1538 Saint Marks Ave · New York, NY 11233

$1,000,000

4 bd · 6.0 ba · 2,700 sqft · MultiFamily public records · 70 Days on market

Built 1899 1,600 sqft lot Est $1350k · 26% 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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +7.2/30.0
• Schools +5.0/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• DSCR +1.4/10.0

Multi-family units

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

Listing remarks

* * BACK ON THE MARKET WITH PRICE DROP! * * Two Family Brick Attached Town House in thriving Stuyvesant Heights Area with two bedrooms on first floor with walk in tub full bathroom, open concept kitchen with breakfast bar and stainless steel appliances, dining area, living room, access to back yard and lots of sunshine in each room, second floor has three bedrooms, separate living area, kitchen and full bathroom, and basement is finished with a built in bar area, bathroom with shower, room that was used for an office and entertainment area with access to backyard space and separate entrance. Access to Broadway Junction Central Transportation Station and near major highways. * * PROPER

Key facts

• Open concept kitchen
• Access to backyard
• Finished basement

Tags

• OPEN CONCEPT KITCHEN
• BREAKFAST BAR
• STAINLESS STEEL APPLIANCES
• FINISHED BASEMENT
• BUILT IN BAR AREA
• ACCESS TO BACKYARD

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Con-Edison electric; Public sewer; Natural gas available; Water connected
• Home design: Duplex; Finished basement
• Construction: Brick construction
• Exterior features: Brick exterior; No waterfront

Interior

• Kitchen: Eat-in kitchen; Open kitchen; Granite countertops; Breakfast bar
• Bedrooms: One 2-bedroom unit; One 3-bedroom unit
• Flooring: Hardwood floors
• Bathrooms: Three full bathrooms
• Heating & cooling: Natural gas heating; Wall/window air conditioning units
• Interior features: First floor bedroom; First floor full bathroom; Breakfast bar; Crown molding; Eat-in kitchen; Granite countertops; High ceilings; Primary bathroom; Open floor plan; Open kitchen; Recessed lighting; Washer/dryer hookup
• Laundry & utility: Laundry in basement; Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/3.0-bath units multifamily listed at $1.00M.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative. Per door: $-687/mo.
• To cash-flow at today's rent, offer at most $801k (19.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $701k (29.9% below list).
• Recommended offer: $701k (29.9% below list) — sets the bar for 1% rule.
• Cap rate 4.6% 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); 152 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $7,009/mo this rent would consume 135% 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 $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.
• 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 70 days — a 6% lower offer ($940k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $100k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $68k; list at $1.00M implies a 1371% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1899 — 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 $700,900 (29.9% 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 70 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
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: 0.70% ✗
• Cap rate: 4.64%
• Cash-on-cash: -5.89%
• DSCR: 0.74
• GRM: 11.9

CMA / ARV

• ARV (on-the-fly): $1,350,000
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1830 Sterling Pl	0.20mi	4/—	2,491 (-8%)	1mo	$1,050,000	$422	77
699 Decatur St	0.73mi	5/3.0 (+1)	2,700 (0%)	12mo	$1,350,000	$500	39

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: 21.1%
• Equity multiple: 2.72×
• Total profit: $482,339
• Equity at exit: $900,879

10-year hold

• IRR: 19.9%
• Equity multiple: 6.53×
• Total profit: $1,547,906
• Equity at exit: $1,942,780

Cash invested: $280,000 (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: 152
• Price-to-rent: 23.8×

Monthly cashflow live

• Estimated rent: $7,009 high
• Mortgage (P&I): −$5,244
• Tax est. 1.5%: −$1,250 /mo · $15,000/yr
• Insurance: −$417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,472
• Net cashflow: $-1,374

Break-even live

Break-even rent $8,748

Max offer price $801,228

Occupancy floor —

Sensitivity live

Price	-10% $-683	-5% $-1,028	+0% $-1,374	+5% $-1,719	+10% $-2,065
Rent	-10% $-1,927	-5% $-1,651	+0% $-1,374	+5% $-1,097	+10% $-820
Rate	-1.0pp $-870	-0.5pp $-1,119	base $-1,374	+0.5pp $-1,633	+1.0pp $-1,896

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	3	$7,010
Total (2 units)			$7,009

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: $250,000
• Closing costs: $30,000
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $1,000,000 Active 70 DOM
2. 2026-06-18
   days on market $1,000,000 Active 67 DOM
3. 2026-06-17
   days on market $1,000,000 Active 66 DOM
4. 2026-06-15
   days on market $1,000,000 Active 64 DOM
5. 2026-06-13
   days on market $1,000,000 Active 62 DOM
6. 2026-06-10
   days on market $1,000,000 Active 58 DOM
7. 2026-06-08
   days on market $1,000,000 Active 57 DOM
8. 2026-06-08
   days on market $1,000,000 Active 56 DOM
9. 2026-06-04
   days on market $1,000,000 Active 53 DOM
10. 2026-06-03
    days on market $1,000,000 Active 52 DOM
11. 2026-06-02
    remarks 699-char remark
12. 2026-06-02
    pricestatus $1,000,000 Active 50 DOM
13. 2026-05-01
    status Pending
14. 2026-03-06
    listed $1,100,000 Active
15. 2025-04-30
    status Active
16. 2025-04-03
    status Pending
17. 2025-02-10
    listed $1,100,000 Active
18. 2021-05-19
    listed $945,000 Active
19. 1997-02-05
    soldstatus $68,000
20. 1991-01-11
    soldstatus $146,000

ⓘ 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 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: $84,108
• − Mortgage interest: −$56,016
• − Property taxes: −$15,000
• − Insurance: −$5,000
• − Repairs & maintenance: −$6,729
• − Management: −$6,729
• − Depreciation: −$29,091
• Taxable loss: −$34,456
• Est. tax savings @ 24.0%: +$8,269
• After-tax cash flow: $-8,215/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

+653.4% since first listed

8 events — show timeline

• 2026-05-01 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-06 Listed $1,100,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-30 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-04-03 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-02-10 Listed $1,100,000 OneKey® MLS as Distributed by MLS Grid
• 2021-05-19 Listed $945,000 RLS at REBNY
• 1997-02-05 Sold (Public Records) $68,000 Public Records
• 1991-01-11 Sold (Public Records) $146,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $1,861 · -1.3% YoY. Source: county tax records.