2925 Wallace Ave · New York, NY 10467

$749,999

6 bd · 7.0 ba · 1,778 sqft · MultiFamily public records · 61 Days on market

Built 1950 1,800 sqft lot Est $992k · 24% under

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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).

• ARV discount +15.0/15.0
• Cash flow +12.6/30.0
• Schools +5.0/10.0
• Rent growth +4.8/5.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

10467 - 2 Family Brick Attached Home in PHENOMENAL Condition conveniently located in warm and friendly Allerton/Williamsbridge residential neighborhood; Home offers Large 3 Brm Duplex Apt w/ 2.5 Bath Rooms over Walk-in Studio Apt w/ Low Rent = $700 Month-To-Month; HUGE Front Porch Completely covered with metal/aluminum Awning; Cozy Rear-Porch to Private Fenced-In Rear Yard for those fun-filled family barbeques, 1 Car Private Driveway & Garage, New Roof; New Ceramic tiled Bath rooms & Flooring; 1-3 Block Walking Distance to EVERYTHING (Shopping, Public Library, Hospital, Restaurants and Transportation: #2 Train and Buses: Bx 8,39,26 and Express Bus Bx M11 to Manhattan); WILL SELL …F. A. S. T!!!. .. ONLY $399K!!!

Key facts

• Legal 2-family home
• Bright living room
• Duplex setup

Tags

• LEGAL 2-FAMILY HOME
• SPACIOUS STUDIO LAYOUT
• DUPLEX SETUP
• BRIGHT LIVING ROOM
• DIRECT ACCESS TO BACKYARD
• LOCAL AMENITIES

Property features AI

Exterior

• Parking: Driveway; Garage; Two total parking spaces; One garage space
• Utilities: Public sewer; Natural gas available; Public trash collection
• Home design: Duplex
• Construction: Brick construction; Building area approximately 1778
• Exterior features: Brick exterior; Not waterfront; No additional parcels

Interior

• Bedrooms: One 3-bedroom unit
• Bathrooms: Three full bathrooms
• Heating & cooling: Radiant heating; Wall/window air conditioning units
• Interior features: First-floor full bathroom; No basement

🏷️ Possibly a rental listed for sale. The $749,999 price doesn't fit this home's estimated sale value (~$992,124) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $750k.

Deal economics

• At list price, monthly cash flow is $-91 ($-1k/yr) — negative. Per door: $-45/mo.
• To cash-flow at today's rent, offer at most $734k (2.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $589k (21.5% below list).
• Recommended offer: $589k (21.5% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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 (+9.2%/yr); 131 active listings in the ZIP; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $5,889/mo this rent would consume 143% of the median local household income ($49k/yr) (locally 10930% 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 $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($705k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y 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 $416k; list at $750k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $588,900 (21.5% 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 61 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.79% ✗
• Cap rate: 6.15%
• Cash-on-cash: -0.52%
• DSCR: 0.98
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $992,124
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2718 Holland Ave	0.17mi	5/2.0 (-1)	1,524 (-14%)	6mo	$850,000	$558	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.2%
• Equity multiple: 0.54×
• Total profit: $-96,371
• Equity at exit: $111,827

10-year hold

• IRR: 2.7%
• Equity multiple: 1.24×
• Total profit: $49,552
• Equity at exit: $64,846

Cash invested: $210,000 (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 10467

• Home prices YoY: -32.8%
• Rents YoY: 9.2%
• Active inventory: 131
• Price-to-rent: 21.2×

Monthly cashflow live

• Estimated rent: $5,889 medium
• Mortgage (P&I): −$3,933
• Tax from tax record: −$497 /mo · $5,970/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,237
• Net cashflow: $-91

Break-even live

Break-even rent $6,004

Max offer price $733,970

Occupancy floor 97%

Sensitivity live

Price	-10% $334	-5% $122	+0% $-91	+5% $-303	+10% $-515
Rent	-10% $-556	-5% $-323	+0% $-91	+5% $142	+10% $374
Rate	-1.0pp $287	-0.5pp $100	base $-91	+0.5pp $-285	+1.0pp $-483

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$5,888
Total (2 units)			$5,889

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: $187,500
• Closing costs: $22,500
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-05-31
   statusdays on market $749,999 Pending 61 DOM
2. 2026-03-26
   listed $749,999 Active
3. 2016-07-09
   soldstatus $415,625 Sold 739-char remark

   Show marketing remark (739 chars)

   10467 - 2 Family Brick Attached Home in PHENOMENAL Condition conveniently located in warm and friendly Allerton/Williamsbridge residential neighborhood; Home offers Large 3 Brm Duplex Apt w/ 2.5 Bath Rooms over Walk-in Studio Apt w/ Low Rent = $700 Month-To-Month; HUGE Front Porch Completely covered with metal/aluminum Awning; Cozy Rear-Porch to Private Fenced-In Rear Yard for those fun-filled family barbeques, 1 Car Private Driveway & Garage, New Roof; New Ceramic tiled Bath rooms & Flooring; 1-3 Block Walking Distance to EVERYTHING (Shopping, Public Library, Hospital, Restaurants and Transportation: #2 Train and Buses: Bx 8,39,26 and Express Bus Bx M11 to Manhattan); WILL SELL …F. A. S. T!!!. .. ONLY $399K!!!

