1203 8th Ave · New York, NY 11215

$2,400,000

16 bd · 8.0 ba · 6,712 sqft · MultiFamily · 77 Days on market

Built 1920 Fair condition 2,494 sqft lot $358/sqft · 51% below area

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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).

• Appreciation +10.0/10.0
• Schools +8.1/10.0
• ARV discount +7.5/15.0
• Rent growth +3.9/5.0
• Livability +3.8/5.0
• Cash flow +3.6/30.0
• Condition / age +2.2/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks

A rare opportunity to acquire this multifamily, rent stabilized, building in one of Brooklyn's most sought after neighborhoods, just moments from Prospect Park. Surrounded by beloved restaurants, neighborhood shops, convenient subway access, and a nearby movie theater, this prime Park Slope location offers an exceptional lifestyle and enduring investment appeal. Spanning approximately 6,611 square feet, the property is configured as eight spacious five-room apartments across four stories. Additional features include a large full basement with windows, front and rear access, and a private rear yard.

Key facts

• Park slope location
• Private rear yard
• Multifamily building

Tags

• MULTIFAMILY BUILDING
• PARK SLOPE LOCATION
• FULL BASEMENT WITH WINDOWS
• PRIVATE REAR YARD

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/?-bath units multifamily listed at $2.40M. Condition is rated fair.
• This rent per unit is only 15% of the median local income ($186k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Deal economics

• At list price, monthly cash flow is $-7k ($-86k/yr) — negative. Per door: $-1k/mo.
• To cash-flow at today's rent, offer at most $1.36M (43.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.19M (50.3% below list).
• Recommended offer: $1.19M (50.3% below list) — sets the bar for 1% rule.

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); Ms 51 William Alexander (math 67% / reading 92%, grade A+, #32 of 729 statewide, top 5%, 1,026 students, 61% 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 (+5.7%/yr); 349 active listings in the ZIP; high-income renter base; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).

Forward outlook

• In year one you build about $257k of equity ($17k loan paydown + $240k appreciation (10.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$412k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($2.26M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,193,500 (50.3% 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 77 days. Have you received any prior offers? Is the seller open to a 50% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
6. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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?
12. 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.
13. 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.
14. 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: 0.50% ✗
• Cap rate: 2.71%
• Cash-on-cash: -12.78%
• DSCR: 0.43
• GRM: 16.8

CMA / ARV

• ARV (median comp): $4,947,316
• List price: $2,400,000
• Delta: -51.49%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
543 49th St	1.94mi	16/8.0	6,348 (-5%)	5mo	$1,480,000	$233	52
248 New York Ave #8	1.82mi	17/8.0 (+1)	7,984 (+19%)	26mo	$999,000	$125	15
122 Vanderbilt Ave Unit 7b	2.16mi	15/9.0 (-1)	4,813 (-28%)	25mo	$1,695,000	$352	11
418 44 St	1.78mi	14/6.0 (-2)	5,625 (-16%)	40mo	$1,050,000	$187	2

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

Projected returns pro-forma

10.0% appreciation · 5.67% rent growth · sell at horizon

5-year hold

• IRR: 15.9%
• Equity multiple: 2.32×
• Total profit: $884,355
• Equity at exit: $2,162,110

10-year hold

• IRR: 15.8%
• Equity multiple: 5.52×
• Total profit: $3,037,522
• Equity at exit: $4,662,672

Cash invested: $672,000 (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 →

Active competition Active MLS

• For sale now: 5 active
• Median asking: $3,995,000 ($726/sqft)
• Median days on market: 28 d
• This list price: 40% of active listings are priced below it
• ARV vs active asking: +1.5% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 11215

• Home prices YoY: 2.7%
• Rents YoY: 5.7%
• Active inventory: 349
• Price-to-rent: 83.8×

Monthly cashflow live

• Estimated rent: $11,935 high
• Mortgage (P&I): −$12,586
• Tax est. 1.5%: −$3,000 /mo · $36,000/yr
• Insurance: −$1,000
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,506
• Net cashflow: $-7,157

