56 - 60 Montgomery Ave · New York, NY 10301

$1,299,000

9 bd · 9.0 ba · 2,224 sqft · MultiFamily public records · 54 Days on market

Built 1920 6,375 sqft lot Est $907k · 43% over

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Why this score? — see what drove the F 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 +7.2/30.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +1.3/10.0
• 1% rule +0.8/10.0
• ARV discount +0.0/15.0
• 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

3 FAMILY SIDE BY SIDE 1 BR APT. CONVENIENT TO FERRY & BOROUGH HALL. EASY TO RENT.GREAT INVESTMENT PROPERTY, ALL UNITS ARE SAME

Key facts

• 6,375 sq ft lot
• Built 1920
• Listed 54 days

Property features AI

Finance

• Other: Approximate year built
• Financial info: Three-unit multifamily property; Unit rents listed: Unit 1 rent $1,800/month; Unit 3 rent $2,000/month
• HOA & community:

Exterior

• Parking: On-street parking
• Security:
• Utilities: 220-volt electric service
• Home design: Single-story building; Building area approximately 2,224 total
• Construction: Brick exterior
• Exterior features: Brick construction; Zoned R5; Lot approximately 0.15 acres with dimensions ~75' x 85'

Interior

• Kitchen:
• Bedrooms: Three 1-bedroom units (each unit has 1 bedroom)
• Flooring:
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Oil heating
• Interior features: Partially finished basement; Good property condition; Three total bathrooms
• Laundry & utility:

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1-bath units multifamily listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $-2k ($-22k/yr) — negative. Per door: $-605/mo.
• To cash-flow at today's rent, offer at most $978k (24.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $759k (41.6% below list).
• Recommended offer: $759k (41.6% below list) — sets the bar for 1% rule.
• Cap rate 4.6% 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: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Is 61 William A Morris (math 22% / reading 57%, grade F, #418 of 729 statewide, top 59%, 932 students, 84% 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 (+6.1%/yr); 265 active listings in the ZIP; solid renter incomes; 480 units permitted in Richmond County in 2024 (22 in 5+ unit buildings).
• At $7,592/mo this rent would consume 106% of the median local household income ($86k/yr) (locally 2008% 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 $9k of loan paydown is wiped out by about $39k of value loss. Plan a longer hold.
• Richmond County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($1.26M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 29y 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.
• Current owner paid $128k; list at $1.30M implies a 919% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 51% 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 $759,200 (41.6% 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 54 days. Have you received any prior offers? Is the seller open to a 42% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.58% ✗
• Cap rate: 4.62%
• Cash-on-cash: -5.99%
• DSCR: 0.73
• GRM: 14.3

CMA / ARV

• ARV (on-the-fly): $907,392
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
37 Crescent Ave	0.35mi	8/2.0 (-1)	2,205 (-1%)	10mo	$560,000	$254	54
226 Benziger Ave	0.41mi	9/4.0	2,258 (+2%)	16mo	$925,000	$410	45
65 York Ave	0.59mi	9/3.0	2,450 (+10%)	9mo	$999,888	$408	28

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 · 6.07% rent growth · sell at horizon

5-year hold

• IRR: -23.8%
• Equity multiple: 0.17×
• Total profit: $-302,588
• Equity at exit: $193,685

10-year hold

• IRR: -13.1%
• Equity multiple: 0.15×
• Total profit: $-309,218
• Equity at exit: $112,314

Cash invested: $363,720 (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 10301

• Rents YoY: 6.1%
• Active inventory: 265
• Price-to-rent: 42.8×

Monthly cashflow live

• Estimated rent: $7,592 medium
• Mortgage (P&I): −$6,812
• Tax from tax record: −$460 /mo · $5,525/yr
• Insurance: −$541
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,594
• Net cashflow: $-1,816

Break-even live

Break-even rent $9,891

Max offer price $978,187

Occupancy floor —

Sensitivity live

Price	-10% $-1,081	-5% $-1,448	+0% $-1,816	+5% $-2,184	+10% $-2,551
Rent	-10% $-2,416	-5% $-2,116	+0% $-1,816	+5% $-1,516	+10% $-1,216
Rate	-1.0pp $-1,162	-0.5pp $-1,486	base $-1,816	+0.5pp $-2,153	+1.0pp $-2,495

