16 Matthews Pl · New York, NY 11236

$580,000

4 bd · 2.0 ba · 1,056 sqft · MultiFamily public records · 219 Days on market

Built 1905 Est $798k · 27% under

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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 +21.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.0/10.0
• 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

Multi-family units

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

Listing remarks MLS

Completely Renovated Colonial Home. New Roof, Hardwood Floors, Finished Basement With Ose., Additional information: Appearance:Excellent,Interior Features:Lr/Dr

Key facts

• Two-family layout
• Built 1905
• Listed 219 days

Tags

• TWO-FAMILY LAYOUT
• NEWER WINDOWS IN PLACE

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $580k.

Deal economics

• At list price, monthly cash flow is $864 ($10k/yr) — positive. Per door: $432/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 $580k (0.0% below list).
• Recommended offer: $510k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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: 228 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $5,798/mo this rent would consume 85% of the median local household income ($81k/yr) (locally 4225% 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 $4k of loan paydown is wiped out by about $17k 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.

Negotiation context

• It's been on market 219 days — a 12% lower offer ($510k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 27y 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.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 65% 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 $510,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 219 days. Have you received any prior offers? Is the seller open to a 12% 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 1905 — 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. 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.
10. 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.
11. 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: 1.00% ✗
• Cap rate: 8.08%
• Cash-on-cash: 6.38%
• DSCR: 1.28
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $798,336
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1262 E 98th St	0.56mi	3/2.0 (-1)	1,125 (+6%)	7mo	$850,000	$756	52
1233 E 89th St	0.23mi	4/3.0	1,190 (+13%)	16mo	$700,000	$588	50

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.5%
• Equity multiple: 0.76×
• Total profit: $-39,054
• Equity at exit: $86,480

10-year hold

• IRR: 3.1%
• Equity multiple: 1.22×
• Total profit: $36,470
• Equity at exit: $50,148

Cash invested: $162,400 (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 11236

• Active inventory: 228
• Price-to-rent: 16.7×

Monthly cashflow live

• Estimated rent: $5,798 medium
• Mortgage (P&I): −$3,042
• Tax from tax record: −$433 /mo · $5,199/yr
• Insurance: −$242
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,218
• Net cashflow: $864

Break-even live

Break-even rent $4,704

Max offer price $580,000

Occupancy floor 80%

Sensitivity live

Price	-10% $1,192	-5% $1,028	+0% $864	+5% $700	+10% $536
Rent	-10% $406	-5% $635	+0% $864	+5% $1,093	+10% $1,322
Rate	-1.0pp $1,156	-0.5pp $1,011	base $864	+0.5pp $714	+1.0pp $561

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$5,798
Total (2 units)			$5,798

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: $145,000
• Closing costs: $17,400
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1261 E 101st St Brooklyn, NY	3.0	1.5	936	$3,700	$3.95	25d	1	0.54mi
1455 Royce St Unit 1H Brooklyn, NY	3.0	2.0	1113	$3,700	$3.32	25d	1	0.87mi

Listing history 39 events

1. 2026-06-18
   days on market $580,000 Active 219 DOM
2. 2026-06-17
   days on market $580,000 Active 218 DOM
3. 2026-06-15
   days on market $580,000 Active 216 DOM
4. 2026-06-13
   days on market $580,000 Active 214 DOM
5. 2026-06-10
   days on market $580,000 Active 210 DOM
6. 2026-06-08
   days on market $580,000 Active 209 DOM
7. 2026-06-03
   days on market $580,000 Active 204 DOM
8. 2026-06-01
   days on market $580,000 Active 202 DOM
9. 2026-05-31
   days on market $580,000 Active 201 DOM
10. 2025-12-16
    soldstatus $612,000
11. 2025-11-08
    listed $580,000 Active
12. 2025-09-11
    historical
13. 2025-09-03
    price $599,000
14. 2025-05-21
    price $624,900
15. 2025-04-28
    price $649,000
16. 2025-04-08
    listed $675,000 Active
17. 2024-07-24
    soldstatus $400,000
18. 2015-04-10
    soldstatus $470,000 160-char remark

    Show marketing remark (160 chars)

    Completely Renovated Colonial Home. New Roof, Hardwood Floors, Finished Basement With Ose., Additional information: Appearance:Excellent,Interior Features:Lr/Dr

19. 2015-04-10
    soldstatus $470,000 Closed

    Show marketing remark (160 chars)

    Completely Renovated Colonial Home. New Roof, Hardwood Floors, Finished Basement With Ose., Additional information: Appearance:Excellent,Interior Features:Lr/Dr

