2048 E 53rd Pl · New York, NY 11234

$699,000

2 bd · 2.0 ba · 1,510 sqft · MultiFamily public records · 51 Days on market

Built 1960 1,983 sqft lot Est $757k · 8% under

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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 +26.7/30.0
• ARV discount +10.9/15.0
• DSCR +9.2/10.0
• 1% rule +6.5/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

A great opportunity for an end user or investor! Perfect home for you to design and renovate just the way your lifestyle needs. Close to drive to Marine Park, Floyd Bennett Field, parkways and highways, including JFK Airport. Buyers pay transfer tax. All Information Is deemed accurate but should be re-verified. Home is being sold as is, no interior access and will not be delivered vacant.

Key facts

• 1,983 sq ft lot
• Parking
• Built 1960

Property features AI

Exterior

• Parking: Driveway parking (1 space)
• Utilities: Public sewer; Utilities: See remarks
• Home design: Duplex; Total building area about 1,510 sq ft
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Two 2-bedroom units
• Bathrooms: Two full bathrooms
• Heating & cooling: Steam heat; No central cooling
• Interior features: Eat-in kitchen; Unfinished basement
• Laundry & utility: Basement utility space

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $699k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $699k).
• Recommended offer: $678k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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.
• Zoned schools: Ps 207 Elizabeth G Leary (math 70% / reading 70%, grade A-, #447 of 2,108 statewide, top 24%, 896 students, 54% FRL); Jhs 278 Marine Park (math 47% / reading 67%, grade B, #192 of 729 statewide, top 28%, 1,076 students, 71% 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 (+16.2%/yr); 461 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $8,021/mo this rent would consume 99% of the median local household income ($97k/yr) (locally 2384% 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 $5k of loan paydown is wiped out by about $21k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $196k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($678k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $560k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major flood risk; major wind risk, 75% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $678,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.15% ✓
• Cap rate: 9.54%
• Cash-on-cash: 11.59%
• DSCR: 1.52
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $756,510
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2057 E 52nd St	0.03mi	3/3.0 (+1)	1,472 (-2%)	20mo	$880,000	$598	68
5709 Fillmore Ave	0.30mi	3/2.0 (+1)	1,672 (+11%)	9mo	$740,000	$443	55
1880 E 52nd St	0.19mi	3/2.0 (+1)	1,638 (+8%)	23mo	$820,000	$501	53
1650 E 48th St	0.72mi	3/2.0 (+1)	1,566 (+4%)	4mo	$750,000	$479	52
2068 E 61 St	0.45mi	2/2.0	1,710 (+13%)	23mo	$795,000	$465	38
1873 Hendrickson St	0.42mi	3/2.0 (+1)	1,727 (+14%)	20mo	$890,000	$515	35

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 6.2%
• Equity multiple: 1.25×
• Total profit: $49,380
• Equity at exit: $104,223

10-year hold

• IRR: 19.4%
• Equity multiple: 3.00×
• Total profit: $390,464
• Equity at exit: $60,437

Cash invested: $195,720 (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 11234

• Rents YoY: 16.2%
• Active inventory: 461
• Price-to-rent: 21.8×

Monthly cashflow live

• Estimated rent: $8,021 medium
• Mortgage (P&I): −$3,666
• Tax from tax record: −$490 /mo · $5,877/yr
• Insurance: −$291
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,684
• Net cashflow: $1,890

Break-even live

Break-even rent $5,629

Max offer price $699,000

Occupancy floor 71%

Sensitivity live

Price	-10% $2,286	-5% $2,088	+0% $1,890	+5% $1,692	+10% $1,494
Rent	-10% $1,256	-5% $1,573	+0% $1,890	+5% $2,207	+10% $2,524
Rate	-1.0pp $2,242	-0.5pp $2,068	base $1,890	+0.5pp $1,709	+1.0pp $1,525

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	2	$8,022
Total (3 units)			$8,021

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: $174,750
• Closing costs: $20,970
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2731 E 65th St Unit 1 Brooklyn, NY	3.0	2.0	1300	$3,400	$2.62	26d	1	0.62mi
3222 Kings Hwy Unit 2 Brooklyn, NY	2.0	1.0	1200	$3,000	$2.50	26d	1	1.18mi
1455 Royce St Unit 1H Brooklyn, NY	3.0	2.0	1113	$3,700	$3.32	26d	1	1.18mi
84 Gotham Ave Brooklyn, NY	3.0	2.0	1516	$5,000	$3.30	26d	1	1.40mi

Listing history 20 events

1. 2026-06-21
   days on market $699,000 Active 51 DOM
2. 2026-06-18
   days on market $699,000 Active 48 DOM
3. 2026-06-17
   days on market $699,000 Active 47 DOM
4. 2026-06-16
   days on market $699,000 Active 46 DOM
5. 2026-06-15
   days on market $699,000 Active 45 DOM
6. 2026-06-13
   days on market $699,000 Active 43 DOM
7. 2026-06-10
   days on market $699,000 Active 39 DOM
8. 2026-06-08
   days on market $699,000 Active 38 DOM
9. 2026-06-08
   days on market $699,000 Active 37 DOM
10. 2026-06-04
    days on market $699,000 Active 34 DOM
11. 2026-06-03
    days on market $699,000 Active 33 DOM
12. 2026-06-01
    days on market $699,000 Active 31 DOM
13. 2026-05-31
    days on market $699,000 Active 30 DOM
14. 2026-05-01
    listed $699,000 Active
15. 2025-08-15
    price $840,000
16. 2025-08-15
    status Active
17. 2025-04-30
    status Pending
18. 2025-04-07
    listed $500,000 Active
19. 2007-04-24
    soldstatus $560,000
20. 2006-08-24
    soldstatus $320,000

ⓘ 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: $5,877 · $490/mo
• Projected year-2 tax: $8,845 · $737/mo
• Expected delta: +$2,968/yr (+$247/mo · 50.5%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 75% 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: $96,252
• − Mortgage interest: −$39,155
• − Property taxes: −$5,877
• − Insurance: −$3,495
• − Repairs & maintenance: −$7,700
• − Management: −$7,700
• − Depreciation: −$20,335
• Taxable income: $11,991
• Est. tax owed @ 24.0%: −$2,878
• After-tax cash flow: $19,802/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): 83,187
• Household income: $97,479
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 2384.0

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 0.69)
• Race & ethnicity: Black 42% White 35% Hispanic / Latino 10% Asian 8% Two or more races 7%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Hispanic 8% Scotch-Irish 3% Romanian 2%
• Foreign-born: 35% · Canada, China, Mexico
• Languages at home: 65% English-only · French/Haitian/Cajun 9% Spanish 7% Russian/Polish/Slavic 6%

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: ▼ -667.47%
• Current HPI: 318.0416
• Rent YoY: ▲ 16.21%
• 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

+118.4% since first listed

7 events — show timeline

• 2026-05-01 Listed $699,000 OneKey® MLS as Distributed by MLS Grid
• 2025-08-15 Price Changed $840,000 OneKey® MLS as Distributed by MLS Grid
• 2025-08-15 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-04-30 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-04-07 Listed $500,000 OneKey® MLS as Distributed by MLS Grid
• 2007-04-24 Sold (Public Records) $560,000 Public Records
• 2006-08-24 Sold (Public Records) $320,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $5,877 · -2.4% YoY. Source: county tax records.