2944 W 5th St Unit 23C · New York, NY 11224

$475,000

2 bd · 1.5 ba · 1,150 sqft · Condo · 64 Days on market

Built 1964 Fair 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 +12.3/30.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• 1% rule +3.5/10.0
• Condition / age +2.2/5.0

Listing remarks

BRIGHTON BEACH AREA TRUMP VILLAGE SEC 4 COOP Top-Floor 2 Bedroom / 1.5 Bath with Direct Ocean Views Enjoy breathtaking ocean views from this bright and spacious top-floor apartment. Watch spectacular sunsets and even the famous Coney Island summer Friday fireworks right from your private balcony. The apartment features a large living room and dining room combination, a galley kitchen, and abundant closet space throughout. The primary bedroom includes its own walk-in closet and a convenient half bath. The second bedroom is generously sized and easily fits a king-size bed. This flexible layout can also be converted into a 3-bedroom if desired. Maintenance includes all major utiliti

Key facts

• Galley kitchen
• Private balcony
• Walk-in closet

Tags

• PRIVATE BALCONY
• LARGE LIVING ROOM
• DINING ROOM COMBINATION
• GALLEY KITCHEN
• ABUNDANT CLOSET SPACE
• WALK-IN CLOSET

Property features AI

Finance

• Other: Additional monthly fee: $25 (includes air conditioning)
• Financial info: Financing available: Bank mortgage or cash; Down payment requirement listed as 10%; Flip tax: 5% fee
• HOA & community: Monthly maintenance: $1,293.50; Management company: Trump Village Sec 4; Manager phone available; Pets allowed (cats and dogs); Handicap access available; Co-op shares listed

Exterior

• Parking: Off-site street parking (wait-list)
• Security: Card-operated door; Secure lobby
• Utilities: Electric; Gas; Heat; Water
• Home design: Detached building; Residential property; Located on the 23rd floor
• Construction: No specific construction materials or year built provided
• Exterior features: Waterfront present; Outdoor parking area; Balcony

Interior

• Kitchen: Stove; Refrigerator
• Bedrooms: 2 bedrooms on the first floor (including a primary/master bedroom)
• Flooring: Other flooring (see remarks)
• Bathrooms: 1 full bath on the first floor; 1 half bath on the first floor
• Heating & cooling: Heat; No central AC units listed
• Interior features: Elevator; Terrace; Laundry area; Secure lobby; Resident superintendent
• Laundry & utility: Card-operated laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $475k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-86 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $463k (2.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $405k (14.8% below list).
• Recommended offer: $405k (14.8% 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 (+7.0%/yr); 114 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); lower-income renter base — watch delinquency; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $4,046/mo this rent would consume 111% of the median local household income ($44k/yr) (locally 4426% 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 $27k of equity ($3k loan paydown + $24k appreciation (5.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($446k) is reasonable based on typical stale-listing flexibility.

Recommended offer $404,605 (14.8% 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 64 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.85% ✗
• Cap rate: 6.08%
• Cash-on-cash: -0.78%
• DSCR: 0.97
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.98% appreciation · 7.03% rent growth · sell at horizon

5-year hold

• IRR: 14.0%
• Equity multiple: 1.91×
• Total profit: $120,631
• Equity at exit: $268,657

10-year hold

• IRR: 16.3%
• Equity multiple: 4.08×
• Total profit: $409,246
• Equity at exit: $463,237

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 11224

• Home prices YoY: 1.0%
• Rents YoY: 7.0%
• Active inventory: 114
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $4,046 high
• Mortgage (P&I): −$2,491
• Tax est. 1.5%: −$594 /mo · $7,125/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$850
• Net cashflow: $-86

Break-even live

Break-even rent $4,155

Max offer price $462,521

Occupancy floor 97%

Sensitivity live

Price	-10% $242	-5% $78	+0% $-86	+5% $-250	+10% $-415
Rent	-10% $-406	-5% $-246	+0% $-86	+5% $74	+10% $233
Rate	-1.0pp $153	-0.5pp $35	base $-86	+0.5pp $-209	+1.0pp $-335

