246 E 51st St #8 · New York, NY 10022

$519,000

2 bd · 1.0 ba · 550 sqft · Condo · 86 Days on market

Built 1926

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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 +25.6/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• 1% rule +6.7/10.0
• Schools +5.0/10.0
• Rent growth +4.7/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This charming two-bedroom, one-bath co-op is located in the heart of Midtown East at 246 East 51st Street. Situated on the third floor of a classic pre-war walk-up building, the unit features a spacious living room with recessed lighting, two windowed bedrooms, a separate kitchen with gas stove and window, and a recently updated bathroom with modern tile finishes. Bright and airy with hardwood floors throughout, this home offers both comfort and convenience just moments away from major subway lines, restaurants, cafes, and all that Midtown Manhattan has to offer. HOA Fee $2,387 - Monthly

Key facts

• Separate kitchen
• Gas stove
• Updated bathroom

Tags

• CLASSIC PRE-WAR BUILDING
• SPACIOUS LIVING ROOM
• SEPARATE KITCHEN
• GAS STOVE
• UPDATED BATHROOM
• HARDWOOD FLOORS

Property features AI

Finance

• HOA & community: Monthly administration fee of $2,387

Exterior

• Parking: No carport; Other parking features
• Utilities: Sewer: other; Utilities: see remarks
• Home design: Stock cooperative
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Other appliances
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall/window air conditioning units; Other heating
• Interior features: Entry on 2nd level; Pets allowed (call for details); No basement; 4 total rooms; Other interior features

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $519k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $519k).
• Recommended offer: $488k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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: Rents rising fast (+8.7%/yr); 715 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• This rent runs 42% of the median local income ($172k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $29k of equity ($4k loan paydown + $26k appreciation (5.0% local appreciation)).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (5.0% appreciation + 8.0% rent growth), your $145k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($488k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $49k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1926 — 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 $487,860 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.17% ✓
• Cap rate: 9.13%
• Cash-on-cash: 10.12%
• DSCR: 1.45
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.97% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 24.4%
• Equity multiple: 2.58×
• Total profit: $228,991
• Equity at exit: $293,074

10-year hold

• IRR: 26.0%
• Equity multiple: 5.84×
• Total profit: $702,731
• Equity at exit: $504,950

Cash invested: $145,320 (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 10022

• Home prices YoY: 2.4%
• Rents YoY: 8.7%
• Active inventory: 715
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $6,092 high
• Mortgage (P&I): −$2,722
• Tax est. 1.5%: −$649 /mo · $7,785/yr
• Insurance: −$216
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,279
• Net cashflow: $1,226

Break-even live

Break-even rent $4,540

Max offer price $519,000

Occupancy floor 75%

Sensitivity live

Price	-10% $1,584	-5% $1,405	+0% $1,226	+5% $1,046	+10% $867
Rent	-10% $744	-5% $985	+0% $1,226	+5% $1,466	+10% $1,707
Rate	-1.0pp $1,487	-0.5pp $1,358	base $1,226	+0.5pp $1,091	+1.0pp $954

