1655 Lincoln Pl · New York, NY 11233

$875,000

4 bd · 2.0 ba · 1,900 sqft · MultiFamily public records · 104 Days on market

Built 1930 2,340 sqft lot Est $1026k · 15% under ↓ 12% since listing

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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 +14.5/30.0
• ARV discount +14.1/15.0
• Appreciation +10.0/10.0
• Schools +5.0/10.0
• DSCR +4.4/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Large 2 Family Brick, attached. 3 Bedrooms Over 2 Bedrooms with Full Finished Basement. Top floor 3 bedroom with 1 bath. Large size bedrooms. Lots of windows giving the unit an array of sunlight. First floor unit has 2 bedrooms with 1 bath, living room and dining room. Lot size:19.5X120 and building size 19.5X50. Full finished basement with backyard space for entertaining, etc. A lot more to offer. Schedule your appointment today.

Key facts

• 2,340 sq ft lot
• Built 1930
• Listed 104 days

Tags

• FULL FINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $875k.

Deal economics

• At list price, monthly cash flow is $198 ($2k/yr) — positive. Per door: $99/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 $675k (22.8% below list).
• Recommended offer: $675k (22.8% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% 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 (+6.4%/yr); 154 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $6,754/mo this rent would consume 130% of the median local household income ($62k/yr) (locally 6960% 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 $94k of equity ($6k loan paydown + $88k appreciation (10.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 6.4% rent growth), your $245k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$150k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($796k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $114k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1930 — 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 $675,400 (22.8% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 23% 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 1930 — 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: 0.77% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.97%
• DSCR: 1.04
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $1,026,000
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
39 E 52nd St	0.74mi	4/3.0	1,824 (-4%)	7mo	$985,000	$540	49

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

Projected returns pro-forma

10.0% appreciation · 6.44% rent growth · sell at horizon

5-year hold

• IRR: 26.0%
• Equity multiple: 3.09×
• Total profit: $512,872
• Equity at exit: $788,269

10-year hold

• IRR: 23.6%
• Equity multiple: 7.35×
• Total profit: $1,555,868
• Equity at exit: $1,699,933

Cash invested: $245,000 (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 11233

• Home prices YoY: 2.9%
• Rents YoY: 6.4%
• Active inventory: 154
• Price-to-rent: 21.6×

Monthly cashflow live

• Estimated rent: $6,754 high
• Mortgage (P&I): −$4,589
• Tax from tax record: −$185 /mo · $2,216/yr
• Insurance: −$365
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,418
• Net cashflow: $198

Break-even live

Break-even rent $6,504

Max offer price $875,000

Occupancy floor 92%

Sensitivity live

Price	-10% $693	-5% $445	+0% $198	+5% $-50	+10% $-298
Rent	-10% $-336	-5% $-69	+0% $198	+5% $465	+10% $731
Rate	-1.0pp $638	-0.5pp $420	base $198	+0.5pp $-29	+1.0pp $-260

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$6,754
Total (2 units)			$6,754

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: $218,750
• Closing costs: $26,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
819 Saratoga Ave Brooklyn, NY	3.0	1.5	1300	$3,350	$2.58	27d	1	0.68mi
1065 Sterling Pl Unit Gdn Brooklyn, NY	3.0	1.5	1736	$5,995	$3.45	8d	1	1.15mi

Listing history 9 events

1. 2026-01-09
   status Pending

   Show marketing remark (435 chars)

   Large 2 Family Brick, attached. 3 Bedrooms Over 2 Bedrooms with Full Finished Basement. Top floor 3 bedroom with 1 bath. Large size bedrooms. Lots of windows giving the unit an array of sunlight. First floor unit has 2 bedrooms with 1 bath, living room and dining room. Lot size:19.5X120 and building size 19.5X50. Full finished basement with backyard space for entertaining, etc. A lot more to offer. Schedule your appointment today.

2. 2026-01-09
   status Pending 435-char remark

   Show marketing remark (435 chars)

   Large 2 Family Brick, attached. 3 Bedrooms Over 2 Bedrooms with Full Finished Basement. Top floor 3 bedroom with 1 bath. Large size bedrooms. Lots of windows giving the unit an array of sunlight. First floor unit has 2 bedrooms with 1 bath, living room and dining room. Lot size:19.5X120 and building size 19.5X50. Full finished basement with backyard space for entertaining, etc. A lot more to offer. Schedule your appointment today.

3. 2025-11-07
   price $875,000 435-char remark

   Show marketing remark (435 chars)

   Large 2 Family Brick, attached. 3 Bedrooms Over 2 Bedrooms with Full Finished Basement. Top floor 3 bedroom with 1 bath. Large size bedrooms. Lots of windows giving the unit an array of sunlight. First floor unit has 2 bedrooms with 1 bath, living room and dining room. Lot size:19.5X120 and building size 19.5X50. Full finished basement with backyard space for entertaining, etc. A lot more to offer. Schedule your appointment today.