20. 2015-04-07
    status Under Contract
21. 2015-04-07
    status Back On Market
22. 2015-04-07
    status Under Contract
23. 2015-02-24
    price $479,900
24. 2014-07-07
    listed $489,900 New

    Show marketing remark (160 chars)

    Completely Renovated Colonial Home. New Roof, Hardwood Floors, Finished Basement With Ose., Additional information: Appearance:Excellent,Interior Features:Lr/Dr

25. 2014-07-07
    listed $479,900 160-char remark

    Show marketing remark (160 chars)

    Completely Renovated Colonial Home. New Roof, Hardwood Floors, Finished Basement With Ose., Additional information: Appearance:Excellent,Interior Features:Lr/Dr

26. 2014-04-18
    soldstatus $230,000
27. 2014-04-07
    soldstatus $230,000 Closed
28. 2014-04-07
    soldstatus $230,000
29. 2014-02-19
    listed $239,900 New
30. 2014-02-19
    listed $239,900
31. 2013-11-26
    historical
32. 2012-08-02
    listed $239,900
33. 2007-08-10
    soldstatus $595,000
34. 2004-11-24
    soldstatus $270,000
35. 2003-12-19
    listed $329,000
36. 2001-08-10
    soldstatus $245,000
37. 2000-04-12
    soldstatus $188,000
38. 1999-04-26
    listed $205,888
39. 1987-03-06
    soldstatus $90,000

ⓘ 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: $5,199 · $433/mo
• Projected year-2 tax: $7,501 · $625/mo
• Expected delta: +$2,301/yr (+$192/mo · 44.3%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% 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: $69,576
• − Mortgage interest: −$32,489
• − Property taxes: −$5,199
• − Insurance: −$2,900
• − Repairs & maintenance: −$5,566
• − Management: −$5,566
• − Depreciation: −$16,873
• Taxable income: $983
• Est. tax owed @ 24.0%: −$236
• After-tax cash flow: $10,131/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): 88,051
• Household income: $81,464
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 4225.0

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: Predominantly Black (79%)
• Race & ethnicity: Black 79% Hispanic / Latino 8% Two or more races 8% White 4% Asian 2%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Hispanic 14%
• Foreign-born: 45% · Canada, Mexico, China
• Languages at home: 74% English-only · French/Haitian/Cajun 14% Spanish 6% Chinese 1%

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: ▼ -375.21%
• Current HPI: 330.8367
• 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

+580.0% since first listed

30 events — show timeline

• 2025-12-16 Sold (Public Records) $612,000 Public Records
• 2025-11-08 Listed $580,000 Fizber.com
• 2025-09-11 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-09-03 Price Changed $599,000 OneKey® MLS as Distributed by MLS Grid
• 2025-05-21 Price Changed $624,900 OneKey® MLS as Distributed by MLS Grid
• 2025-04-28 Price Changed $649,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-08 Listed $675,000 OneKey® MLS as Distributed by MLS Grid
• 2024-07-24 Sold (Public Records) $400,000 Public Records
• 2015-04-10 Sold (MLS) $470,000 OneKey® MLS as Distributed by MLS Grid
• 2015-04-10 Sold (MLS) $470,000 MLSLI
• 2015-04-07 Pending — MLSLI
• 2015-04-07 Relisted — MLSLI
• 2015-04-07 Pending — MLSLI
• 2015-02-24 Price Changed $479,900 MLSLI
• 2014-07-07 Listed $489,900 MLSLI
• 2014-07-07 Listed $479,900 OneKey® MLS as Distributed by MLS Grid
• 2014-04-18 Sold (Public Records) $230,000 Public Records
• 2014-04-07 Sold (MLS) $230,000 OneKey® MLS as Distributed by MLS Grid
• 2014-04-07 Sold (MLS) $230,000 MLSLI
• 2014-02-19 Listed $239,900 MLSLI
• 2014-02-19 Listed $239,900 OneKey® MLS as Distributed by MLS Grid
• 2013-11-26 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2012-08-02 Listed $239,900 OneKey® MLS as Distributed by MLS Grid
• 2007-08-10 Sold (Public Records) $595,000 Public Records
• 2004-11-24 Sold (Public Records) $270,000 Public Records
• 2003-12-19 Listed $329,000 BNYMLS
• 2001-08-10 Sold (Public Records) $245,000 Public Records
• 2000-04-12 Sold (Public Records) $188,000 Public Records
• 1999-04-26 Listed $205,888 BNYMLS
• 1987-03-06 Sold (Public Records) $90,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $5,199 · -2.4% YoY. Source: county tax records.