1717 78th St · New York, NY 11214

$1,398,000

15 bd · 18.0 ba · 2,472 sqft · MultiFamily public records · 436 Days on market

Built 1915 2,000 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 +17.2/30.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• 1% rule +3.7/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Discover this Large Fabulous Impeccable, 3 Family Home. This home has wonderful income investment opportunities, possibly allowing you to live in your home mortgage FREE due to the other apartments that can be used to cover your expenses. Situated on a convenient block which offers access a couple steps away to local amenities, a short distance from trains and buses that can take you to New York city or anywhere else you desire, which makes it a commuter's dream. You have at your fingertips, access to parks, shopping, restaurants and schools. Allowing you to live in a community that is near it all and easily accessible to all your needs. The home features 2 apartments that were renovated 5 and 9 years ago, stainless steel appliance, while the 3rd has been well maintained and has a Retro look. All units offer a large open space w/sunlight and large closets. First floor has an entrance from the kitchen to your own beautiful large yard that offers a sanctuary space with a garden and patio, for those wonderful gatherings, you always desired allowing you to meet your entertainment needs! Along with another door to the basement offering washer/dryer hookups. The basement has a second entrance which leads to the front. This home is meticulously taken care of the electric and wiring in each apartment and electrical boxes, even windows were replaced 2 to 15 years ago. The roof is around 4 years old. Offers 4 gas and 3 electric meters, heat steam/gas. Hardwood floors, whether you are looking for a home to live in almost bill free or if you're seeking an excellent investment property that can add income to your lifestyle. This home offers endless opportunities. Two apartments are vacant.

Key facts

• Access to schools
• Renovated apartments
• Access to parks

Tags

• ACCESS TO LOCAL AMENITIES
• ACCESS TO PARKS
• ACCESS TO SHOPPING
• ACCESS TO RESTAURANTS
• ACCESS TO SCHOOLS
• RENOVATED APARTMENTS

Property features AI

Finance

• Financial info: Three-unit multifamily property

Exterior

• Parking: On-street parking
• Utilities: 220-volt electric service
• Home design: Three-story multifamily building; Approximately 2,600 total building area
• Construction: Aluminum siding, stone, and vinyl siding exterior; Listed in excellent condition; Year built: Approximate
• Exterior features: Lot approximately 0.05 acres (about 2,000 sq ft); Lot dimensions roughly 20 x 100; Zoned R5

Interior

• Bedrooms: Unit 1: 2 bedrooms (level 1); Unit 2: 1 bedroom (level 2); Unit 3: 2 bedrooms (level 3)
• Bathrooms: Total: 6 bathrooms (3 full, 3 three-quarter)
• Heating & cooling: Natural gas heating; Hot water heating
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/6.0-bath units multifamily listed at $1.40M.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $334/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 $1.22M (13.0% below list).
• Recommended offer: $1.22M (13.0% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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: Ps 186 Dr Irving A Gladstone (math 52% / reading 57%, grade C, #908 of 2,108 statewide, top 46%, 999 students, 76% FRL); Jhs 227 Edward B Shallow (math 45% / reading 52%, grade C-, #300 of 729 statewide, top 41%, 1,367 students, 88% 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 (+5.9%/yr); 334 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $12,166/mo this rent would consume 222% of the median local household income ($66k/yr) (locally 6028% 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 $10k of loan paydown is wiped out by about $42k 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 436 days — a 12% lower offer ($1.23M) 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 $70k; list at $1.40M implies a 1897% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 68% 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 $1,216,600 (13.0% below list)

Questions for the listing agent

1. It's been on market 436 days. Have you received any prior offers? Is the seller open to a 13% 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 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.87% ✗
• Cap rate: 7.15%
• Cash-on-cash: 3.07%
• DSCR: 1.14
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.87% rent growth · sell at horizon

5-year hold

• IRR: -8.6%
• Equity multiple: 0.68×
• Total profit: $-127,035
• Equity at exit: $208,446

10-year hold

• IRR: 4.0%
• Equity multiple: 1.32×
• Total profit: $126,984
• Equity at exit: $120,873

Cash invested: $391,440 (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 11214

• Rents YoY: 5.9%
• Active inventory: 334
• Price-to-rent: 28.7×

Monthly cashflow live

• Estimated rent: $12,166 medium
• Mortgage (P&I): −$7,331
• Tax from tax record: −$695 /mo · $8,343/yr
• Insurance: −$582
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,555
• Net cashflow: $1,002