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

Units	Beds	Baths	Est. rent
▸ 5× units	3	—	$11,935
Total (5 units)			$11,935

Break-even live

Break-even rent $20,995

Max offer price $1,364,340

Occupancy floor —

Sensitivity live

Price	-10% $-5,499	-5% $-6,328	+0% $-7,157	+5% $-7,987	+10% $-8,816
Rent	-10% $-8,100	-5% $-7,629	+0% $-7,157	+5% $-6,686	+10% $-6,214
Rate	-1.0pp $-5,949	-0.5pp $-6,547	base $-7,157	+0.5pp $-7,779	+1.0pp $-8,412

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: $600,000
• Closing costs: $72,000
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
566 7th St Unit 16L Brooklyn, NY	3.0	1.0	1000	$5,000	$5.00	35d	1	0.25mi
404 5th St Brooklyn, NY	4.0	2.0	—	$1,190	—	120d	1	0.46mi
404 5th St Brooklyn, NY	4.0	2.0	660	$1,270	$1.92	64d	1	0.46mi
132 17th St Unit 5 Brooklyn, NY	3.0	1.0	850	$2,700	$3.18	120d	1	0.75mi
688 Union St Brooklyn, NY	4.0	1.0	605	$1,280	$2.12	12d	1	0.85mi
655 Union St #1846 Brooklyn, NY	1.0–2.0	1.0–2.0	727	$11,370	$15.63	0d	2	0.95mi
54 Crown St Apt 907 Brooklyn, NY	2.0	2.0	—	$5,220	—	28d	1	1.11mi
54 Crown St Unit 1237 Brooklyn, NY	2.0	2.0	—	$6,185	—	120d	1	1.12mi
54 Crown St Unit 438 Brooklyn, NY	2.0	2.0	—	$5,765	—	120d	1	1.12mi
54 Crown St Unit 1108 Brooklyn, NY	2.0	2.0	—	$6,485	—	120d	1	1.13mi
54 Crown St Unit 222 Brooklyn, NY	2.0	2.0	—	$5,490	—	120d	1	1.13mi
54 Crown St Unit 339 Brooklyn, NY	2.0	2.0	—	$5,630	—	120d	1	1.13mi
152 Parkside Ave Unit 4H Brooklyn, NY	2.0	1.0	—	$3,395	—	120d	1	1.15mi
152 Parkside Ave Brooklyn, NY	2.0	1.0	—	$3,495	—	120d	1	1.15mi
152 Parkside Ave Unit 4L Brooklyn, NY	2.0	1.0	—	$3,500	—	67d	1	1.15mi
152 Parkside Ave Brooklyn, NY	2.0	1.0	—	$3,500	—	65d	1	1.15mi
886 Franklin Ave Unit 2LL Brooklyn, NY	3.0	1.0	—	$3,929	—	35d	1	1.19mi
886 Franklin Ave Unit 2R Brooklyn, NY	2.0	1.0	—	$3,895	—	7d	1	1.19mi
886 Franklin Ave Brooklyn, NY	2.0	1.0	—	$3,895	—	120d	1	1.19mi
10 Westminster Rd Brooklyn, NY	4.0	2.5	562	$1,340	$2.38	12d	1	1.22mi
1014 Carroll St Unit 3B Brooklyn, NY	4.0	2.0	—	$5,400	—	56d	1	1.26mi
3322 12th Ave Brooklyn, NY	2.0	1.0	—	$3,100	—	120d	1	1.26mi
1030 Carroll St Brooklyn, NY	2.0	1.0	—	$3,286	—	120d	1	1.28mi
1042 President St Unit 3H Brooklyn, NY	2.0	1.0	—	$3,760	—	120d	1	1.30mi
1042 President St Unit 3A Brooklyn, NY	2.0	1.0	—	$3,941	—	120d	1	1.30mi
1042 President St Unit 2F Brooklyn, NY	2.0	1.0	—	$3,937	—	120d	1	1.30mi
1042 President St Unit 6F Brooklyn, NY	2.0	1.0	—	$3,840	—	120d	1	1.30mi
1042 President St Unit 7B Brooklyn, NY	2.0	1.0	—	$4,491	—	120d	1	1.30mi
1042 President St Brooklyn, NY	2.0	1.0	—	$3,938	—	3d	1	1.30mi
1042 President St Brooklyn, NY	2.0	1.0	—	$4,492	—	19d	1	1.30mi
22 Tehama St Unit 2 Fl Brooklyn, NY	2.0	1.0	700	$2,980	$4.26	120d	1	1.32mi
22 Tehama St Unit 1 Brooklyn, NY	3.0	1.5	2800	$4,500	$1.61	40d	1	1.32mi
743 Church Ave Unit 2E Brooklyn, NY	2.0	1.0	—	$3,000	—	100d	1	1.32mi
743 Church Ave Brooklyn, NY	2.0	1.0	—	$3,000	—	120d	1	1.32mi
102 Dahill Rd Brooklyn, NY	2.0	1.0	—	$2,600	—	71d	1	1.33mi
776 Franklin Ave Brooklyn, NY	2.0	1.0	—	$4,200	—	120d	1	1.34mi
776 Franklin Ave Unit 2A Brooklyn, NY	2.0	1.0	—	$4,200	—	56d	1	1.34mi
33 Lenox Rd Brooklyn, NY	4.0	3.0	647	$1,170	$1.81	98d	1	1.38mi
33 Lenox Rd Brooklyn, NY	4.0	3.0	597	$1,220	$2.04	20d	1	1.38mi
33 Lenox Rd Brooklyn, NY	4.0	1.0	161	$1,230	$7.64	88d	1	1.38mi

