296 W 137th St Unit 296A · New York, NY 10030

$899,000

3 bd · 2.0 ba · 1,189 sqft · Condo public records · 41 Days on market

Built 1995

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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 +9.0/10.0
• Cash flow +7.6/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.7/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +1.7/10.0
• 1% rule +1.3/10.0

Listing remarks

Welcome home to 296 W 137th Street, a beautifully reimagined three-bedroom, two-bathroom residence offering refined living and a rare private backyard retreat in the heart of Harlem. This fully renovated condo seamlessly blends modern elegance with thoughtful design. Sun-filled living and dining areas provide an inviting backdrop for both everyday living and sophisticated entertaining, while high-end finishes and clean architectural lines elevate the space throughout. Step outside to your private backyard oasis. Designed with both luxury and efficiency in mind, the residence is equipped with an Energy Star-rated water heater, delivering modern comfort with sustainable performance. Perfectly

Key facts

• High-end finishes
• Built 1995
• Listed 41 days

Tags

• PRIVATE BACKYARD RETREAT
• FULLY RENOVATED CONDO
• SUN-FILLED LIVING AREAS
• HIGH-END FINISHES
• ENERGY STAR-RATED WATER HEATER
• PRIVATE OUTDOOR SPACE

Property features AI

Exterior

• Parking: Carport: none; Parking: waitlist
• Utilities: Public sewer; Natural gas connected
• Home design: Townhouse condominium; Entry level: 1; Living area reported from public records
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Kitchen: Dishwasher; Gas oven; Microwave; Stainless steel appliances
• Bedrooms: Total rooms: 7
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating; ENERGY STAR qualified equipment; Wall/window air conditioning units
• Interior features: Washer/dryer hookup; Washer/dryer hookup (entry level 1)
• Laundry & utility: Washer/dryer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $899k.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $709k (21.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $563k (37.3% below list).
• Recommended offer: $563k (37.3% below list) — sets the bar for 1% rule.
• Cap rate 4.9% 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); Mark Twain Is 239 For The Gifted And Talented (math 90% / reading 96%, grade A+, #6 of 729 statewide, top 1%, 1,207 students, 44% 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 (+8.8%/yr); 73 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $5,633/mo this rent would consume 170% of the median local household income ($40k/yr) (locally 4110% 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 $79k of equity ($6k loan paydown + $72k appreciation (8.1% local appreciation)).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$126k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($872k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $172k; list at $899k implies a 421% 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 $563,336 (37.3% 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 41 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
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: 0.63% ✗
• Cap rate: 4.86%
• Cash-on-cash: -5.12%
• DSCR: 0.77
• GRM: 13.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.05% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 17.6%
• Equity multiple: 2.33×
• Total profit: $334,074
• Equity at exit: $685,838

10-year hold

• IRR: 17.9%
• Equity multiple: 5.35×
• Total profit: $1,094,524
• Equity at exit: $1,364,103

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 10030

• Home prices YoY: 2.3%
• Rents YoY: 8.8%
• Active inventory: 73
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $5,633 high
• Mortgage (P&I): −$4,714
• Tax from tax record: −$435 /mo · $5,217/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,183
• Net cashflow: $-1,073

Break-even live

Break-even rent $6,992

Max offer price $709,371

Occupancy floor —

Sensitivity live

Price	-10% $-565	-5% $-819	+0% $-1,073	+5% $-1,328	+10% $-1,582
Rent	-10% $-1,518	-5% $-1,296	+0% $-1,073	+5% $-851	+10% $-628
Rate	-1.0pp $-621	-0.5pp $-845	base $-1,073	+0.5pp $-1,306	+1.0pp $-1,543