Break-even live

Break-even rent $10,898

Max offer price $1,398,000

Occupancy floor 87%

Sensitivity live

Price	-10% $1,793	-5% $1,398	+0% $1,002	+5% $606	+10% $211
Rent	-10% $41	-5% $522	+0% $1,002	+5% $1,483	+10% $1,963
Rate	-1.0pp $1,706	-0.5pp $1,358	base $1,002	+0.5pp $640	+1.0pp $271

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	6	$12,165
Total (3 units)			$12,166

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: $349,500
• Closing costs: $41,940
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $1,398,000 Active 436 DOM
2. 2026-06-18
   days on market $1,398,000 Active 433 DOM
3. 2026-06-17
   days on market $1,398,000 Active 432 DOM
4. 2026-06-15
   days on market $1,398,000 Active 430 DOM
5. 2026-06-13
   days on market $1,398,000 Active 428 DOM
6. 2026-06-10
   days on market $1,398,000 Active 424 DOM
7. 2026-06-08
   days on market $1,398,000 Active 423 DOM
8. 2026-06-03
   days on market $1,398,000 Active 418 DOM
9. 2026-06-01
   days on market $1,398,000 Active 416 DOM
10. 2026-05-31
    days on market $1,398,000 Active 415 DOM
11. 2025-04-13
    listed $1,398,000 Active 1705-char remark

    Show marketing remark (1705 chars)

    Discover this Large Fabulous Impeccable, 3 Family Home. This home has wonderful income investment opportunities, possibly allowing you to live in your home mortgage FREE due to the other apartments that can be used to cover your expenses. Situated on a convenient block which offers access a couple steps away to local amenities, a short distance from trains and buses that can take you to New York city or anywhere else you desire, which makes it a commuter's dream. You have at your fingertips, access to parks, shopping, restaurants and schools. Allowing you to live in a community that is near it all and easily accessible to all your needs. The home features 2 apartments that were renovated 5 and 9 years ago, stainless steel appliance, while the 3rd has been well maintained and has a Retro look. All units offer a large open space w/sunlight and large closets. First floor has an entrance from the kitchen to your own beautiful large yard that offers a sanctuary space with a garden and patio, for those wonderful gatherings, you always desired allowing you to meet your entertainment needs! Along with another door to the basement offering washer/dryer hookups. The basement has a second entrance which leads to the front. This home is meticulously taken care of the electric and wiring in each apartment and electrical boxes, even windows were replaced 2 to 15 years ago. The roof is around 4 years old. Offers 4 gas and 3 electric meters, heat steam/gas. Hardwood floors, whether you are looking for a home to live in almost bill free or if you're seeking an excellent investment property that can add income to your lifestyle. This home offers endless opportunities. Two apartments are vacant.

12. 2025-04-11
    listed $1,398,000 Active
13. 1983-04-01
    soldstatus $70,000

ⓘ 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: $8,343 · $695/mo
• Projected year-2 tax: $15,985 · $1,332/mo
• Expected delta: +$7,641/yr (+$637/mo · 91.6%)

ⓘ 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 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 68% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $145,992
• − Mortgage interest: −$78,310
• − Property taxes: −$8,343
• − Insurance: −$6,990
• − Repairs & maintenance: −$11,679
• − Management: −$11,679
• − Depreciation: −$40,669
• Taxable loss: −$11,679
• Est. tax savings @ 24.0%: +$2,803
• After-tax cash flow: $14,828/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): 89,397
• Household income: $65,895
• Rent vs Own: 65.4% rent · 34.6% own
• Severe rent burden: 6028.0

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 0.67)
• Race & ethnicity: White 40% Asian 38% Hispanic / Latino 17% Two or more races 6% Black 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 2%
• Common ancestry: Scotch-Irish 4% Subsaharan African 3% Romanian 2%
• Foreign-born: 56% · China, Canada, Vietnam
• Languages at home: 26% English-only · Chinese 28% Russian/Polish/Slavic 15% Spanish 13%

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: ▼ -184.55%
• Current HPI: 276.0804
• Rent YoY: ▲ 5.87%
• 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

+1897.1% since first listed

3 events — show timeline

• 2025-04-13 Listed $1,398,000 BNYMLS
• 2025-04-11 Listed $1,398,000 SIBORMLS
• 1983-04-01 Sold (Public Records) $70,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $8,343 · -1.6% YoY. Source: county tax records.