640 W 231 St Unit 5D · New York, NY 10463

$370,000

2 bd · 2.0 ba · 1,200 sqft · Condo · 281 Days on market

Built 1953

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Why this score? — see what drove the F 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 +7.5/15.0
• Cash flow +5.7/30.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• 1% rule +4.7/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +0.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome Home to This Bright and Spacious 2-Bedroom, 2-Bath Co-op in Central Riverdale! Make your way to your new home - a sun-drenched 2-bedroom, 2-bath residence located on the 5th floor of The Fairfield, a well-maintained co-operative in the heart of Riverdale. As you enter, you're greeted by a generous foyer, perfect for a reading nook or home office setup. From there, step into a large living and dining area featuring a wall of windows that flood the space with natural light, creating a warm and inviting ambiance. The windowed eat-in kitchen offers plenty of potential for updates, with two sets of windows and ample cabinet space to meet all your culinary needs. The primary bedroom boasts dual exposures and a beautifully renovated, windowed en-suite bathroom. The second bedroom is also spacious and inviting, with enough room for a full-size bed and a desk, making it ideal for a guest room or work-from-home setup. A second full bathroom, also recently renovated, provides natural light and ventilation through its own window. Additional Features: Freshly painted interiors Excellent closet space Abundant natural light with multiple exposures A great layout offering flexibility and comfort Location, Location, Location! Situated in the desirable Fairfield co-op, this pet-friendly building offers a peaceful, park-like setting while being just minutes from all the conveniences of central Riverdale. Enjoy easy access to: Metro-North shuttle stop Bx10, BxM1, and BxM2 buses to Midtown Manhattan Local favorites including Starbucks, CVS, Rite Aid, Key Food, and a variety of restaurants and shops Don't miss this opportunity to own a light-filled, centrally located home that blends modern comfort with urban convenience. Schedule a viewing today and experience the best of Riverdale living!

Key facts

• Dual exposures
• Built 1953
• Listed 281 days

Tags

• LARGE LIVING AND DINING AREA
• WINDOWED EAT-IN KITCHEN
• DUAL EXPOSURES
• EXCELLENT CLOSET SPACE
• ABUNDANT NATURAL LIGHT
• PET-FRIENDLY BUILDING

Property features AI

Exterior

• Parking: No carport
• Utilities: Public sewer; Utilities: see remarks
• Home design: Stock cooperative
• Construction: Built year not provided
• Exterior features: Not waterfront; Construction materials: Other; Foundation: Other

Interior

• Kitchen: Dishwasher
• Bedrooms: 4 total rooms (bedroom count not specified)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Radiant heating; Wall/window air conditioning units
• Interior features: Other interior features; Dogs allowed (with number limit)
• Laundry & utility: Basement (full) — may contain utility/laundry space

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $370k.

Deal economics

• At list price, monthly cash flow is $-762 ($-9k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $358k (3.3% below list).
• Recommended offer: $326k (12.0% below list) — sets the bar for market timing.
• Cap rate 3.8% 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.
• Market conditions: Rents rising fast (+11.6%/yr); 342 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $3,578/mo this rent would consume 57% of the median local household income ($75k/yr) (locally 5586% 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 $3k of loan paydown is wiped out by about $11k 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 281 days — a 12% lower offer ($326k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 13y 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 $235k; list at $370k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent; built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $325,600 (12.0% 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 281 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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. 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?
11. 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.
12. 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.
13. 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: 0.97% ✗
• Cap rate: 3.82%
• Cash-on-cash: -8.83%
• DSCR: 0.61
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -23.6%
• Equity multiple: 0.14×
• Total profit: $-88,895
• Equity at exit: $55,168

10-year hold

• IRR: -5.9%
• Equity multiple: 0.51×
• Total profit: $-51,043
• Equity at exit: $31,991

Cash invested: $103,600 (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 10463

• Rents YoY: 11.6%
• Active inventory: 342
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $3,578 medium
• Mortgage (P&I): −$1,940
• Tax est. 1.5%: −$462 /mo · $5,550/yr
• Insurance: −$154
• HOA est. from 1 same-building comp: −$1,032
• Vacancy / Maint / Mgmt: −$751
• Net cashflow: $-762

Break-even live

Break-even rent $4,543

Max offer price $259,723

Occupancy floor —

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: $92,500
• Closing costs: $11,100
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2600 Netherland Ave Bronx, NY	1.0–3.0	1.0–2.5	1132	$3,938	$3.48	21d	3	0.29mi
405 W 206th St Unit 1202E New York, NY	3.0	2.0	900	$6,250	$6.94	24d	1	1.38mi

