1453 Independence Ave Unit 1B · New York, NY 11228

$309,000

2 bd · 1.0 ba · 850 sqft · Condo · 17 Days on market

Built 1953 Fair condition

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Why this score? — see what drove the B- 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 +27.8/30.0
• DSCR +9.8/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.5/5.0
• Livability +3.8/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

* * SPONSOR OWNED UNIT * * NO BOARD APPROVAL NEEDED * * (Buyer must pay Sellers Transfer Tax & Lawyer Fee as per bylaws) 2 Bedroom CO-OP, Bottom floor, corner unit, extra windows, Needs TLC, plenty of closet space. HIGHEST & BEST OFFERS ONLY!!! Quick Closing is Preferred.

Key facts

• Built 1953
• Listed 17 days

🏢 Co-op / cooperative unit. The $309,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $309k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $946 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $309k).
• Recommended offer: $304k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.0% 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 (+8.0%/yr); 192 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $3,901/mo this rent would consume 56% of the median local household income ($84k/yr) (locally 2061% 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 + 8.0% rent growth), your $87k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($304k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 69% 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 $304,365 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.26% ✓
• Cap rate: 9.97%
• Cash-on-cash: 13.12%
• DSCR: 1.58
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.96% rent growth · sell at horizon

5-year hold

• IRR: 8.5%
• Equity multiple: 1.35×
• Total profit: $30,696
• Equity at exit: $46,073

10-year hold

• IRR: 21.6%
• Equity multiple: 3.28×
• Total profit: $197,532
• Equity at exit: $26,717

Cash invested: $86,520 (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 11228

• Rents YoY: 8.0%
• Active inventory: 192
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $3,901 high
• Mortgage (P&I): −$1,620
• Tax est. 1.5%: −$386 /mo · $4,635/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$819
• Net cashflow: $946

Break-even live

Break-even rent $2,703

Max offer price $309,000

Occupancy floor 71%

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: $77,250
• Closing costs: $9,270
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1131 86th St #4 Brooklyn, NY	1.0	1.0	550	$2,350	$4.27	24d	1	0.79mi
9718 Fort Hamilton Pkwy #3 Brooklyn, NY	1.0	1.0	1000	$2,650	$2.65	24d	1	0.94mi
335 95th St #3 Brooklyn, NY	1.0	1.0	725	$2,200	$3.03	24d	1	1.15mi
2286 Cropsey Ave Unit 8B Brooklyn, NY	2.0	2.0	889	$5,000	$5.62	19d	1	1.24mi
2286 Cropsey Ave Unit 18B Brooklyn, NY	2.0	2.0	889	$5,300	$5.96	19d	1	1.24mi
2286 Cropsey Ave Unit 13E Brooklyn, NY	2.0	2.0	948	$5,550	$5.85	19d	1	1.24mi
2286 Cropsey Ave Unit 6A Brooklyn, NY	2.0	2.0	889	$5,125	$5.76	24d	1	1.24mi
2286 Cropsey Ave Unit 19C Brooklyn, NY	1.0	1.0	544	$3,600	$6.62	19d	1	1.24mi
2286 Cropsey Ave Unit 7E Brooklyn, NY	2.0	2.0	948	$5,250	$5.54	19d	1	1.24mi
2286 Cropsey Ave Unit 9A Brooklyn, NY	2.0	2.0	889	$5,200	$5.85	19d	1	1.24mi

HOA detail condo

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

Listing history 2 events

1. 2026-04-04
   status Pending
2. 2026-03-18
   listed $309,000 Active

ⓘ 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 69% 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: $46,810
• − Mortgage interest: −$17,309
• − Property taxes: −$4,635
• − Insurance: −$1,545
• − Repairs & maintenance: −$3,745
• − Management: −$3,745
• − Depreciation: −$8,989
• Taxable income: $6,843
• Est. tax owed @ 24.0%: −$1,642
• After-tax cash flow: $9,713/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 · 11 photos

Fair 45/100 Moderate rehab

This property requires moderate renovations to improve its condition and increase its value. Key areas for improvement include painting, flooring, and landscaping.

Repairs flagged

• Minor Kitchen cabinets — Slight wear on some cabinet doors.
• Minor Bathroom shower curtain — Worn out and may need replacement.
• Minor Window treatments — Dirty or faded window blinds.
• Moderate Flooring — Carpet in bedrooms needs cleaning or replacement.
• Moderate Paint — Paint in some areas appears worn and may need touch-up or repainting.
• Moderate Landscaping — Some shrubs appear dead or overgrown, may need trimming or replacement.

Value-add opportunities

• Both Paint and touch-up interior walls — Fresh paint can improve the overall appearance and value of the property.
• Both Replace worn-out carpet in bedrooms — New carpet can enhance the living experience and increase the property's value.
• Both Replace worn-out window treatments — Fresh window treatments can improve the property's curb appeal and increase its value.
• Both Landscaping improvements — Well-maintained landscaping can increase the property's curb appeal and attract more potential buyers/tenants.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Slight wear on some cabinet doors.	Minor	$500–3,000
Bathroom shower curtain · Worn out and may need replacement.	Minor	$500–3,000
Window treatments · Dirty or faded window blinds.	Minor	$500–3,000
Flooring · Carpet in bedrooms needs cleaning or replacement.	Moderate	$3,000–15,000
Paint · Paint in some areas appears worn and may need touch-up or repainting.	Moderate	$3,000–15,000
Landscaping · Some shrubs appear dead or overgrown, may need trimming or replacement.	Moderate	$3,000–15,000
Total estimated repair cost · 6 items		$10,500–54,000

Value-add ROI direction

• Both Paint and touch-up interior walls — Fresh paint can improve the overall appearance and value of the property. ↑
• Both Replace worn-out carpet in bedrooms — New carpet can enhance the living experience and increase the property's value. ↑
• Both Replace worn-out window treatments — Fresh window treatments can improve the property's curb appeal and increase its value. ↑
• Both Landscaping improvements — Well-maintained landscaping can increase the property's curb appeal and attract more potential buyers/tenants. ↑

ⓘ 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): 42,241
• Household income: $83,665
• Rent vs Own: 44.2% rent · 55.8% own
• Severe rent burden: 2061.0

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 48% Asian 36% Hispanic / Latino 13% Two or more races 4% Black 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 2% Scotch-Irish 1% Subsaharan African 1%
• Foreign-born: 41% · China, Canada, Jamaica
• Languages at home: 42% English-only · Chinese 28% Other Indo-European 12% Spanish 8%

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: ▼ -226.00%
• Current HPI: 381.4834
• Rent YoY: ▲ 7.96%
• 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

2 events — show timeline

• 2026-04-04 Pending — BNYMLS
• 2026-03-18 Listed $309,000 BNYMLS