446 Harman St · New York, NY 11237

$924,900

None bd · None ba · 3,240 sqft · MultiFamily public records · 22 Days on market

Built 1901 2,000 sqft lot Est $1594k · 42% under

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Why this score? — see what drove the A- 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 +25.9/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +8.7/10.0
• 1% rule +5.9/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This property is located in the heart of Bushwick, Brooklyn. This is a prime value-add opportunity for investors looking to renovate and customize to their vision. Ideal for seasoned investors seeking rental income potential or long-term appreciation. Conveniently located near major bus lines, subway access, local parks, and neighborhood amenities. The building is presently occupied, and no rental income is being collected. It is being sold AS IS, subject to existing occupancy and any/all ECB and HPD violations. MLS Approve- No Financial provided due to no source of income

Key facts

• Subway access
• Near major bus lines
• Local parks

Tags

• PRIME VALUE-ADD OPPORTUNITY
• NEAR MAJOR BUS LINES
• SUBWAY ACCESS
• LOCAL PARKS
• NEIGHBORHOOD AMENITIES

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Con-Edison electric service; Public sewer; Electricity available
• Home design: Duplex
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront; No additional parcels

Interior

• Heating & cooling: Oil heating; No central cooling
• Interior features: Partial basement; Other interior features

What this means for you Summary

Snapshot

• This is a multifamily listed at $925k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $925k).
• Recommended offer: $911k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% 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 (+4.8%/yr); 56 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $10,049/mo this rent would consume 142% of the median local household income ($85k/yr) (locally 4577% 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 $99k of equity ($6k loan paydown + $92k appreciation (10.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 4.8% rent growth), your $259k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$159k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($911k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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 $175k; list at $925k implies a 429% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 40% 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 $911,026 (1.5% below list)

Questions for the listing agent

1. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 9.26%
• Cash-on-cash: 10.60%
• DSCR: 1.47
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $1,594,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16-91 Linden St	0.26mi	6/3.0	3,240 (0%)	4mo	$1,635,000	$505	84
474 Suydam St	0.33mi	7/3.0	3,200 (-1%)	1mo	$1,670,000	$522	81
248 Saint Nicholas Ave	0.12mi	11/3.0	3,300 (+2%)	14mo	$1,625,000	$492	80
16-16 Putnam Ave	0.49mi	5/3.0	3,120 (-4%)	3mo	$1,750,000	$561	68
994 Hart St	0.25mi	6/3.0	3,640 (+12%)	3mo	$2,220,000	$610	65
1220 Greene Ave	0.59mi	7/2.0	3,324 (+3%)	4mo	$1,220,000	$367	65
716 Woodward Ave	0.56mi	—/—	3,500 (+8%)	2mo	$1,650,000	$471	59
1234 Madison St	0.60mi	7/3.0	3,000 (-7%)	3mo	$1,192,000	$397	57
1285 Putnam Ave	0.70mi	5/3.0	2,850 (-12%)	3mo	$1,100,000	$386	45
2128 Rene Ct	0.73mi	1/1.0	2,886 (-11%)	6mo	$1,030,000	$357	42
1287 Putnam Ave	0.69mi	5/3.0	2,850 (-12%)	9mo	$1,100,000	$386	40
2135 Menahan St	0.70mi	7/5.0	2,760 (-15%)	4mo	$1,450,000	$525	39

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 · 4.78% rent growth · sell at horizon

5-year hold

• IRR: 32.8%
• Equity multiple: 3.58×
• Total profit: $667,395
• Equity at exit: $833,223

10-year hold

• IRR: 28.8%
• Equity multiple: 8.30×
• Total profit: $1,890,178
• Equity at exit: $1,796,877

Cash invested: $258,972 (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 11237

• Home prices YoY: 3.1%
• Rents YoY: 4.8%
• Active inventory: 56
• Price-to-rent: 23.0×

Monthly cashflow live

• Estimated rent: $10,049 high
• Mortgage (P&I): −$4,850
• Tax from tax record: −$416 /mo · $4,993/yr
• Insurance: −$385
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,110
• Net cashflow: $2,287

Break-even live

Break-even rent $7,154

Max offer price $924,900

Occupancy floor 72%

Sensitivity live

Price	-10% $2,811	-5% $2,549	+0% $2,287	+5% $2,025	+10% $1,763
Rent	-10% $1,493	-5% $1,890	+0% $2,287	+5% $2,684	+10% $3,081
Rate	-1.0pp $2,753	-0.5pp $2,522	base $2,287	+0.5pp $2,047	+1.0pp $1,803

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$10,050
Total (3 units)			$10,049

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: $231,225
• Closing costs: $27,747
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1720 Menahan St Ridgewood, NY	3.0	1.0	3252	$3,500	$1.08	25d	1	0.25mi
1823 Menahan St Ridgewood, NY	2.0	1.0	2650	$3,600	$1.36	22d	1	0.34mi
7-87 Woodward Ave Unit 1L Ridgewood, NY	2.0	1.0	3400	$3,200	$0.94	0d	1	0.66mi
60-88 67th Ave Unit 2 Flushing, NY	3.0	1.0	3540	$3,750	$1.06	3d	1	1.01mi
60-08 78th Ave Unit 2 Glendale, NY	3.0	1.0	2200	$3,099	$1.41	5d	1	1.16mi
69-46 64th St Unit 2R Flushing, NY	1.0	1.0	3000	$2,600	$0.87	5d	1	1.18mi
7215 62nd St Glendale, NY	2.0	1.0	3000	$2,400	$0.80	22d	1	1.22mi
6906 66th Pl Glendale, NY	3.0	2.5	2308	$5,900	$2.56	3d	1	1.41mi