4. 2025-11-07
   price $875,000

   Show marketing remark (435 chars)

   Large 2 Family Brick, attached. 3 Bedrooms Over 2 Bedrooms with Full Finished Basement. Top floor 3 bedroom with 1 bath. Large size bedrooms. Lots of windows giving the unit an array of sunlight. First floor unit has 2 bedrooms with 1 bath, living room and dining room. Lot size:19.5X120 and building size 19.5X50. Full finished basement with backyard space for entertaining, etc. A lot more to offer. Schedule your appointment today.

5. 2025-10-08
   status Active 435-char remark

   Show marketing remark (435 chars)

   Large 2 Family Brick, attached. 3 Bedrooms Over 2 Bedrooms with Full Finished Basement. Top floor 3 bedroom with 1 bath. Large size bedrooms. Lots of windows giving the unit an array of sunlight. First floor unit has 2 bedrooms with 1 bath, living room and dining room. Lot size:19.5X120 and building size 19.5X50. Full finished basement with backyard space for entertaining, etc. A lot more to offer. Schedule your appointment today.

6. 2025-10-07
   status Active
7. 2025-09-18
   historical 435-char remark

   Show marketing remark (435 chars)

   Large 2 Family Brick, attached. 3 Bedrooms Over 2 Bedrooms with Full Finished Basement. Top floor 3 bedroom with 1 bath. Large size bedrooms. Lots of windows giving the unit an array of sunlight. First floor unit has 2 bedrooms with 1 bath, living room and dining room. Lot size:19.5X120 and building size 19.5X50. Full finished basement with backyard space for entertaining, etc. A lot more to offer. Schedule your appointment today.

8. 2025-09-08
   listed $989,000 Active

   Show marketing remark (435 chars)

   Large 2 Family Brick, attached. 3 Bedrooms Over 2 Bedrooms with Full Finished Basement. Top floor 3 bedroom with 1 bath. Large size bedrooms. Lots of windows giving the unit an array of sunlight. First floor unit has 2 bedrooms with 1 bath, living room and dining room. Lot size:19.5X120 and building size 19.5X50. Full finished basement with backyard space for entertaining, etc. A lot more to offer. Schedule your appointment today.

9. 2025-09-08
   listed $989,000 Active 435-char remark

   Show marketing remark (435 chars)

   Large 2 Family Brick, attached. 3 Bedrooms Over 2 Bedrooms with Full Finished Basement. Top floor 3 bedroom with 1 bath. Large size bedrooms. Lots of windows giving the unit an array of sunlight. First floor unit has 2 bedrooms with 1 bath, living room and dining room. Lot size:19.5X120 and building size 19.5X50. Full finished basement with backyard space for entertaining, etc. A lot more to offer. Schedule your appointment today.

ⓘ 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: $2,216 · $185/mo
• Projected year-2 tax: $8,502 · $708/mo
• Expected delta: +$6,286/yr (+$524/mo · 283.6%)

ⓘ 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 7/10 Severe 7 d/yr ≥99°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: $81,048
• − Mortgage interest: −$49,014
• − Property taxes: −$2,216
• − Insurance: −$4,375
• − Repairs & maintenance: −$6,484
• − Management: −$6,484
• − Depreciation: −$25,455
• Taxable loss: −$12,979
• Est. tax savings @ 24.0%: +$3,115
• After-tax cash flow: $5,489/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): 81,822
• Household income: $62,411
• Rent vs Own: 76.3% rent · 23.7% own
• Severe rent burden: 6960.0

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 (65%)
• Race & ethnicity: Black 65% Hispanic / Latino 16% White 12% Two or more races 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 5% Dominican 5%
• Common ancestry: Hispanic 1% Romanian 1% Lithuanian 1%
• Foreign-born: 25% · Canada, Mexico, China
• Languages at home: 80% English-only · Spanish 12% French/Haitian/Cajun 3% Other Indo-European 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: ▲ 18.31%
• Current HPI: 645.4828
• Rent YoY: ▲ 6.44%
• 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

-11.5% since first listed

9 events — show timeline

• 2026-01-09 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-01-09 Pending — BNYMLS
• 2025-11-07 Price Changed $875,000 BNYMLS
• 2025-11-07 Price Changed $875,000 OneKey® MLS as Distributed by MLS Grid
• 2025-10-08 Relisted — BNYMLS
• 2025-10-07 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-09-18 Delisted — BNYMLS
• 2025-09-08 Listed $989,000 BNYMLS
• 2025-09-08 Listed $989,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+5.2%/yr

Latest (2024): $2,216 · +4.7% YoY. Source: county tax records.