1639 E 55th St · New York, NY 11234

$998,000

9 bd · 6.0 ba · 1,687 sqft · MultiFamily public records · 31 Days on market

Built 1925 4,000 sqft lot

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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 +18.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• 1% rule +4.2/10.0
• Livability +3.8/5.0
• 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: 3 units. confirmed

Listing remarks

Spacious legal three family property in Brooklyn currently configured as a two units with a total of six bedrooms and two bathrooms. Property requires TLC and is perfect for investors or end users looking to renovate and add value. Delivered in as-is condition. Lot size is 40vx100. Needs renovation and offers great value-add potential. Buyers should verify legal use and zoning. Sold as-is. Please do not disturb the owner and the tenants. No SHOWINGTIME or lockbox. Buyer and their agents must check all facts pertaining to the home, the seller makes no representations of the property.

Key facts

• 4,000 sq ft lot
• 4 parking spots
• Built 1925

Property features AI

Exterior

• Parking: Carport (1 space); Driveway parking; On-street parking; Total 4 parking spaces
• Security: Smoke detectors
• Utilities: Public sewer; Electricity connected; Natural gas available
• Home design: Triplex; No waterfront
• Construction: Aluminum siding; Stone exterior
• Exterior features: Awnings; Garden; Back yard; Partial chain-link fencing; Shed(s); Carport(s)

Interior

• Kitchen: Galley kitchen; Walk-through layout
• Bedrooms: One 3-bedroom unit (multi-unit property)
• Flooring: Hardwood; Laminate; Tile; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; First-floor full bathroom; Galley-style kitchen; High ceilings; Original architectural details; Primary bathroom; Walk-through kitchen; Finished full basement with walk-out access; Pull-down attic stairs
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/2.0-bath units multifamily listed at $998k.

Deal economics

• At list price, monthly cash flow is $969 ($12k/yr) — positive. Per door: $323/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 $921k (7.7% below list).
• Recommended offer: $921k (7.7% below list) — sets the bar for 1% rule.
• Cap rate 7.5% 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 (+16.2%/yr); 459 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $9,210/mo this rent would consume 113% of the median local household income ($97k/yr) (locally 2384% 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 $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $279k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($968k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $175k; list at $998k implies a 470% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 75% 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 $921,000 (7.7% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 0.92% ✗
• Cap rate: 7.46%
• Cash-on-cash: 4.16%
• DSCR: 1.19
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -4.7%
• Equity multiple: 0.82×
• Total profit: $-51,566
• Equity at exit: $148,805

10-year hold

• IRR: 9.7%
• Equity multiple: 1.91×
• Total profit: $255,171
• Equity at exit: $86,289

Cash invested: $279,440 (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 11234

• Rents YoY: 16.2%
• Active inventory: 459
• Price-to-rent: 27.1×

Monthly cashflow live

• Estimated rent: $9,210 medium
• Mortgage (P&I): −$5,234
• Tax from tax record: −$658 /mo · $7,892/yr
• Insurance: −$416
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,934
• Net cashflow: $969

Break-even live

Break-even rent $7,984

Max offer price $998,000

Occupancy floor 84%

Sensitivity live

Price	-10% $1,534	-5% $1,251	+0% $969	+5% $686	+10% $404
Rent	-10% $241	-5% $605	+0% $969	+5% $1,333	+10% $1,696
Rate	-1.0pp $1,471	-0.5pp $1,223	base $969	+0.5pp $710	+1.0pp $447

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	2	$9,210
Total (3 units)			$9,210

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: $249,500
• Closing costs: $29,940
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $998,000 Active 31 DOM
2. 2026-06-17
   days on market $998,000 Active 30 DOM
3. 2026-06-16
   days on market $998,000 Active 29 DOM
4. 2026-06-15
   days on market $998,000 Active 28 DOM
5. 2026-06-13
   days on market $998,000 Active 26 DOM
6. 2026-06-10
   days on market $998,000 Active 22 DOM
7. 2026-06-08
   days on market $998,000 Active 21 DOM
8. 2026-06-08
   days on market $998,000 Active 20 DOM
9. 2026-06-04
   days on market $998,000 Active 17 DOM
10. 2026-06-03
    days on market $998,000 Active 16 DOM
11. 2026-06-02
    days on market $998,000 Active 15 DOM
12. 2026-06-01
    days on market $998,000 Active 14 DOM
13. 2026-05-31
    days on market $998,000 Active 13 DOM
14. 2026-05-19
    status Active
15. 2026-05-14
    listed $999,000 Active
16. 1997-09-17
    soldstatus $175,000

ⓘ 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: $7,892 · $658/mo
• Projected year-2 tax: $12,379 · $1,032/mo
• Expected delta: +$4,487/yr (+$374/mo · 56.9%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 23% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 75% 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: $110,520
• − Mortgage interest: −$55,904
• − Property taxes: −$7,892
• − Insurance: −$4,990
• − Repairs & maintenance: −$8,842
• − Management: −$8,842
• − Depreciation: −$29,033
• Taxable loss: −$4,981
• Est. tax savings @ 24.0%: +$1,195
• After-tax cash flow: $12,821/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): 83,187
• Household income: $97,479
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 2384.0

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 0.69)
• Race & ethnicity: Black 42% White 35% Hispanic / Latino 10% Asian 8% Two or more races 7%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Hispanic 8% Scotch-Irish 3% Romanian 2%
• Foreign-born: 35% · Canada, China, Mexico
• Languages at home: 65% English-only · French/Haitian/Cajun 9% Spanish 7% Russian/Polish/Slavic 6%

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: ▼ -667.47%
• Current HPI: 318.0416
• Rent YoY: ▲ 16.21%
• 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

+470.9% since first listed

3 events — show timeline

• 2026-05-19 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-05-14 Listed $999,000 OneKey® MLS as Distributed by MLS Grid
• 1997-09-17 Sold (Public Records) $175,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $7,892 · -2.4% YoY. Source: county tax records.