HOA detail condo

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

Listing history 26 events

1. 2026-06-18
   days on market $370,000 Active 281 DOM
2. 2026-06-17
   days on market $370,000 Active 280 DOM
3. 2026-06-15
   days on market $370,000 Active 278 DOM
4. 2026-06-13
   days on market $370,000 Active 276 DOM
5. 2026-06-10
   days on market $370,000 Active 272 DOM
6. 2026-06-08
   days on market $370,000 Active 271 DOM
7. 2026-06-03
   days on market $370,000 Active 266 DOM
8. 2026-06-01
   days on market $370,000 Active 264 DOM
9. 2026-05-31
   days on market $370,000 Active 263 DOM
10. 2025-09-10
    listed $370,000 Active 1820-char remark

    Show marketing remark (1820 chars)

    Welcome Home to This Bright and Spacious 2-Bedroom, 2-Bath Co-op in Central Riverdale! Make your way to your new home - a sun-drenched 2-bedroom, 2-bath residence located on the 5th floor of The Fairfield, a well-maintained co-operative in the heart of Riverdale. As you enter, you're greeted by a generous foyer, perfect for a reading nook or home office setup. From there, step into a large living and dining area featuring a wall of windows that flood the space with natural light, creating a warm and inviting ambiance. The windowed eat-in kitchen offers plenty of potential for updates, with two sets of windows and ample cabinet space to meet all your culinary needs. The primary bedroom boasts dual exposures and a beautifully renovated, windowed en-suite bathroom. The second bedroom is also spacious and inviting, with enough room for a full-size bed and a desk, making it ideal for a guest room or work-from-home setup. A second full bathroom, also recently renovated, provides natural light and ventilation through its own window. Additional Features: Freshly painted interiors Excellent closet space Abundant natural light with multiple exposures A great layout offering flexibility and comfort Location, Location, Location! Situated in the desirable Fairfield co-op, this pet-friendly building offers a peaceful, park-like setting while being just minutes from all the conveniences of central Riverdale. Enjoy easy access to: Metro-North shuttle stop Bx10, BxM1, and BxM2 buses to Midtown Manhattan Local favorites including Starbucks, CVS, Rite Aid, Key Food, and a variety of restaurants and shops Don't miss this opportunity to own a light-filled, centrally located home that blends modern comfort with urban convenience. Schedule a viewing today and experience the best of Riverdale living!

11. 2025-09-09
    listed $370,000 Active
12. 2022-11-21
    price $164,900 384-char remark

    Show marketing remark (384 chars)

    Great apartment in a conveniently located building, The Fairfield. Spacious kitchen. Great space throughout the apartment. Low maintenance. Move-in ready. Pets allowed. Very short wait-list for off-street parking. Close to public transportation, shopping, parks, seasonal farmer's market and more. Just a 20 min. drive to midtown. Western exposure and a public park outside your door.

13. 2014-06-19
    soldstatus Sold 384-char remark

    Show marketing remark (384 chars)

    Great apartment in a conveniently located building, The Fairfield. Spacious kitchen. Great space throughout the apartment. Low maintenance. Move-in ready. Pets allowed. Very short wait-list for off-street parking. Close to public transportation, shopping, parks, seasonal farmer's market and more. Just a 20 min. drive to midtown. Western exposure and a public park outside your door.

14. 2014-06-19
    soldstatus 384-char remark

    Show marketing remark (384 chars)

    Great apartment in a conveniently located building, The Fairfield. Spacious kitchen. Great space throughout the apartment. Low maintenance. Move-in ready. Pets allowed. Very short wait-list for off-street parking. Close to public transportation, shopping, parks, seasonal farmer's market and more. Just a 20 min. drive to midtown. Western exposure and a public park outside your door.

15. 2014-06-19
    soldstatus $235,000

    Show marketing remark (384 chars)

    Great apartment in a conveniently located building, The Fairfield. Spacious kitchen. Great space throughout the apartment. Low maintenance. Move-in ready. Pets allowed. Very short wait-list for off-street parking. Close to public transportation, shopping, parks, seasonal farmer's market and more. Just a 20 min. drive to midtown. Western exposure and a public park outside your door.

16. 2014-06-19
    price $235,000 Sold

    Show marketing remark (384 chars)

    Great apartment in a conveniently located building, The Fairfield. Spacious kitchen. Great space throughout the apartment. Low maintenance. Move-in ready. Pets allowed. Very short wait-list for off-street parking. Close to public transportation, shopping, parks, seasonal farmer's market and more. Just a 20 min. drive to midtown. Western exposure and a public park outside your door.

17. 2014-06-19
    soldstatus $235,000 Sold

    Show marketing remark (384 chars)

    Great apartment in a conveniently located building, The Fairfield. Spacious kitchen. Great space throughout the apartment. Low maintenance. Move-in ready. Pets allowed. Very short wait-list for off-street parking. Close to public transportation, shopping, parks, seasonal farmer's market and more. Just a 20 min. drive to midtown. Western exposure and a public park outside your door.

