4521 Carpenter Ave · New York, NY 10470

$875,000

12 bd · 9.0 ba · 2,274 sqft · MultiFamily public records · 8 Days on market

Built 1901 2,833 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

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

Listing remarks

Exceptional investment opportunity in the desirable Wakefield section of the Bronx! This well-maintained detached 3-family home offers generous living space and excellent income potential. The property features two oversized 1-bedroom, 1-bath apartments over a spacious 2-bedroom, 1-bath unit, all with high ceilings throughout that create an open and airy feel. The lower level includes two additional studio apartments, providing even more flexibility and potential use. Exterior features include a 1-car garage with a large adjoining storage area, plus a private driveway that accommodates up to 3 additional vehicles. The roof is only 3 years old, adding further value and peace of mind. Propert

Key facts

• Roof is 3 years old
• Private driveway
• 1-car garage

Tags

• DETACHED 3-FAMILY HOME
• HIGH CEILINGS
• LOWER LEVEL STUDIO APARTMENTS
• 1-CAR GARAGE
• PRIVATE DRIVEWAY
• ROOF IS 3 YEARS OLD

Property features AI

Exterior

• Parking: Driveway; Parking for 4 vehicles; Attached/has 1-car garage
• Utilities: Con-Edison electric service; Public sewer; Cable available; Electricity available and connected; Natural gas available; Phone available; Trash collection (public)
• Home design: Triplex; Building area about 2,274 square feet
• Construction: Aluminum siding construction
• Exterior features: Aluminum siding; Not waterfront

Interior

• Bedrooms: Two 1-bedroom units; One 2-bedroom unit
• Flooring: Hardwood floors
• Bathrooms: Three full bathrooms
• Heating & cooling: Natural gas heating; Wall/window cooling units
• Interior features: First-floor bedroom; First-floor full bathroom; Finished full basement

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $875k.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $875k).
• Cap rate 10.8% 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; solid renter incomes; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $10,976/mo this rent would consume 146% of the median local household income ($90k/yr) (locally 805% 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 $26k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $245k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $185k; list at $875k implies a 373% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $875,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.25% ✓
• Cap rate: 10.80%
• Cash-on-cash: 16.09%
• DSCR: 1.72
• GRM: 6.6

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: 7.0%
• Equity multiple: 1.27×
• Total profit: $67,261
• Equity at exit: $130,465

10-year hold

• IRR: 16.3%
• Equity multiple: 2.34×
• Total profit: $327,084
• Equity at exit: $75,654

Cash invested: $245,000 (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 10470

• Home prices YoY: -28.6%
• Active inventory: 66
• Price-to-rent: 19.9×

Monthly cashflow live

• Estimated rent: $10,976 medium
• Mortgage (P&I): −$4,589
• Tax from tax record: −$432 /mo · $5,182/yr
• Insurance: −$365
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,305
• Net cashflow: $3,286

Break-even live

Break-even rent $6,816

Max offer price $875,000

Occupancy floor 65%

Sensitivity live

Price	-10% $3,781	-5% $3,534	+0% $3,286	+5% $3,038	+10% $2,791
Rent	-10% $2,419	-5% $2,852	+0% $3,286	+5% $3,720	+10% $4,153
Rate	-1.0pp $3,727	-0.5pp $3,509	base $3,286	+0.5pp $3,059	+1.0pp $2,829

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$10,977
Total (3 units)			$10,976

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: $218,750
• Closing costs: $26,250
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-03
   statusdays on market $875,000 Pending 8 DOM
2. 2026-05-11
   listed $875,000 Active
3. 1987-05-29
   soldstatus $185,000
4. 1986-09-26
   soldstatus $85,000

ⓘ 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: $5,182 · $432/mo
• Projected year-2 tax: $9,985 · $832/mo
• Expected delta: +$4,803/yr (+$400/mo · 92.7%)

ⓘ 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 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: $131,712
• − Mortgage interest: −$49,014
• − Property taxes: −$5,182
• − Insurance: −$4,375
• − Repairs & maintenance: −$10,537
• − Management: −$10,537
• − Depreciation: −$25,455
• Taxable income: $26,613
• Est. tax owed @ 24.0%: −$6,387
• After-tax cash flow: $33,045/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

+929.4% since first listed

3 events — show timeline

• 2026-05-11 Listed $875,000 OneKey® MLS as Distributed by MLS Grid
• 1987-05-29 Sold (Public Records) $185,000 Public Records
• 1986-09-26 Sold (Public Records) $85,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $5,182 · +6.3% YoY. Source: county tax records.