640 W 231 St Unit 2B · New York, NY 10463

$475,000

3 bd · 2.0 ba · 1,350 sqft · Condo · 372 Days on market

Built 1953

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +6.0/30.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• 1% rule +4.4/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +0.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This Large 3-bed, 2-bath unit allows any owners to take advantage of the best of both worlds when it comes to city living. First off, the unit boasts close to 1,200 Square feet of living space. The unit has a large galley windowed eat-in kitchen that allows for making family meals a pleasure instead of a task. The large living room, separate dining area Master bedroom with on suite bath room, 2- additional large bedrooms, lots of closet space and entrance foyer makes for a comfortable layout that would be appreciated by any owner. Located steps away from local & express buses close the rail-link to metro north trains & to all major Highways. Close to schools, Parks Day care centers, Houses of Worship, Restaurants and Shops, Public Golf Course, Swimming Pools & Gyms. This unit offers all that it is needed for City Living. Perfect for those who work and enjoy Manhattan life style but yet affordable.

Key facts

• Flexible layout
• Hardwood floors
• Garage

Tags

• FLEXIBLE LAYOUT
• HARDWOOD FLOORS
• GENEROUS CLOSET SPACE
• QUICK ACCESS TO THE 1 TRAIN
• PARKS SCHOOLS SHOPPING DINING

Property features AI

Finance

• HOA & community: Association: Garthchester Realty; Building amenities include elevator service, parking, and trash service

Exterior

• Parking: Garage available; No carport
• Utilities: Con Edison electric service; Public sewer; Cable available; Electricity connected; Natural gas connected; Sewer connected; Public trash collection; Water connected
• Home design: Stock cooperative; One level; Seven-story building; Second-floor unit
• Construction: Block and brick construction; Block, brick/mortar and concrete perimeter foundation
• Exterior features: No waterfront

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Located on the second floor
• Flooring: Hardwood floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Steam heating; No central cooling
• Interior features: Galley-type kitchen; Granite counters; Primary bathroom; Walk-through kitchen; Casement windows; Common-area basement; Updated/remodeled condition; Cats and dogs allowed
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $475k.

Deal economics

• At list price, monthly cash flow is $-904 ($-11k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $448k (5.7% below list).
• Recommended offer: $418k (12.0% below list) — sets the bar for market timing.
• Cap rate 4.0% 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 (+11.6%/yr); 345 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $4,480/mo this rent would consume 72% 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 $14k 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 372 days — a 12% lower offer ($418k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y ago; this cycle's ask has dropped $50k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $355k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent; built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $418,000 (12.0% 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. It's been on market 372 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.94% ✗
• Cap rate: 4.01%
• Cash-on-cash: -8.16%
• DSCR: 0.64
• GRM: 8.8

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: -22.7%
• Equity multiple: 0.17×
• Total profit: $-110,102
• Equity at exit: $70,824

10-year hold

• IRR: -5.3%
• Equity multiple: 0.56×
• Total profit: $-59,095
• Equity at exit: $41,069

Cash invested: $133,000 (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 10463

• Rents YoY: 11.6%
• Active inventory: 345
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $4,480 medium
• Mortgage (P&I): −$2,491
• Tax est. 1.5%: −$594 /mo · $7,125/yr
• Insurance: −$198
• HOA est. from 1 same-building comp: −$1,161
• Vacancy / Maint / Mgmt: −$941
• Net cashflow: $-904

Break-even live

Break-even rent $5,625

Max offer price $344,158

Occupancy floor —

Sensitivity live

Price	-10% $-576	-5% $-740	+0% $-904	+5% $-1,068	+10% $-1,232
Rent	-10% $-1,258	-5% $-1,081	+0% $-904	+5% $-727	+10% $-550
Rate	-1.0pp $-665	-0.5pp $-783	base $-904	+0.5pp $-1,027	+1.0pp $-1,153

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2600 Netherland Ave Bronx, NY	1.0–3.0	1.0–2.5	1132	$5,100	$4.50	23d	3	0.29mi
405 W 206th St Unit 1202E New York, NY	3.0	2.0	900	$6,250	$6.94	25d	1	1.38mi