18. 2014-06-19
    soldstatus $235,000

    Show marketing remark (384 chars)

    Great apartment in a conveniently located building, The Fairfield. Spacious kitchen. Great space throughout the apartment. Low maintenance. Move-in ready. Pets allowed. Very short wait-list for off-street parking. Close to public transportation, shopping, parks, seasonal farmer's market and more. Just a 20 min. drive to midtown. Western exposure and a public park outside your door.

19. 2014-04-29
    historical Pending
20. 2014-04-25
    price $250,000
21. 2014-01-07
    price $250,000
22. 2013-07-08
    listed $259,000 Active

    Show marketing remark (384 chars)

    Great apartment in a conveniently located building, The Fairfield. Spacious kitchen. Great space throughout the apartment. Low maintenance. Move-in ready. Pets allowed. Very short wait-list for off-street parking. Close to public transportation, shopping, parks, seasonal farmer's market and more. Just a 20 min. drive to midtown. Western exposure and a public park outside your door.

23. 2013-07-08
    listed $235,000 384-char remark

    Show marketing remark (384 chars)

    Great apartment in a conveniently located building, The Fairfield. Spacious kitchen. Great space throughout the apartment. Low maintenance. Move-in ready. Pets allowed. Very short wait-list for off-street parking. Close to public transportation, shopping, parks, seasonal farmer's market and more. Just a 20 min. drive to midtown. Western exposure and a public park outside your door.

24. 2013-07-08
    listed $250,000

    Show marketing remark (384 chars)

    Great apartment in a conveniently located building, The Fairfield. Spacious kitchen. Great space throughout the apartment. Low maintenance. Move-in ready. Pets allowed. Very short wait-list for off-street parking. Close to public transportation, shopping, parks, seasonal farmer's market and more. Just a 20 min. drive to midtown. Western exposure and a public park outside your door.

25. 2013-07-08
    listed $250,000

    Show marketing remark (384 chars)

    Great apartment in a conveniently located building, The Fairfield. Spacious kitchen. Great space throughout the apartment. Low maintenance. Move-in ready. Pets allowed. Very short wait-list for off-street parking. Close to public transportation, shopping, parks, seasonal farmer's market and more. Just a 20 min. drive to midtown. Western exposure and a public park outside your door.

26. 2008-02-15
    price $235,000 384-char remark

    Show marketing remark (384 chars)

    Great apartment in a conveniently located building, The Fairfield. Spacious kitchen. Great space throughout the apartment. Low maintenance. Move-in ready. Pets allowed. Very short wait-list for off-street parking. Close to public transportation, shopping, parks, seasonal farmer's market and more. Just a 20 min. drive to midtown. Western exposure and a public park outside your door.

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 14 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: $42,940
• − Mortgage interest: −$20,726
• − Property taxes: −$5,550
• − Insurance: −$1,850
• − Repairs & maintenance: −$3,435
• − Management: −$3,435
• − HOA: −$12,384
• − Depreciation: −$10,764
• Taxable loss: −$15,204
• Est. tax savings @ 24.0%: +$3,649
• After-tax cash flow: $-5,496/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): 69,470
• Household income: $74,974
• Rent vs Own: 64.6% rent · 35.4% own
• Severe rent burden: 5586.0

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 0.65)
• Race & ethnicity: Hispanic / Latino 50% White 30% Two or more races 17% Black 12% Asian 4% Native American 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 12% Cuban 1% Dominican 25%
• Common ancestry: Scotch-Irish 3% Romanian 2% Lithuanian 1%
• Foreign-born: 30% · Canada, Jamaica, China
• Languages at home: 50% English-only · Spanish 40% Other Indo-European 3% Russian/Polish/Slavic 2%

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: ▼ -294.75%
• Current HPI: 168.0211
• Rent YoY: ▲ 11.60%
• 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

+57.4% since first listed

17 events — show timeline

• 2025-09-10 Listed $370,000 RLS at REBNY
• 2025-09-09 Listed $370,000 OneKey® MLS as Distributed by MLS Grid
• 2022-11-21 Price Changed $164,900 RLS at REBNY
• 2014-06-19 Sold (MLS) $235,000 OneKey® MLS as Distributed by MLS Grid
• 2014-06-19 Sold (MLS) $235,000 HGMLS
• 2014-06-19 Price Changed $235,000 HGMLS
• 2014-06-19 Sold (MLS) $235,000 RLS at REBNY
• 2014-06-19 Sold (MLS) — RLS at REBNY
• 2014-06-19 Sold (MLS) — RLS at REBNY
• 2014-04-29 Contingent — HGMLS
• 2014-04-25 Price Changed $250,000 HGMLS
• 2014-01-07 Price Changed $250,000 HGMLS
• 2013-07-08 Listed $259,000 HGMLS
• 2013-07-08 Listed $250,000 OneKey® MLS as Distributed by MLS Grid
• 2013-07-08 Listed $250,000 RLS at REBNY
• 2013-07-08 Listed $235,000 RLS at REBNY
• 2008-02-15 Price Changed $235,000 RLS at REBNY