205 E 238th St Unit 2C · New York, NY 10470

$189,000

1 bd · 1.0 ba · 700 sqft · Condo · 110 Days on market

Built 1950

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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 +20.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +5.4/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

.

Key facts

• On-site laundry room
• Windowed kitchen
• Elevator

Tags

• RENOVATED KITCHEN
• WINDOWED KITCHEN
• WINDOWED BATHROOM
• ON-SITE LAUNDRY ROOM
• INTERCOM SYSTEM
• ELEVATOR

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public sewer; Electricity connected; Natural gas connected
• Home design: Stock cooperative
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Gas oven; Gas range; Stainless steel appliances
• Bedrooms: Entry level: 2
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating; Natural gas heating; Radiant heating; Wall/window air conditioning units
• Interior features: Marble counters
• Laundry & utility: No basement

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $189k.

Deal economics

• At list price, monthly cash flow is $252 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $189k).
• Recommended offer: $172k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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: 66 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 110 days — a 9% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $160k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $171,990 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.04% ✓
• Cap rate: 7.89%
• Cash-on-cash: 5.70%
• DSCR: 1.25
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -7.5%
• Equity multiple: 0.72×
• Total profit: $-14,576
• Equity at exit: $28,181

10-year hold

• IRR: 2.1%
• Equity multiple: 1.15×
• Total profit: $8,058
• Equity at exit: $16,341

Cash invested: $52,920 (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 10470

• Home prices YoY: -28.6%
• Active inventory: 66
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,972 high
• Mortgage (P&I): −$991
• Tax est. 1.5%: −$236 /mo · $2,835/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $252

Break-even live

Break-even rent $1,653

Max offer price $189,000

Occupancy floor 82%

Sensitivity live

Price	-10% $382	-5% $317	+0% $252	+5% $186	+10% $121
Rent	-10% $96	-5% $174	+0% $252	+5% $329	+10% $407
Rate	-1.0pp $347	-0.5pp $300	base $252	+0.5pp $203	+1.0pp $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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
675 McLean Ave Unit 006H Yonkers, NY	1.0	1.0	577	$2,071	$3.59	5d	1	0.71mi
216 1st St Unit 1 Yonkers, NY	1.0	1.0	600	$2,000	$3.33	44d	1	0.94mi
277 Bronx River Rd Apt 3M Yonkers, NY	—	1.0	550	$1,700	$3.09	44d	1	1.13mi
130 Harrison Ave Yonkers, NY	1.0	1.0	650	$1,900	$2.92	44d	1	1.28mi
249 McLean Ave Unit 1B Yonkers, NY	1.0	1.0	700	$2,500	$3.57	18d	1	1.35mi
2325 Cortlandt St Unit 4 Mt Vernon, NY	2.0	1.0	700	$2,300	$3.29	25d	1	1.36mi

HOA detail condo

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

Listing history 11 events

1. 2026-05-22
   status Pending
2. 2026-01-31
   listed $189,000 Active
3. 2025-10-24
   listed $189,000 Active
4. 2025-10-16
   historical
5. 2025-09-18
   listed $189,000 Active
6. 2025-05-09
   historical
7. 2024-06-18
   listed $189,000 Active
8. 2020-08-12
   historical
9. 2020-08-10
   soldstatus $160,000 Closed
10. 2020-05-01
    status Pending
11. 2020-02-24
    listed $149,900 Active

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 13% 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: $23,661
• − Mortgage interest: −$10,587
• − Property taxes: −$2,835
• − Insurance: −$945
• − Repairs & maintenance: −$1,893
• − Management: −$1,893
• − Depreciation: −$5,498
• Taxable income: $10
• Est. tax owed @ 24.0%: −$2
• After-tax cash flow: $3,016/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): 16,004
• Household income: $90,046
• Rent vs Own: 56.6% rent · 43.4% own
• Severe rent burden: 805.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 38% Black 30% Hispanic / Latino 24% Two or more races 9% Asian 3% Native American 1%
• Hispanic origin (detail): Puerto Rican 9% Dominican 9%
• Common ancestry: Romanian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 32% · Canada, Jamaica
• Languages at home: 72% English-only · Spanish 17% Other Indo-European 5% French/Haitian/Cajun 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: ▼ -114.64%
• Current HPI: 286.9195
• Rent YoY: —
• 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

+26.1% since first listed

11 events — show timeline

• 2026-05-22 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-01-31 Listed $189,000 OneKey® MLS as Distributed by MLS Grid
• 2025-10-24 Listed $189,000 OneKey® MLS as Distributed by MLS Grid
• 2025-10-16 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-09-18 Listed $189,000 OneKey® MLS as Distributed by MLS Grid
• 2025-05-09 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-06-18 Listed $189,000 OneKey® MLS as Distributed by MLS Grid
• 2020-08-12 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-08-10 Sold (MLS) $160,000 OneKey® MLS as Distributed by MLS Grid
• 2020-05-01 Pending — OneKey® MLS as Distributed by MLS Grid
• 2020-02-24 Listed $149,900 OneKey® MLS as Distributed by MLS Grid