550 Hart St · New York, NY 11221

$2,300,000

None bd · None ba · 5,250 sqft · MultiFamily public records · 25 Days on market

Built 1931 2,438 sqft lot

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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
• ARV discount +7.5/15.0
• Cash flow +7.4/30.0
• Schools +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +1.6/10.0
• 1% rule +1.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Excellent investment opportunity in the heart of Bushwick! This well-maintained 4-family property offers strong income-producing potential and tremendous upside in one of Brooklyn’s most sought-after neighborhoods. Conveniently located near the Central Ave M train with easy access to restaurants, shopping, parks, and nightlife. Spacious building featuring multiple residential units, high rental demand, and endless possibilities for investors or end-users alike. Ideal for portfolio expansion, value-add improvements, or long-term hold. Prime Brooklyn location with excellent transportation access and strong neighborhood growth.

Key facts

• High rental demand
• 2,438 sq ft lot
• Built 1931

Tags

• INVESTMENT OPPORTUNITY
• WELL-MAINTAINED PROPERTY
• MULTIPLE RESIDENTIAL UNITS
• HIGH RENTAL DEMAND
• PRIME BROOKLYN LOCATION
• STRONG NEIGHBORHOOD GROWTH

Property features AI

Finance

• Other: Living area reported from public records
• Financial info: Financial details not provided
• HOA & community: HOA information not provided

Exterior

• Parking: Off-street parking
• Security: Security information not provided
• Utilities: Public sewer; Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: Single family residence
• Construction: Year built not provided
• Exterior features: No waterfront; Construction materials: Other; Foundation: Other

Interior

• Kitchen: Range; Refrigerator; Stainless steel appliances
• Bedrooms: Bedrooms information not provided
• Flooring: Flooring information not provided
• Bathrooms: 6 full bathrooms
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Eat-in kitchen; Finished basement; 16 total rooms
• Laundry & utility: Washer/dryer information not provided

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $2.30M.

Deal economics

• At list price, monthly cash flow is $-3k ($-35k/yr) — negative. Per door: $-737/mo.
• To cash-flow at today's rent, offer at most $1.78M (22.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.42M (38.3% below list).
• Recommended offer: $1.42M (38.3% below list) — sets the bar for 1% rule.
• Cap rate 4.8% 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 (+5.2%/yr); 212 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $14,186/mo this rent would consume 199% of the median local household income ($86k/yr) (locally 8053% 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 $246k of equity ($16k loan paydown + $230k 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 ~$395k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($2.27M) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 22y 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 $750k; list at $2.30M implies a 207% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — 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 $1,418,600 (38.3% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
9. 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.
10. 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.
11. 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: 0.62% ✗
• Cap rate: 4.75%
• Cash-on-cash: -5.49%
• DSCR: 0.76
• GRM: 13.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 5.15% rent growth · sell at horizon

5-year hold

• IRR: 20.9%
• Equity multiple: 2.70×
• Total profit: $1,095,327
• Equity at exit: $2,072,022

10-year hold

• IRR: 19.4%
• Equity multiple: 6.34×
• Total profit: $3,440,945
• Equity at exit: $4,468,394

Cash invested: $644,000 (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 11221

• Home prices YoY: 3.3%
• Rents YoY: 5.2%
• Active inventory: 212
• Price-to-rent: 54.0×

Monthly cashflow live

• Estimated rent: $14,186 medium
• Mortgage (P&I): −$12,061
• Tax from tax record: −$1,136 /mo · $13,630/yr
• Insurance: −$958
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,979
• Net cashflow: $-2,949

Break-even live

Break-even rent $17,919

Max offer price $1,779,099

Occupancy floor —

Sensitivity live

Price	-10% $-1,647	-5% $-2,298	+0% $-2,949	+5% $-3,600	+10% $-4,251
Rent	-10% $-4,069	-5% $-3,509	+0% $-2,949	+5% $-2,388	+10% $-1,828
Rate	-1.0pp $-1,790	-0.5pp $-2,364	base $-2,949	+0.5pp $-3,545	+1.0pp $-4,151

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$14,184
Total (4 units)			$14,186

