2023 Hughes Ave · New York, NY 10457

$1,495,000

12 bd · 4.0 ba · 3,300 sqft · MultiFamily public records · 159 Days on market

Built 1931 2,661 sqft lot Est $1099k · 36% over

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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 +18.3/30.0
• Appreciation +7.1/10.0
• DSCR +5.7/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• 1% rule +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks

2023 Hughes Avenue — Spacious 4-Family Home in Vibrant East Tremont Welcome to 2023 Hughes Avenue, a classic pre-war four-family townhouse offering space, versatility, and investment potential in the heart of East Tremont, Bronx. Built in 1931, this solid brick home spans approximately 3,300 square feet across three floors and sits on a 2,660 square foot lot. This property features three well-proportioned units, perfect for investors seeking strong rental income or for an owner-occupant who wants to live comfortably while generating income from the additional apartments. The layout provides flexibility for multi-generational living, extended family, or long-term tenants. Inside, high

Key facts

• 2,661 sq ft lot
• Built 1931
• Listed 158 days

Tags

• THREE FAMILY TOWNHOUSE
• CLASSIC PRE WAR ARCHITECTURE
• CONVENIENT ACCESS TO TRANSIT
• GENEROUS LIVING AREAS

Property features AI

Finance

• Financial info: Property type: Triplex; Building area approximately 3300 total square feet

Exterior

• Parking: No carport
• Utilities: Public sewer; Electricity connected; Natural gas connected
• Home design: Triplex
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: One 3-bedroom unit
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Hot water heating; Natural gas heating; Radiant heating; Wall/Window air conditioning units
• Interior features: First-floor bedroom; Eat-in kitchen; Entrance foyer; Finished basement
• Laundry & utility: Utilities: electricity connected, natural gas connected

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.0-bath units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $342/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.30M (12.8% below list).
• Recommended offer: $1.30M (12.8% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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: 47 active listings in the ZIP; lower-income renter base — watch delinquency; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $13,029/mo this rent would consume 366% of the median local household income ($43k/yr) (locally 8573% 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 $75k of equity ($10k loan paydown + $64k appreciation (4.3% local appreciation)).
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (4.3% appreciation + 3.0% rent growth), your $419k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$120k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 159 days — a 12% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $100k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $425k; list at $1.50M implies a 252% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — 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 $1,302,900 (12.8% below list)

Questions for the listing agent

1. It's been on market 159 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.87% ✗
• Cap rate: 7.39%
• Cash-on-cash: 3.93%
• DSCR: 1.17
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $1,098,900
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2153 Belmont Ave	0.19mi	11/4.0 (-1)	2,850 (-14%)	11mo	$950,000	$333	54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.3% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.5%
• Equity multiple: 1.89×
• Total profit: $371,769
• Equity at exit: $784,012

10-year hold

• IRR: 15.4%
• Equity multiple: 3.58×
• Total profit: $1,077,897
• Equity at exit: $1,303,530

Cash invested: $418,600 (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 10457

• Home prices YoY: 2.8%
• Active inventory: 47
• Price-to-rent: 38.2×

Monthly cashflow live

• Estimated rent: $13,029 medium
• Mortgage (P&I): −$7,840
• Tax from tax record: −$460 /mo · $5,521/yr
• Insurance: −$623
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,736
• Net cashflow: $1,370

Break-even live

Break-even rent $11,295

Max offer price $1,495,000

Occupancy floor 84%

Sensitivity live

Price	-10% $2,216	-5% $1,793	+0% $1,370	+5% $947	+10% $524
Rent	-10% $341	-5% $855	+0% $1,370	+5% $1,885	+10% $2,399
Rate	-1.0pp $2,123	-0.5pp $1,750	base $1,370	+0.5pp $983	+1.0pp $588

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1	$13,028
Total (4 units)			$13,029

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: $373,750
• Closing costs: $44,850
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $1,495,000 Active 159 DOM
2. 2026-06-17
   days on market $1,495,000 Active 158 DOM
3. 2026-06-16
   days on market $1,495,000 Active 156 DOM
4. 2026-06-04
   days on market $1,495,000 Active 152 DOM
5. 2026-06-03
   days on market $1,495,000 Active 151 DOM
6. 2026-06-01
   days on market $1,495,000 Active 149 DOM
7. 2026-05-31
   days on market $1,495,000 Active 148 DOM
8. 2026-05-08
   status Active
9. 2025-12-10
   price $1,495,000
10. 2025-12-10
    price $1,495,000
11. 2025-09-18
    listed $1,595,000 Active
12. 2005-08-08
    soldstatus $425,000
13. 1994-10-20
    soldstatus $130,000
14. 1987-10-20
    soldstatus $89,000

ⓘ 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: $5,521 · $460/mo
• Projected year-2 tax: $15,393 · $1,283/mo
• Expected delta: +$9,872/yr (+$823/mo · 178.8%)

ⓘ 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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $156,348
• − Mortgage interest: −$83,743
• − Property taxes: −$5,521
• − Insurance: −$7,475
• − Repairs & maintenance: −$12,508
• − Management: −$12,508
• − Depreciation: −$43,491
• Taxable loss: −$8,898
• Est. tax savings @ 24.0%: +$2,135
• After-tax cash flow: $18,575/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): 79,543
• Household income: $42,683
• Rent vs Own: 94.8% rent · 5.2% own
• Severe rent burden: 8573.0

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: Majority Hispanic (63%)
• Race & ethnicity: Hispanic / Latino 63% Black 32% Two or more races 19% White 2% Native American 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 16% Dominican 31%
• Common ancestry: Hispanic 1%
• Foreign-born: 39% · Canada, United Kingdom, Jamaica
• Languages at home: 33% English-only · Spanish 54% French/Haitian/Cajun 2% Arabic 1%

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: ▲ 4.30%
• Current HPI: 160.6434
• 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

+1579.8% since first listed

7 events — show timeline

• 2026-05-08 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-12-10 Price Changed $1,495,000 OneKey® MLS as Distributed by MLS Grid
• 2025-12-10 Price Changed $1,495,000 RLS at REBNY
• 2025-09-18 Listed $1,595,000 OneKey® MLS as Distributed by MLS Grid
• 2005-08-08 Sold (Public Records) $425,000 Public Records
• 1994-10-20 Sold (Public Records) $130,000 Public Records
• 1987-10-20 Sold (Public Records) $89,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $5,521 · +0.7% YoY. Source: county tax records.