971 Jerome St Unit 3F · New York, NY 11207

$329,000

1 bd · 1.0 ba · 622 sqft · Condo public records · 66 Days on market

Built 1925

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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 +12.4/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Meadowwood at Gateway Condominium (Not Coop)- Immaculate 1 bedroom "F" unit on 3rd floor with large living room, formal dining room, EIK with granite countertop and real Armstrong wood cabinet and huge bedroom with French door & wood floors throughout! Balcony with great views of playground and complex landscape & parking! approx. 644 sq ft! Common charges include- cooking gas, Hot water, Heat, Master insurance & much more!! Amenities include laundry area, Playground, Private security, Lots of parking (Extra cost) Elevator building, Meeting/Party room, On site super, Secure Intercom system & much more! Over 55 million in capital improvement 2012-2015 infrastructure! No renting restriction! No board approval! Pets allowed! Best deal in Brooklyn!!! Steps away to Gateway shopping, 15 minutes by car to JFK Airport, 10 minutes by car to Resort Casino & much more! Near buses and train! Will not last!!!

Key facts

• Landscaped grounds
• Private balcony
• French doors

Tags

• PRIVATE BALCONY
• GRANITE COUNTERTOPS
• WOOD CABINETRY
• FRENCH DOORS
• LANDSCAPED GROUNDS
• ELEVATOR BUILDING

Property features AI

Finance

• Other: Part of a 99-unit residential building
• Financial info: Tax abatement in effect; Financing options include bank mortgage, cash, or exchange considered; Typical down payment requirement around 20%
• HOA & community: Monthly maintenance/common fee includes assessment; Maintenance/common fee approximately $450; Additional fee $55 (includes parking); Managed by Meadowwood; Pets allowed (restrictions — see agent)

Exterior

• Parking: One assigned parking space (off-site; wait-list for additional parking)
• Security: Intercom door; Secure lobby; Security patrol
• Utilities: Gas; Heat (steam/radiator); Sewer; Water; Sprinkler system; Other utilities
• Home design: Residential property in a detached building; Third-floor unit (floor 3)
• Construction: Building with multiple stories (part of a 99-unit building)
• Exterior features: Balcony/Deck access from main living areas; Porch; Terrace; Detached building; Lot number 1050

Interior

• Kitchen: Eat-in kitchen with granite counters, built-ins and a breakfast nook; Microwave; Stove; Refrigerator
• Bedrooms: One bedroom on the first floor (Master bedroom with double-door closets and French doors)
• Flooring: Hardwood floors; Tile floors
• Bathrooms: One full bathroom on the first floor (tile floors, built-ins)
• Heating & cooling: Steam/radiator heat; Wall A/C units (2)
• Interior features: Wall A/C units (2); Elevator; Laundry area; Microwave; Porch; Terrace; Washer; Refrigerator; Stove; Window treatments
• Laundry & utility: In-building card-operated laundry; In-unit washer

🏢 Co-op / cooperative unit. The $329,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $329k.

Deal economics

• At list price, monthly cash flow is $-120 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $308k (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $252k (23.3% below list).
• Recommended offer: $252k (23.3% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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 (+5.3%/yr); 251 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $2,523/mo this rent would consume 54% of the median local household income ($57k/yr) (locally 7510% 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 $2k of loan paydown is wiped out by about $10k 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.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($309k) 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; major wind risk, 68% 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 $252,311 (23.3% 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 66 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.77% ✗
• Cap rate: 6.10%
• Cash-on-cash: -0.70%
• DSCR: 0.97
• GRM: 10.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.29% rent growth · sell at horizon

5-year hold

• IRR: -16.6%
• Equity multiple: 0.40×
• Total profit: $-55,100
• Equity at exit: $49,055

10-year hold

• IRR: -4.9%
• Equity multiple: 0.65×
• Total profit: $-32,534
• Equity at exit: $28,446

Cash invested: $92,120 (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 11207