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: $129,750
• Closing costs: $15,570
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 E 51st St New York, NY	2.0	1.0–2.0	875	$7,930	$9.06	3d	3	0.08mi
220 E 49th St Unit 1021974P New York, NY	2.0	1.0	742	$5,190	$6.99	16d	1	0.12mi
340 E 51st St New York, NY	2.0	1.0–2.0	791	$7,630	$9.65	4d	3	0.14mi
333 E 52nd St Unit 2177 New York, NY	2.0	1.0	600	$4,900	$8.17	23d	1	0.15mi
340 E 52nd St #1527 New York, NY	1.0	1.0	575	$7,890	$13.72	0d	2	0.16mi
160 E 48th St New York, NY	3.0	1.0–2.0	878	$8,572	$9.76	4d	9	0.19mi
959 1st Ave Unit 6X New York, NY	1.0	1.0	739	$6,000	$8.12	25d	1	0.20mi
301 E 47th St #1737 New York, NY	2.0	1.0	600	$5,380	$8.97	21d	1	0.21mi
235 E 55th St Unit 36B New York, NY	1.0	1.0	650	$4,800	$7.38	25d	1	0.21mi
940 1st Ave Unit 2040 New York, NY	2.0	1.5	600	$6,810	$11.35	0d	1	0.22mi
135 E 47th St Unit 22F New York, NY	1.0	1.0	700	$7,500	$10.71	23d	1	0.23mi
135 E 47th St New York, NY	1.0	1.0	580	$6,350	$10.94	0d	1	0.24mi
123 E 54th St #1251 New York, NY	1.0–2.0	1.0	600	$6,090	$10.15	0d	2	0.27mi
300 E 46th St New York, NY	2.0–3.0	1.0	716	$4,300	$6.00	25d	2	0.28mi
420 E 54th St New York, NY	3.0	1.0–2.5	1104	$10,299	$9.32	0d	14	0.29mi
330 E 46th St #1794 New York, NY	1.0	1.0	489	$4,990	$10.19	25d	2	0.30mi
150 E 57th St New York, NY	5.0	1.0–7.5	2750	$15,738	$5.72	2d	5	0.30mi
400 E 57th St #2106 New York, NY	2.0	1.0–2.0	903	$8,590	$9.51	4d	3	0.36mi
230 E 44th St #2165 New York, NY	1.0–2.0	1.0	568	$5,320	$9.36	25d	2	0.37mi
117 E 57th St New York, NY	1.0	1.0	732	$5,975	$8.16	6d	2	0.38mi
329 E 58th St #807 New York, NY	2.0	1.0	650	$5,860	$9.02	8d	1	0.38mi
227 E 59th St #635 New York, NY	2.0	1.0	500	$7,500	$15.00	17d	2	0.41mi
599 E 56th St Unit 1817 New York, NY	1.0	1.0	625	$4,850	$7.76	25d	1	0.43mi
252 E 61st St #638 New York, NY	1.0	1.0	666	$5,530	$8.30	2d	2	0.48mi
18 W 48th St Unit 670 New York, NY	1.0	1.0	631	$7,730	$12.25	8d	1	0.55mi
15 W 55th St #736 New York, NY	2.0–3.0	1.0–2.0	1250	$8,210	$6.57	0d	2	0.56mi
151 E 62nd St Unit 1021834P New York, NY	1.0	1.0	398	$6,812	$17.12	8d	1	0.57mi
403 E 62nd St Unit 14C New York, NY	1.0	1.0	650	$4,900	$7.54	23d	1	0.60mi
225 E 63rd St #1675 New York, NY	1.0	1.0	627	$5,230	$8.34	25d	2	0.61mi
220 E 65th St New York, NY	1.0	1.0	700	$5,950	$8.50	3d	1	0.66mi
77 W 55th St Unit 15H New York, NY	1.0	1.0	750	$4,900	$6.53	23d	1	0.67mi
138 E 38th St New York, NY	3.0	1.0–2.0	750	$6,420	$8.56	25d	4	0.68mi
70 W 45th St #1131 New York, NY	1.0–2.0	1.0–2.0	902	$8,370	$9.27	8d	2	0.69mi
556 3rd Ave New York, NY	1.0	1.0	580	$5,240	$9.03	21d	2	0.72mi
556 3rd Ave New York, NY	1.0	1.0	540	$5,635	$10.44	2d	2	0.72mi
556 3rd Ave Unit 2244 New York, NY	1.0	1.0	500	$5,640	$11.28	0d	1	0.72mi
400 E 66th St Unit 1016404P New York, NY	1.0–2.0	1.0–2.0	791	$17,070	$21.58	4d	2	0.76mi
41 Park Ave New York, NY	2.0	1.0–2.0	815	$8,170	$10.02	8d	3	0.77mi
30 Park Ave #1347 New York, NY	2.0	1.0	950	$9,570	$10.07	2d	3	0.82mi
222 E 34th St #999 New York, NY	1.0	1.0	554	$5,490	$9.91	7d	1	0.86mi

