497 Elton St · New York, NY 11208

$799,999

4 bd · 3.0 ba · 2,305 sqft · MultiFamily public records · 36 Days on market

Built 1998 2,700 sqft lot Est $844k · 5% under

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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 +17.0/30.0
• ARV discount +9.8/15.0
• DSCR +5.3/10.0
• Schools +5.0/10.0
• 1% rule +4.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

A 2-family, 2-story property with 5 bedrooms and 2 baths gives you something most buyers miss… income and space at the same time. Basement-Crawl Space. Live comfortably on one floor with your own private setup—full bedroom, walk-in closet, full bath, and direct access to your backyard. While the second unit works for you, helping offset your mortgage every single month. Hardwood floors, a private balcony, and a layout designed for both living and earning. If you’re earning well but still feel like your money isn’t moving forward—this is how you change that. Come see how one property can give you more freedom, more control, and more time back. Schedule your sho

Key facts

• Walk-in closet
• Private balcony
• 2,700 sq ft lot

Tags

• WALK-IN CLOSET
• DIRECT ACCESS TO BACKYARD
• PRIVATE BALCONY

Property features AI

Exterior

• Parking: Private parking for 3 vehicles
• Utilities: Public sewer; Electricity connected; Natural gas connected; Public water connected; Public trash collection
• Home design: Duplex
• Construction: Brick construction
• Exterior features: Brick exterior; Near public transit

Interior

• Bedrooms: One 2-bedroom unit; One 3-bedroom unit
• Bathrooms: Three full bathrooms
• Heating & cooling: Hot water heating (natural gas); Wall/window air conditioning units
• Interior features: Other interior features; No basement (crawl space); Attic: see remarks

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $800k.

Deal economics

• At list price, monthly cash flow is $541 ($6k/yr) — positive. Per door: $271/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $720k (10.0% below list).
• Recommended offer: $720k (10.0% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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; 1 comparable units currently listed for rent nearby; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $7,198/mo this rent would consume 139% 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 $6k of loan paydown is wiped out by about $24k 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 36 days — a 3% lower offer ($776k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 68% 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 $719,800 (10.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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: 0.90% ✗
• Cap rate: 7.11%
• Cash-on-cash: 2.90%
• DSCR: 1.13
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $843,630
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
404 Logan St	0.49mi	4/—	2,128 (-8%)	3mo	$1,030,000	$484	62
668 Van Siclen Ave	0.61mi	4/3.0	2,175 (-6%)	5mo	$780,000	$359	58
549 Ashford St	0.16mi	3/2.0 (-1)	2,018 (-12%)	6mo	$940,000	$466	58
502 Chestnut St	0.54mi	4/3.0	2,119 (-8%)	5mo	$775,000	$366	57
317 Pennsylvania Ave	0.66mi	4/3.0	2,060 (-11%)	2mo	$750,000	$364	50
733 Warwick St	0.41mi	5/2.0 (+1)	2,000 (-13%)	9mo	$720,000	$360	42
148 Hendrix St	0.71mi	4/—	2,558 (+11%)	10mo	$699,000	$273	40
215 Warwick St	0.60mi	5/3.0 (+1)	1,964 (-15%)	10mo	$975,000	$496	34

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: -8.5%
• Equity multiple: 0.68×
• Total profit: $-71,820
• Equity at exit: $119,282

10-year hold

• IRR: 4.5%
• Equity multiple: 1.38×
• Total profit: $84,018
• Equity at exit: $69,169

Cash invested: $224,000 (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 11208

• Rents YoY: 6.1%
• Active inventory: 192
• Price-to-rent: 18.5×

Monthly cashflow live

• Estimated rent: $7,198 medium
• Mortgage (P&I): −$4,195
• Tax from tax record: −$616 /mo · $7,396/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,512
• Net cashflow: $541

Break-even live

Break-even rent $6,513

Max offer price $799,999

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$7,198
Total (2 units)			$7,198

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: $200,000
• Closing costs: $24,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10124 78th St Ozone Park, NY	3.0	1.0	2299	$3,500	$1.52	24d	1	1.30mi

Listing history 6 events

1. 2026-06-08
   statusdays on market $799,999 Pending 36 DOM
2. 2026-06-04
   days on market $799,999 Active 35 DOM
3. 2026-06-03
   days on market $799,999 Active 34 DOM
4. 2026-06-01
   days on market $799,999 Active 32 DOM
5. 2026-05-31
   days on market $799,999 Active 31 DOM
6. 2026-04-30
   listed $799,999 Active

ⓘ 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: $7,396 · $616/mo
• Projected year-2 tax: $10,458 · $872/mo
• Expected delta: +$3,062/yr (+$255/mo · 41.4%)

ⓘ 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 7/10 Severe 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 68% 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: $86,376
• − Mortgage interest: −$44,812
• − Property taxes: −$7,396
• − Insurance: −$4,000
• − Repairs & maintenance: −$6,910
• − Management: −$6,910
• − Depreciation: −$23,273
• Taxable loss: −$6,925
• Est. tax savings @ 24.0%: +$1,662
• After-tax cash flow: $8,160/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

1 event — show timeline

• 2026-04-30 Listed $799,999 OneKey® MLS as Distributed by MLS Grid

Property tax history

+14.9%/yr

Latest (2025): $7,396 · +3.6% YoY. Source: county tax records.