616 W 137th St Unit 1C · New York, NY 10031

$599,000

3 bd · 1.0 ba · 1,200 sqft · Condo · 65 Days on market

Built 1905 Fair condition ↓ 6% since listing

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Why this score? — see what drove the C 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 +20.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• 1% rule +5.5/10.0
• Schools +5.0/10.0
• Rent growth +4.2/5.0
• Appreciation +4.0/10.0
• Livability +3.8/5.0
• Condition / age +2.2/5.0

Listing remarks

Welcome to Hamilton Heights — a slice of NYC history. This 3BR/1BA HDFC co-op offers a great opportunity to create your ideal home with a flexible layout. Features include a large entry foyer with two closets, good-sized living room, separate dining area, and space for an eat-in kitchen. A spacious bathroom and closets in all bedrooms provide comfort and functionality. Enjoy a cozy private outdoor space. Well-maintained pre-war elevator building with ADA-accessible entry via exterior lift. Close to the 1 train (137th St–City College) with access to A/B/C/D lines, near City College, Columbia, Riverside Park, shopping, and dining. HDFC income restrictions apply. A rare opportunity

Key facts

• Built 1905
• Listed 64 days

Property features AI

Finance

• HOA & community: Has association; Building has elevators; Association fee includes heat, hot water, sewer, snow removal, trash, and water

Exterior

• Parking: On-street parking
• Security: Intercom (building access)
• Utilities: Sewer: none; Utilities: see remarks
• Home design: Stock cooperative; One level; Entry on first floor; 6-story building total
• Construction: Brick construction; Brick/mortar foundation; Estimated condition
• Exterior features: Near public transit; Near schools; Near shops; Not waterfront

Interior

• Kitchen: Gas oven; Gas range
• Bedrooms: First floor/Entry level
• Flooring: Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall/window air conditioning units; Heating: see remarks
• Interior features: Ceiling fans; Eat-in kitchen; Entrance foyer; Formal dining area; Intercom
• Laundry & utility: See remarks for utilities

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $599k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $835 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $599k).
• Recommended offer: $563k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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 (+6.7%/yr); 89 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $6,297/mo this rent would consume 116% of the median local household income ($65k/yr) (locally 5780% 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 (-2.1%/yr); year-one equity from $4k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-2.1% appreciation + 6.7% rent growth), your $168k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($563k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 6→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $563,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. 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?
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. 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.
10. 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.
11. 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: 1.05% ✓
• Cap rate: 7.97%
• Cash-on-cash: 5.98%
• DSCR: 1.27
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.06% appreciation · 6.67% rent growth · sell at horizon

5-year hold

• IRR: 0.6%
• Equity multiple: 1.03×
• Total profit: $4,227
• Equity at exit: $114,722

10-year hold

• IRR: 11.9%
• Equity multiple: 2.20×
• Total profit: $200,514
• Equity at exit: $96,507

Cash invested: $167,720 (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 10031

• Home prices YoY: -0.4%
• Rents YoY: 6.7%
• Active inventory: 89
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $6,297 high
• Mortgage (P&I): −$3,141
• Tax est. 1.5%: −$749 /mo · $8,985/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,322
• Net cashflow: $835

Break-even live

Break-even rent $5,240

Max offer price $599,000

Occupancy floor 82%

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
52 Convent Ave Unit 30 New York, NY	3.0	2.0	1300	$7,500	$5.77	24d	1	0.48mi
300 W 135th St Unit 9G New York, NY	3.0	2.0	1032	$5,500	$5.33	5d	1	0.56mi
543 W 122nd St Unit 27C New York, NY	2.0	2.0	1313	$10,995	$8.37	10d	1	0.76mi
543 W 122nd St New York, NY	2.0	1.0–2.0	1057	$10,995	$10.40	2d	7	0.76mi
132 W 134th St New York, NY	2.0	1.0	750	$4,500	$6.00	24d	1	0.82mi
230 W 126th St Unit 20C New York, NY	2.0	1.0	860	$4,555	$5.30	24d	1	0.87mi
508 Manhattan Ave Unit 2C New York, NY	3.0	1.0	800	$4,699	$5.87	11d	1	0.95mi
312 W 121st St Unit 4C New York, NY	3.0	2.0	900	$4,854	$5.39	8d	1	0.95mi
506 Manhattan Ave Unit 1A New York, NY	3.0	1.0	800	$4,699	$5.87	11d	1	0.96mi
100 Tower Dr Edgewater, NJ	1.0–3.0	1.0–2.5	1290	$7,540	$5.84	1d	9	0.97mi
312 W 121st St Unit 5-A New York, NY	3.0	1.0	800	$4,655	$5.82	11d	1	0.98mi
2071 Adam Clayton Powell Junior Blvd Unit 2 New York, NY	4.0	2.0	1000	$5,995	$6.00	19d	1	1.03mi
1203 River Rd Unit 6E Edgewater, NJ	2.0	2.0	1200	$3,500	$2.92	25d	1	1.18mi
30 Morningside Dr #2096 New York, NY	1.0–2.0	1.0–2.0	780	$9,000	$11.53	3d	2	1.25mi
100 River Mews Ln Edgewater, NJ	3.0	1.0–2.0	988	$5,205	$5.27	2d	1	1.27mi
545 W 110th St Unit 6A New York, NY	2.0	2.0	1441	$7,500	$5.20	24d	1	1.36mi
1 Morningside Dr New York, NY	3.0	1.0–2.0	1655	$9,980	$6.03	1d	1	1.40mi