4. 2016-07-09
   price $399,000 739-char remark

   Show marketing remark (739 chars)

   10467 - 2 Family Brick Attached Home in PHENOMENAL Condition conveniently located in warm and friendly Allerton/Williamsbridge residential neighborhood; Home offers Large 3 Brm Duplex Apt w/ 2.5 Bath Rooms over Walk-in Studio Apt w/ Low Rent = $700 Month-To-Month; HUGE Front Porch Completely covered with metal/aluminum Awning; Cozy Rear-Porch to Private Fenced-In Rear Yard for those fun-filled family barbeques, 1 Car Private Driveway & Garage, New Roof; New Ceramic tiled Bath rooms & Flooring; 1-3 Block Walking Distance to EVERYTHING (Shopping, Public Library, Hospital, Restaurants and Transportation: #2 Train and Buses: Bx 8,39,26 and Express Bus Bx M11 to Manhattan); WILL SELL …F. A. S. T!!!. .. ONLY $399K!!!

5. 2016-06-17
   soldstatus $415,625
6. 2016-05-27
   soldstatus $415,625 785-char remark

   Show marketing remark (785 chars)

   10467 - 2 Family Brick Attached Home in PHENOMENAL Condition conveniently located in warm and friendly Allerton/Williamsbridge residential neighborhood; Home offers Large 3 Brm Duplex Apt w/2.5 Bath Rooms over Walk-in Studio Apt w/Low Rent = $700 Month-To-Month; HUGE Front Porch Completely covered with metal/aluminum Awning; Cozy Rear-Porch to Private Fenced-In Rear Yard for those fun-filled family barbeques, 1 Car Private Driveway & Garage, New Roof; New Ceramic tiled Bath rooms & Flooring; 1-3 Block Walking Distance to EVERYTHING (Shopping, Public Library, Hospital, Restaurants and Transportation: #2 Train and Buses: Bx 8,39,26 and Express Bus Bx M11 to Manhattan); WILL SELL …F.A.S.T!!!... ONLY $399K!!! Additional Information: ParkingFeatures:1 Car Attached,

7. 2016-03-02
   price $415,625 739-char remark

   Show marketing remark (739 chars)

   10467 - 2 Family Brick Attached Home in PHENOMENAL Condition conveniently located in warm and friendly Allerton/Williamsbridge residential neighborhood; Home offers Large 3 Brm Duplex Apt w/ 2.5 Bath Rooms over Walk-in Studio Apt w/ Low Rent = $700 Month-To-Month; HUGE Front Porch Completely covered with metal/aluminum Awning; Cozy Rear-Porch to Private Fenced-In Rear Yard for those fun-filled family barbeques, 1 Car Private Driveway & Garage, New Roof; New Ceramic tiled Bath rooms & Flooring; 1-3 Block Walking Distance to EVERYTHING (Shopping, Public Library, Hospital, Restaurants and Transportation: #2 Train and Buses: Bx 8,39,26 and Express Bus Bx M11 to Manhattan); WILL SELL …F. A. S. T!!!. .. ONLY $399K!!!

8. 2016-02-27
   historical Pending 739-char remark

   Show marketing remark (739 chars)

   10467 - 2 Family Brick Attached Home in PHENOMENAL Condition conveniently located in warm and friendly Allerton/Williamsbridge residential neighborhood; Home offers Large 3 Brm Duplex Apt w/ 2.5 Bath Rooms over Walk-in Studio Apt w/ Low Rent = $700 Month-To-Month; HUGE Front Porch Completely covered with metal/aluminum Awning; Cozy Rear-Porch to Private Fenced-In Rear Yard for those fun-filled family barbeques, 1 Car Private Driveway & Garage, New Roof; New Ceramic tiled Bath rooms & Flooring; 1-3 Block Walking Distance to EVERYTHING (Shopping, Public Library, Hospital, Restaurants and Transportation: #2 Train and Buses: Bx 8,39,26 and Express Bus Bx M11 to Manhattan); WILL SELL …F. A. S. T!!!. .. ONLY $399K!!!

