301 E 48th St Unit 2C · New York, NY 10017

$725,000

2 bd · 1.0 ba · 1,024 sqft · Condo · 43 Days on market

Built 1964 Excellent condition ↓ 9% since listing

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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).

• ARV discount +7.5/15.0
• Appreciation +6.7/10.0
• Cash flow +6.0/30.0
• Schools +5.0/10.0
• 1% rule +4.9/10.0
• Condition / age +4.8/5.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• DSCR +0.3/10.0

Listing remarks

Welcome to a rare opportunity to create a home that reflects your style—not someone else’s renovation choices. This oversized Junior 4 / potential two-bedroom apartment offers over 1,000 square feet of space, incredible layout flexibility, maintenance below $2000, and the kind of storage that feels nearly impossible to find in Manhattan. While everyone else is complaining about tiny closets, this apartment delivers THREE walk-in closets, a pantry and a coat closet—giving you room to actually live. The space is bright, functional, and full of potential for a buyer with vision. Some listing photos have been virtually renovated to help showcase possible design ideas and moder

Key facts

• Abundance of closets
• 24-hour doorman
• Entry foyer

Tags

• SUNKEN LIVING ROOM
• HIGH CEILINGS
• ENTRY FOYER
• ABUNDANCE OF CLOSETS
• FULL-SERVICE BUILDING
• 24-HOUR DOORMAN

Property features AI

Finance

• Financial info: Additional monthly assessment: $475.90
• HOA & community: Door attendant; Elevator(s); Live-in superintendent; Roof deck; Monthly assessment fee

Exterior

• Parking: Garage; Underground parking
• Security: Building security; Fire alarm; Fire sprinkler system; Video cameras
• Utilities: Public sewer; Cable available; Electricity available; Natural gas available; Sewer connected; Water connected
• Home design: Stock cooperative; One level; Located on the second floor; Part of a 20-story building
• Construction: Construction materials: Other/Unknown; Foundation: Other
• Exterior features: Corner lot; No waterfront

Interior

• Kitchen: Convection oven; Cooktop; Gas cooktop; Gas range; Dishwasher; Refrigerator; Stainless steel appliances
• Bedrooms: Located on entry level 2
• Flooring: Carpet; Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Entrance foyer; Galley kitchen; Granite counters; High ceilings; Walk-in closet(s); Basement storage space; Six total rooms
• Laundry & utility: Common area laundry; In basement; Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $725k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-1k ($-18k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $717k (1.1% below list).
• Recommended offer: $703k (3.0% below list) — sets the bar for market timing.
• Cap rate 4.0% 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 (+6.2%/yr); 264 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $7,172/mo this rent would consume 63% of the median local household income ($137k/yr) (locally 2167% 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 $30k of equity ($5k loan paydown + $25k appreciation (3.4% local appreciation)).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($703k) is reasonable based on typical stale-listing flexibility.
• 3 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; HOA is 29% of rent.
• Climate carrying-cost: severe flood risk; 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 $703,250 (3.0% 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 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
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: 0.99% ✗
• Cap rate: 3.97%
• Cash-on-cash: -8.28%
• DSCR: 0.63
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.38% appreciation · 6.16% rent growth · sell at horizon

5-year hold

• IRR: 2.8%
• Equity multiple: 1.17×
• Total profit: $33,591
• Equity at exit: $341,738

10-year hold

• IRR: 8.0%
• Equity multiple: 2.35×
• Total profit: $274,352
• Equity at exit: $539,244

Cash invested: $203,000 (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 10017

• Home prices YoY: 1.1%
• Rents YoY: 6.2%
• Active inventory: 264
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $7,172 high
• Mortgage (P&I): −$3,802
• Tax est. 1.5%: −$906 /mo · $10,875/yr
• Insurance: −$302
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA est. from 1 same-building comp: −$2,057
• Vacancy / Maint / Mgmt: −$1,506
• Net cashflow: $-1,468

