533 Underhill Ave · New York, NY 10473

$349,000

4 bd · 3.0 ba · 1,292 sqft · MultiFamily public records · 231 Days on market

Built 1950 2,500 sqft lot

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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 +29.7/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

"Drive by only, " do not disturb tenants. This is short sale, needs third party approval, please send to [email protected]. Please do not disturb tenants and the house is being sold "as is. " The property has multiple violations. Buyer's be aware. Due diligence is adviced.

Key facts

• 2,500 sq ft lot
• 3 parking spots
• Built 1950

Property features AI

Exterior

• Parking: 3-space carport; Driveway
• Utilities: Public sewer; Water available
• Home design: Single family residence
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Other appliances
• Bedrooms: Bedrooms included in the 7 total rooms
• Bathrooms: 3 full bathrooms
• Heating & cooling: Electric cooling; Other heating
• Interior features: Finished basement; Attic with pull-down stairs; 7 total rooms; Other interior features
• Laundry & utility: Washer/dryer details not provided

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $349k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $349k).
• Recommended offer: $307k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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: 141 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $4,412/mo this rent would consume 101% of the median local household income ($52k/yr) (locally 3913% 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.
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 231 days — a 12% lower offer ($307k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 17y 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 1950 — 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 $307,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 231 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.26% ✓
• Cap rate: 10.67%
• Cash-on-cash: 15.64%
• DSCR: 1.70
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $701,556
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
421 Leland Ave	0.18mi	5/2.0 (+1)	1,326 (+3%)	12mo	$720,000	$543	68
1999 Gildersleeve Ave	0.60mi	4/2.0	1,400 (+8%)	22mo	$690,000	$493	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 6.4%
• Equity multiple: 1.25×
• Total profit: $24,517
• Equity at exit: $52,037

10-year hold

• IRR: 15.8%
• Equity multiple: 2.29×
• Total profit: $125,583
• Equity at exit: $30,175

Cash invested: $97,720 (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 10473

• Active inventory: 141
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $4,412 medium
• Mortgage (P&I): −$1,830
• Tax from tax record: −$236 /mo · $2,836/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$927
• Net cashflow: $1,274

Break-even live

Break-even rent $2,800

Max offer price $349,000

Occupancy floor 66%

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
620 Rosedale Ave Bronx, NY	3.0	1.0	1053	$3,643	$3.46	24d	1	0.36mi
7 Dune Ct Unit 1 Bronx, NY	4.0	2.5	1600	$4,300	$2.69	24d	1	0.51mi

Listing history 38 events

1. 2026-06-18
   days on market $349,000 Active 231 DOM
2. 2026-06-17
   days on market $349,000 Active 230 DOM
3. 2026-06-15
   days on market $349,000 Active 228 DOM
4. 2026-06-13
   days on market $349,000 Active 226 DOM
5. 2026-06-10
   days on market $349,000 Active 222 DOM
6. 2026-06-08
   days on market $349,000 Active 221 DOM
7. 2026-06-04
   days on market $349,000 Active 217 DOM
8. 2026-06-03
   days on market $349,000 Active 216 DOM
9. 2026-06-01
   days on market $349,000 Active 214 DOM
10. 2026-05-31
    days on market $349,000 Active 213 DOM
11. 2025-10-30
    listed $349,000 Active
12. 2025-09-18
    historical
13. 2025-09-17
    status Active
14. 2025-06-19
    status Pending
15. 2025-04-14
    price $579,999
16. 2025-03-20
    price $599,000
17. 2025-03-02
    price $499,999
18. 2025-02-18
    listed $399,999 Active
19. 2025-01-14
    historical
20. 2024-02-01
    listed $439,000 Active
21. 2022-11-10
    status Pending
22. 2022-10-20
    historical
23. 2022-10-20
    historical
24. 2022-10-08
    listed $399,999 Active
25. 2019-11-19
    historical
26. 2019-04-19
    price $495,000
27. 2019-04-19
    price $440,000
28. 2019-04-10
    status Price Change
29. 2019-04-10
    price $495,000
30. 2019-01-30
    status Under Contract
31. 2019-01-15
    listed $265,500 New
32. 2019-01-05
    historical
33. 2018-01-05
    listed $400,000 New
34. 2011-01-12
    soldstatus $350,000
35. 2009-12-05
    historical
36. 2009-09-24
    historical
37. 2009-09-02
    listed
38. 2009-09-02
    listed

