3720 Independence Ave Unit 3D · New York, NY 10463

$385,000

2 bd · 2.0 ba · 1,196 sqft · Condo · 22 Days on market

Built 1954 Good condition ↓ 4% since listing

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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 +10.9/30.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• 1% rule +3.2/10.0
• DSCR +3.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bright and Spacious 2-Bed, 2-Bath WITH PARKING in the Heart of Riverdale! This inviting home has abundant natural light, a thoughtfully designed layout and comfortable open living space, perfect for everyday life, as well as entertaining. Enter into a large Living Room / Dining Room with refinished long slats of hardwood floors and oversized windows. Enjoy your own private terrace off the living area, ideal for morning coffee, relaxing evenings or taking in the open air and scenic surroundings. The windowed galley kitchen is expandable which offers light and storage space. Primary Bedroom and Second Bedroom are both beautifully sized, with two full baths and an abundance of closet space. The Living room is large enough to accommodate a dining area with Dining "L" which allows for a home office space as well. The apartment also includes the convenience of a dedicated parking space, a true luxury in Riverdale! Located in a well maintained building with Live-in Super, on site laundry, bike room and private storage units and a playground. The location is a commuter's dream, with Metro North, the #1 Train, Metro Link , Local and Express Buses to Manhattan are all accessible. Enjoy close proximity to parks, schools, houses of worship, coffee shops, restaurants and more. Sorry, no dogs allowed. This home combines comfort, convenience and a wonderful opportunity to make this special apartment your own!!

Key facts

• On site laundry
• Private terrace
• Bike room

Tags

• PRIVATE TERRACE
• WINDOWED GALLEY KITCHEN
• DEDICATED PARKING SPACE
• WELL MAINTAINED BUILDING
• ON SITE LAUNDRY
• BIKE ROOM

Property features AI

Exterior

• Parking: Assigned covered garage parking
• Utilities: Public sewer; Utilities: see remarks
• Home design: Stock cooperative
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Kitchen: Dishwasher
• Bedrooms: Entry level: 3
• Flooring: Hardwood floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Radiant heating; Other heating; Wall/window AC units
• Interior features: Other interior features; No dogs allowed
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $385k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-166 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $361k (6.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $316k (18.0% below list).
• Recommended offer: $316k (18.0% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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; 1 comparable units currently listed for rent nearby; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $3,158/mo this rent would consume 51% 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 $12k 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 22 days — a 2% lower offer ($379k) is reasonable based on typical stale-listing flexibility.
• 3 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

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $315,799 (18.0% 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. Built in 1954 — 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. 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?
8. 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.
9. 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.
10. 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: 0.82% ✗
• Cap rate: 5.78%
• Cash-on-cash: -1.85%
• DSCR: 0.92
• GRM: 10.2

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: -13.9%
• Equity multiple: 0.48×
• Total profit: $-56,212
• Equity at exit: $57,405

10-year hold

• IRR: 1.5%
• Equity multiple: 1.13×
• Total profit: $13,604
• Equity at exit: $33,288

Cash invested: $107,800 (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: 10.2×

Monthly cashflow live

• Estimated rent: $3,158 medium
• Mortgage (P&I): −$2,019
• Tax est. 1.5%: −$481 /mo · $5,775/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$663
• Net cashflow: $-166

Break-even live

Break-even rent $3,368

Max offer price $361,003

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	22d	3	0.71mi

HOA detail condo

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

Listing history 19 events

1. 2026-06-17
   status $385,000 Pending 22 DOM
2. 2026-06-17
   days on market $385,000 Active 22 DOM
3. 2026-06-16
   days on market $385,000 Active 21 DOM
4. 2026-06-15
   days on market $385,000 Active 20 DOM
5. 2026-06-13
   days on market $385,000 Active 18 DOM
6. 2026-06-10
   days on market $385,000 Active 14 DOM
7. 2026-06-08
   days on market $385,000 Active 13 DOM
8. 2026-06-08
   days on market $385,000 Active 12 DOM
9. 2026-06-04
   days on market $385,000 Active 9 DOM
10. 2026-06-03
    days on market $385,000 Active 8 DOM
11. 2026-06-02
    days on market $385,000 Active 7 DOM
12. 2026-06-01
    days on market $385,000 Active 6 DOM
13. 2026-05-31
    days on market $385,000 Active 5 DOM
14. 2026-05-26
    listed $385,000 Active

