397 Crescent St · New York, NY 11208

$1,488,888

9 bd · 3.9 ba · 3,240 sqft · MultiFamily public records · 62 Days on market

Built 1930 1,707 sqft lot Est $1312k · 13% over

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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 +12.4/30.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• ARV discount +1.4/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

3 family attached 8 bedrooms 4 full bathrooms 3 living rooms, full finished basement all information to be verfied by all parties

Key facts

• 1,707 sq ft lot
• Built 1930
• Listed 61 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Electricity connected (Con-Edison); Natural gas connected; Public sewer; Water connected
• Home design: Triplex
• Construction: Brick and vinyl siding construction
• Exterior features: Brick and vinyl siding exterior; Not waterfront

Interior

• Bedrooms: One 3-bedroom unit
• Bathrooms: Four full bathrooms
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: First-floor bedroom; Entrance foyer; Finished basement

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $1.49M.

Deal economics

• At list price, monthly cash flow is $-237 ($-3k/yr) — negative. Per door: $-79/mo.
• To cash-flow at today's rent, offer at most $1.45M (2.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.10M (26.0% below list).
• Recommended offer: $1.10M (26.0% 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 (+6.1%/yr); 192 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $11,022/mo this rent would consume 213% of the median local household income ($62k/yr) (locally 7574% 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 $10k of loan paydown is wiped out by about $45k 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

• It's been on market 62 days — a 6% lower offer ($1.40M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $173k; list at $1.49M implies a 761% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 50% 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 $1,102,200 (26.0% 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 62 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.74% ✗
• Cap rate: 6.10%
• Cash-on-cash: -0.68%
• DSCR: 0.97
• GRM: 11.3

CMA / ARV

• ARV (on-the-fly): $1,312,200
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
369 Milford St	0.68mi	8/1.0 (-1)	3,198 (-1%)	5mo	$1,200,000	$375	45
9735 77th St	0.54mi	8/2.0 (-1)	2,984 (-8%)	8mo	$1,450,000	$486	42
1140 Sutter Ave	0.56mi	8/3.0 (-1)	3,420 (+6%)	19mo	$694,785	$203	40
80-10 95th Ave	0.65mi	8/3.0 (-1)	2,820 (-13%)	4mo	$1,240,000	$440	36
390 Essex St	0.68mi	8/5.0 (-1)	2,812 (-13%)	8mo	$1,140,000	$405	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.14% rent growth · sell at horizon

5-year hold

• IRR: -14.5%
• Equity multiple: 0.47×
• Total profit: $-221,106
• Equity at exit: $221,998

10-year hold

• IRR: -1.8%
• Equity multiple: 0.86×
• Total profit: $-57,447
• Equity at exit: $128,732

Cash invested: $416,889 (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 11208

• Rents YoY: 6.1%
• Active inventory: 192
• Price-to-rent: 33.8×

Monthly cashflow live

• Estimated rent: $11,022 high
• Mortgage (P&I): −$7,808
• Tax from tax record: −$516 /mo · $6,194/yr
• Insurance: −$620
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,315
• Net cashflow: $-237

Break-even live

Break-even rent $11,322

Max offer price $1,447,011

Occupancy floor 97%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$11,022
Total (3 units)			$11,022

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: $372,222
• Closing costs: $44,667
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $1,488,888 Active 62 DOM
2. 2026-06-17
   days on market $1,488,888 Active 61 DOM
3. 2026-06-15
   days on market $1,488,888 Active 59 DOM
4. 2026-06-13
   days on market $1,488,888 Active 57 DOM
5. 2026-06-10
   days on market $1,488,888 Active 53 DOM
6. 2026-06-08
   days on market $1,488,888 Active 52 DOM
7. 2026-06-08
   days on market $1,488,888 Active 51 DOM
8. 2026-06-04
   days on market $1,488,888 Active 48 DOM
9. 2026-06-03
   days on market $1,488,888 Active 47 DOM
10. 2026-06-01
    days on market $1,488,888 Active 45 DOM
11. 2026-05-31
    days on market $1,488,888 Active 44 DOM
12. 2026-04-17
    listed $1,488,888 Active
13. 1989-10-19
    soldstatus $173,000
14. 1987-08-10
    soldstatus $25,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $6,194 · $516/mo
• Projected year-2 tax: $15,678 · $1,307/mo
• Expected delta: +$9,484/yr (+$790/mo · 153.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 50% 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: $132,264
• − Mortgage interest: −$83,401
• − Property taxes: −$6,194
• − Insurance: −$7,444
• − Repairs & maintenance: −$10,581
• − Management: −$10,581
• − Depreciation: −$43,313
• Taxable loss: −$29,251
• Est. tax savings @ 24.0%: +$7,020
• After-tax cash flow: $4,175/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): 105,428
• Household income: $62,077
• Rent vs Own: 75.1% rent · 24.9% own
• Severe rent burden: 7574.0

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 0.66)
• Race & ethnicity: Black 42% Hispanic / Latino 39% Asian 10% Two or more races 8% White 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 9% Dominican 16%
• Common ancestry: Hispanic 1%
• Foreign-born: 40% · Canada, China, Mexico
• Languages at home: 48% English-only · Spanish 36% Other Indo-European 11% French/Haitian/Cajun 1%

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: ▼ -546.38%
• Current HPI: 376.1489
• Rent YoY: ▲ 6.14%
• 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

+5855.6% since first listed

3 events — show timeline

• 2026-04-17 Listed $1,488,888 OneKey® MLS as Distributed by MLS Grid
• 1989-10-19 Sold (Public Records) $173,000 Public Records
• 1987-08-10 Sold (Public Records) $25,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $6,194 · +3.3% YoY. Source: county tax records.