2580 Ocean Pkwy Unit 3P · New York, NY 11235

$295,000

1 bd · 1.0 ba · 850 sqft · Condo · 132 Days on market

Fair condition

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Why this score? — see what drove the C+ 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 +26.1/30.0
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to the Prime Gravesend area! Spacious 1-bedroom Junior-4 apartment offering approximately 850 sq. ft. (+/–) of living space. The layout includes a large living room, dining area, kitchen, spacious bedroom, and a full bathroom. The apartment features windows throughout the apartment, allowing for great natural light. Hardwood floors lie beneath the existing carpet, and the unit offers plenty of closets for excellent storage. The apartment needs TLC and will be sold in as-is condition, making it a great opportunity to renovate and customize to your taste. Low monthly maintenance of $748, including heat, gas, water, and taxes. Well-maintained building with a secure modern lobb

Key facts

• Secure modern lobby
• Fitness center
• Prime gravesend area

Tags

• PRIME GRAVESEND AREA
• HARDWOOD FLOORS
• PLENTY OF CLOSETS
• SECURE MODERN LOBBY
• LAUNDRY ROOM
• FITNESS CENTER

Property features AI

Finance

• Other: Sub-lease allowed; Pets are not allowed; Handicap access available; Co-op shares: 187
• Financial info: Financing available: Bank mortgage or cash; 10% down payment required; Flip tax applies (percentage based)
• HOA & community: Monthly maintenance fee of $748; Management company: Jalen Managment; Manager phone available

Exterior

• Security: Intercom door; Secure lobby; Resident superintendent
• Utilities: Gas; Heat; Water; Other utilities
• Home design: Residential unit; Living/dining combo on the first floor
• Exterior features: Unit located on 7th floor; Secure building entry; Building has 90 total units

Interior

• Kitchen: Stove; Refrigerator; Kitchen/dining combo on the first floor
• Bedrooms: One bedroom on the first floor
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: Central A/C; Heat (utility provided)
• Interior features: Central A/C; Elevator; Intercom door (building amenity); Secure lobby; Resident superintendent; Exercise room
• Laundry & utility: Card-operated laundry (building amenity)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $295k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $742 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $295k).
• Recommended offer: $260k (12.0% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Is 98 Bay Academy (math 96% / reading 96%, grade A+, #2 of 729 statewide, top 0%, 1,488 students, 63% 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 (+5.0%/yr); 524 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $3,520/mo this rent would consume 71% of the median local household income ($60k/yr) (locally 7823% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $83k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 132 days — a 12% lower offer ($260k) is reasonable based on typical stale-listing flexibility.

Recommended offer $259,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 132 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.19% ✓
• Cap rate: 9.31%
• Cash-on-cash: 10.78%
• DSCR: 1.48
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.04% rent growth · sell at horizon

5-year hold

• IRR: 2.1%
• Equity multiple: 1.08×
• Total profit: $6,867
• Equity at exit: $43,985

10-year hold

• IRR: 13.6%
• Equity multiple: 2.19×
• Total profit: $98,567
• Equity at exit: $25,506

Cash invested: $82,600 (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 11235

• Rents YoY: 5.0%
• Active inventory: 524
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $3,520 high
• Mortgage (P&I): −$1,547
• Tax est. 1.5%: −$369 /mo · $4,425/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$739
• Net cashflow: $742

Break-even live

Break-even rent $2,581

Max offer price $295,000

Occupancy floor 74%

Sensitivity live

Price	-10% $946	-5% $844	+0% $742	+5% $640	+10% $538
Rent	-10% $464	-5% $603	+0% $742	+5% $881	+10% $1,020
Rate	-1.0pp $890	-0.5pp $817	base $742	+0.5pp $665	+1.0pp $588

