988 Madison St · New York, NY 11221

$999,000

6 bd · 3.0 ba · 2,814 sqft · MultiFamily public records · 161 Days on market

Built 1901 1,688 sqft lot Est $1154k · 13% under

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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 +24.9/30.0
• ARV discount +13.5/15.0
• Appreciation +10.0/10.0
• DSCR +8.1/10.0
• 1% rule +5.1/10.0
• Schools +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Contract vendee, fully occupied, sold as - is NO REPRESENTATION, BUYER PAYS TRANSFER TAX, Buyer to pay 3% commission 3 family 3 story 18.75 X 50 building R-6 8 Bedroom 3 full bathrooms and a full basement

Key facts

• 1,688 sq ft lot
• Built 1901
• Listed 160 days

Property features AI

Exterior

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

Interior

• Bedrooms: One 2-bedroom unit and two 3-bedroom units
• Bathrooms: Three full bathrooms
• Heating & cooling: Baseboard heating; No central air
• Interior features: First-floor bedroom; Full basement

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $999k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $713/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $999k).
• Recommended offer: $879k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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 (+5.2%/yr); 211 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $10,136/mo this rent would consume 142% of the median local household income ($86k/yr) (locally 8053% 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 $107k of equity ($7k loan paydown + $100k 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 + 5.2% rent growth), your $280k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$172k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 161 days — a 12% lower offer ($879k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $25k; list at $999k implies a 3896% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 39% 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 $879,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 161 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 1901 — 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: 1.01% ✓
• Cap rate: 8.86%
• Cash-on-cash: 9.17%
• DSCR: 1.41
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $1,153,740
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1285 Putnam Ave	0.34mi	5/3.0 (-1)	2,850 (+1%)	3mo	$1,100,000	$386	75
1287 Putnam Ave	0.34mi	5/3.0 (-1)	2,850 (+1%)	9mo	$1,100,000	$386	70
1234 Madison St	0.44mi	7/3.0 (+1)	3,000 (+7%)	3mo	$1,192,000	$397	61
657 Evergreen	0.45mi	5/3.0 (-1)	2,850 (+1%)	14mo	$975,000	$342	60
699 Decatur St	0.41mi	5/3.0 (-1)	2,700 (-4%)	12mo	$1,350,000	$500	59
153 Weirfield St	0.33mi	7/3.0 (+1)	3,000 (+7%)	12mo	$1,230,000	$410	59
737 Decatur St	0.45mi	7/2.0 (+1)	2,700 (-4%)	6mo	$1,162,000	$430	58
166 Schaefer St	0.54mi	7/2.0 (+1)	2,700 (-4%)	1mo	$1,270,000	$470	58
1203 Hancock St	0.39mi	5/3.0 (-1)	2,565 (-9%)	24mo	$1,185,000	$462	42
695 Quincy St	0.65mi	6/3.0	2,400 (-15%)	4mo	$1,525,000	$635	42
46 Granite St	0.74mi	5/3.0 (-1)	3,000 (+7%)	24mo	$1,187,500	$396	30

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 · 5.15% rent growth · sell at horizon

5-year hold

• IRR: 31.8%
• Equity multiple: 3.51×
• Total profit: $702,140
• Equity at exit: $899,978

10-year hold

• IRR: 28.1%
• Equity multiple: 8.18×
• Total profit: $2,009,252
• Equity at exit: $1,940,837

Cash invested: $279,720 (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 11221

• Home prices YoY: 3.3%
• Rents YoY: 5.2%
• Active inventory: 211
• Price-to-rent: 24.6×

Monthly cashflow live

• Estimated rent: $10,136 high
• Mortgage (P&I): −$5,239
• Tax from tax record: −$215 /mo · $2,577/yr
• Insurance: −$416
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,129
• Net cashflow: $2,138

Break-even live

Break-even rent $7,430

Max offer price $999,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$10,137
Total (3 units)			$10,136

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: $249,750
• Closing costs: $29,970
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $999,000 Active 161 DOM
2. 2026-06-17
   days on market $999,000 Active 160 DOM
3. 2026-06-15
   days on market $999,000 Active 158 DOM
4. 2026-06-13
   days on market $999,000 Active 156 DOM
5. 2026-06-10
   days on market $999,000 Active 152 DOM
6. 2026-06-08
   days on market $999,000 Active 151 DOM
7. 2026-06-04
   days on market $999,000 Active 147 DOM
8. 2026-06-03
   days on market $999,000 Active 146 DOM
9. 2026-06-01
   days on market $999,000 Active 144 DOM
10. 2026-05-31
    pricedays on market $999,000 Active 143 DOM
11. 2026-04-15
    price $1,030,000
12. 2026-03-17
    price $1,099,000
13. 2026-02-03
    price $1,149,000
14. 2026-01-08
    listed $1,190,000 Active
15. 2015-07-01
    soldstatus $25,000

ⓘ 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: $2,577 · $215/mo
• Projected year-2 tax: $9,730 · $811/mo
• Expected delta: +$7,153/yr (+$596/mo · 277.6%)

ⓘ 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 39% 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: $121,632
• − Mortgage interest: −$55,960
• − Property taxes: −$2,577
• − Insurance: −$4,995
• − Repairs & maintenance: −$9,731
• − Management: −$9,731
• − Depreciation: −$29,062
• Taxable income: $9,578
• Est. tax owed @ 24.0%: −$2,299
• After-tax cash flow: $23,353/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): 91,588
• Household income: $85,736
• Rent vs Own: 78.8% rent · 21.2% own
• Severe rent burden: 8053.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Black 37% Hispanic / Latino 32% White 20% Two or more races 15% Asian 6%
• Hispanic origin (detail): Mexican 5% Puerto Rican 9% Dominican 9%
• Common ancestry: Lithuanian 1% Romanian 1% Hispanic 1%
• Foreign-born: 27% · Canada, China, Jamaica
• Languages at home: 66% English-only · Spanish 24% Other Indo-European 3% French/Haitian/Cajun 2%

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: ▲ 18.95%
• Current HPI: 597.7817
• Rent YoY: ▲ 5.15%
• 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

+4020.0% since first listed

5 events — show timeline

• 2026-04-15 Price Changed $1,030,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-17 Price Changed $1,099,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-03 Price Changed $1,149,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-08 Listed $1,190,000 OneKey® MLS as Distributed by MLS Grid
• 2015-07-01 Sold (Public Records) $25,000 Public Records

Property tax history

+6.2%/yr

Latest (2025): $2,577 · -1.3% YoY. Source: county tax records.