Property features AI

Finance

• Financial info: No pets allowed in building

Exterior

• Home design: 4-story buildingEntry level is 1
• Construction: Green building
• Exterior features: Property has a viewLot roughly 25.5 x 97.83 feet

Interior

• Bedrooms: 8 total residential units (unit-level bedroom counts not specified)
• Bathrooms: 8 full bathrooms
• Interior features: UnfurnishedSmoke-free property
• Laundry & utility: Laundry details: see remarks

Listing history 50 events

1. 2026-08-31
   days on market $2,400,000 Active 77 DOM
2. 2026-08-29
   days on market $2,400,000 Active 75 DOM
3. 2026-08-28
   days on market $2,400,000 Active 74 DOM
4. 2026-08-27
   days on market $2,400,000 Active 73 DOM
5. 2026-08-25
   days on market $2,400,000 Active 71 DOM
6. 2026-08-24
   days on market $2,400,000 Active 70 DOM
7. 2026-08-23
   days on market $2,400,000 Active 69 DOM
8. 2026-08-22
   days on market $2,400,000 Active 68 DOM
9. 2026-08-21
   days on market $2,400,000 Active 67 DOM
10. 2026-08-20
    days on market $2,400,000 Active 66 DOM
11. 2026-08-19
    days on market $2,400,000 Active 65 DOM
12. 2026-08-17
    days on market $2,400,000 Active 63 DOM
13. 2026-08-16
    days on market $2,400,000 Active 62 DOM
14. 2026-08-15
    days on market $2,400,000 Active 60 DOM
15. 2026-08-13
    days on market $2,400,000 Active 59 DOM
16. 2026-08-11
    days on market $2,400,000 Active 57 DOM
17. 2026-08-10
    days on market $2,400,000 Active 56 DOM
18. 2026-08-09
    days on market $2,400,000 Active 55 DOM
19. 2026-08-06
    days on market $2,400,000 Active 52 DOM
20. 2026-08-05
    days on market $2,400,000 Active 51 DOM
21. 2026-08-04
    days on market $2,400,000 Active 50 DOM
22. 2026-08-03
    days on market $2,400,000 Active 49 DOM
23. 2026-07-31
    days on market $2,400,000 Active 46 DOM
24. 2026-07-30
    pricedays on market $2,400,000 Active 45 DOM
25. 2026-07-30
    days on market $2,500,000 Active 44 DOM
26. 2026-07-26
    days on market $2,500,000 Active 41 DOM
27. 2026-07-24
    days on market $2,500,000 Active 39 DOM
28. 2026-07-23
    days on market $2,500,000 Active 38 DOM
29. 2026-07-22
    days on market $2,500,000 Active 37 DOM
30. 2026-07-21
    days on market $2,500,000 Active 36 DOM
31. 2026-07-20
    days on market $2,500,000 Active 35 DOM
32. 2026-07-18
    days on market $2,500,000 Active 33 DOM
33. 2026-07-18
    days on market $2,500,000 Active 32 DOM
34. 2026-07-16
    days on market $2,500,000 Active 31 DOM
35. 2026-07-15
    days on market $2,500,000 Active 30 DOM
36. 2026-07-14
    days on market $2,500,000 Active 29 DOM
37. 2026-07-14
    days on market $2,500,000 Active 28 DOM
38. 2026-07-13
    days on market $2,500,000 Active 27 DOM
39. 2026-07-11
    days on market $2,500,000 Active 26 DOM
40. 2026-07-10
    days on market $2,500,000 Active 25 DOM
41. 2026-07-09
    days on market $2,500,000 Active 24 DOM
42. 2026-07-07
    days on market $2,500,000 Active 22 DOM
43. 2026-07-06
    days on market $2,500,000 Active 21 DOM
44. 2026-07-05
    days on market $2,500,000 Active 19 DOM
45. 2026-07-03
    days on market $2,500,000 Active 18 DOM
46. 2026-07-02
    days on market $2,500,000 Active 17 DOM
47. 2026-07-01
    days on market $2,500,000 Active 16 DOM
48. 2026-06-30
    days on market $2,500,000 Active 15 DOM
49. 2026-06-29
    days on market $2,500,000 Active 14 DOM
50. 2026-06-28
    days on market $2,500,000 Active 13 DOM