HOA detail condo

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

Listing history 25 events

1. 2026-06-21
   days on market $475,000 Active 372 DOM
2. 2026-06-18
   days on market $475,000 Active 369 DOM
3. 2026-06-17
   days on market $475,000 Active 368 DOM
4. 2026-06-15
   days on market $475,000 Active 366 DOM
5. 2026-06-13
   days on market $475,000 Active 364 DOM
6. 2026-06-10
   days on market $475,000 Active 360 DOM
7. 2026-06-08
   days on market $475,000 Active 359 DOM
8. 2026-06-03
   days on market $475,000 Active 354 DOM
9. 2026-06-01
   days on market $475,000 Active 352 DOM
10. 2026-05-31
    days on market $475,000 Active 351 DOM
11. 2026-05-14
    status Active
12. 2026-05-14
    historical
13. 2026-04-24
    price $475,000
14. 2026-03-17
    status Active
15. 2026-01-09
    price $495,000
16. 2025-07-31
    price $499,000
17. 2025-07-09
    price $515,000
18. 2025-05-13
    listed $525,000 Active
19. 2017-02-23
    price $355,000 928-char remark

    Show marketing remark (928 chars)

    This Large 3-bed, 2-bath unit allows any owners to take advantage of the best of both worlds when it comes to city living. First off, the unit boasts close to 1,200 Square feet of living space. The unit has a large galley windowed eat-in kitchen that allows for making family meals a pleasure instead of a task. The large living room, separate dining area Master bedroom with on suite bath room, 2- additional large bedrooms, lots of closet space and entrance foyer makes for a comfortable layout that would be appreciated by any owner. Located steps away from local & express buses close the rail-link to metro north trains & to all major Highways. Close to schools, Parks Day care centers, Houses of Worship, Restaurants and Shops, Public Golf Course, Swimming Pools & Gyms. This unit offers all that it is needed for City Living. Perfect for those who work and enjoy Manhattan life style but yet affordable.

20. 2017-02-23
    soldstatus $355,000 Sold 928-char remark

    Show marketing remark (928 chars)

    This Large 3-bed, 2-bath unit allows any owners to take advantage of the best of both worlds when it comes to city living. First off, the unit boasts close to 1,200 Square feet of living space. The unit has a large galley windowed eat-in kitchen that allows for making family meals a pleasure instead of a task. The large living room, separate dining area Master bedroom with on suite bath room, 2- additional large bedrooms, lots of closet space and entrance foyer makes for a comfortable layout that would be appreciated by any owner. Located steps away from local & express buses close the rail-link to metro north trains & to all major Highways. Close to schools, Parks Day care centers, Houses of Worship, Restaurants and Shops, Public Golf Course, Swimming Pools & Gyms. This unit offers all that it is needed for City Living. Perfect for those who work and enjoy Manhattan life style but yet affordable.

21. 2017-02-22
    soldstatus $355,000 976-char remark

    Show marketing remark (976 chars)

    This Large 3-bed, 2-bath unit allows any owners to take advantage of the best of both worlds when it comes to city living. First off, the unit boasts close to 1,200 Square feet of living space. The unit has a large galley windowed eat-in kitchen that allows for making family meals a pleasure instead of a task. The large living room, separate dining area Master bedroom with on suite bath room, 2- additional large bedrooms, lots of closet space and entrance foyer makes for a comfortable layout that would be appreciated by any owner. Located steps away from local & express buses close the rail-link to metro north trains & to all major Highways. Close to schools, Parks Day care centers, Houses of Worship, Restaurants and Shops, Public Golf Course, Swimming Pools & Gyms. This unit offers all that it is needed for City Living. Perfect for those who work and enjoy Manhattan life style but yet affordable. Additional Information: HeatingFuel:Oil Above Ground,

22. 2017-02-02
    historical Pending 928-char remark

    Show marketing remark (928 chars)

    This Large 3-bed, 2-bath unit allows any owners to take advantage of the best of both worlds when it comes to city living. First off, the unit boasts close to 1,200 Square feet of living space. The unit has a large galley windowed eat-in kitchen that allows for making family meals a pleasure instead of a task. The large living room, separate dining area Master bedroom with on suite bath room, 2- additional large bedrooms, lots of closet space and entrance foyer makes for a comfortable layout that would be appreciated by any owner. Located steps away from local & express buses close the rail-link to metro north trains & to all major Highways. Close to schools, Parks Day care centers, Houses of Worship, Restaurants and Shops, Public Golf Course, Swimming Pools & Gyms. This unit offers all that it is needed for City Living. Perfect for those who work and enjoy Manhattan life style but yet affordable.