HOA detail condo

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

Listing history 14 events

1. 2026-06-18
   days on market $599,000 Active 65 DOM
2. 2026-06-17
   days on market $599,000 Active 64 DOM
3. 2026-06-15
   days on market $599,000 Active 62 DOM
4. 2026-06-13
   days on market $599,000 Active 60 DOM
5. 2026-06-10
   days on market $599,000 Active 56 DOM
6. 2026-06-08
   days on market $599,000 Active 55 DOM
7. 2026-06-08
   days on market $599,000 Active 54 DOM
8. 2026-06-04
   days on market $599,000 Active 51 DOM
9. 2026-06-03
   days on market $599,000 Active 50 DOM
10. 2026-06-01
    days on market $599,000 Active 48 DOM
11. 2026-05-31
    days on market $599,000 Active 47 DOM
12. 2026-05-19
    price $599,000
13. 2026-04-15
    listed $635,000 Active
14. 2026-04-07
    historical $635,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 6 d/yr ≥99°F today · 13 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: $75,568
• − Mortgage interest: −$33,553
• − Property taxes: −$8,985
• − Insurance: −$2,995
• − Repairs & maintenance: −$6,045
• − Management: −$6,045
• − Depreciation: −$17,425
• Taxable income: $518
• Est. tax owed @ 24.0%: −$124
• After-tax cash flow: $9,899/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 · 12 photos

Fair 45/100 Moderate rehab

This 3-bedroom, 1-bathroom condo in Hamilton Heights requires moderate renovations, primarily focusing on the kitchen and flooring, to significantly increase its resale and rental value.

Repairs flagged

• Major kitchen appliances — Older and outdated
• Major kitchen cabinetry — Outdated and worn-out
• Major kitchen flooring — Worn-out linoleum
• Major living room flooring — Worn-out linoleum

Value-add opportunities

• Both Kitchen renovation — Modernizing the kitchen would significantly increase both resale and rental value
• Both Floor refinishing — Fresh flooring would enhance the overall appearance and value
• Both Paint touch-ups — Fresh paint would improve the home's curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · Older and outdated	Major	$15,000–50,000
kitchen cabinetry · Outdated and worn-out	Major	$15,000–50,000
kitchen flooring · Worn-out linoleum	Major	$15,000–50,000
living room flooring · Worn-out linoleum	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both Kitchen renovation — Modernizing the kitchen would significantly increase both resale and rental value ↑
• Both Floor refinishing — Fresh flooring would enhance the overall appearance and value ↑
• Both Paint touch-ups — Fresh paint would improve the home's curb appeal and value ↑

ⓘ 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): 61,058
• Household income: $65,283
• Rent vs Own: 85.9% rent · 14.1% own
• Severe rent burden: 5780.0

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: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Hispanic / Latino 49% Black 25% Two or more races 21% White 18% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4% Dominican 32%
• Common ancestry: Italian 2% Hispanic 1% Romanian 1%
• Foreign-born: 38% · Canada, China, Jamaica
• Languages at home: 47% English-only · Spanish 43% French/Haitian/Cajun 3% Other Asian/Pacific 1%

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: ▼ -2.06%
• Current HPI: 468.3156
• Rent YoY: ▲ 6.67%
• 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

-5.7% since first listed

3 events — show timeline

• 2026-05-19 Price Changed $599,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-15 Listed $635,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-07 Coming Soon $635,000 OneKey® MLS as Distributed by MLS Grid