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: $575,000
• Closing costs: $69,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1679 Gates Ave Ridgewood, NY	2.0	1.0	5600	$3,600	$0.64	26d	1	1.03mi

Listing history 29 events

1. 2026-06-21
   days on market $2,300,000 Active 25 DOM
2. 2026-06-18
   days on market $2,300,000 Active 22 DOM
3. 2026-06-17
   days on market $2,300,000 Active 21 DOM
4. 2026-06-16
   days on market $2,300,000 Active 20 DOM
5. 2026-06-15
   days on market $2,300,000 Active 19 DOM
6. 2026-06-13
   days on market $2,300,000 Active 17 DOM
7. 2026-06-10
   days on market $2,300,000 Active 13 DOM
8. 2026-06-08
   days on market $2,300,000 Active 12 DOM
9. 2026-06-08
   days on market $2,300,000 Active 11 DOM
10. 2026-06-04
    days on market $2,300,000 Active 8 DOM
11. 2026-06-03
    days on market $2,300,000 Active 7 DOM
12. 2026-06-02
    days on market $2,300,000 Active 6 DOM
13. 2026-06-01
    days on market $2,300,000 Active 5 DOM
14. 2026-05-31
    days on market $2,300,000 Active 4 DOM
15. 2026-05-26
    listed $2,300,000 Active
16. 2020-04-29
    price $2,950,000
17. 2020-03-26
    historical Expired listing
18. 2020-03-19
    historical
19. 2019-08-26
    historical
20. 2019-04-03
    status Active
21. 2019-03-27
    listed $3,100,000 Active
22. 2019-03-27
    listed $2,950,000
23. 2019-03-27
    listed $3,100,000 Active
24. 2019-03-26
    listed $3,100,000 Active
25. 2006-04-18
    soldstatus $750,000
26. 2005-12-15
    listed $750,000
27. 2004-10-28
    soldstatus $558,000
28. 2004-03-12
    listed $539,000
29. 2004-03-04
    soldstatus $350,000

ⓘ 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: $13,630 · $1,136/mo
• Projected year-2 tax: $26,250 · $2,188/mo
• Expected delta: +$12,620/yr (+$1,052/mo · 92.6%)

ⓘ 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 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: $170,232
• − Mortgage interest: −$128,836
• − Property taxes: −$13,630
• − Insurance: −$11,500
• − Repairs & maintenance: −$13,619
• − Management: −$13,619
• − Depreciation: −$66,909
• Taxable loss: −$77,880
• Est. tax savings @ 24.0%: +$18,691
• After-tax cash flow: $-16,693/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): 91,588
• Household income: $85,736
• Rent vs Own: 78.8% rent · 21.2% own
• Severe rent burden: 8053.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Black 37% Hispanic / Latino 32% White 20% Two or more races 15% Asian 6%
• Hispanic origin (detail): Mexican 5% Puerto Rican 9% Dominican 9%
• Common ancestry: Lithuanian 1% Romanian 1% Hispanic 1%
• Foreign-born: 27% · Canada, China, Jamaica
• Languages at home: 66% English-only · Spanish 24% 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: ▲ 18.95%
• Current HPI: 597.7817
• Rent YoY: ▲ 5.15%
• 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

+557.1% since first listed

15 events — show timeline

• 2026-05-26 Listed $2,300,000 OneKey® MLS as Distributed by MLS Grid
• 2020-04-29 Price Changed $2,950,000 RLS at REBNY
• 2020-03-26 Delisted — RLS at REBNY
• 2020-03-19 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2019-08-26 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2019-04-03 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2019-03-27 Listed $3,100,000 RLS at REBNY
• 2019-03-27 Listed $2,950,000 RLS at REBNY
• 2019-03-27 Listed $3,100,000 RLS at REBNY
• 2019-03-26 Listed $3,100,000 OneKey® MLS as Distributed by MLS Grid
• 2006-04-18 Sold (Public Records) $750,000 Public Records
• 2005-12-15 Listed $750,000 BNYMLS
• 2004-10-28 Sold (Public Records) $558,000 Public Records
• 2004-03-12 Listed $539,000 BNYMLS
• 2004-03-04 Sold (Public Records) $350,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $13,630 · +2.3% YoY. Source: county tax records.