902 Ocean Pkwy Unit 3F · New York, NY 11230

$289,000

1 bd · 1.0 ba · 750 sqft · Condo · 17 Days on market

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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).

• Cash flow +12.3/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• 1% rule +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Move right into this well-maintained 1-bedroom apartment located in the heart of Midwood. Featuring a bright and spacious living/dining area with views of Ocean Parkway which bring in abundant sunshine, this home offers a comfortable and practical layout for everyday living. The updated windowed kitchen is equipped with two sinks, modern cabinetry, and ample counter space, making meal preparation both convenient and efficient. Beautiful hardwood floors flow throughout the apartment, adding warmth and character. Situated in a desirable Brooklyn neighborhood, this residence combines comfort, convenience, and affordability. Just moments from the F train for an easy commute to Manhattan and clo

Key facts

• Ample counter space
• Modern cabinetry
• Two sinks

Tags

• UPDATED WINDOWED KITCHEN
• TWO SINKS
• MODERN CABINETRY
• AMPLE COUNTER SPACE
• HARDWOOD FLOORS

Property features AI

Finance

• Financial info: Financing available: Bank mortgage or cash; Property is listed as a sub-lease
• HOA & community: Monthly maintenance fee of $746; Managed by F&G Management (manager phone available); Pets are not allowed; Handicap access available; Co-op shares: 184

Exterior

• Utilities: Heat available; Septic; Sewer; Water
• Home design: Residential property; Located on the 3rd floor
• Exterior features: Third-floor apartment in a residential building

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: One bedroom on the first floor
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: A/C units (2)
• Interior features: Central air conditioning with two A/C units

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $289k.

Deal economics

• At list price, monthly cash flow is $-52 ($-628/yr) — negative.
• To cash-flow at today's rent, offer at most $281k (2.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $246k (14.8% below list).
• Recommended offer: $246k (14.8% 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); 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 (+6.2%/yr); 212 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• This rent runs 42% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($285k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 64% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $246,186 (14.8% 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. 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?
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: 0.85% ✗
• Cap rate: 6.08%
• Cash-on-cash: -0.78%
• DSCR: 0.97
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.17% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.48×
• Total profit: $-42,026
• Equity at exit: $43,091

10-year hold

• IRR: -0.8%
• Equity multiple: 0.94×
• Total profit: $-5,255
• Equity at exit: $24,987

Cash invested: $80,920 (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 11230

• Rents YoY: 6.2%
• Active inventory: 212
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,462 medium
• Mortgage (P&I): −$1,516
• Tax est. 1.5%: −$361 /mo · $4,335/yr
• Insurance: −$120
• HOA: −$0
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $-52

Break-even live

Break-even rent $2,528

Max offer price $281,426

Occupancy floor 97%

Sensitivity live

Price	-10% $147	-5% $48	+0% $-52	+5% $-152	+10% $-252
Rent	-10% $-247	-5% $-150	+0% $-52	+5% $45	+10% $142
Rate	-1.0pp $93	-0.5pp $21	base $-52	+0.5pp $-127	+1.0pp $-203

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: $72,250
• Closing costs: $8,670
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
540 Ocean Pkwy Unit Main Brooklyn, NY	1.0	1.0	825	$2,200	$2.67	21d	1	0.63mi
540 Ocean Pkwy Unit 6H Brooklyn, NY	1.0	1.0	1000	$2,850	$2.85	26d	1	0.63mi
22 Tehama St Unit 2 Fl Brooklyn, NY	2.0	1.0	700	$2,980	$4.26	26d	1	1.40mi

HOA detail condo

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

Listing history 10 events

1. 2026-06-21
   days on market $289,000 Active 17 DOM
2. 2026-06-18
   days on market $289,000 Active 14 DOM
3. 2026-06-17
   days on market $289,000 Active 13 DOM
4. 2026-06-16
   days on market $289,000 Active 12 DOM
5. 2026-06-15
   days on market $289,000 Active 11 DOM
6. 2026-06-13
   days on market $289,000 Active 9 DOM
7. 2026-06-09
   days on market $289,000 Active 5 DOM
8. 2026-06-08
   days on market $289,000 Active 4 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $289,000 Active 3 DOM

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,542
• − Mortgage interest: −$16,188
• − Property taxes: −$4,335
• − Insurance: −$1,445
• − Repairs & maintenance: −$2,363
• − Management: −$2,363
• − Depreciation: −$8,407
• Taxable loss: −$5,560
• Est. tax savings @ 24.0%: +$1,334
• After-tax cash flow: $706/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): 86,978
• Household income: $70,027
• Rent vs Own: 71.6% rent · 28.4% own
• Severe rent burden: 6887.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 57% Asian 17% Hispanic / Latino 13% Black 8% Two or more races 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3% Dominican 1%
• Common ancestry: Scotch-Irish 5% Subsaharan African 4% Romanian 2%
• Foreign-born: 41% · Canada, China, Jamaica
• Languages at home: 45% English-only · Russian/Polish/Slavic 16% Other Indo-European 10% Spanish 10%

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: ▼ -606.25%
• Current HPI: 314.7697
• Rent YoY: ▲ 6.17%
• 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

• 2026-06-03 Listed $289,000 BNYMLS