420 Adelphi St Unit F · New York, NY 11238

$899,000

3 bd · 1.5 ba · 1,252 sqft · Condo public records · 11 Days on market

Built 1988 $822/mo HOA · 11% of rent

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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).

• Cash flow +9.2/30.0
• Appreciation +7.8/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• 1% rule +3.0/10.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0

Listing remarks

Fort Greene 3BR/1.5BA Rare Opportunity. Create a home and enjoy a spacious, sun-filled condo in the neighborhood you love. Estimated at more than 1200sf, this apartment is in estate sale condition but with a simple makeover it can quickly be transformed into a contemporary, stylish home. With a king sized primary bedroom with a half bath and walk in closet and two queen sized bedrooms with ample closet space as well, space is no issue. The open living room features two exposures making it open and airy. Just a block from the C train subway entrance and Cuyler Gore Park and steps from shopping on Fulton St and everything else Fort Greene and Clinton Hill have to offer, the location of this

Key facts

• Open living room
• Walk in closet
• Two exposures

Tags

• SPACIOUS CONDO
• KING SIZED PRIMARY BEDROOM
• WALK IN CLOSET
• OPEN LIVING ROOM
• TWO EXPOSURES
• EXCEPTIONAL LOCATION

Property features AI

Finance

• Other: 31-unit building; Pets not allowed in building
• HOA & community: Monthly association fee of $822

Exterior

• Parking: Bike storage
• Home design: 3-story building; Entry level: 1
• Exterior features: Building garden

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Interior features: Unfurnished; Total of 5 rooms
• Laundry & utility: Common on-floor laundry; Common area laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $899k.

Deal economics

• At list price, monthly cash flow is $-670 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $781k (13.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $723k (19.6% below list).
• Recommended offer: $723k (19.6% below list) — sets the bar for 1% rule.
• Cap rate 5.4% 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); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% 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 (+4.4%/yr); 146 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $7,232/mo this rent would consume 65% of the median local household income ($135k/yr) (locally 3722% 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 $56k of equity ($6k loan paydown + $50k appreciation (5.5% 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 ~$90k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $153k; list at $899k implies a 488% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $723,150 (19.6% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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. 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?
8. 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.
9. 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.
10. 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: 0.80% ✗
• Cap rate: 5.40%
• Cash-on-cash: -3.19%
• DSCR: 0.86
• GRM: 10.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.55% appreciation · 4.4% rent growth · sell at horizon

5-year hold

• IRR: 12.2%
• Equity multiple: 1.81×
• Total profit: $203,628
• Equity at exit: $539,825

10-year hold

• IRR: 13.6%
• Equity multiple: 3.63×
• Total profit: $661,969
• Equity at exit: $957,802

Cash invested: $251,720 (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 11238

• Home prices YoY: 1.5%
• Rents YoY: 4.4%
• Active inventory: 146
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $7,232 high
• Mortgage (P&I): −$4,714
• Tax from tax record: −$472 /mo · $5,662/yr
• Insurance: −$375
• HOA: −$822
• Vacancy / Maint / Mgmt: −$1,519
• Net cashflow: $-670

Break-even live

Break-even rent $8,080

Max offer price $780,645

Occupancy floor —

Sensitivity live

Price	-10% $-161	-5% $-416	+0% $-670	+5% $-924	+10% $-1,179
Rent	-10% $-1,241	-5% $-956	+0% $-670	+5% $-384	+10% $-99
Rate	-1.0pp $-217	-0.5pp $-441	base $-670	+0.5pp $-903	+1.0pp $-1,140

