487 Hancock St · New York, NY 11233

$1,795,000

None bd · None ba · 3,096 sqft · MultiFamily public records · 21 Days on market

Built 1899 1,799 sqft lot Est $1653k · 9% over

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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
• Cash flow +7.3/30.0
• Schools +5.0/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• ARV discount +3.6/15.0
• Condition / age +2.5/5.0
• DSCR +1.4/10.0
• 1% rule +0.7/10.0

Multi-family units

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

Listing remarks

JUST LISTED! SPACIOUS 6 BEDROOM, 3.5 BATH MULTI-FAMILY HOME IN BROOKLYN NY 11233! This LARGE PROPERTY offers excellent SPACE and FLEXIBILITY with a well-designed LAYOUT across multiple levels. Suitable for a variety of living arrangements, the home provides both COMFORT and PRACTICALITY in a sought-after BROOKLYN LOCATION. The interior features BRIGHT ROOMS with NATURAL LIGHT, a MODERN KITCHEN with STAINLESS-STEEL APPLIANCES, AMPLE CABINET SPACE, and UPDATED SYSTEMS INCLUDING NEW PLUMBING. The BEDROOMS are generously sized, supporting a variety of living configurations. A SEMI-FINISHED BASEMENT provides additional usable space for STORAGE, RECREATION, or other needs. The PRIVATE BACKYARD of

Key facts

• Updated systems
• New plumbing
• Well designed layout

Tags

• WELL DESIGNED LAYOUT
• MODERN KITCHEN
• STAINLESS STEEL APPLIANCES
• AMPLE CABINET SPACE
• UPDATED SYSTEMS
• NEW PLUMBING

Property features AI

Exterior

• Parking: No carport; No dedicated parking
• Utilities: Public sewer; Cable available; Electricity available; Natural gas available
• Home design: Triplex
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Heating & cooling: Wall/Window air conditioning; Natural gas heating; Other heating
• Interior features: Basement is partially finished; Other interior features

What this means for you Summary

Snapshot

• This is a multifamily listed at $1.79M.

Deal economics

• At list price, monthly cash flow is $-2k ($-29k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.37M (23.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.03M (42.6% below list).
• Recommended offer: $1.03M (42.6% below list) — sets the bar for 1% rule.
• Cap rate 4.7% 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 (+6.4%/yr); 152 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $10,301/mo this rent would consume 198% of the median local household income ($62k/yr) (locally 6960% 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 $192k of equity ($12k loan paydown + $180k 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 ~$308k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($1.77M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.
• 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 $1,030,100 (42.6% 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. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.57% ✗
• Cap rate: 4.67%
• Cash-on-cash: -5.79%
• DSCR: 0.74
• GRM: 14.5

CMA / ARV

• ARV (on-the-fly): $1,653,264
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
536 Monroe St	0.18mi	7/4.0	3,120 (+1%)	17mo	$2,100,000	$673	76
251 Stuyvesant Ave	0.23mi	7/4.0	3,200 (+3%)	9mo	$1,710,000	$534	76
688 Putnam Ave	0.14mi	8/4.0	2,690 (-13%)	0mo	$2,120,000	$788	71
484 Monroe St	0.20mi	7/3.0	3,040 (-2%)	21mo	$1,455,000	$479	70
380 Monroe St	0.40mi	—/—	3,236 (+4%)	9mo	$1,920,000	$593	67
246 Hancock St	0.53mi	4/4.0	3,300 (+7%)	5mo	$1,600,000	$485	60
408 Madison St	0.32mi	—/4.0	2,700 (-13%)	7mo	$1,300,000	$481	58
677 Macon St	0.62mi	6/2.5	3,368 (+9%)	19mo	$1,800,000	$534	41

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 · 6.44% rent growth · sell at horizon

5-year hold

• IRR: 20.9%
• Equity multiple: 2.71×
• Total profit: $859,078
• Equity at exit: $1,617,078

10-year hold

• IRR: 19.6%
• Equity multiple: 6.44×
• Total profit: $2,735,303
• Equity at exit: $3,487,290

Cash invested: $502,600 (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 11233

• Home prices YoY: 2.9%
• Rents YoY: 6.4%
• Active inventory: 152
• Price-to-rent: 87.1×

Monthly cashflow live

• Estimated rent: $10,301 high
• Mortgage (P&I): −$9,413
• Tax from tax record: −$401 /mo · $4,817/yr
• Insurance: −$748
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,163
• Net cashflow: $-2,425

Break-even live

Break-even rent $13,370

Max offer price $1,366,661

Occupancy floor —

Sensitivity live

Price	-10% $-1,409	-5% $-1,917	+0% $-2,425	+5% $-2,933	+10% $-3,441
Rent	-10% $-3,239	-5% $-2,832	+0% $-2,425	+5% $-2,018	+10% $-1,611
Rate	-1.0pp $-1,521	-0.5pp $-1,968	base $-2,425	+0.5pp $-2,890	+1.0pp $-3,363

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

Units	Beds	Baths	Est. rent
▸ 6× units	3	1.5	$10,302
Total (6 units)			$10,301

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: $448,750
• Closing costs: $53,850
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1644 Atlantic Ave Unit 3 Brooklyn, NY	2.0	1.0	3040	$2,850	$0.94	25d	1	0.45mi
1135 Eastern Pkwy Brooklyn, NY	2.0	1.0	4412	$2,997	$0.68	25d	1	1.06mi

Listing history 5 events

1. 2026-05-06
   status Pending
2. 2026-04-15
   listed $1,795,000 Active
3. 2026-03-14
   price $1,950,000
4. 2026-01-27
   price $2,199,000
5. 2022-11-16
   price $1,699,000

ⓘ 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: $4,817 · $401/mo
• Projected year-2 tax: $17,576 · $1,465/mo
• Expected delta: +$12,759/yr (+$1,063/mo · 264.9%)

ⓘ 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $123,612
• − Mortgage interest: −$100,548
• − Property taxes: −$4,817
• − Insurance: −$8,975
• − Repairs & maintenance: −$9,889
• − Management: −$9,889
• − Depreciation: −$52,218
• Taxable loss: −$62,724
• Est. tax savings @ 24.0%: +$15,054
• After-tax cash flow: $-14,043/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): 81,822
• Household income: $62,411
• Rent vs Own: 76.3% rent · 23.7% own
• Severe rent burden: 6960.0

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: Predominantly Black (65%)
• Race & ethnicity: Black 65% Hispanic / Latino 16% White 12% Two or more races 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 5% Dominican 5%
• Common ancestry: Hispanic 1% Romanian 1% Lithuanian 1%
• Foreign-born: 25% · Canada, Mexico, China
• Languages at home: 80% English-only · Spanish 12% French/Haitian/Cajun 3% Other Indo-European 1%

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: ▲ 18.31%
• Current HPI: 645.4828
• Rent YoY: ▲ 6.44%
• 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

+5.7% since first listed

5 events — show timeline

• 2026-05-06 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-15 Listed $1,795,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-14 Price Changed $1,950,000 BNYMLS
• 2026-01-27 Price Changed $2,199,000 BNYMLS
• 2022-11-16 Price Changed $1,699,000 BNYMLS

Property tax history

+5.8%/yr

Latest (2025): $4,817 · +3.3% YoY. Source: county tax records.