HOA detail condo

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

Listing history 17 events

1. 2026-06-21
   days on market $519,000 Active 86 DOM
2. 2026-06-18
   days on market $519,000 Active 83 DOM
3. 2026-06-17
   days on market $519,000 Active 82 DOM
4. 2026-06-15
   days on market $519,000 Active 80 DOM
5. 2026-06-13
   days on market $519,000 Active 78 DOM
6. 2026-06-10
   days on market $519,000 Active 74 DOM
7. 2026-06-08
   days on market $519,000 Active 73 DOM
8. 2026-06-08
   days on market $519,000 Active 72 DOM
9. 2026-06-04
   days on market $519,000 Active 69 DOM
10. 2026-06-03
    days on market $519,000 Active 68 DOM
11. 2026-06-01
    days on market $519,000 Active 66 DOM
12. 2026-05-31
    days on market $519,000 Active 65 DOM
13. 2026-05-19
    price $519,000
14. 2026-03-30
    listed $568,000 Active 594-char remark

    Show marketing remark (594 chars)

    This charming two-bedroom, one-bath co-op is located in the heart of Midtown East at 246 East 51st Street. Situated on the third floor of a classic pre-war walk-up building, the unit features a spacious living room with recessed lighting, two windowed bedrooms, a separate kitchen with gas stove and window, and a recently updated bathroom with modern tile finishes. Bright and airy with hardwood floors throughout, this home offers both comfort and convenience just moments away from major subway lines, restaurants, cafes, and all that Midtown Manhattan has to offer. HOA Fee $2,387 - Monthly

15. 2026-03-06
    listed $568,000 Active
16. 2025-06-13
    historical $3,700
17. 2025-05-20
    listed $3,700

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 13% 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: $73,098
• − Mortgage interest: −$29,072
• − Property taxes: −$7,785
• − Insurance: −$2,595
• − Repairs & maintenance: −$5,848
• − Management: −$5,848
• − Depreciation: −$15,098
• Taxable income: $6,852
• Est. tax owed @ 24.0%: −$1,645
• After-tax cash flow: $13,063/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: New York County · 1,599,927 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 34,049
• Household income: $172,026
• Rent vs Own: 48.0% rent · 52.0% own
• Severe rent burden: 2256.0

Population outlook (New York County) Hauer SSP2

• Today (2025): 1,825,725 people
• By 2030: 1,904,611 · +4.3%
• By 2040: 2,052,719 · +12.4%
• By 2050: 2,206,601 · +20.9%
• By 2075: 2,509,427 · +37.4%
• By 2100: 2,702,933 · +48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Asian 12% Hispanic / Latino 8% Two or more races 7% Black 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1% Dominican 1%
• Common ancestry: Romanian 5% Scotch-Irish 5% Lithuanian 2%
• Foreign-born: 24% · Canada, China, South Korea
• Languages at home: 75% English-only · Spanish 6% Other Indo-European 6% Chinese 3%

Political lean MEDSL · New York

• 2024 margin: Solid D (+64.8) · D 82.4% · R 17.6%
• 2008→2024 swing: -7.4pp toward R · 2008: 72.2pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+74.5 2016: D+77.2 2012: D+69.6 2008: D+72.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.97%
• Current HPI: 215.7225
• Rent YoY: ▲ 8.69%
• 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

+13927.0% since first listed

5 events — show timeline

• 2026-05-19 Price Changed $519,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-30 Listed $568,000 RLS at REBNY
• 2026-03-06 Listed $568,000 OneKey® MLS as Distributed by MLS Grid
• 2025-06-13 Rental Removed $3,700 REALTYMX
• 2025-05-20 Listed for Rent $3,700 REALTYMX