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 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 W 135th St Unit 9G New York, NY	3.0	2.0	1032	$5,500	$5.33	7d	1	0.17mi
132 W 134th St New York, NY	2.0	1.0	750	$4,500	$6.00	27d	1	0.28mi
52 Convent Ave Unit 30 New York, NY	3.0	2.0	1300	$7,500	$5.77	27d	1	0.48mi
230 W 126th St Unit 20C New York, NY	2.0	1.0	860	$4,555	$5.30	27d	1	0.59mi
2071 Adam Clayton Powell Junior Blvd Unit 2 New York, NY	4.0	2.0	1000	$5,995	$6.00	21d	1	0.73mi
508 Manhattan Ave Unit 2C New York, NY	3.0	1.0	800	$4,699	$5.87	14d	1	0.83mi
312 W 121st St Unit 4C New York, NY	3.0	2.0	900	$4,854	$5.39	10d	1	0.83mi
506 Manhattan Ave Unit 1A New York, NY	3.0	1.0	800	$4,699	$5.87	14d	1	0.85mi
312 W 121st St Unit 5-A New York, NY	3.0	1.0	800	$4,655	$5.82	14d	1	0.85mi
543 W 122nd St New York, NY	2.0	1.0–2.0	1057	$10,995	$10.40	4d	7	0.89mi
543 W 122nd St Unit 27C New York, NY	2.0	2.0	1313	$10,995	$8.37	12d	1	0.89mi
2413 3rd Ave Bronx, NY	1.0–3.0	1.0–2.0	857	$5,091	$5.94	1d	21	0.95mi
5 Lincoln Ave Bronx, NY	1.0–3.0	1.0–2.5	1011	$7,421	$7.34	0d	184	1.05mi
30 Morningside Dr #2096 New York, NY	1.0–2.0	1.0–2.0	780	$8,940	$11.45	1d	2	1.24mi
61 Malcolm X Blvd New York, NY	2.0	2.0	1300	$4,795	$3.69	27d	1	1.26mi
120 E 116th St Unit 3R New York, NY	4.0	2.0	1100	$4,995	$4.54	10d	1	1.34mi
1 Morningside Dr New York, NY	3.0	1.0–2.0	1655	$10,080	$6.09	0d	1	1.39mi
545 W 110th St Unit 6A New York, NY	2.0	2.0	1441	$7,500	$5.20	27d	1	1.46mi
4 W 108th St Unit 28 New York, NY	4.0	1.0	750	$5,550	$7.40	22d	1	1.50mi

HOA detail condo

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

Listing history 6 events

1. 2026-05-07
   status Pending
2. 2026-03-27
   historical
3. 2026-03-25
   listed $899,000 Active
4. 2026-01-30
   price $1,250,000
5. 2026-01-05
   listed $1,300,000 Active
6. 1994-11-18
   soldstatus $172,500

ⓘ 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: $5,217 · $435/mo
• Projected year-2 tax: $10,205 · $850/mo
• Expected delta: +$4,988/yr (+$416/mo · 95.6%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% 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 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: $67,600
• − Mortgage interest: −$50,358
• − Property taxes: −$5,217
• − Insurance: −$4,495
• − Repairs & maintenance: −$5,408
• − Management: −$5,408
• − Depreciation: −$26,153
• Taxable loss: −$29,439
• Est. tax savings @ 24.0%: +$7,065
• After-tax cash flow: $-5,816/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: New York County · 1,599,927 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 29,297
• Household income: $39,802
• Rent vs Own: 86.4% rent · 13.6% own
• Severe rent burden: 4110.0

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 0.62)
• Race & ethnicity: Black 54% Hispanic / Latino 27% White 9% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 6% Dominican 11%
• Common ancestry: Hispanic 1% Scotch-Irish 1% Romanian 1%
• Foreign-born: 27% · Canada, China, South Korea
• Languages at home: 63% English-only · Spanish 21% French/Haitian/Cajun 5% Chinese 2%

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: ▲ 8.05%
• Current HPI: 354.2971
• Rent YoY: ▲ 8.84%
• 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

+421.2% since first listed

6 events — show timeline

• 2026-05-07 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-27 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-03-25 Listed $899,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-30 Price Changed $1,250,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-05 Listed $1,300,000 OneKey® MLS as Distributed by MLS Grid
• 1994-11-18 Sold (Public Records) $172,500 Public Records

Property tax history

+14.3%/yr

Latest (2025): $5,217 · +8.8% YoY. Source: county tax records.