9. 2016-01-20
   listed $399,000 Active 739-char remark

   Show marketing remark (739 chars)

   10467 - 2 Family Brick Attached Home in PHENOMENAL Condition conveniently located in warm and friendly Allerton/Williamsbridge residential neighborhood; Home offers Large 3 Brm Duplex Apt w/ 2.5 Bath Rooms over Walk-in Studio Apt w/ Low Rent = $700 Month-To-Month; HUGE Front Porch Completely covered with metal/aluminum Awning; Cozy Rear-Porch to Private Fenced-In Rear Yard for those fun-filled family barbeques, 1 Car Private Driveway & Garage, New Roof; New Ceramic tiled Bath rooms & Flooring; 1-3 Block Walking Distance to EVERYTHING (Shopping, Public Library, Hospital, Restaurants and Transportation: #2 Train and Buses: Bx 8,39,26 and Express Bus Bx M11 to Manhattan); WILL SELL …F. A. S. T!!!. .. ONLY $399K!!!

10. 2016-01-19
    listed $399,000 785-char remark

    Show marketing remark (785 chars)

    10467 - 2 Family Brick Attached Home in PHENOMENAL Condition conveniently located in warm and friendly Allerton/Williamsbridge residential neighborhood; Home offers Large 3 Brm Duplex Apt w/2.5 Bath Rooms over Walk-in Studio Apt w/Low Rent = $700 Month-To-Month; HUGE Front Porch Completely covered with metal/aluminum Awning; Cozy Rear-Porch to Private Fenced-In Rear Yard for those fun-filled family barbeques, 1 Car Private Driveway & Garage, New Roof; New Ceramic tiled Bath rooms & Flooring; 1-3 Block Walking Distance to EVERYTHING (Shopping, Public Library, Hospital, Restaurants and Transportation: #2 Train and Buses: Bx 8,39,26 and Express Bus Bx M11 to Manhattan); WILL SELL …F.A.S.T!!!... ONLY $399K!!! Additional Information: ParkingFeatures:1 Car Attached,

11. 2016-01-12
    historical
12. 2015-12-22
    historical Temporarily off Market
13. 2015-11-12
    listed Active
14. 2015-11-12
    listed $425,000

ⓘ 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: $5,970 · $497/mo
• Projected year-2 tax: $9,322 · $777/mo
• Expected delta: +$3,353/yr (+$279/mo · 56.2%)

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $70,668
• − Mortgage interest: −$42,012
• − Property taxes: −$5,970
• − Insurance: −$3,750
• − Repairs & maintenance: −$5,653
• − Management: −$5,653
• − Depreciation: −$21,818
• Taxable loss: −$14,188
• Est. tax savings @ 24.0%: +$3,405
• After-tax cash flow: $2,316/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: Bronx County · 1,197,324 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 96,421
• Household income: $49,330
• Rent vs Own: 85.8% rent · 14.2% own
• Severe rent burden: 10930.0

Population outlook (Bronx County) Hauer SSP2

• Today (2025): 1,607,353 people
• By 2030: 1,681,852 · +4.6%
• By 2040: 1,824,421 · +13.5%
• By 2050: 1,945,470 · +21.0%
• By 2075: 2,187,887 · +36.1%
• By 2100: 2,244,136 · +39.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Hispanic / Latino 53% Black 28% Two or more races 11% White 9% Asian 6% Native American 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 16% Dominican 22%
• Foreign-born: 39% · Canada, Jamaica
• Languages at home: 41% English-only · Spanish 45% Other Indo-European 7% French/Haitian/Cajun 1%

Political lean MEDSL · Bronx

• 2024 margin: Solid D (+45.4) · D 72.7% · R 27.3%
• 2008→2024 swing: -32.3pp toward R · 2008: 77.8pp · 2024: 45.4pp
• All cycles: 2024: D+45.4 2020: D+67.6 2016: D+79.1 2012: D+82.9 2008: D+77.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -112.76%
• Current HPI: 231.537
• Rent YoY: ▲ 9.23%
• 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

+76.5% since first listed

13 events — show timeline

• 2026-03-26 Listed $749,999 OneKey® MLS as Distributed by MLS Grid
• 2016-07-09 Price Changed $399,000 HGMLS
• 2016-07-09 Sold (MLS) $415,625 HGMLS
• 2016-06-17 Sold (Public Records) $415,625 Public Records
• 2016-05-27 Sold (MLS) $415,625 OneKey® MLS as Distributed by MLS Grid
• 2016-03-02 Price Changed $415,625 HGMLS
• 2016-02-27 Contingent — HGMLS
• 2016-01-20 Listed $399,000 HGMLS
• 2016-01-19 Listed $399,000 OneKey® MLS as Distributed by MLS Grid
• 2016-01-12 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2015-12-22 Delisted — HGMLS
• 2015-11-12 Listed — HGMLS
• 2015-11-12 Listed $425,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+5.6%/yr

Latest (2025): $5,970 · +3.4% YoY. Source: county tax records.