3548 Ely Ave #3 · New York, NY 10466

$1,025,000

6 bd · 0.0 ba · 3,188 sqft · MultiFamily public records · 106 Days on market

Built 2008 2,529 sqft lot Est $972k · 5% over

---

Why this score? — see what drove the D+ 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 +20.0/30.0
• DSCR +6.3/10.0
• ARV discount +5.1/15.0
• Schools +5.0/10.0
• 1% rule +4.5/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Brand new 3 family home on new cul-de-sac. This semi-detached home boasts spacious side and rear yards. The layout is; Three bedrooms, 2 bath with balcony on the 2nd flr, Three bedrooms, 2 bath, on the 1st flr, one bedroom one bath walk-in and full open basement with boiler/utility room and rear access to the yard. Real Estate taxes just $332.00 per year thanks to 421 A Tax Abatement. There is ceramic tile in all kitchens and baths and gleaming wood floors in all 3 apartments.

Key facts

• Quiet cul-de-sac
• Private balcony
• Spacious rear yard

Tags

• SEMI-DETACHED HOME
• QUIET CUL-DE-SAC
• SPACIOUS SIDE YARD
• SPACIOUS REAR YARD
• PRIVATE BALCONY
• FULL OPEN BASEMENT

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $1.02M.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $420/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 $977k (4.7% below list).
• Recommended offer: $933k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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: 161 active listings in the ZIP; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $9,766/mo this rent would consume 178% of the median local household income ($66k/yr) (locally 4791% 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 $7k of loan paydown is wiped out by about $31k of value loss. Plan a longer hold.
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($933k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y 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.
• Current owner paid $624k; list at $1.02M implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $932,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% 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. 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.95% ✗
• Cap rate: 7.77%
• Cash-on-cash: 5.26%
• DSCR: 1.23
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $972,340
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3512 Grace Ave	0.09mi	7/3.0 (+1)	3,150 (-1%)	9mo	$960,000	$305	69
1338 E 224th St #3	0.13mi	7/3.0 (+1)	2,968 (-7%)	14mo	$815,000	$275	54
4063 Ely Ave	0.68mi	6/2.0	3,119 (-2%)	9mo	$895,000	$287	49
3941 Laconia Ave	0.45mi	7/5.0 (+1)	3,387 (+6%)	2mo	$1,180,000	$348	47
1119 E 224th St	0.38mi	7/5.0 (+1)	3,000 (-6%)	17mo	$850,000	$283	38
1012 E 225th St	0.54mi	5/2.0 (-1)	2,760 (-13%)	2mo	$850,000	$308	38
3613 Marolla Pl	0.39mi	6/2.0	2,800 (-12%)	19mo	$800,000	$286	38
947 E 229th St	0.67mi	5/2.0 (-1)	2,730 (-14%)	6mo	$850,000	$311	27
3106 Eastchester Rd	0.71mi	5/3.0 (-1)	2,717 (-15%)	9mo	$920,000	$339	17

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: -8.2%
• Equity multiple: 0.70×
• Total profit: $-86,170
• Equity at exit: $152,831

10-year hold

• IRR: 1.3%
• Equity multiple: 1.09×
• Total profit: $27,220
• Equity at exit: $88,623

Cash invested: $287,000 (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 10466

• Active inventory: 161
• Price-to-rent: 26.2×

Monthly cashflow live

• Estimated rent: $9,766 high
• Mortgage (P&I): −$5,375
• Tax from tax record: −$654 /mo · $7,851/yr
• Insurance: −$427
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,051
• Net cashflow: $1,259

Break-even live

Break-even rent $8,173

Max offer price $1,025,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$9,765
Total (3 units)			$9,766

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: $256,250
• Closing costs: $30,750
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2025-10-30
   status Pending
2. 2025-06-24
   listed $1,025,000 Active
3. 2014-03-15
   price $624,000 481-char remark

   Show marketing remark (481 chars)

   Brand new 3 family home on new cul-de-sac. This semi-detached home boasts spacious side and rear yards. The layout is; Three bedrooms, 2 bath with balcony on the 2nd flr, Three bedrooms, 2 bath, on the 1st flr, one bedroom one bath walk-in and full open basement with boiler/utility room and rear access to the yard. Real Estate taxes just $332.00 per year thanks to 421 A Tax Abatement. There is ceramic tile in all kitchens and baths and gleaming wood floors in all 3 apartments.

