2928 Fenton Ave · New York, NY 10469

$675,000

4 bd · 2.0 ba · 1,981 sqft · MultiFamily public records · 6 Days on market

Built 1950 3,000 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 +13.4/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• 1% rule +3.2/10.0
• 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 MLS

Excellent, Semi-detached, 2-family Home With Parking In The Allerton Area! House Is Priced To Sell! Hurry, Will Not Last!

Key facts

• 3,000 sq ft lot
• Garage
• Built 1950

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $675k.

Deal economics

• At list price, monthly cash flow is $6 ($78/yr) — positive. Per door: $3/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 $553k (18.1% below list).
• Recommended offer: $553k (18.1% 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 (+4.3%/yr); 203 active listings in the ZIP; solid renter incomes; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $5,526/mo this rent would consume 87% of the median local household income ($76k/yr) (locally 3706% 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 $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 20y 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.
• Current owner paid $440k; list at $675k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $552,600 (18.1% below list)

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 1950 — 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. 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?
8. 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.
9. 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.
10. 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: 0.82% ✗
• Cap rate: 6.30%
• Cash-on-cash: 0.04%
• DSCR: 1.00
• GRM: 10.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.33% rent growth · sell at horizon

5-year hold

• IRR: -14.9%
• Equity multiple: 0.46×
• Total profit: $-101,579
• Equity at exit: $100,645

10-year hold

• IRR: -4.3%
• Equity multiple: 0.70×
• Total profit: $-56,756
• Equity at exit: $58,362

Cash invested: $189,000 (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 10469

• Rents YoY: 4.3%
• Active inventory: 203
• Price-to-rent: 20.4×

Monthly cashflow live

• Estimated rent: $5,526 medium
• Mortgage (P&I): −$3,540
• Tax from tax record: −$538 /mo · $6,457/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,160
• Net cashflow: $6

Break-even live

Break-even rent $5,518

Max offer price $675,000

Occupancy floor 95%

Sensitivity live

Price	-10% $389	-5% $198	+0% $6	+5% $-185	+10% $-376
Rent	-10% $-430	-5% $-212	+0% $6	+5% $225	+10% $443
Rate	-1.0pp $346	-0.5pp $178	base $6	+0.5pp $-168	+1.0pp $-346

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$5,526
Total (2 units)			$5,526

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2025-10-29
   status Pending
2. 2025-07-09
   listed $675,000 Active
3. 2025-06-28
   listed $675,000 Active
4. 2006-12-22
   soldstatus $440,000
5. 2006-11-16
   soldstatus $460,000 121-char remark

   Show marketing remark (121 chars)

   Excellent, Semi-detached, 2-family Home With Parking In The Allerton Area! House Is Priced To Sell! Hurry, Will Not Last!

6. 2006-11-09
   historical 121-char remark

   Show marketing remark (121 chars)

   Excellent, Semi-detached, 2-family Home With Parking In The Allerton Area! House Is Priced To Sell! Hurry, Will Not Last!

7. 2006-08-09
   listed $460,000 121-char remark

   Show marketing remark (121 chars)

   Excellent, Semi-detached, 2-family Home With Parking In The Allerton Area! House Is Priced To Sell! Hurry, Will Not Last!

ⓘ 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: $6,457 · $538/mo
• Projected year-2 tax: $8,932 · $744/mo
• Expected delta: +$2,475/yr (+$206/mo · 38.3%)

ⓘ 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,312
• − Mortgage interest: −$37,810
• − Property taxes: −$6,457
• − Insurance: −$3,375
• − Repairs & maintenance: −$5,305
• − Management: −$5,305
• − Depreciation: −$19,636
• Taxable loss: −$11,576
• Est. tax savings @ 24.0%: +$2,778
• After-tax cash flow: $2,856/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: Bronx County · 1,197,324 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 68,521
• Household income: $76,020
• Rent vs Own: 49.3% rent · 50.7% own
• Severe rent burden: 3706.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 54% Hispanic / Latino 27% White 8% Two or more races 8% Asian 6%
• Hispanic origin (detail): Mexican 1% Puerto Rican 11% Dominican 9%
• Foreign-born: 37% · Canada, Vietnam, China
• Languages at home: 62% English-only · Spanish 22% Other Indo-European 5% French/Haitian/Cajun 3%

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: ▼ -524.76%
• Current HPI: 321.9213
• Rent YoY: ▲ 4.33%
• 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

+46.7% since first listed

7 events — show timeline

• 2025-10-29 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-07-09 Listed $675,000 OneKey® MLS as Distributed by MLS Grid
• 2025-06-28 Listed $675,000 OneKey® MLS as Distributed by MLS Grid
• 2006-12-22 Sold (Public Records) $440,000 Public Records
• 2006-11-16 Sold (MLS) $460,000 HGMLS
• 2006-11-09 Delisted — HGMLS
• 2006-08-09 Listed $460,000 HGMLS

Property tax history

+4.4%/yr

Latest (2025): $6,457 · +6.0% YoY. Source: county tax records.