610 Madison St · New York, NY 11221

$1,799,999

28 bd · 20.0 ba · 2,138 sqft · MultiFamily public records · 435 Days on market

Built 1931 1,900 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +7.0/30.0
• Schools +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +1.2/10.0
• 1% rule +0.7/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Stuyvesant Heights, this brownstone is a four story, (4) four family plus a full basement and backyard of course. All apartments are rented at the moment, with possible vacancies. The building has an extension and on the parlor floor in the back there is a terrace off the kitchen. There are so many original details including fireplaces, wainscot, built ins, pocket doors, beautiful hardwood floors, skylight, high ceilings, tall windows, internal stairs to all apartments, and a quaint way that the bathrooms were positioned. This is a beautiful tree lined block. The brownstone is positioned between several places of worship, coffee shops, minutes to shopping a school, parks, transportation is

Key facts

• Close to parks
• Close to schools
• Tree lined block

Tags

• TREE LINED BLOCK
• CLOSE TO PLACES OF WORSHIP
• CLOSE TO COFFEE SHOPS
• CLOSE TO SCHOOLS
• CLOSE TO PARKS
• EASY TRANSPORTATION AVAILABLE

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/5.0-bath units multifamily listed at $1.80M.

Deal economics

• At list price, monthly cash flow is $-3k ($-32k/yr) — negative. Per door: $-663/mo.
• To cash-flow at today's rent, offer at most $1.33M (26.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.03M (42.5% below list).
• Recommended offer: $1.03M (42.5% below list) — sets the bar for 1% rule.
• Cap rate 4.5% 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 (+5.2%/yr); 211 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $10,344/mo this rent would consume 145% of the median local household income ($86k/yr) (locally 8053% 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 $192k of equity ($12k loan paydown + $180k appreciation (10.0% 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 ~$309k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 435 days — a 12% lower offer ($1.58M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $620k; list at $1.80M implies a 190% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,034,400 (42.5% 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 435 days. Have you received any prior offers? Is the seller open to a 43% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.57% ✗
• Cap rate: 4.52%
• Cash-on-cash: -6.32%
• DSCR: 0.72
• GRM: 14.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 5.15% rent growth · sell at horizon

5-year hold

• IRR: 20.3%
• Equity multiple: 2.65×
• Total profit: $833,373
• Equity at exit: $1,621,582

10-year hold

• IRR: 18.9%
• Equity multiple: 6.23×
• Total profit: $2,635,968
• Equity at exit: $3,497,002

Cash invested: $504,000 (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 11221

• Home prices YoY: 3.3%
• Rents YoY: 5.2%
• Active inventory: 211
• Price-to-rent: 58.0×

Monthly cashflow live

• Estimated rent: $10,344 medium
• Mortgage (P&I): −$9,439
• Tax from tax record: −$635 /mo · $7,625/yr
• Insurance: −$750
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,172
• Net cashflow: $-2,653

Break-even live

Break-even rent $13,702

Max offer price $1,331,328

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 4× units	7	5	$10,344
Total (4 units)			$10,344

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: $450,000
• Closing costs: $54,000
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2025-12-23
   status Pending
2. 2025-08-24
   price $1,799,999
3. 2025-04-05
   price $1,999,000
4. 2024-10-14
   listed $2,500,000 Active
5. 2005-04-20
   soldstatus $620,000
6. 2001-04-04
   soldstatus $303,000

ⓘ 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: $7,625 · $635/mo
• Projected year-2 tax: $19,022 · $1,585/mo
• Expected delta: +$11,398/yr (+$950/mo · 149.5%)

ⓘ 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 · 14 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: $124,128
• − Mortgage interest: −$100,828
• − Property taxes: −$7,625
• − Insurance: −$9,000
• − Repairs & maintenance: −$9,930
• − Management: −$9,930
• − Depreciation: −$52,364
• Taxable loss: −$65,549
• Est. tax savings @ 24.0%: +$15,732
• After-tax cash flow: $-16,105/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): 91,588
• Household income: $85,736
• Rent vs Own: 78.8% rent · 21.2% own
• Severe rent burden: 8053.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Black 37% Hispanic / Latino 32% White 20% Two or more races 15% Asian 6%
• Hispanic origin (detail): Mexican 5% Puerto Rican 9% Dominican 9%
• Common ancestry: Lithuanian 1% Romanian 1% Hispanic 1%
• Foreign-born: 27% · Canada, China, Jamaica
• Languages at home: 66% English-only · Spanish 24% Other Indo-European 3% French/Haitian/Cajun 2%

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: ▲ 18.95%
• Current HPI: 597.7817
• Rent YoY: ▲ 5.15%
• 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

+494.1% since first listed

6 events — show timeline

• 2025-12-23 Pending — BNYMLS
• 2025-08-24 Price Changed $1,799,999 BNYMLS
• 2025-04-05 Price Changed $1,999,000 BNYMLS
• 2024-10-14 Listed $2,500,000 BNYMLS
• 2005-04-20 Sold (Public Records) $620,000 Public Records
• 2001-04-04 Sold (Public Records) $303,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $7,625 · +6.9% YoY. Source: county tax records.