875 Morrison Ave Unit 8L · New York, NY 10473

$379,000

2 bd · 1.0 ba · 900 sqft · Condo · 33 Days on market

Built 1962

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Cash flow +4.6/30.0
• Livability +3.8/5.0
• 1% rule +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

A Refined Two-Bedroom Residence at Lafayette Estates — Soundview's Premier Address Introducing a thoughtfully reimagined two-bedroom sponsor residence at Lafayette Estates, where timeless architecture meets contemporary design in one of the Bronx's most distinguished co-op communities. Offered as a sponsor unit, this home presents a rare opportunity to acquire a fully renovated residence without the customary board approval process — a streamlined path to ownership, reserved for the discerning buyer. Thoughtfully curated interiors unfold across an open, light-filled floor plan anchored by wide-plank European oak flooring and a palette of warm, elevated finishes. At the heart of

Key facts

• Walk-in closet
• Built 1962
• Listed 33 days

Tags

• DESIGNER CHEF'S KITCHEN
• BESPOKE CUSTOM CABINETRY
• HONED WHITE QUARTZ COUNTERTOPS
• PROFESSIONAL-GRADE GAS RANGE
• WALK-IN CLOSET
• SPA-INSPIRED BATHROOM

Property features AI

Finance

• HOA & community: Gated community; Playground

Exterior

• Parking: Assigned parking; Off-street parking; Private parking lot; Parking fee applicable
• Security: Building security; Security gate; Security system; Video cameras; Smoke detector(s)
• Utilities: Public sewer; Electricity connected; Natural gas connected; Sewer connected; Trash collection (public); Water connected
• Home design: Stock cooperative; 19 total stories; Unit entry level is 8
• Construction: Brick exterior; Concrete perimeter foundation
• Exterior features: Brick construction; Gated community; Playground; Walk-up building; Not waterfront

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator; Stainless steel appliances
• Bedrooms: 4 rooms total (entry on level 8)
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall/window unit(s) for cooling; Other heating
• Interior features: Elevator; Open floor plan; Open kitchen; Quartz/Quartzite counters; Walk-in closet(s); Updated/remodeled condition; Common basement
• Laundry & utility: Basement common laundry (building)

🏢 Co-op / cooperative unit. The $379,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $379k.

Deal economics

• At list price, monthly cash flow is $-959 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $368k (2.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $322k (15.0% below list).
• Recommended offer: $322k (15.0% below list) — sets the bar for 1% rule.
• Cap rate 3.3% vs local median 2.6% in New York — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 141 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $3,220/mo this rent would consume 74% of the median local household income ($52k/yr) (locally 3913% 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 $3k of loan paydown is wiped out by about $11k 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 33 days — a 3% lower offer ($368k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.
• Climate carrying-cost: major flood risk; 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 $322,011 (15.0% 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 33 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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: 0.85% ✗
• Cap rate: 3.26%
• Cash-on-cash: -10.85%
• DSCR: 0.52
• GRM: 9.8

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: -35.7%
• Equity multiple: -0.15×
• Total profit: $-121,921
• Equity at exit: $56,510

10-year hold

• IRR: -46.7%
• Equity multiple: -0.72×
• Total profit: $-182,435
• Equity at exit: $32,769

Cash invested: $106,120 (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 10473

• Active inventory: 141
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $3,220 medium
• Mortgage (P&I): −$1,988
• Tax est. 1.5%: −$474 /mo · $5,685/yr
• Insurance: −$158
• HOA est. from 1 same-building comp: −$884
• Vacancy / Maint / Mgmt: −$676
• Net cashflow: $-959

Break-even live

Break-even rent $4,434

Max offer price $240,188

Occupancy floor —

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: $94,750
• Closing costs: $11,370
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
620 Rosedale Ave Bronx, NY	3.0	1.0	1053	$3,643	$3.46	24d	1	0.51mi

HOA detail condo

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

Listing history 16 events

1. 2026-06-18
   days on market $379,000 Active 33 DOM
2. 2026-06-17
   days on market $379,000 Active 32 DOM
3. 2026-06-16
   days on market $379,000 Active 31 DOM
4. 2026-06-15
   days on market $379,000 Active 30 DOM
5. 2026-06-13
   days on market $379,000 Active 28 DOM
6. 2026-06-10
   days on market $379,000 Active 24 DOM
7. 2026-06-08
   days on market $379,000 Active 23 DOM
8. 2026-06-08
   days on market $379,000 Active 22 DOM
9. 2026-06-04
   days on market $379,000 Active 19 DOM
10. 2026-06-03
    days on market $379,000 Active 18 DOM
11. 2026-06-02
    days on market $379,000 Active 17 DOM
12. 2026-06-01
    days on market $379,000 Active 16 DOM
13. 2026-05-31
    days on market $379,000 Active 15 DOM
14. 2026-05-16
    listed $379,000 Active
15. 2013-11-06
    soldstatus $12,305,350
16. 2013-03-20
    soldstatus $31,750,000

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 73% 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: $38,641
• − Mortgage interest: −$21,230
• − Property taxes: −$5,685
• − Insurance: −$1,895
• − Repairs & maintenance: −$3,091
• − Management: −$3,091
• − HOA: −$10,608
• − Depreciation: −$11,025
• Taxable loss: −$17,985
• Est. tax savings @ 24.0%: +$4,316
• After-tax cash flow: $-7,195/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): 58,855
• Household income: $52,462
• Rent vs Own: 71.4% rent · 28.6% own
• Severe rent burden: 3913.0

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 (59%)
• Race & ethnicity: Hispanic / Latino 59% Black 34% Two or more races 12% Asian 2% White 2%
• Hispanic origin (detail): Puerto Rican 31% Dominican 20%
• Common ancestry: British 1%
• Foreign-born: 23% · Canada, Jamaica
• Languages at home: 51% English-only · Spanish 45% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -212.70%
• Current HPI: 276.2941
• 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

-98.8% since first listed

3 events — show timeline

• 2026-05-16 Listed $379,000 OneKey® MLS as Distributed by MLS Grid
• 2013-11-06 Sold (Public Records) $12,305,350 Public Records
• 2013-03-20 Sold (Public Records) $31,750,000 Public Records