186 Howard Ave · New York, NY 11233

$1,225,000

9 bd · 5.1 ba · 1,968 sqft · MultiFamily public records · 129 Days on market

Built 1910 1,967 sqft lot

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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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Cash flow +4.1/30.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +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

Bank-owned, sold as-is. Previous owner had fully-renovated within past 10 years and now bank-owned and selling fully-rented with PAYING TENANTS. There are 2 gas boilers, and 3 electric meters. Tenants are paying their own gas and electric . Collecting $8,251.75/mo. or $99,021/year. Lot size is 20' x 100'. Taxes: $5,890/year. Don't miss this great opportunity to buy and hold in Bed-Stuy! Investor's Delight

Key facts

• 1,967 sq ft lot
• Built 1910
• Listed 129 days

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.7-bath units multifamily listed at $1.23M.

Deal economics

• At list price, monthly cash flow is $-3k ($-41k/yr) — negative. Per door: $-1k/mo.
• To cash-flow at today's rent, offer at most $617k (49.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $513k (58.1% below list).
• Recommended offer: $513k (58.1% below list) — sets the bar for 1% rule.

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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: Rents rising fast (+6.4%/yr); 152 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $5,131/mo this rent would consume 99% of the median local household income ($62k/yr) (locally 6960% 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 $131k of equity ($8k loan paydown + $122k appreciation (10.0% 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 ~$211k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($1.08M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $720k; list at $1.23M implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 39% 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 $513,100 (58.1% 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 129 days. Have you received any prior offers? Is the seller open to a 58% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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?
12. 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.
13. 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.
14. 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: 0.42% ✗
• Cap rate: 2.98%
• Cash-on-cash: -11.82%
• DSCR: 0.47
• GRM: 19.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 6.44% rent growth · sell at horizon

5-year hold

• IRR: 16.4%
• Equity multiple: 2.36×
• Total profit: $465,647
• Equity at exit: $1,103,577

10-year hold

• IRR: 16.2%
• Equity multiple: 5.62×
• Total profit: $1,585,556
• Equity at exit: $2,379,906

Cash invested: $343,000 (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 11233

• Home prices YoY: 2.9%
• Rents YoY: 6.4%
• Active inventory: 152
• Price-to-rent: 59.7×

Monthly cashflow live

• Estimated rent: $5,131 high
• Mortgage (P&I): −$6,424
• Tax from tax record: −$497 /mo · $5,964/yr
• Insurance: −$510
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,078
• Net cashflow: $-3,444

Break-even live

Break-even rent $9,491

Max offer price $616,535

Occupancy floor —

Sensitivity live

Price	-10% $-2,751	-5% $-3,098	+0% $-3,444	+5% $-3,791	+10% $-4,138
Rent	-10% $-3,850	-5% $-3,647	+0% $-3,444	+5% $-3,242	+10% $-3,039
Rate	-1.0pp $-2,827	-0.5pp $-3,133	base $-3,444	+0.5pp $-3,762	+1.0pp $-4,085

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.7	$5,130
Total (3 units)			$5,131

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: $306,250
• Closing costs: $36,750
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-04-10
   status Pending
2. 2026-01-02
   price $1,225,000
3. 2025-10-07
   listed $1,275,000 Active
4. 2017-07-05
   soldstatus $720,000
5. 2016-02-08
   soldstatus $423,700
6. 2014-01-24
   soldstatus $280,000
7. 2005-04-08
   soldstatus $351,000
8. 2005-03-29
   soldstatus $326,000
9. 2002-04-17
   soldstatus $185,000
10. 2002-04-17
    soldstatus $315,000

ⓘ 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: $5,964 · $497/mo
• Projected year-2 tax: $13,333 · $1,111/mo
• Expected delta: +$7,369/yr (+$614/mo · 123.6%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 76% 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 39% 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: $61,572
• − Mortgage interest: −$68,619
• − Property taxes: −$5,964
• − Insurance: −$6,922
• − Repairs & maintenance: −$4,926
• − Management: −$4,926
• − Depreciation: −$35,636
• Taxable loss: −$65,421
• Est. tax savings @ 24.0%: +$15,701
• After-tax cash flow: $-25,632/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): 81,822
• Household income: $62,411
• Rent vs Own: 76.3% rent · 23.7% own
• Severe rent burden: 6960.0

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 Black (65%)
• Race & ethnicity: Black 65% Hispanic / Latino 16% White 12% Two or more races 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 5% Dominican 5%
• Common ancestry: Hispanic 1% Romanian 1% Lithuanian 1%
• Foreign-born: 25% · Canada, Mexico, China
• Languages at home: 80% English-only · Spanish 12% French/Haitian/Cajun 3% Other Indo-European 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: ▲ 18.31%
• Current HPI: 645.4828
• Rent YoY: ▲ 6.44%
• 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

+562.2% since first listed

10 events — show timeline

• 2026-04-10 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-01-02 Price Changed $1,225,000 OneKey® MLS as Distributed by MLS Grid
• 2025-10-07 Listed $1,275,000 OneKey® MLS as Distributed by MLS Grid
• 2017-07-05 Sold (Public Records) $720,000 Public Records
• 2016-02-08 Sold (Public Records) $423,700 Public Records
• 2014-01-24 Sold (Public Records) $280,000 Public Records
• 2005-04-08 Sold (Public Records) $351,000 Public Records
• 2005-03-29 Sold (Public Records) $326,000 Public Records
• 2002-04-17 Sold (Public Records) $315,000 Public Records
• 2002-04-17 Sold (Public Records) $185,000 Public Records

Property tax history

+6.7%/yr

Latest (2025): $5,964 · +1.3% YoY. Source: county tax records.