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2971 Shell Rd Unit 711 Brooklyn, NY	2.0	2.0	907	$4,200	$4.63	26d	1	0.73mi
2971 Shell Rd Unit 720 Brooklyn, NY	2.0	2.0	920	$4,100	$4.46	26d	1	0.73mi
2971 Shell Rd Unit 406 Brooklyn, NY	2.0	2.0	920	$3,550	$3.86	26d	1	0.73mi
2971 Shell Rd Unit 704 Brooklyn, NY	2.0	1.0	826	$3,950	$4.78	26d	1	0.73mi
2971 Shell Rd Unit 508 Brooklyn, NY	2.0	2.0	930	$4,099	$4.41	26d	1	0.73mi
2971 Shell Rd Unit 612 Brooklyn, NY	2.0	2.0	907	$4,150	$4.58	26d	1	0.73mi
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$3,375	$3.56	0d	8	0.74mi
2483 W 16th St Brooklyn, NY	1.0	1.0	800	$1,800	$2.25	22d	1	0.95mi
1515 Surf Ave Brooklyn, NY	1.0–2.0	1.0	706	$3,220	$4.56	0d	16	1.21mi
63 Bay 37th St Unit 1R Brooklyn, NY	2.0	1.0	900	$3,100	$3.44	26d	1	1.41mi
3000 Emmons Ave Unit 5 Brooklyn, NY	2.0	2.0	840	$4,085	$4.86	26d	1	1.49mi
3000 Emmons Ave Unit 1 Brooklyn, NY	—	1.0	536	$3,273	$6.11	26d	1	1.49mi

HOA detail condo

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

Listing history 12 events

1. 2026-06-21
   days on market $295,000 Active 132 DOM
2. 2026-06-18
   days on market $295,000 Active 129 DOM
3. 2026-06-17
   days on market $295,000 Active 128 DOM
4. 2026-06-15
   days on market $295,000 Active 126 DOM
5. 2026-06-13
   days on market $295,000 Active 124 DOM
6. 2026-06-10
   pricedays on market $295,000 Active 120 DOM
7. 2026-06-08
   days on market $319,000 Active 119 DOM
8. 2026-06-04
   days on market $319,000 Active 115 DOM
9. 2026-06-03
   days on market $319,000 Active 114 DOM
10. 2026-06-01
    days on market $319,000 Active 112 DOM
11. 2026-05-31
    days on market $319,000 Active 111 DOM
12. 2026-02-09
    listed $319,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $42,235
• − Mortgage interest: −$16,525
• − Property taxes: −$4,425
• − Insurance: −$1,475
• − Repairs & maintenance: −$3,379
• − Management: −$3,379
• − Depreciation: −$8,582
• Taxable income: $4,471
• Est. tax owed @ 24.0%: −$1,073
• After-tax cash flow: $7,829/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 · 13 photos

Fair 45/100 Moderate rehab

This property requires significant renovations, including kitchen and bathroom updates, flooring replacement, and painting, to improve its condition and value.

Repairs flagged

• Major Kitchen cabinets — Old cabinets need replacement or renovation.
• Major Bathroom fixtures — Outdated fixtures need replacement.
• Major Flooring — Carpeted floors need replacement or renovation.

Value-add opportunities

• Resale Kitchen renovation — A modern kitchen will attract more buyers and increase the property's value.
• Resale Bathroom renovation — A modern bathroom will also attract more buyers and increase the property's value.
• Both Flooring replacement — New flooring will improve the overall appearance and functionality of the living areas.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Old cabinets need replacement or renovation.	Major	$15,000–50,000
Bathroom fixtures · Outdated fixtures need replacement.	Major	$15,000–50,000
Flooring · Carpeted floors need replacement or renovation.	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Resale Kitchen renovation — A modern kitchen will attract more buyers and increase the property's value. ↑
• Resale Bathroom renovation — A modern bathroom will also attract more buyers and increase the property's value. ↑
• Both Flooring replacement — New flooring will improve the overall appearance and functionality of the living areas. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 78,558
• Household income: $59,661
• Rent vs Own: 65.2% rent · 34.8% own
• Severe rent burden: 7823.0

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 White (67%)
• Race & ethnicity: White 67% Asian 15% Two or more races 9% Hispanic / Latino 9% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Scotch-Irish 15% Subsaharan African 12% Romanian 2%
• Foreign-born: 63% · China, Canada, Vietnam
• Languages at home: 24% English-only · Russian/Polish/Slavic 48% Chinese 7% Spanish 7%

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: ▼ -181.73%
• Current HPI: 303.6714
• Rent YoY: ▲ 5.04%
• 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

1 event — show timeline

• 2026-02-09 Listed $319,000 BNYMLS