Other (see remarks); Building footprint about 600 sq ft; Total building area listed as 1812
• Exterior features: Yard (see remarks); Exterior finishes: Other (see remarks)

Interior

• Kitchen: Kitchen with stove, dishwasher, and refrigerator
• Bedrooms: Two bedrooms on the second floor; One bedroom on the third floor
• Flooring: Other flooring (see remarks)
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Gas heating; Hot water by gas; Heat delivery: Other
• Interior features: Central A/C (1 unit); Dishwasher; Dryer; Refrigerator; Stove
• Laundry & utility: Washer; Dryer; Second-floor laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $719k.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $523k (27.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $512k (28.8% below list).
• Recommended offer: $512k (28.8% below list) — sets the bar for 1% rule.
• Cap rate 4.7% 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 (+7.0%/yr); 114 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $5,117/mo this rent would consume 141% 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 $41k of equity ($5k loan paydown + $36k 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 ~$65k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 773 days — a 12% lower offer ($633k) is reasonable based on typical stale-listing flexibility.

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, 68% 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 $511,747 (28.8% 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 773 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.71% ✗
• Cap rate: 4.75%
• Cash-on-cash: -5.52%
• DSCR: 0.75
• GRM: 11.7

CMA / ARV

• ARV (on-the-fly): $757,416
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3215 Mermaid Ave	0.46mi	3/2.0	1,680 (-7%)	7mo	$703,000	$418	59
3701 Neptune Ave	0.69mi	4/2.0 (+1)	1,760 (-3%)	2mo	$660,000	$375	54
3226 Mermaid Ave	0.47mi	3/2.5	1,680 (-7%)	16mo	$655,000	$390	53
3718 Neptune Ave	0.72mi	3/2.0	2,026 (+12%)	12mo	$850,000	$420	34

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: 7.7%
• Equity multiple: 1.50×
• Total profit: $100,763
• Equity at exit: $406,662

10-year hold

• IRR: 11.1%
• Equity multiple: 3.14×
• Total profit: $430,045
• Equity at exit: $701,194

Cash invested: $201,320 (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: 11.7×

Monthly cashflow live

• Estimated rent: $5,117 medium
• Mortgage (P&I): −$3,771
• Tax est. 1.5%: −$899 /mo · $10,785/yr
• Insurance: −$300
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,075
• Net cashflow: $-1,353

Break-even live

Break-even rent $6,830

Max offer price $523,278

Occupancy floor —

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: $179,750
• Closing costs: $21,570
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2971 Shell Rd Unit 602 Brooklyn, NY	3.0	2.0	1301	$5,299	$4.07	24d	1	0.81mi
2957 Shell Rd Brooklyn, NY	3.0	2.0	1292	$5,550	$4.30	24d	1	0.82mi
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$5,725	$6.04	7d	8	0.85mi

Listing history 10 events

1. 2026-06-18
   days on market $719,000 Active 773 DOM
2. 2026-06-17
   days on market $719,000 Active 772 DOM
3. 2026-06-15
   days on market $719,000 Active 770 DOM
4. 2026-06-13
   days on market $719,000 Active 768 DOM
5. 2026-06-10
   days on market $719,000 Active 764 DOM
6. 2026-06-08
   days on market $719,000 Active 763 DOM
7. 2026-06-03
   days on market $719,000 Active 758 DOM
8. 2026-06-01
   days on market $719,000 Active 756 DOM
9. 2026-05-31
   days on market $719,000 Active 755 DOM
10. 2024-05-06
    listed $719,000 Active

ⓘ 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 9/10 Extreme FEMA zone AE · 99% 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 68% 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: $61,410
• − Mortgage interest: −$40,275
• − Property taxes: −$10,785
• − Insurance: −$8,714
• − Repairs & maintenance: −$4,913
• − Management: −$4,913
• − Depreciation: −$20,916
• Taxable loss: −$29,106
• Est. tax savings @ 24.0%: +$6,985
• After-tax cash flow: $-9,246/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

1 event — show timeline

• 2024-05-06 Listed $719,000 BNYMLS