2645 Homecrest Ave Unit 3G · New York, NY 11235

$350,000

2 bd · 1.0 ba · 1,000 sqft · Condo · 4 Days on market

Built 1951 Good condition

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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 +7.5/30.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Schools +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• DSCR +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

SHEEPSHEAD BAY!! Homecrest Ave a large 2 bedroom one bath co-op on the 3rd floor with Eat in Kitchen, separate living room. Hardwood Floors, 2 wall a/c units. Lots of closets throughout, renovated bath. Low monthly maintenance includes real estate taxes, heat, electricity, cooking gas, water. This well-kept co-op building features an elevator, Storage box, live-in superintendent. Conveniently located across from a park and just minutes from the B and Q subway lines, B49, B4, B36 buses, shopping, restaurants, cafes, and everyday essentials. A wonderful opportunity to own an apartment in one of Brooklyn's most convenient and vibrant neighborhoods.

Key facts

• Eat in kitchen
• Elevator
• Across from a park

Tags

• EAT IN KITCHEN
• RENOVATED BATH
• ELEVATOR
• ACROSS FROM A PARK
• MINUTES FROM SUBWAY LINES

Property features AI

Finance

• Other: Flip tax applies (percentage based); Co-op shares listed as 199.00
• Financial info: Financing available: bank mortgage or cash; Typical down payment required: 20%
• HOA & community: Monthly maintenance fee includes air conditioning; Maintenance/common fee: $782; Managed by Carden Hall, INC; On-site manager available; Pets allowed (cats and dogs; multiple pets OK); Handicap access available

Exterior

• Parking: Garage parking available; Street parking available; Wait-list for parking
• Security: Secure lobby; Intercom door
• Utilities: Electric service available; Gas service available; Water service available; Sewer service available; Heat included (steam/radiator); Gas hot water
• Home design: Detached residential building; Unit located on the 3rd floor
• Construction: No construction details provided
• Exterior features: Secure lobby with intercom door; Storage rooms; Building has 192 units

Interior

• Kitchen: Eat-in kitchen with butcher block counters; Stove; Microwave; Refrigerator
• Bedrooms: Two bedrooms on the first floor
• Flooring: Hardwood floors; Parquet floors; Laminate floors
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: Gas heating via steam/radiator; Gas hot water; Central A/C (2 units)
• Interior features: Central A/C with 2 units; Elevator in building; Window treatments; Ceiling fans; 9+ foot ceilings; Parquet and hardwood flooring; Laminate flooring; 2-story windows
• Laundry & utility: On-site card-operated laundry; Resident superintendent (building maintenance)

🏢 Co-op / cooperative unit. The $350,000 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 $350k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-440 ($-5k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Cap rate 4.8% 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 (+5.0%/yr); 521 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $3,669/mo this rent would consume 74% of the median local household income ($60k/yr) (locally 7823% 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 $10k 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent; built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 72% 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 $350,000

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 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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: 1.05% ✓
• Cap rate: 4.78%
• Cash-on-cash: -5.39%
• DSCR: 0.76
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.04% rent growth · sell at horizon

5-year hold

• IRR: -22.0%
• Equity multiple: 0.22×
• Total profit: $-76,446
• Equity at exit: $52,186

10-year hold

• IRR: -9.9%
• Equity multiple: 0.31×
• Total profit: $-67,272
• Equity at exit: $30,262

Cash invested: $98,000 (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 11235

• Rents YoY: 5.0%
• Active inventory: 521
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $3,669 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA est. from 1 same-building comp: −$920
• Vacancy / Maint / Mgmt: −$771
• Net cashflow: $-440

Break-even live

Break-even rent $4,226

Max offer price $286,304

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2538 E 2nd St Unit 2 Brooklyn, NY	3.0	1.0	1100	$2,600	$2.36	24d	1	0.58mi
3000 Ocean Pkwy Brooklyn, NY	2.0	2.0	1130	$3,775	$3.34	18d	2	0.90mi
3000 Emmons Ave Unit 5 Brooklyn, NY	2.0	2.0	840	$4,085	$4.86	24d	1	1.02mi
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$4,562	$4.81	7d	8	1.06mi
2957 Shell Rd Brooklyn, NY	3.0	2.0	1292	$5,550	$4.30	24d	1	1.08mi
2971 Shell Rd Unit 704 Brooklyn, NY	2.0	1.0	826	$3,950	$4.78	24d	1	1.08mi
2971 Shell Rd Unit 612 Brooklyn, NY	2.0	2.0	907	$4,150	$4.58	24d	1	1.08mi
2971 Shell Rd Unit 508 Brooklyn, NY	2.0	2.0	930	$4,099	$4.41	24d	1	1.08mi
2971 Shell Rd Unit 406 Brooklyn, NY	2.0	2.0	920	$3,550	$3.86	24d	1	1.08mi
2971 Shell Rd Unit 720 Brooklyn, NY	2.0	2.0	920	$4,100	$4.46	24d	1	1.08mi
2971 Shell Rd Unit 711 Brooklyn, NY	2.0	2.0	907	$4,200	$4.63	24d	1	1.08mi
2971 Shell Rd Unit 602 Brooklyn, NY	3.0	2.0	1301	$5,299	$4.07	24d	1	1.08mi
3112 Emmons Ave Unit 203 Brooklyn, NY	1.0	1.0	734	$3,200	$4.36	24d	1	1.17mi
2483 W 16th St Brooklyn, NY	1.0	1.0	800	$1,800	$2.25	20d	1	1.43mi

HOA detail condo

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

Listing history 6 events

1. 2026-06-18
   remarks 653-char remark
2. 2026-06-18
   days on market $350,000 Active 4 DOM
3. 2026-06-17
   days on market $350,000 Active 3 DOM
4. 2026-06-16
   days on market $350,000 Active 2 DOM
5. 2026-06-15
   remarks 651-char remark
6. 2026-06-15
   listed $350,000 Active 1 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 6/10 Major FEMA zone X (shaded) · 58% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% 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: $44,029
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,522
• − Management: −$3,522
• − HOA: −$11,040
• − Depreciation: −$10,182
• Taxable loss: −$10,843
• Est. tax savings @ 24.0%: +$2,602
• After-tax cash flow: $-2,680/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 · 1 photo

Good 75/100 Cosmetic rehab

This well-maintained co-op unit in a convenient location offers a good investment opportunity with minimal needed improvements.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Reorganizing closets for better storage — Improves functionality and visual appeal
• Both Upgrading kitchen appliances — Modernizes the space and adds value
• Both Upgrading bathroom fixtures — Enhances functionality and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Reorganizing closets for better storage — Improves functionality and visual appeal ↑
• Both Upgrading kitchen appliances — Modernizes the space and adds value ↑
• Both Upgrading bathroom fixtures — Enhances functionality and aesthetics ↑

ⓘ 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): 78,558
• Household income: $59,661
• Rent vs Own: 65.2% rent · 34.8% own
• Severe rent burden: 7823.0

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: Predominantly White (67%)
• Race & ethnicity: White 67% Asian 15% Two or more races 9% Hispanic / Latino 9% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Scotch-Irish 15% Subsaharan African 12% Romanian 2%
• Foreign-born: 63% · China, Canada, Vietnam
• Languages at home: 24% English-only · Russian/Polish/Slavic 48% Chinese 7% Spanish 7%

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: ▼ -181.73%
• Current HPI: 303.6714
• Rent YoY: ▲ 5.04%
• 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

• 2026-06-14 Listed $350,000 BNYMLS