566 Gates Ave Unit 1b · New York, NY 11221

$485,000

2 bd · 1.0 ba · 920 sqft · Condo · 44 Days on market

Built 2007 ↓ 12% since listing

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Why this score? — see what drove the C- 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 +12.5/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• 1% rule +3.6/10.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to 566 Gates Ave #1B, a beautifully maintained residence located in the heart of Bedford-Stuyvesant, Brooklyn. This spacious home offers modern comfort, convenience, and exceptional value in one of Brooklyn's most vibrant neighborhoods. Situated in a well-maintained elevator building, this apartment features a functional layout, generous living space, and central air conditioning for year-round comfort. The building was constructed in 2007 and offers modern systems rarely found in older Brooklyn properties. The monthly HOA fee of 912 covers almost everything — including gas, water, property taxes, building insurance, and maintenance — making ownership simple and predicta

Key facts

• Functional layout
• Modern systems
• Elevator building

Tags

• WELL MAINTAINED RESIDENCE
• FUNCTIONAL LAYOUT
• GENEROUS LIVING SPACE
• CENTRAL AIR CONDITIONING
• ELEVATOR BUILDING
• MODERN SYSTEMS

Property features AI

Finance

• Other: Listing handled by Top Choice Realty LLC
• HOA & community: Part of Gates Ave Cooperatives; Monthly association fee that includes taxes, snow removal, sewer, outside maintenance, and gas

Exterior

• Parking: No attached garage
• Utilities: 220-volt electrical service
• Home design: Apartment; Single-story; Excellent condition; Approximate year built
• Construction: Brick construction; Building area total listed as 3,820
• Exterior features: Handicap accessible; Lot approximately 0.32 acres with dimensions ~137.5 x 100; Zoned R6A

Interior

• Kitchen: Dishwasher; Disposal
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Pantry; Central air conditioning; Natural gas forced-air heating
• Laundry & utility: Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $485k.

Deal economics

• At list price, monthly cash flow is $-74 ($-883/yr) — negative.
• To cash-flow at today's rent, offer at most $474k (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $415k (14.4% below list).
• Recommended offer: $415k (14.4% 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.
• Market conditions: Rents rising fast (+5.2%/yr); 211 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $4,150/mo this rent would consume 58% of the median local household income ($86k/yr) (locally 8053% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $52k of equity ($3k loan paydown + $48k appreciation (10.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 5.2% rent growth), your $136k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$83k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($470k) 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 wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $414,955 (14.4% 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 44 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
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: 0.86% ✗
• Cap rate: 6.11%
• Cash-on-cash: -0.65%
• DSCR: 0.97
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 5.15% rent growth · sell at horizon

5-year hold

• IRR: 24.5%
• Equity multiple: 2.98×
• Total profit: $268,689
• Equity at exit: $436,926

10-year hold

• IRR: 22.3%
• Equity multiple: 7.00×
• Total profit: $815,354
• Equity at exit: $942,248

Cash invested: $135,800 (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 11221

• Home prices YoY: 3.3%
• Rents YoY: 5.2%
• Active inventory: 211
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $4,150 high
• Mortgage (P&I): −$2,543
• Tax est. 1.5%: −$606 /mo · $7,275/yr
• Insurance: −$202
• HOA: −$0
• Vacancy / Maint / Mgmt: −$871
• Net cashflow: $-74

Break-even live

Break-even rent $4,243

Max offer price $474,353

Occupancy floor 97%

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: $121,250
• Closing costs: $14,550
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
72 Van Buren St Brooklyn, NY	3.0	1.0	1000	$1,180	$1.18	25d	1	0.20mi
1437 Pacific St Brooklyn, NY	2.0	1.0	1000	$3,200	$3.20	25d	1	0.65mi
668 Nostrand Ave #1 Brooklyn, NY	1.0	1.0	611	$4,200	$6.87	19d	1	0.87mi
955 Sterling Pl #1936 Brooklyn, NY	1.0	1.0	540	$3,170	$5.87	21d	1	1.01mi
955 Sterling Pl Unit 415 Brooklyn, NY	2.0	1.0	680	$5,150	$7.57	25d	1	1.02mi
762 Park Pl Unit 3B Brooklyn, NY	3.0	2.0	1114	$5,400	$4.85	25d	1	1.07mi
1266 Park Pl Unit 1A Brooklyn, NY	2.0	1.5	886	$3,250	$3.67	25d	1	1.08mi
552 Prospect Pl Unit 3A Brooklyn, NY	1.0	1.0	676	$4,500	$6.66	25d	1	1.13mi
545 Vanderbilt Ave Brooklyn, NY	2.0	1.0	600	$6,280	$10.47	3d	3	1.32mi
338 Chauncey St Unit 3A Brooklyn, NY	2.0	1.0	900	$3,500	$3.89	25d	1	1.32mi
475 Clermont Ave Brooklyn, NY	2.0	1.0–2.0	807	$6,596	$8.17	4d	7	1.35mi
755 Washington Ave Brooklyn, NY	1.0	1.0	700	$1,800	$2.57	21d	1	1.37mi
250 Union Ave #2119 Brooklyn, NY	1.0–2.0	1.0	590	$4,900	$8.31	25d	2	1.49mi

HOA detail condo

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

Listing history 16 events

1. 2026-06-18
   days on market $485,000 Active 44 DOM
2. 2026-06-17
   days on market $485,000 Active 43 DOM
3. 2026-06-16
   days on market $485,000 Active 42 DOM
4. 2026-06-15
   days on market $485,000 Active 41 DOM
5. 2026-06-13
   days on market $485,000 Active 39 DOM
6. 2026-06-10
   days on market $485,000 Active 35 DOM
7. 2026-06-08
   days on market $485,000 Active 34 DOM
8. 2026-06-08
   days on market $485,000 Active 33 DOM
9. 2026-06-04
   days on market $485,000 Active 30 DOM
10. 2026-06-03
    days on market $485,000 Active 29 DOM
11. 2026-06-01
    days on market $485,000 Active 27 DOM
12. 2026-05-31
    days on market $485,000 Active 26 DOM
13. 2026-05-06
    listed $485,000 Active
14. 2026-02-26
    historical
15. 2026-01-01
    price $499,000
16. 2025-12-15
    listed $549,000 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 ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $49,795
• − Mortgage interest: −$27,168
• − Property taxes: −$7,275
• − Insurance: −$2,425
• − Repairs & maintenance: −$3,984
• − Management: −$3,984
• − Depreciation: −$14,109
• Taxable loss: −$9,149
• Est. tax savings @ 24.0%: +$2,196
• After-tax cash flow: $1,313/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): 91,588
• Household income: $85,736
• Rent vs Own: 78.8% rent · 21.2% own
• Severe rent burden: 8053.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Black 37% Hispanic / Latino 32% White 20% Two or more races 15% Asian 6%
• Hispanic origin (detail): Mexican 5% Puerto Rican 9% Dominican 9%
• Common ancestry: Lithuanian 1% Romanian 1% Hispanic 1%
• Foreign-born: 27% · Canada, China, Jamaica
• Languages at home: 66% English-only · Spanish 24% Other Indo-European 3% French/Haitian/Cajun 2%

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: ▲ 18.95%
• Current HPI: 597.7817
• Rent YoY: ▲ 5.15%
• 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

-11.7% since first listed

4 events — show timeline

• 2026-05-06 Listed $485,000 SIBORMLS
• 2026-02-26 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-01-01 Price Changed $499,000 OneKey® MLS as Distributed by MLS Grid
• 2025-12-15 Listed $549,000 OneKey® MLS as Distributed by MLS Grid