ⓘ 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: $2,836 · $236/mo
• Projected year-2 tax: $4,367 · $364/mo
• Expected delta: +$1,531/yr (+$128/mo · 54.0%)

ⓘ 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 · 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: $52,947
• − Mortgage interest: −$19,549
• − Property taxes: −$2,836
• − Insurance: −$1,745
• − Repairs & maintenance: −$4,236
• − Management: −$4,236
• − Depreciation: −$10,153
• Taxable income: $10,193
• Est. tax owed @ 24.0%: −$2,446
• After-tax cash flow: $12,839/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: Bronx County · 1,197,324 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 58,855
• Household income: $52,462
• Rent vs Own: 71.4% rent · 28.6% own
• Severe rent burden: 3913.0

Population outlook (Bronx County) Hauer SSP2

• Today (2025): 1,607,353 people
• By 2030: 1,681,852 · +4.6%
• By 2040: 1,824,421 · +13.5%
• By 2050: 1,945,470 · +21.0%
• By 2075: 2,187,887 · +36.1%
• By 2100: 2,244,136 · +39.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (59%)
• Race & ethnicity: Hispanic / Latino 59% Black 34% Two or more races 12% Asian 2% White 2%
• Hispanic origin (detail): Puerto Rican 31% Dominican 20%
• Common ancestry: British 1%
• Foreign-born: 23% · Canada, Jamaica
• Languages at home: 51% English-only · Spanish 45% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Bronx

• 2024 margin: Solid D (+45.4) · D 72.7% · R 27.3%
• 2008→2024 swing: -32.3pp toward R · 2008: 77.8pp · 2024: 45.4pp
• All cycles: 2024: D+45.4 2020: D+67.6 2016: D+79.1 2012: D+82.9 2008: D+77.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -212.70%
• Current HPI: 276.2941
• Rent YoY: —
• 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

-0.3% since first listed

28 events — show timeline

• 2025-10-30 Listed $349,000 OneKey® MLS as Distributed by MLS Grid
• 2025-09-18 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-09-17 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-06-19 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-04-14 Price Changed $579,999 OneKey® MLS as Distributed by MLS Grid
• 2025-03-20 Price Changed $599,000 OneKey® MLS as Distributed by MLS Grid
• 2025-03-02 Price Changed $499,999 OneKey® MLS as Distributed by MLS Grid
• 2025-02-18 Listed $399,999 OneKey® MLS as Distributed by MLS Grid
• 2025-01-14 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-02-01 Listed $439,000 OneKey® MLS as Distributed by MLS Grid
• 2022-11-10 Pending — OneKey® MLS as Distributed by MLS Grid
• 2022-10-20 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2022-10-20 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2022-10-08 Listed $399,999 OneKey® MLS as Distributed by MLS Grid
• 2019-11-19 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2019-04-19 Price Changed $495,000 OneKey® MLS as Distributed by MLS Grid
• 2019-04-19 Price Changed $440,000 OneKey® MLS as Distributed by MLS Grid
• 2019-04-10 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2019-04-10 Price Changed $495,000 OneKey® MLS as Distributed by MLS Grid
• 2019-01-30 Pending — OneKey® MLS as Distributed by MLS Grid
• 2019-01-15 Listed $265,500 OneKey® MLS as Distributed by MLS Grid
• 2019-01-05 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2018-01-05 Listed $400,000 OneKey® MLS as Distributed by MLS Grid
• 2011-01-12 Sold (Public Records) $350,000 Public Records
• 2009-12-05 Delisted — HGMLS
• 2009-09-24 Delisted — HGMLS
• 2009-09-02 Listed — HGMLS
• 2009-09-02 Listed — HGMLS

Property tax history

-0.1%/yr

Latest (2025): $2,836 · -46.8% YoY. Source: county tax records.