972 E 88th St #1 · New York, NY 11236

$220,000

1 bd · 1.0 ba · 859 sqft · Condo public records · 131 Days on market

Built 1980

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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).

• Cash flow +25.2/30.0
• DSCR +8.2/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This private 1st floor Canarsie condo is ready for a new owner. Priced aggressively, needs TLC, low taxes and an open layout, spiral staircase with double closet. 24 hr security system and close to shopping and transportation. Seller motivated. Sold as is

Key facts

• 1st floor
• Double closet
• Open layout

Tags

• 1ST FLOOR
• OPEN LAYOUT
• SPIRAL STAIRCASE
• DOUBLE CLOSET
• 24 HR SECURITY SYSTEM
• CLOSE TO SHOPPING

Property features AI

Exterior

• Parking: Assigned parking; Common parking; Driveway; On-street parking; Private parking; Shared driveway
• Utilities: Public sewer; Cable available; Electricity available; Natural gas available; Phone available; Sewer connected
• Home design: Condominium
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Kitchen: Gas oven; Gas range; Microwave; Other built-in appliances
• Bedrooms: Entry level bedrooms (unit on level 1)
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Wall/window AC unit(s)
• Interior features: Galley-style kitchen; High ceilings; His and hers closets; Open floor plan; No basement; 5 total rooms
• Laundry & utility: Pets allowed

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $220k.

Deal economics

• At list price, monthly cash flow is $490 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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: 228 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• This rent runs 41% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 131 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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.

Risks & watch-outs

• 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 $193,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 131 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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: 1.25% ✓
• Cap rate: 8.97%
• Cash-on-cash: 9.54%
• DSCR: 1.42
• GRM: 6.6

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: -1.8%
• Equity multiple: 0.93×
• Total profit: $-4,297
• Equity at exit: $32,803

10-year hold

• IRR: 7.9%
• Equity multiple: 1.60×
• Total profit: $37,036
• Equity at exit: $19,022

Cash invested: $61,600 (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 11236

• Active inventory: 228
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,760 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$245 /mo · $2,942/yr
• Insurance: −$92
• HOA est. from 1 same-building comp: −$200
• Vacancy / Maint / Mgmt: −$580
• Net cashflow: $490

Break-even live

Break-even rent $2,140

Max offer price $220,000

Occupancy floor 77%

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-18
   days on market $220,000 Active 131 DOM
2. 2026-06-17
   days on market $220,000 Active 130 DOM
3. 2026-06-15
   days on market $220,000 Active 128 DOM
4. 2026-06-13
   days on market $220,000 Active 126 DOM
5. 2026-06-10
   days on market $220,000 Active 122 DOM
6. 2026-06-08
   days on market $220,000 Active 121 DOM
7. 2026-06-04
   days on market $220,000 Active 117 DOM
8. 2026-06-03
   days on market $220,000 Active 116 DOM
9. 2026-06-01
   days on market $220,000 Active 114 DOM
10. 2026-05-31
    days on market $220,000 Active 113 DOM
11. 2026-02-06
    listed $220,000 Active
12. 2021-05-18
    soldstatus $230,000
13. 2015-01-12
    listed $369,000
14. 2015-01-12
    listed $369,000
15. 2007-08-23
    soldstatus $195,000
16. 1994-01-21
    soldstatus $42,000
17. 1994-01-21
    soldstatus $140,000
18. 1993-10-28
    soldstatus $42,000
19. 1989-06-22
    soldstatus $140,000

ⓘ 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: $2,942 · $245/mo
• Projected year-2 tax: $3,330 · $278/mo
• Expected delta: +$388/yr (+$32/mo · 13.2%)

ⓘ 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 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: $33,122
• − Mortgage interest: −$12,323
• − Property taxes: −$2,942
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,650
• − Management: −$2,650
• − HOA: −$2,400
• − Depreciation: −$6,400
• Taxable income: $2,657
• Est. tax owed @ 24.0%: −$638
• After-tax cash flow: $5,242/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): 88,051
• Household income: $81,464
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 4225.0

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 (79%)
• Race & ethnicity: Black 79% Hispanic / Latino 8% Two or more races 8% White 4% Asian 2%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Hispanic 14%
• Foreign-born: 45% · Canada, Mexico, China
• Languages at home: 74% English-only · French/Haitian/Cajun 14% Spanish 6% Chinese 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: ▼ -375.21%
• Current HPI: 330.8367
• 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

+57.1% since first listed

9 events — show timeline

• 2026-02-06 Listed $220,000 OneKey® MLS as Distributed by MLS Grid
• 2021-05-18 Sold (Public Records) $230,000 Public Records
• 2015-01-12 Listed $369,000 RLS at REBNY
• 2015-01-12 Listed $369,000 RLS at REBNY
• 2007-08-23 Sold (Public Records) $195,000 Public Records
• 1994-01-21 Sold (Public Records) $140,000 Public Records
• 1994-01-21 Sold (Public Records) $42,000 Public Records
• 1993-10-28 Sold (Public Records) $42,000 Public Records
• 1989-06-22 Sold (Public Records) $140,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $2,942 · +3.4% YoY. Source: county tax records.