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$7,593
Total (3 units)			$7,592

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: $324,750
• Closing costs: $38,970
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $1,299,000 Active 54 DOM
2. 2026-06-18
   days on market $1,299,000 Active 51 DOM
3. 2026-06-17
   days on market $1,299,000 Active 50 DOM
4. 2026-06-16
   days on market $1,299,000 Active 49 DOM
5. 2026-06-15
   days on market $1,299,000 Active 48 DOM
6. 2026-06-13
   days on market $1,299,000 Active 46 DOM
7. 2026-06-10
   days on market $1,299,000 Active 42 DOM
8. 2026-06-08
   days on market $1,299,000 Active 41 DOM
9. 2026-06-08
   days on market $1,299,000 Active 40 DOM
10. 2026-06-04
    days on market $1,299,000 Active 37 DOM
11. 2026-06-03
    days on market $1,299,000 Active 36 DOM
12. 2026-06-01
    days on market $1,299,000 Active 34 DOM
13. 2026-05-31
    days on market $1,299,000 Active 33 DOM
14. 2026-04-28
    listed $1,299,000 Active
15. 2002-04-25
    historical
16. 1999-01-25
    soldstatus $127,500
17. 1998-12-07
    soldstatus $120,000 130-char remark

    Show marketing remark (130 chars)

    3 FAMILY SIDE BY SIDE 1 BR APT. CONVENIENT TO FERRY & BOROUGH HALL. EASY TO RENT.GREAT INVESTMENT PROPERTY, ALL UNITS ARE SAME

18. 1998-03-09
    listed $129,000 130-char remark

    Show marketing remark (130 chars)

    3 FAMILY SIDE BY SIDE 1 BR APT. CONVENIENT TO FERRY & BOROUGH HALL. EASY TO RENT.GREAT INVESTMENT PROPERTY, ALL UNITS ARE SAME

19. 1997-03-04
    listed $142,500
20. 1986-12-31
    soldstatus $123,000

ⓘ 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: $5,525 · $460/mo
• Projected year-2 tax: $13,739 · $1,145/mo
• Expected delta: +$8,214/yr (+$685/mo · 148.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 51% 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: $91,104
• − Mortgage interest: −$72,764
• − Property taxes: −$5,525
• − Insurance: −$6,495
• − Repairs & maintenance: −$7,288
• − Management: −$7,288
• − Depreciation: −$37,789
• Taxable loss: −$46,046
• Est. tax savings @ 24.0%: +$11,051
• After-tax cash flow: $-10,742/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: Richmond County · 404,174 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 41,052
• Household income: $85,609
• Rent vs Own: 54.2% rent · 45.8% own
• Severe rent burden: 2008.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 482,784 people
• By 2030: 481,831 · -0.2%
• By 2040: 473,159 · -2.0%
• By 2050: 457,242 · -5.3%
• By 2075: 408,029 · -15.5%
• By 2100: 341,459 · -29.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 37% Hispanic / Latino 29% Black 23% Two or more races 16% Asian 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 10% Cuban 2% Dominican 6%
• Common ancestry: Romanian 3% Scotch-Irish 2% Italian 1%
• Foreign-born: 22% · Canada, China, Jamaica
• Languages at home: 68% English-only · Spanish 16% Other Indo-European 5% Russian/Polish/Slavic 3%

Political lean MEDSL · Richmond

• 2024 margin: Strong R (+29.8) · D 35.1% · R 64.9%
• 2008→2024 swing: -25.7pp toward R · 2008: -4.0pp · 2024: -29.8pp
• All cycles: 2024: R+29.8 2020: R+14.9 2016: R+16.8 2012: D+0.8 2008: R+4.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -407.37%
• Current HPI: 319.0616
• Rent YoY: ▲ 6.07%
• 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

+956.1% since first listed

7 events — show timeline

• 2026-04-28 Listed $1,299,000 SIBORMLS
• 2002-04-25 Listing Removed — SIBORMLS
• 1999-01-25 Sold (Public Records) $127,500 Public Records
• 1998-12-07 Sold (MLS) $120,000 SIBORMLS
• 1998-03-09 Listed $129,000 SIBORMLS
• 1997-03-04 Listed $142,500 SIBORMLS
• 1986-12-31 Sold (Public Records) $123,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $5,525 · +6.0% YoY. Source: county tax records.