2265 Gerritsen Ave Unit 1R · New York, NY 11229

$239,000

1 bd · 1.0 ba · 800 sqft · Condo · 73 Days on market

Built 1960 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 +28.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

MARINE PARK/GERRITSEN Large 2 bedroom, 1 bath Jr. 4 facing front of the building, one flight up from lobby. Updated kitchen and bath, Separate room off the kitchen used as 2nd bedroom. King size primary bedroom. large living room, foyer with room for a dining table, 5 closets. Maintenance $1266. includes heat....$239,000

Key facts

• Foyer with room
• Large living room
• Updated kitchen

Tags

• UPDATED KITCHEN
• LARGE LIVING ROOM
• FOYER WITH ROOM
• 5 CLOSETS

Property features AI

Finance

• Financial info: Financial details beyond HOA fee not provided
• HOA & community: Monthly maintenance fee of $1,266.36; Community amenities include a pool and sidewalks

Exterior

• Parking: Garage with garage door opener; On-street parking (waitlist indicated); Has garage
• Security: Security details not provided
• Utilities: Public sewer; Cable available; Electricity connected; Natural gas connected; Phone available; Sewer connected; Trash collection (public); Water connected
• Home design: Stock cooperative; Entry level: 6
• Construction: Brick construction
• Exterior features: Brick construction; Outdoor space; Pool/Spa; Not waterfront; No additional parcels

Interior

• Kitchen: Dishwasher; Gas range; Microwave; Refrigerator
• Bedrooms: Total rooms: 4 (includes bedrooms and living spaces)
• Flooring: Flooring details not provided
• Bathrooms: 1 full bathroom
• Heating & cooling: Steam heating; Wall/window air conditioning units
• Interior features: Elevator; Entrance foyer; Galley-style kitchen; Open kitchen; Primary bathroom; Walk-through kitchen; No basement; One-level residence; Pets allowed: cats and dogs
• Laundry & utility: Washer/dryer details not provided

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $239k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $806 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $239k).
• Recommended offer: $225k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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 278 Marine Park (math 47% / reading 67%, grade B, #192 of 729 statewide, top 28%, 1,076 students, 71% 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 (+15.8%/yr); 359 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $3,111/mo this rent would consume 53% of the median local household income ($71k/yr) (locally 4771% 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 $7k 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 $67k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($225k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk; major wind risk, 72% 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 $224,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 1.30% ✓
• Cap rate: 10.34%
• Cash-on-cash: 14.45%
• DSCR: 1.64
• GRM: 6.4

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: 10.4%
• Equity multiple: 1.43×
• Total profit: $29,085
• Equity at exit: $35,636

10-year hold

• IRR: 23.3%
• Equity multiple: 3.49×
• Total profit: $166,432
• Equity at exit: $20,664

Cash invested: $66,920 (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 11229

• Rents YoY: 15.8%
• Active inventory: 359
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $3,111 medium
• Mortgage (P&I): −$1,253
• Tax est. 1.5%: −$299 /mo · $3,585/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$653
• Net cashflow: $806

Break-even live

Break-even rent $2,091

Max offer price $239,000

Occupancy floor 69%

Sensitivity live

Price	-10% $971	-5% $888	+0% $806	+5% $723	+10% $641
Rent	-10% $560	-5% $683	+0% $806	+5% $929	+10% $1,052
Rate	-1.0pp $926	-0.5pp $867	base $806	+0.5pp $744	+1.0pp $681

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3112 Emmons Ave Unit 203 Brooklyn, NY	1.0	1.0	734	$3,200	$4.36	26d	1	1.19mi
3000 Emmons Ave Unit 1 Brooklyn, NY	—	1.0	536	$3,273	$6.11	26d	1	1.24mi
3000 Emmons Ave Unit 5 Brooklyn, NY	2.0	2.0	840	$4,085	$4.86	26d	1	1.24mi

HOA detail condo

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

Listing history 14 events

1. 2026-06-21
   days on market $239,000 Active 73 DOM
2. 2026-06-18
   days on market $239,000 Active 70 DOM
3. 2026-06-17
   days on market $239,000 Active 69 DOM
4. 2026-06-15
   days on market $239,000 Active 67 DOM
5. 2026-06-13
   days on market $239,000 Active 65 DOM
6. 2026-06-10
   days on market $239,000 Active 61 DOM
7. 2026-06-08
   days on market $239,000 Active 60 DOM
8. 2026-06-08
   days on market $239,000 Active 59 DOM
9. 2026-06-04
   days on market $239,000 Active 56 DOM
10. 2026-06-03
    days on market $239,000 Active 55 DOM
11. 2026-06-01
    days on market $239,000 Active 53 DOM
12. 2026-05-31
    days on market $239,000 Active 52 DOM
13. 2026-04-09
    listed $239,000 Active

    Show marketing remark (323 chars)

    MARINE PARK/GERRITSEN Large 2 bedroom, 1 bath Jr. 4 facing front of the building, one flight up from lobby. Updated kitchen and bath, Separate room off the kitchen used as 2nd bedroom. King size primary bedroom. large living room, foyer with room for a dining table, 5 closets. Maintenance $1266. includes heat....$239,000

14. 2026-04-09
    listed $239,000 Active 323-char remark

    Show marketing remark (323 chars)

    MARINE PARK/GERRITSEN Large 2 bedroom, 1 bath Jr. 4 facing front of the building, one flight up from lobby. Updated kitchen and bath, Separate room off the kitchen used as 2nd bedroom. King size primary bedroom. large living room, foyer with room for a dining table, 5 closets. Maintenance $1266. includes heat....$239,000

ⓘ 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 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% 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: $37,330
• − Mortgage interest: −$13,388
• − Property taxes: −$3,585
• − Insurance: −$1,195
• − Repairs & maintenance: −$2,986
• − Management: −$2,986
• − Depreciation: −$6,953
• Taxable income: $6,237
• Est. tax owed @ 24.0%: −$1,497
• After-tax cash flow: $8,174/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 · 9 photos

Fair 45/100 Moderate rehab

The property requires moderate renovations to update the kitchen and bathroom, with potential for significant value increase through fresh paint and new fixtures.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom fixtures — slight wear

Value-add opportunities

• Resale paint interior walls — fresh paint enhances curb appeal
• Resale replace kitchen appliances — new appliances improve functionality
• Resale update bathroom fixtures — new fixtures enhance aesthetics
• Both landscaping — improved landscaping enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom fixtures · slight wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale paint interior walls — fresh paint enhances curb appeal ↑
• Resale replace kitchen appliances — new appliances improve functionality ↑
• Resale update bathroom fixtures — new fixtures enhance aesthetics ↑
• Both landscaping — improved landscaping enhances curb appeal and property value ↑

ⓘ 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): 78,377
• Household income: $70,603
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 4771.0

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 0.60)
• Race & ethnicity: White 59% Asian 22% Hispanic / Latino 9% Black 6% Two or more races 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Scotch-Irish 6% Subsaharan African 6% Romanian 1%
• Foreign-born: 47% · China, Canada, Vietnam
• Languages at home: 40% English-only · Russian/Polish/Slavic 22% Chinese 16% Spanish 6%

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: ▼ -761.52%
• Current HPI: 361.7011
• Rent YoY: ▲ 15.81%
• 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

+0.0% since first listed

2 events — show timeline

• 2026-04-09 Listed $239,000 BNYMLS
• 2026-04-09 Listed $239,000 OneKey® MLS as Distributed by MLS Grid