424 W 46th St Unit 1D · New York, NY 10036

$384,000

1 bd · 1.0 ba · 475 sqft · Condo · 54 Days on market

Built 1910 ↓ 7% since listing

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Why this score? — see what drove the B- 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 +26.2/30.0
• DSCR +8.9/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Schools +5.0/10.0
• Appreciation +4.0/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to this intelligently designed first-floor studio located on a charming tree-lined block in the heart of Hell’s Kitchen. What sets this apartment apart is its thoughtfully configured layout, featuring a custom elevated sleeping platform positioned above the dining area - creating a clear separation between living, dining, and sleeping spaces rarely found in studios at this price point. The main level offers a comfortable living area, a true dining space beneath the platform, and an updated kitchen with stainless steel appliances, including a dishwasher, along with a dine-in granite countertop. Hardwood floors run throughout, complemented by high ceilings with recessed lighting

Key facts

• Built 1910
• Listed 54 days

Property features AI

Exterior

• Parking: No carport; No designated parking
• Utilities: Public sewer; Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: Stock cooperative; Entry level: 1; Five-story building
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Dishwasher; Gas oven; Refrigerator
• Bedrooms: 1 bedroom
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Wall/window air conditioning unit(s)
• Interior features: First-floor bedroom; First-floor full bathroom; Built-in features; Basement (see remarks); Bicycle room; Walk-up building; Pets allowed
• Laundry & utility: Laundry room in basement

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $384k.

Deal economics

• At list price, monthly cash flow is $977 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $384k).
• Recommended offer: $372k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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); Mark Twain Is 239 For The Gifted And Talented (math 90% / reading 96%, grade A+, #6 of 729 statewide, top 1%, 1,207 students, 44% 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); 181 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $4,596/mo this rent would consume 58% of the median local household income ($96k/yr) (locally 3765% 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 (-2.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $8k 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 (-2.0% appreciation + 4.3% rent growth), your $108k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($372k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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 1910 — 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 $372,480 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
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. 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 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: 1.20% ✓
• Cap rate: 9.35%
• Cash-on-cash: 10.91%
• DSCR: 1.49
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.0% appreciation · 4.29% rent growth · sell at horizon

5-year hold

• IRR: 5.0%
• Equity multiple: 1.21×
• Total profit: $22,508
• Equity at exit: $74,675

10-year hold

• IRR: 13.9%
• Equity multiple: 2.30×
• Total profit: $140,095
• Equity at exit: $63,908

Cash invested: $107,520 (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 10036

• Home prices YoY: -0.8%
• Rents YoY: 4.3%
• Active inventory: 181
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $4,596 medium
• Mortgage (P&I): −$2,014
• Tax est. 1.5%: −$480 /mo · $5,760/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$965
• Net cashflow: $977

Break-even live

Break-even rent $3,359

Max offer price $384,000

Occupancy floor 74%

Sensitivity live

Price	-10% $1,243	-5% $1,110	+0% $977	+5% $845	+10% $712
Rent	-10% $614	-5% $796	+0% $977	+5% $1,159	+10% $1,340
Rate	-1.0pp $1,171	-0.5pp $1,075	base $977	+0.5pp $878	+1.0pp $777

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: $96,000
• Closing costs: $11,520
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
240 W 73rd St New York, NY	2.0	1.0–2.0	660	$6,430	$9.73	26d	4	1.38mi

HOA detail condo

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

Listing history 19 events

1. 2026-06-21
   days on market $384,000 Active 54 DOM
2. 2026-06-18
   days on market $384,000 Active 51 DOM
3. 2026-06-17
   days on market $384,000 Active 50 DOM
4. 2026-06-16
   days on market $384,000 Active 49 DOM
5. 2026-06-15
   days on market $384,000 Active 48 DOM
6. 2026-06-13
   days on market $384,000 Active 46 DOM
7. 2026-06-10
   days on market $384,000 Active 42 DOM
8. 2026-06-08
   days on market $384,000 Active 41 DOM
9. 2026-06-08
   days on market $384,000 Active 40 DOM
10. 2026-06-04
    days on market $384,000 Active 37 DOM
11. 2026-06-03
    days on market $384,000 Active 36 DOM
12. 2026-06-01
    days on market $384,000 Active 34 DOM
13. 2026-05-31
    days on market $384,000 Active 33 DOM
14. 2026-04-27
    listed $389,000 Active
15. 2021-10-06
    price $390,000
16. 2021-08-01
    status Active
17. 2021-08-01
    price $410,000
18. 2020-08-28
    listed $420,000
19. 2020-08-28
    listed $420,000 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,155
• − Mortgage interest: −$21,510
• − Property taxes: −$5,760
• − Insurance: −$1,920
• − Repairs & maintenance: −$4,412
• − Management: −$4,412
• − Depreciation: −$11,171
• Taxable income: $5,970
• Est. tax owed @ 24.0%: −$1,433
• After-tax cash flow: $10,295/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): 31,036
• Household income: $95,638
• Rent vs Own: 89.5% rent · 10.5% own
• Severe rent burden: 3765.0

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 0.68)
• Race & ethnicity: White 51% Hispanic / Latino 19% Asian 15% Two or more races 15% Black 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Dominican 2%
• Common ancestry: Romanian 5% Scotch-Irish 4% Lithuanian 2%
• Foreign-born: 31% · Canada, China, South Korea
• Languages at home: 63% English-only · Spanish 15% Other Indo-European 6% Chinese 6%

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: ▼ -2.00%
• Current HPI: 250.4308
• Rent YoY: ▲ 4.29%
• 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

-7.4% since first listed

6 events — show timeline

• 2026-04-27 Listed $389,000 OneKey® MLS as Distributed by MLS Grid
• 2021-10-06 Price Changed $390,000 RLS at REBNY
• 2021-08-01 Relisted — RLS at REBNY
• 2021-08-01 Price Changed $410,000 RLS at REBNY
• 2020-08-28 Listed $420,000 RLS at REBNY
• 2020-08-28 Listed $420,000 RLS at REBNY