ⓘ 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 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% 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: $143,220
• − Mortgage interest: −$134,437
• − Property taxes: −$36,000
• − Insurance: −$12,000
• − Repairs & maintenance: −$11,458
• − Management: −$11,458
• − Depreciation: −$69,818
• Taxable loss: −$131,951
• Est. tax savings @ 24.0%: +$31,668
• After-tax cash flow: $-54,218/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 · 8 photos

Fair 45/100 Moderate rehab Est. rehab $167,800–$302,040 screening

This multifamily property requires moderate renovations to update kitchens and bathrooms, and paint interior walls. The property has average condition and could benefit from updates to increase its value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of updating
• Minor bathroom fixtures — standard fixtures
• Minor flooring — tiled floors in need of fresh paint

Value-add opportunities

• Both update kitchen cabinets and flooring — enhances both resale and rental appeal ↑
• Both update bathrooms with modern fixtures — improves both resale and rental appeal ↑
• Both paint interior walls — enhances both resale and rental appeal ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

A Composite school gradezoned avg 81/100

Zoned Schools

Elementary Ps 107 John W Kimball A+ NY #45/2,108 Nat'l #214/41,679 High High School Of Sports Management B+ NY #665/1,100 Nat'l #1,809/17,239

Schools (NCES district)

No district data.

B Composite livability gradescore 75/100

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 · 2,847,441 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 70,441
• Household income: $185,865
• Rent vs Own: 57.7% rent · 42.3% own
• Severe rent burden: 8% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 15% Two or more races 11% Asian 9% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Romanian 5% Scotch-Irish 5% Italian 3%
• Foreign-born: 18% · Canada, China, Jamaica
• Languages at home: 76% English-only · Spanish 9% Other Indo-European 4% Chinese 2%

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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: ▲ 11.03%
• Current HPI: 417.4151
• Rent YoY: ▲ 5.67%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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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

Property features AI

Finance

• Financial info: No pets allowed in building

Exterior

• Home design: 4-story buildingEntry level is 1
• Construction: Green building
• Exterior features: Property has a viewLot roughly 25.5 x 97.83 feet

Interior

• Bedrooms: 8 total residential units (unit-level bedroom counts not specified)
• Bathrooms: 8 full bathrooms
• Interior features: UnfurnishedSmoke-free property
• Laundry & utility: Laundry details: see remarks

Price history

+8.7% since first listed

2 events — show timeline

• 2026-06-16 Price Changed $2,500,000 RLS at REBNY
• 2026-06-15 Listed $2,300,000 RLS at REBNY