98 Pennyfield Ave · New York, NY 10465

$500,000

6 bd · 2.0 ba · 2,194 sqft · MultiFamily public records · 3 Days on market

Built 1970 2,996 sqft lot Est $954k · 48% 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 +28.5/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• 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

Investor opportunity in the heart of the Bronx! Welcome to 98 Pennyfield Avenue, a legal two-family home offering incredible potential for investors, contractors, or end users looking to create value. Each unit features 3 bedrooms and 1 full bath, both units require extensive renovation. Property is being sold as-is, making it the perfect project for those looking to customize or maximize rental income. Located in the sought-after Throggs Neck area, enjoy close proximity to local shops, restaurants, parks, waterfront areas, schools, and public transportation, with convenient access to major highways and Manhattan commuting options. Bring your vision and unlock the possibilities this multi-f

Key facts

• Waterfront areas
• Two-family home
• Throggs neck area

Tags

• TWO-FAMILY HOME
• THROGGS NECK AREA
• LOCAL SHOPS
• RESTAURANTS
• PARKS
• WATERFRONT AREAS

Property features AI

Exterior

• Parking: Attached parking; 1-car garage
• Utilities: Public sewer; Trash collection (public)
• Home design: Duplex
• Construction: Frame construction
• Exterior features: Corner lot; Not waterfront

Interior

• Kitchen: Eat-in kitchen(s)
• Bedrooms: Two 3-bedroom units
• Bathrooms: Two full bathrooms
• Heating & cooling: Baseboard heating (natural gas); Wall/Window cooling units
• Interior features: Eat-in kitchen; Finished basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $603/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $500k).
• Cap rate 10.2% 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 (+10.7%/yr); 215 active listings in the ZIP; solid renter incomes; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $6,514/mo this rent would consume 89% of the median local household income ($88k/yr) (locally 2294% 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 $3k of loan paydown is wiped out by about $15k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $140k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $500,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 1.30% ✓
• Cap rate: 10.21%
• Cash-on-cash: 13.99%
• DSCR: 1.62
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $954,390
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3087 Alan Pl	0.09mi	6/2.0	2,060 (-6%)	10mo	$1,210,000	$587	77
2819 Schurz Ave	0.73mi	5/2.0 (-1)	2,156 (-2%)	7mo	$825,000	$383	53
280 Throggs Neck Blvd	0.75mi	5/3.0 (-1)	2,090 (-5%)	5mo	$951,000	$455	44
258A Longstreet Ave	0.68mi	6/4.0	2,458 (+12%)	1mo	$1,070,000	$435	40
232 Throgs Neck Blvd	0.66mi	5/3.0 (-1)	2,400 (+9%)	22mo	$775,000	$323	26

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.22×
• Total profit: $30,554
• Equity at exit: $74,552

10-year hold

• IRR: 19.2%
• Equity multiple: 3.03×
• Total profit: $283,732
• Equity at exit: $43,231

Cash invested: $140,000 (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 10465

• Rents YoY: 10.7%
• Active inventory: 215
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $6,514 medium
• Mortgage (P&I): −$2,622
• Tax from tax record: −$684 /mo · $8,208/yr
• Insurance: −$208
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,368
• Net cashflow: $1,205

Break-even live

Break-even rent $4,989

Max offer price $500,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$6,514
Total (2 units)			$6,514

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: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-04
   statusdays on market $500,000 Pending 3 DOM
2. 2026-05-26
   listed $500,000 Active

ⓘ 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: $8,208 · $684/mo
• Projected year-2 tax: $8,329 · $694/mo
• Expected delta: +$121/yr (+$10/mo · 1.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone AE · 51% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $78,168
• − Mortgage interest: −$28,008
• − Property taxes: −$8,208
• − Insurance: −$7,618
• − Repairs & maintenance: −$6,253
• − Management: −$6,253
• − Depreciation: −$14,545
• Taxable income: $7,281
• Est. tax owed @ 24.0%: −$1,747
• After-tax cash flow: $12,714/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): 45,404
• Household income: $87,985
• Rent vs Own: 43.4% rent · 56.6% own
• Severe rent burden: 2294.0

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 0.65)
• Race & ethnicity: Hispanic / Latino 46% White 35% Two or more races 15% Black 10% Asian 6%
• Hispanic origin (detail): Mexican 1% Puerto Rican 24% Dominican 12%
• Common ancestry: Lithuanian 1% Hispanic 1% Romanian 1%
• Foreign-born: 19% · Canada, China
• Languages at home: 57% English-only · Spanish 32% Other Indo-European 7% Chinese 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: ▼ -283.74%
• Current HPI: 270.517
• Rent YoY: ▲ 10.74%
• 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

1 event — show timeline

• 2026-05-26 Listed $500,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2025): $8,208 · +6.0% YoY. Source: county tax records.