    Show marketing remark (1431 chars)

    Bright and Spacious 2-Bed, 2-Bath WITH PARKING in the Heart of Riverdale! This inviting home has abundant natural light, a thoughtfully designed layout and comfortable open living space, perfect for everyday life, as well as entertaining. Enter into a large Living Room / Dining Room with refinished long slats of hardwood floors and oversized windows. Enjoy your own private terrace off the living area, ideal for morning coffee, relaxing evenings or taking in the open air and scenic surroundings. The windowed galley kitchen is expandable which offers light and storage space. Primary Bedroom and Second Bedroom are both beautifully sized, with two full baths and an abundance of closet space. The Living room is large enough to accommodate a dining area with Dining "L" which allows for a home office space as well. The apartment also includes the convenience of a dedicated parking space, a true luxury in Riverdale! Located in a well maintained building with Live-in Super, on site laundry, bike room and private storage units and a playground. The location is a commuter's dream, with Metro North, the #1 Train, Metro Link , Local and Express Buses to Manhattan are all accessible. Enjoy close proximity to parks, schools, houses of worship, coffee shops, restaurants and more. Sorry, no dogs allowed. This home combines comfort, convenience and a wonderful opportunity to make this special apartment your own!!

15. 2026-05-26
    listed $385,000 Active 1431-char remark

    Show marketing remark (1431 chars)

    Bright and Spacious 2-Bed, 2-Bath WITH PARKING in the Heart of Riverdale! This inviting home has abundant natural light, a thoughtfully designed layout and comfortable open living space, perfect for everyday life, as well as entertaining. Enter into a large Living Room / Dining Room with refinished long slats of hardwood floors and oversized windows. Enjoy your own private terrace off the living area, ideal for morning coffee, relaxing evenings or taking in the open air and scenic surroundings. The windowed galley kitchen is expandable which offers light and storage space. Primary Bedroom and Second Bedroom are both beautifully sized, with two full baths and an abundance of closet space. The Living room is large enough to accommodate a dining area with Dining "L" which allows for a home office space as well. The apartment also includes the convenience of a dedicated parking space, a true luxury in Riverdale! Located in a well maintained building with Live-in Super, on site laundry, bike room and private storage units and a playground. The location is a commuter's dream, with Metro North, the #1 Train, Metro Link , Local and Express Buses to Manhattan are all accessible. Enjoy close proximity to parks, schools, houses of worship, coffee shops, restaurants and more. Sorry, no dogs allowed. This home combines comfort, convenience and a wonderful opportunity to make this special apartment your own!!

16. 2026-03-11
    historical
17. 2026-02-12
    price $390,000
18. 2026-02-12
    price $390,000
19. 2025-09-11
    listed $400,000 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 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: $37,896
• − Mortgage interest: −$21,566
• − Property taxes: −$5,775
• − Insurance: −$1,925
• − Repairs & maintenance: −$3,032
• − Management: −$3,032
• − Depreciation: −$11,200
• Taxable loss: −$8,633
• Est. tax savings @ 24.0%: +$2,072
• After-tax cash flow: $82/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 · 14 photos

Good 75/100 Cosmetic rehab

This well-maintained and updated condo is in good condition with no major repairs needed. It offers a bright and spacious living space with a good layout and ample natural light. The property has a good curb appeal and is located in a desirable area.

Value-add opportunities

• Resale Paint the exterior walls and siding — A fresh coat of paint can significantly enhance the curb appeal and resale value of the property.
• Rental Replace the HVAC system — A new HVAC system can improve energy efficiency and reduce utility costs, making the property more attractive to renters.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint the exterior walls and siding — A fresh coat of paint can significantly enhance the curb appeal and resale value of the property. ↑
• Rental Replace the HVAC system — A new HVAC system can improve energy efficiency and reduce utility costs, making the property more attractive to renters. ↑

ⓘ 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: 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

-3.8% since first listed

6 events — show timeline

• 2026-05-26 Listed $385,000 OneKey® MLS as Distributed by MLS Grid
• 2026-05-26 Listed $385,000 RLS at REBNY
• 2026-03-11 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-02-12 Price Changed $390,000 RLS at REBNY
• 2026-02-12 Price Changed $390,000 OneKey® MLS as Distributed by MLS Grid
• 2025-09-11 Listed $400,000 OneKey® MLS as Distributed by MLS Grid