56 South St · New York, NY 10310

$779,999

8 bd · 3.0 ba · 2,300 sqft · MultiFamily public records · 12 Days on market

Built 2007

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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 +11.9/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• DSCR +3.5/10.0
• 1% rule +2.7/10.0
• 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: 2 units. confirmed

Listing remarks

Welcome to 56 South Street, built in 2006 a well-maintained two-family home located near the West Brighton neighborhood of Staten Island. This spacious property offers a versatile layout ideal for extended families, owner-occupants, investors or those looking for additional living flexibility. This home features a total of five above grade bedrooms with 2 additional generously sized rooms as well as extra finished space below grade and three full bathrooms. Each unit offering bright, open living areas and updated kitchens. Hardwood flooring, generous natural light, and thoughtful layouts create a warm and inviting atmosphere throughout. The finished basement includes 2 additional rooms and

Key facts

• Garage
• Built 2007
• Listed 12 days

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $780k.

Deal economics

• At list price, monthly cash flow is $-193 ($-2k/yr) — negative. Per door: $-97/mo.
• To cash-flow at today's rent, offer at most $746k (4.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $602k (22.8% below list).
• Recommended offer: $602k (22.8% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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: 78 active listings in the ZIP; 480 units permitted in Richmond County in 2024 (22 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $23k of value loss. Plan a longer hold.
• Richmond County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 52% 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 $602,300 (22.8% 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. 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
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: 0.77% ✗
• Cap rate: 6.00%
• Cash-on-cash: -1.06%
• DSCR: 0.95
• GRM: 10.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -18.1%
• Equity multiple: 0.36×
• Total profit: $-138,891
• Equity at exit: $116,300

10-year hold

• IRR: -10.4%
• Equity multiple: 0.37×
• Total profit: $-137,532
• Equity at exit: $67,440

Cash invested: $218,400 (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 10310

• Active inventory: 78
• Price-to-rent: 21.6×

Monthly cashflow live

• Estimated rent: $6,023 high
• Mortgage (P&I): −$4,090
• Tax from tax record: −$536 /mo · $6,434/yr
• Insurance: −$325
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,265
• Net cashflow: $-193

Break-even live

Break-even rent $6,268

Max offer price $745,831

Occupancy floor 98%

Sensitivity live

Price	-10% $248	-5% $27	+0% $-193	+5% $-414	+10% $-635
Rent	-10% $-669	-5% $-431	+0% $-193	+5% $44	+10% $282
Rate	-1.0pp $199	-0.5pp $5	base $-193	+0.5pp $-396	+1.0pp $-601

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1.5	$6,022
Total (2 units)			$6,023

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: $195,000
• Closing costs: $23,400
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2025-07-28
   status Pending
2. 2025-05-04
   listed $779,999 Active
3. 2025-05-04
   historical $779,999

ⓘ 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: $6,434 · $536/mo
• Projected year-2 tax: $9,808 · $817/mo
• Expected delta: +$3,374/yr (+$281/mo · 52.4%)

ⓘ 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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 52% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $72,276
• − Mortgage interest: −$43,692
• − Property taxes: −$6,434
• − Insurance: −$3,900
• − Repairs & maintenance: −$5,782
• − Management: −$5,782
• − Depreciation: −$22,691
• Taxable loss: −$16,005
• Est. tax savings @ 24.0%: +$3,841
• After-tax cash flow: $1,520/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
• City population: 7,731,280
• Population (ZIP): 25,824

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 482,784 people
• By 2030: 481,831 · -0.2%
• By 2040: 473,159 · -2.0%
• By 2050: 457,242 · -5.3%
• By 2075: 408,029 · -15.5%
• By 2100: 341,459 · -29.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 41% Hispanic / Latino 32% Black 19% Two or more races 14% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 12% Dominican 3%
• Common ancestry: Romanian 4% Lithuanian 1% Portuguese 1%
• Foreign-born: 25% · Canada, Jamaica, China
• Languages at home: 66% English-only · Spanish 19% Other Indo-European 6% Arabic 3%

Political lean MEDSL · Richmond

• 2024 margin: Strong R (+29.8) · D 35.1% · R 64.9%
• 2008→2024 swing: -25.7pp toward R · 2008: -4.0pp · 2024: -29.8pp
• All cycles: 2024: R+29.8 2020: R+14.9 2016: R+16.8 2012: D+0.8 2008: R+4.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -266.57%
• Current HPI: 360.2125
• Rent YoY: —
• Metro: —
• 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

+0.0% since first listed

3 events — show timeline

• 2025-07-28 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-05-04 Listed $779,999 OneKey® MLS as Distributed by MLS Grid
• 2025-05-04 Coming Soon $779,999 OneKey® MLS as Distributed by MLS Grid

Property tax history

+5.5%/yr

Latest (2025): $6,434 · +6.0% YoY. Source: county tax records.