Listing history 10 events

1. 2026-05-06
   listed $924,900 Active
2. 2026-05-04
   price $924,900 583-char remark

   Show marketing remark (583 chars)

   This property is located in the heart of Bushwick, Brooklyn. This is a prime value-add opportunity for investors looking to renovate and customize to their vision. Ideal for seasoned investors seeking rental income potential or long-term appreciation. Conveniently located near major bus lines, subway access, local parks, and neighborhood amenities. The building is presently occupied, and no rental income is being collected. It is being sold AS IS, subject to existing occupancy and any/all ECB and HPD violations. MLS Approve- No Financial provided due to no source of income

3. 2026-04-07
   price $959,900 583-char remark

   Show marketing remark (583 chars)

   This property is located in the heart of Bushwick, Brooklyn. This is a prime value-add opportunity for investors looking to renovate and customize to their vision. Ideal for seasoned investors seeking rental income potential or long-term appreciation. Conveniently located near major bus lines, subway access, local parks, and neighborhood amenities. The building is presently occupied, and no rental income is being collected. It is being sold AS IS, subject to existing occupancy and any/all ECB and HPD violations. MLS Approve- No Financial provided due to no source of income

4. 2026-03-12
   price $999,900 583-char remark

   Show marketing remark (583 chars)

   This property is located in the heart of Bushwick, Brooklyn. This is a prime value-add opportunity for investors looking to renovate and customize to their vision. Ideal for seasoned investors seeking rental income potential or long-term appreciation. Conveniently located near major bus lines, subway access, local parks, and neighborhood amenities. The building is presently occupied, and no rental income is being collected. It is being sold AS IS, subject to existing occupancy and any/all ECB and HPD violations. MLS Approve- No Financial provided due to no source of income

5. 2026-02-15
   price $1,039,900 583-char remark

   Show marketing remark (583 chars)

   This property is located in the heart of Bushwick, Brooklyn. This is a prime value-add opportunity for investors looking to renovate and customize to their vision. Ideal for seasoned investors seeking rental income potential or long-term appreciation. Conveniently located near major bus lines, subway access, local parks, and neighborhood amenities. The building is presently occupied, and no rental income is being collected. It is being sold AS IS, subject to existing occupancy and any/all ECB and HPD violations. MLS Approve- No Financial provided due to no source of income

6. 2026-02-13
   listed $1,039,000 Active 583-char remark

   Show marketing remark (583 chars)

   This property is located in the heart of Bushwick, Brooklyn. This is a prime value-add opportunity for investors looking to renovate and customize to their vision. Ideal for seasoned investors seeking rental income potential or long-term appreciation. Conveniently located near major bus lines, subway access, local parks, and neighborhood amenities. The building is presently occupied, and no rental income is being collected. It is being sold AS IS, subject to existing occupancy and any/all ECB and HPD violations. MLS Approve- No Financial provided due to no source of income

7. 2013-10-15
   historical
8. 2013-10-08
   listed $325,000 New
9. 1995-08-29
   soldstatus $175,000
10. 1986-09-19
    soldstatus $95,000

ⓘ 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: $4,993 · $416/mo
• Projected year-2 tax: $10,312 · $859/mo
• Expected delta: +$5,319/yr (+$443/mo · 106.5%)

ⓘ 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 40% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $120,588
• − Mortgage interest: −$51,809
• − Property taxes: −$4,993
• − Insurance: −$4,624
• − Repairs & maintenance: −$9,647
• − Management: −$9,647
• − Depreciation: −$26,906
• Taxable income: $12,961
• Est. tax owed @ 24.0%: −$3,111
• After-tax cash flow: $24,333/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): 45,334
• Household income: $85,196
• Rent vs Own: 87.8% rent · 12.2% own
• Severe rent burden: 4577.0

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 0.65)
• Race & ethnicity: Hispanic / Latino 52% White 26% Two or more races 17% Black 10% Asian 7% Native American 2%
• Hispanic origin (detail): Mexican 9% Puerto Rican 15% Cuban 1% Dominican 9%
• Common ancestry: Romanian 2% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 33% · Canada, China, Jamaica
• Languages at home: 48% English-only · Spanish 41% Chinese 3% Other Indo-European 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: ▲ 14.38%
• Current HPI: 481.1869
• Rent YoY: ▲ 4.78%
• 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

+873.6% since first listed

10 events — show timeline

• 2026-05-06 Listed $924,900 OneKey® MLS as Distributed by MLS Grid
• 2026-05-04 Price Changed $924,900 BNYMLS
• 2026-04-07 Price Changed $959,900 BNYMLS
• 2026-03-12 Price Changed $999,900 BNYMLS
• 2026-02-15 Price Changed $1,039,900 BNYMLS
• 2026-02-13 Listed $1,039,000 BNYMLS
• 2013-10-15 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2013-10-08 Listed $325,000 OneKey® MLS as Distributed by MLS Grid
• 1995-08-29 Sold (Public Records) $175,000 Public Records
• 1986-09-19 Sold (Public Records) $95,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $4,993 · +3.3% YoY. Source: county tax records.