23. 2017-02-01
    price $385,000 928-char remark

    Show marketing remark (928 chars)

    This Large 3-bed, 2-bath unit allows any owners to take advantage of the best of both worlds when it comes to city living. First off, the unit boasts close to 1,200 Square feet of living space. The unit has a large galley windowed eat-in kitchen that allows for making family meals a pleasure instead of a task. The large living room, separate dining area Master bedroom with on suite bath room, 2- additional large bedrooms, lots of closet space and entrance foyer makes for a comfortable layout that would be appreciated by any owner. Located steps away from local & express buses close the rail-link to metro north trains & to all major Highways. Close to schools, Parks Day care centers, Houses of Worship, Restaurants and Shops, Public Golf Course, Swimming Pools & Gyms. This unit offers all that it is needed for City Living. Perfect for those who work and enjoy Manhattan life style but yet affordable.

24. 2016-09-09
    listed $385,000 Active 928-char remark

    Show marketing remark (928 chars)

    This Large 3-bed, 2-bath unit allows any owners to take advantage of the best of both worlds when it comes to city living. First off, the unit boasts close to 1,200 Square feet of living space. The unit has a large galley windowed eat-in kitchen that allows for making family meals a pleasure instead of a task. The large living room, separate dining area Master bedroom with on suite bath room, 2- additional large bedrooms, lots of closet space and entrance foyer makes for a comfortable layout that would be appreciated by any owner. Located steps away from local & express buses close the rail-link to metro north trains & to all major Highways. Close to schools, Parks Day care centers, Houses of Worship, Restaurants and Shops, Public Golf Course, Swimming Pools & Gyms. This unit offers all that it is needed for City Living. Perfect for those who work and enjoy Manhattan life style but yet affordable.

25. 2016-09-08
    listed $385,000 976-char remark

    Show marketing remark (976 chars)

    This Large 3-bed, 2-bath unit allows any owners to take advantage of the best of both worlds when it comes to city living. First off, the unit boasts close to 1,200 Square feet of living space. The unit has a large galley windowed eat-in kitchen that allows for making family meals a pleasure instead of a task. The large living room, separate dining area Master bedroom with on suite bath room, 2- additional large bedrooms, lots of closet space and entrance foyer makes for a comfortable layout that would be appreciated by any owner. Located steps away from local & express buses close the rail-link to metro north trains & to all major Highways. Close to schools, Parks Day care centers, Houses of Worship, Restaurants and Shops, Public Golf Course, Swimming Pools & Gyms. This unit offers all that it is needed for City Living. Perfect for those who work and enjoy Manhattan life style but yet affordable. Additional Information: HeatingFuel:Oil Above Ground,

ⓘ 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 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: $53,763
• − Mortgage interest: −$26,607
• − Property taxes: −$7,125
• − Insurance: −$2,375
• − Repairs & maintenance: −$4,301
• − Management: −$4,301
• − HOA: −$13,932
• − Depreciation: −$13,818
• Taxable loss: −$18,697
• Est. tax savings @ 24.0%: +$4,487
• After-tax cash flow: $-6,363/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: 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

+23.4% since first listed

15 events — show timeline

• 2026-05-14 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-05-14 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-04-24 Price Changed $475,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-17 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-01-09 Price Changed $495,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-31 Price Changed $499,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-09 Price Changed $515,000 OneKey® MLS as Distributed by MLS Grid
• 2025-05-13 Listed $525,000 OneKey® MLS as Distributed by MLS Grid
• 2017-02-23 Sold (MLS) $355,000 HGMLS
• 2017-02-23 Price Changed $355,000 HGMLS
• 2017-02-22 Sold (MLS) $355,000 OneKey® MLS as Distributed by MLS Grid
• 2017-02-02 Contingent — HGMLS
• 2017-02-01 Price Changed $385,000 HGMLS
• 2016-09-09 Listed $385,000 HGMLS
• 2016-09-08 Listed $385,000 OneKey® MLS as Distributed by MLS Grid