• Home prices YoY: -26.3%
• Rents YoY: 5.3%
• Active inventory: 251
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,523 medium
• Mortgage (P&I): −$1,725
• Tax from tax record: −$185 /mo · $2,219/yr
• Insurance: −$137
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$530
• Net cashflow: $-120

Break-even live

Break-even rent $2,676

Max offer price $307,716

Occupancy floor 100%

Sensitivity live

Price	-10% $66	-5% $-27	+0% $-120	+5% $-214	+10% $-307
Rent	-10% $-320	-5% $-220	+0% $-120	+5% $-21	+10% $79
Rate	-1.0pp $45	-0.5pp $-37	base $-120	+0.5pp $-206	+1.0pp $-292

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

HOA detail condo

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

Listing history 13 events

1. 2026-06-18
   days on market $329,000 Active 66 DOM
2. 2026-06-17
   days on market $329,000 Active 65 DOM
3. 2026-06-15
   days on market $329,000 Active 63 DOM
4. 2026-06-13
   days on market $329,000 Active 61 DOM
5. 2026-06-10
   days on market $329,000 Active 57 DOM
6. 2026-06-08
   days on market $329,000 Active 56 DOM
7. 2026-06-08
   days on market $329,000 Active 55 DOM
8. 2026-06-04
   days on market $329,000 Active 52 DOM
9. 2026-06-03
   days on market $329,000 Active 51 DOM
10. 2026-06-01
    days on market $329,000 Active 49 DOM
11. 2026-05-31
    days on market $329,000 Active 48 DOM
12. 2026-04-14
    listed $329,000 Active 949-char remark

    Show marketing remark (949 chars)

    Meadowwood at Gateway Condominium (Not Coop)- Immaculate 1 bedroom "F" unit on 3rd floor with large living room, formal dining room, EIK with granite countertop and real Armstrong wood cabinet and huge bedroom with French door & wood floors throughout! Balcony with great views of playground and complex landscape & parking! approx. 644 sq ft! Common charges include- cooking gas, Hot water, Heat, Master insurance & much more!! Amenities include laundry area, Playground, Private security, Lots of parking (Extra cost) Elevator building, Meeting/Party room, On site super, Secure Intercom system & much more! Over 55 million in capital improvement 2012-2015 infrastructure! No renting restriction! No board approval! Pets allowed! Best deal in Brooklyn!!! Steps away to Gateway shopping, 15 minutes by car to JFK Airport, 10 minutes by car to Resort Casino & much more! Near buses and train! Will not last!!!

13. 2026-04-13
    listed $329,000 Active

ⓘ 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: $2,219 · $185/mo
• Projected year-2 tax: $3,889 · $324/mo
• Expected delta: +$1,671/yr (+$139/mo · 75.3%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 78% 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 68% 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: $30,277
• − Mortgage interest: −$18,429
• − Property taxes: −$2,219
• − Insurance: −$2,442
• − Repairs & maintenance: −$2,422
• − Management: −$2,422
• − Depreciation: −$9,571
• Taxable loss: −$7,228
• Est. tax savings @ 24.0%: +$1,735
• After-tax cash flow: $289/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): 93,198
• Household income: $56,523
• Rent vs Own: 74.1% rent · 25.9% own
• Severe rent burden: 7510.0

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 0.59)
• Race & ethnicity: Black 54% Hispanic / Latino 33% Two or more races 10% White 5% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 11% Dominican 11%
• Common ancestry: Hispanic 1% Swiss 1%
• Foreign-born: 31% · Canada, Mexico, Jamaica
• Languages at home: 67% English-only · Spanish 27% French/Haitian/Cajun 2% Other Indo-European 1%

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: ▼ -138.76%
• Current HPI: 388.434
• Rent YoY: ▲ 5.29%
• 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

+0.0% since first listed

2 events — show timeline

• 2026-04-14 Listed $329,000 RLS at REBNY
• 2026-04-13 Listed $329,000 BNYMLS

Property tax history

+6.9%/yr

Latest (2025): $2,219 · +3.1% YoY. Source: county tax records.