4. 2013-07-03
   soldstatus $624,000
5. 2013-06-13
   soldstatus $624,000 Sold 481-char remark

   Show marketing remark (481 chars)

   Brand new 3 family home on new cul-de-sac. This semi-detached home boasts spacious side and rear yards. The layout is; Three bedrooms, 2 bath with balcony on the 2nd flr, Three bedrooms, 2 bath, on the 1st flr, one bedroom one bath walk-in and full open basement with boiler/utility room and rear access to the yard. Real Estate taxes just $332.00 per year thanks to 421 A Tax Abatement. There is ceramic tile in all kitchens and baths and gleaming wood floors in all 3 apartments.

6. 2013-03-14
   historical Pending 481-char remark

   Show marketing remark (481 chars)

   Brand new 3 family home on new cul-de-sac. This semi-detached home boasts spacious side and rear yards. The layout is; Three bedrooms, 2 bath with balcony on the 2nd flr, Three bedrooms, 2 bath, on the 1st flr, one bedroom one bath walk-in and full open basement with boiler/utility room and rear access to the yard. Real Estate taxes just $332.00 per year thanks to 421 A Tax Abatement. There is ceramic tile in all kitchens and baths and gleaming wood floors in all 3 apartments.

7. 2013-03-14
   price $625,000 481-char remark

   Show marketing remark (481 chars)

   Brand new 3 family home on new cul-de-sac. This semi-detached home boasts spacious side and rear yards. The layout is; Three bedrooms, 2 bath with balcony on the 2nd flr, Three bedrooms, 2 bath, on the 1st flr, one bedroom one bath walk-in and full open basement with boiler/utility room and rear access to the yard. Real Estate taxes just $332.00 per year thanks to 421 A Tax Abatement. There is ceramic tile in all kitchens and baths and gleaming wood floors in all 3 apartments.

8. 2012-03-09
   listed $625,000 Active 481-char remark

   Show marketing remark (481 chars)

   Brand new 3 family home on new cul-de-sac. This semi-detached home boasts spacious side and rear yards. The layout is; Three bedrooms, 2 bath with balcony on the 2nd flr, Three bedrooms, 2 bath, on the 1st flr, one bedroom one bath walk-in and full open basement with boiler/utility room and rear access to the yard. Real Estate taxes just $332.00 per year thanks to 421 A Tax Abatement. There is ceramic tile in all kitchens and baths and gleaming wood floors in all 3 apartments.

ⓘ 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: $7,851 · $654/mo
• Projected year-2 tax: $12,587 · $1,049/mo
• Expected delta: +$4,736/yr (+$395/mo · 60.3%)

ⓘ 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 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $117,192
• − Mortgage interest: −$57,416
• − Property taxes: −$7,851
• − Insurance: −$5,125
• − Repairs & maintenance: −$9,375
• − Management: −$9,375
• − Depreciation: −$29,818
• Taxable loss: −$1,768
• Est. tax savings @ 24.0%: +$424
• After-tax cash flow: $15,528/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: Bronx County · 1,197,324 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 71,116
• Household income: $65,969
• Rent vs Own: 60.1% rent · 39.9% own
• Severe rent burden: 4791.0

Population outlook (Bronx County) Hauer SSP2

• Today (2025): 1,607,353 people
• By 2030: 1,681,852 · +4.6%
• By 2040: 1,824,421 · +13.5%
• By 2050: 1,945,470 · +21.0%
• By 2075: 2,187,887 · +36.1%
• By 2100: 2,244,136 · +39.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: Black 60% Hispanic / Latino 29% Two or more races 7% White 2% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 9% Dominican 12%
• Common ancestry: Hispanic 1%
• Foreign-born: 42% · Canada, Jamaica, United Kingdom
• Languages at home: 67% English-only · Spanish 22% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Bronx

• 2024 margin: Solid D (+45.4) · D 72.7% · R 27.3%
• 2008→2024 swing: -32.3pp toward R · 2008: 77.8pp · 2024: 45.4pp
• All cycles: 2024: D+45.4 2020: D+67.6 2016: D+79.1 2012: D+82.9 2008: D+77.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -314.77%
• Current HPI: 349.542
• 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

+64.0% since first listed

8 events — show timeline

• 2025-10-30 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-06-24 Listed $1,025,000 OneKey® MLS as Distributed by MLS Grid
• 2014-03-15 Price Changed $624,000 HGMLS
• 2013-07-03 Sold (Public Records) $624,000 Public Records
• 2013-06-13 Sold (MLS) $624,000 HGMLS
• 2013-03-14 Contingent — HGMLS
• 2013-03-14 Price Changed $625,000 HGMLS
• 2012-03-09 Listed $625,000 HGMLS

Property tax history

+24.9%/yr

Latest (2025): $7,851 · +38.8% YoY. Source: county tax records.