Break-even live

Break-even rent $9,030

Max offer price $512,605

Occupancy floor —

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: $181,250
• Closing costs: $21,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
250 E 49th St Unit 4A New York, NY	1.0	1.0	802	$6,400	$7.98	25d	1	0.04mi
220 E 49th St Unit 1021974P New York, NY	2.0	1.0	742	$5,190	$6.99	15d	1	0.09mi
300 E 51st St New York, NY	2.0	1.0–2.0	875	$7,930	$9.06	3d	3	0.11mi
340 E 51st St New York, NY	2.0	1.0–2.0	791	$7,630	$9.65	4d	3	0.12mi
323 E 51st St Unit 1024750P New York, NY	2.0–4.0	2.0–3.5	2093	$21,945	$10.48	8d	2	0.14mi
300-302 E 46th St Unit 12J New York, NY	3.0	1.0	900	$8,000	$8.89	5d	1	0.14mi
300 E 46th St New York, NY	2.0–3.0	1.0	716	$4,300	$6.00	25d	2	0.14mi
160 E 48th St New York, NY	3.0	1.0–2.0	878	$8,572	$9.76	4d	9	0.17mi
250 E 53rd St #403 New York, NY	1.0	1.0	823	$5,850	$7.11	25d	1	0.21mi
138 E 50th St New York, NY	2.0	2.0–2.5	1432	$13,650	$9.53	25d	1	0.21mi
135 E 47th St Unit 22F New York, NY	1.0	1.0	700	$7,500	$10.71	22d	1	0.21mi
279 E 44th St #894 New York, NY	1.0	1.0	950	$7,190	$7.57	6d	1	0.22mi
959 1st Ave Unit 6X New York, NY	1.0	1.0	739	$6,000	$8.12	25d	1	0.23mi
230 E 44th St #2165 New York, NY	1.0–2.0	1.0	568	$5,320	$9.36	25d	2	0.25mi
420 E 54th St New York, NY	3.0	1.0–2.5	1104	$10,299	$9.32	1d	14	0.31mi
303 Park Ave #2203 New York, NY	1.0	1.5	796	$13,500	$16.96	8d	1	0.32mi
303 Park Ave #2321 New York, NY	1.0	1.5	808	$14,500	$17.95	8d	1	0.32mi
412 E 55th St New York, NY	1.0	1.0	767	$5,250	$6.84	25d	1	0.36mi
500 E 54th St Unit 601 New York, NY	3.0	2.0	860	$7,390	$8.59	8d	1	0.37mi
300 E 57th St #1714 New York, NY	1.0	1.0	820	$5,800	$7.07	21d	1	0.40mi
400 E 57th St New York, NY	1.0–2.0	1.0–2.0	1436	$6,595	$4.59	25d	3	0.42mi
400 E 57th St #2106 New York, NY	2.0	1.0–2.0	903	$8,590	$9.51	4d	3	0.43mi
227 E 57th St Unit 14C New York, NY	1.0	1.0	780	$4,750	$6.09	25d	1	0.43mi
150 E 57th St New York, NY	5.0	1.0–7.5	2750	$15,738	$5.72	2d	5	0.44mi
685 1st Ave Unit 1321817P New York, NY	2.0	2.0	1367	$17,447	$12.76	22d	1	0.47mi
222 E 39th St New York, NY	1.0–4.0	1.0–2.0	1100	$6,850	$6.23	6d	19	0.51mi
222 E 39th St New York, NY	1.0–4.0	1.0–2.0	1100	$6,783	$6.17	25d	18	0.51mi
222 E 39th St New York, NY	1.0–4.0	1.0–2.0	1100	$6,783	$6.17	21d	19	0.51mi
222 E 39th St New York, NY	4.0	1.0–2.0	1100	$6,972	$6.34	10d	19	0.51mi
222 E 39th St New York, NY	1.0–4.0	1.0–2.0	1100	$6,133	$5.58	3d	20	0.51mi
117 E 57th St New York, NY	1.0	1.0	732	$5,975	$8.16	5d	2	0.52mi
138 E 38th St New York, NY	3.0	1.0–2.0	750	$6,420	$8.56	25d	4	0.58mi
415 E 37th St Unit 36A New York, NY	2.0	2.0	1210	$8,700	$7.19	25d	1	0.59mi
252 E 61st St #638 New York, NY	1.0	1.0	666	$5,530	$8.30	2d	2	0.60mi
15 W 55th St #736 New York, NY	2.0–3.0	1.0–2.0	1250	$8,550	$6.84	2d	2	0.67mi
41 Park Ave New York, NY	2.0	1.0–2.0	815	$8,170	$10.02	8d	3	0.69mi
40 W 55th St Unit 5D New York, NY	2.0	2.5	1070	$6,500	$6.07	25d	1	0.70mi
220 E 63rd St #567 New York, NY	1.0	1.0	800	$6,460	$8.07	21d	1	0.70mi
70 W 45th St #1131 New York, NY	1.0–2.0	1.0–2.0	902	$8,370	$9.27	8d	2	0.71mi
40-44 E 61st St Unit 15B New York, NY	2.0	2.0	1200	$15,000	$12.50	15d	1	0.71mi