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 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$4,562	$4.81	8d	8	0.24mi
3000 Ocean Pkwy Brooklyn, NY	2.0	2.0	1130	$3,775	$3.34	19d	2	0.25mi
2971 Shell Rd Unit 720 Brooklyn, NY	2.0	2.0	920	$4,100	$4.46	25d	1	0.33mi
2971 Shell Rd Unit 704 Brooklyn, NY	2.0	1.0	826	$3,950	$4.78	25d	1	0.33mi
2971 Shell Rd Unit 711 Brooklyn, NY	2.0	2.0	907	$4,200	$4.63	25d	1	0.33mi
2971 Shell Rd Unit 508 Brooklyn, NY	2.0	2.0	930	$4,099	$4.41	25d	1	0.33mi
2971 Shell Rd Unit 406 Brooklyn, NY	2.0	2.0	920	$3,550	$3.86	25d	1	0.33mi
2971 Shell Rd Unit 612 Brooklyn, NY	2.0	2.0	907	$4,150	$4.58	25d	1	0.33mi
2971 Shell Rd Unit 602 Brooklyn, NY	3.0	2.0	1301	$5,299	$4.07	25d	1	0.33mi
2957 Shell Rd Brooklyn, NY	3.0	2.0	1292	$5,550	$4.30	25d	1	0.33mi
1515 Surf Ave Brooklyn, NY	1.0–2.0	1.0	706	$5,195	$7.35	0d	14	0.52mi
2538 E 2nd St Unit 2 Brooklyn, NY	3.0	1.0	1100	$2,600	$2.36	24d	1	0.84mi
2483 W 16th St Brooklyn, NY	1.0	1.0	800	$1,800	$2.25	21d	1	0.97mi

HOA detail condo

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

Listing history 2 events

1. 2026-05-31
   statusdays on market $475,000 Pending 64 DOM
2. 2026-03-25
   listed $475,000 Active

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

Taxation est. · year 1

• Rental income: $48,553
• − Mortgage interest: −$26,607
• − Property taxes: −$7,125
• − Insurance: −$2,375
• − Repairs & maintenance: −$3,884
• − Management: −$3,884
• − Depreciation: −$13,818
• Taxable loss: −$9,141
• Est. tax savings @ 24.0%: +$2,194
• After-tax cash flow: $1,159/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 · 10 photos

Fair 45/100 Moderate rehab

This top-floor 2-bedroom/1.5 bath condo in the Brighton Beach area of Trump Village requires moderate repairs and maintenance, particularly in the bathrooms and painting. Upgrading the interior and HVAC will significantly enhance its value.

Repairs flagged

• Minor Kitchen cabinets — The cabinets appear to be in good condition with no visible damage.
• Moderate Bathroom fixtures — The fixtures in the bathrooms appear dated and may need replacement.
• Minor Paint — The paint on the walls appears slightly worn and may benefit from a fresh coat.

Value-add opportunities

• Both Painting the interior walls and replacing dated fixtures in the bathrooms — These updates will improve the aesthetic appeal and functionality of the home, making it more attractive to potential buyers or renters.
• Both Upgrading the HVAC system — A new HVAC system will improve the comfort and energy efficiency of the home, which is beneficial for both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · The cabinets appear to be in good condition with no visible damage.	Minor	$500–3,000
Bathroom fixtures · The fixtures in the bathrooms appear dated and may need replacement.	Moderate	$3,000–15,000
Paint · The paint on the walls appears slightly worn and may benefit from a fresh coat.	Minor	$500–3,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Both Painting the interior walls and replacing dated fixtures in the bathrooms — These updates will improve the aesthetic appeal and functionality of the home, making it more attractive to potential buyers or renters. ↑
• Both Upgrading the HVAC system — A new HVAC system will improve the comfort and energy efficiency of the home, which is beneficial for both resale and rental value. ↑

ⓘ 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): 50,822
• Household income: $43,648
• Rent vs Own: 72.7% rent · 27.3% own
• Severe rent burden: 4426.0

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 0.68)
• Race & ethnicity: White 48% Black 22% Hispanic / Latino 19% Asian 8% Two or more races 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 8% Dominican 2%
• Common ancestry: Scotch-Irish 10% Subsaharan African 7% Romanian 1%
• Foreign-born: 48% · Canada, China
• Languages at home: 42% English-only · Russian/Polish/Slavic 32% Spanish 11% Chinese 5%

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: ▲ 4.98%
• Current HPI: 505.1405
• Rent YoY: ▲ 7.03%
• 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

• 2026-03-25 Listed $475,000 BNYMLS