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
475 Clermont Ave Brooklyn, NY	2.0	1.0–2.0	807	$6,596	$8.17	0d	6	0.15mi
540 Fulton St #1729 Brooklyn, NY	3.0	1.0–2.0	750	$9,390	$12.52	26d	4	0.65mi
196 Willoughby St Brooklyn, NY	2.0	1.0–2.0	717	$7,921	$11.05	0d	7	0.70mi
451 Franklin Ave Brooklyn, NY	4.0	1.5	620	$1,270	$2.05	22d	1	0.75mi
1088 Bedford Ave Brooklyn, NY	4.0	1.0	1200	$1,190	$0.99	26d	1	0.81mi
655 Union St #1846 Brooklyn, NY	1.0–2.0	1.0–2.0	727	$7,810	$10.74	4d	2	0.86mi
214 Duffield St Brooklyn, NY	3.0	1.0–2.0	956	$7,806	$8.17	0d	1	0.89mi
167 Bergen St Unit 167 Brooklyn, NY	3.0	1.5	1640	$14,500	$8.84	26d	1	0.89mi
100 Willoughby St Brooklyn, NY	3.0	1.0–2.0	892	$8,969	$10.05	9d	1	0.92mi
343 Gold St Brooklyn, NY	3.0	1.0–2.0	903	$8,384	$9.28	6d	1	0.92mi
600 Park Pl Brooklyn, NY	4.0	1.0	610	$1,180	$1.93	22d	1	0.97mi
111 Lawrence St Brooklyn, NY	3.0	1.0–2.0	950	$6,622	$6.97	0d	22	1.01mi
61 Duffield St Unit 1 Brooklyn, NY	2.0	1.0	1200	$5,000	$4.17	26d	1	1.08mi
241 Atlantic Ave #879 Brooklyn, NY	1.0–3.0	1.0–2.0	1098	$10,710	$9.75	1d	3	1.15mi
533 Nostrand Ave Brooklyn, NY	4.0	1.0	690	$1,300	$1.88	22d	1	1.16mi
104 Rogers Ave Brooklyn, NY	4.0	2.0	550	$1,250	$2.27	22d	1	1.20mi
762 Park Pl Unit 3B Brooklyn, NY	3.0	2.0	1114	$5,400	$4.85	26d	1	1.23mi
705 Saint Marks Ave Brooklyn, NY	4.0	2.0	650	$1,100	$1.69	22d	1	1.27mi
800 Park Pl Unit 3R Brooklyn, NY	2.0	2.0	1300	$6,995	$5.38	26d	1	1.28mi
180 Montague St Brooklyn, NY	3.0	1.0–2.0	901	$7,424	$8.24	1d	12	1.31mi
141 Joralemon St #819 Brooklyn, NY	1.0–3.0	1.0–2.0	750	$8,450	$11.27	1d	3	1.36mi
1437 Pacific St Brooklyn, NY	2.0	1.0	1000	$3,200	$3.20	26d	1	1.46mi
72 Van Buren St Brooklyn, NY	4.0	1.0	544	$1,170	$2.15	7d	1	1.47mi
72 Van Buren St Brooklyn, NY	3.0	1.0	1000	$1,180	$1.18	26d	1	1.47mi

HOA detail condo

• Monthly dues: $822 · $9,864/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-21
   days on market $899,000 Active 11 DOM
2. 2026-06-18
   days on market $899,000 Active 8 DOM
3. 2026-06-17
   days on market $899,000 Active 7 DOM
4. 2026-06-16
   days on market $899,000 Active 6 DOM
5. 2026-06-15
   days on market $899,000 Active 5 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $899,000 Active 3 DOM

ⓘ 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: $5,662 · $472/mo
• Projected year-2 tax: $10,428 · $869/mo
• Expected delta: +$4,766/yr (+$397/mo · 84.2%)

ⓘ 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 7/10 Severe 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 · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $86,778
• − Mortgage interest: −$50,358
• − Property taxes: −$5,662
• − Insurance: −$4,495
• − Repairs & maintenance: −$6,942
• − Management: −$6,942
• − HOA: −$9,864
• − Depreciation: −$26,153
• Taxable loss: −$23,638
• Est. tax savings @ 24.0%: +$5,673
• After-tax cash flow: $-2,367/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: Kings County · 2,614,986 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 58,345
• Household income: $134,523
• Rent vs Own: 72.3% rent · 27.7% own
• Severe rent burden: 3722.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 47% Black 23% Hispanic / Latino 15% Two or more races 13% Asian 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Dominican 3%
• Common ancestry: Romanian 3% Slovak 2% Italian 2%
• Foreign-born: 20% · Canada, China, South Korea
• Languages at home: 79% English-only · Spanish 9% Other Indo-European 3% French/Haitian/Cajun 2%

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: ▲ 5.55%
• Current HPI: 368.1523
• Rent YoY: ▲ 4.40%
• 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

+487.6% since first listed

2 events — show timeline

• 2026-06-03 Listed $899,000 RLS at REBNY
• 1989-05-31 Sold (Public Records) $153,000 Public Records

Property tax history

+25.4%/yr

Latest (2025): $5,662 · -17.7% YoY. Source: county tax records.