HOA detail condo

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

Listing history 23 events

1. 2026-06-18
   days on market $725,000 Active 43 DOM
2. 2026-06-17
   days on market $725,000 Active 42 DOM
3. 2026-06-16
   days on market $725,000 Active 41 DOM
4. 2026-06-15
   days on market $725,000 Active 40 DOM
5. 2026-06-13
   days on market $725,000 Active 38 DOM
6. 2026-06-10
   days on market $725,000 Active 34 DOM
7. 2026-06-08
   days on market $725,000 Active 33 DOM
8. 2026-06-08
   days on market $725,000 Active 32 DOM
9. 2026-06-04
   days on market $725,000 Active 29 DOM
10. 2026-06-03
    days on market $725,000 Active 28 DOM
11. 2026-06-01
    days on market $725,000 Active 26 DOM
12. 2026-05-31
    days on market $725,000 Active 25 DOM
13. 2026-05-06
    listed $725,000 Active
14. 2026-01-03
    historical
15. 2025-10-02
    listed $748,000 Active
16. 2025-09-15
    historical
17. 2025-08-01
    price $748,000
18. 2025-06-30
    price $782,000
19. 2025-06-17
    price $784,000
20. 2025-04-18
    price $789,000
21. 2025-02-22
    price $794,000
22. 2025-01-23
    listed $799,000 Active
23. 2025-01-23
    historical

ⓘ 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 8/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 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: $86,065
• − Mortgage interest: −$40,611
• − Property taxes: −$10,875
• − Insurance: −$4,422
• − Repairs & maintenance: −$6,885
• − Management: −$6,885
• − HOA: −$24,684
• − Depreciation: −$21,091
• Taxable loss: −$29,389
• Est. tax savings @ 24.0%: +$7,053
• After-tax cash flow: $-10,560/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.

Condition & rehab AI · 6 photos

Excellent 95/100 None rehab

This property is in excellent condition with a modern and well-maintained interior. It offers a great opportunity for a buyer with vision to make it their own. Consider painting the exterior and landscaping to enhance curb appeal and adding smart home technology for a modern touch.

Value-add opportunities

• Both Painting the exterior and landscaping — Enhances curb appeal and can increase both resale and rental value.
• Resale Upgrading the kitchen backsplash — Modernizes the kitchen and adds visual interest.
• Both Adding a smart home system — Improves convenience and can increase both resale and rental value.
• Resale Upgrading the flooring in the bathrooms — Modernizes the bathrooms and adds value to the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and landscaping — Enhances curb appeal and can increase both resale and rental value. ↑
• Resale Upgrading the kitchen backsplash — Modernizes the kitchen and adds visual interest. ↑
• Both Adding a smart home system — Improves convenience and can increase both resale and rental value. ↑
• Resale Upgrading the flooring in the bathrooms — Modernizes the bathrooms and adds value to the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 15,297
• Household income: $136,705
• Rent vs Own: 68.2% rent · 31.8% own
• Severe rent burden: 2167.0

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: Predominantly White (66%)
• Race & ethnicity: White 66% Asian 18% Two or more races 7% Hispanic / Latino 4% Black 3%
• Common ancestry: Romanian 8% Scotch-Irish 5% Italian 4%
• Foreign-born: 32% · Canada, China, Jamaica
• Languages at home: 76% English-only · Other Indo-European 6% Spanish 5% French/Haitian/Cajun 4%

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: ▲ 3.38%
• Current HPI: 303.3659
• Rent YoY: ▲ 6.16%
• 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

-9.3% since first listed

11 events — show timeline

• 2026-05-06 Listed $725,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-03 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-10-02 Listed $748,000 OneKey® MLS as Distributed by MLS Grid
• 2025-09-15 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-08-01 Price Changed $748,000 OneKey® MLS as Distributed by MLS Grid
• 2025-06-30 Price Changed $782,000 OneKey® MLS as Distributed by MLS Grid
• 2025-06-17 Price Changed $784,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-18 Price Changed $789,000 OneKey® MLS as Distributed by MLS Grid
• 2025-02-22 Price Changed $794,000 OneKey® MLS as Distributed by MLS Grid
• 2025-01-23 Listed $799,000 OneKey® MLS as Distributed by MLS Grid
• 2025-01-23 Coming Soon — OneKey® MLS as Distributed by MLS Grid