3384 Ely Ave · New York, NY 10469

$350,000

3 bd · 1.5 ba · 1,088 sqft · SingleFamily public records · 8 Days on market

Built 1901 1,899 sqft lot Est $531k · 34% 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).

• Cash flow +19.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• Schools +5.0/10.0
• 1% rule +4.8/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cute, Turn key two level single family home on a quite block in the Baychester neighborhood of the Bronx. Fully renovted kitchen and bathroom. Three bedrooms upstairs with an extra living room. 1st floor offers living room, dining area and kitchen. Beautiful backyard with a deck great for entertaining. Perfect affordable starter home! AO.

Key facts

• 1,899 sq ft lot
• Built 1901
• Listed 8 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $350k.

Deal economics

• At list price, monthly cash flow is $385 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $342k (2.3% below list).
• Recommended offer: $342k (2.3% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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 (+4.3%/yr); 203 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $3,420/mo this rent would consume 54% of the median local household income ($76k/yr) (locally 3706% 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 $2k of loan paydown is wiped out by about $10k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 13y 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

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• 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 $341,957 (2.3% below list)

Questions for the listing agent

1. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.98% ✗
• Cap rate: 7.61%
• Cash-on-cash: 4.71%
• DSCR: 1.21
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $530,944
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1310 E 223rd St	0.26mi	3/2.5	960 (-12%)	10mo	$722,000	$752	56
1231 E 223rd St	0.39mi	2/1.5 (-1)	960 (-12%)	1mo	$515,000	$536	56
1260 E 223 St	0.32mi	4/2.0 (+1)	1,200 (+10%)	6mo	$412,000	$343	56
3042 Kingsland Ave	0.46mi	2/2.0 (-1)	1,068 (-2%)	21mo	$520,000	$487	51
1253 E 223rd St	0.36mi	2/2.0 (-1)	960 (-12%)	11mo	$515,000	$536	48
1181 Grenada Pl	0.74mi	3/2.0	1,188 (+9%)	1mo	$540,000	$455	47
1147 Grenada Pl	0.75mi	3/2.0	1,188 (+9%)	2mo	$580,000	$488	46

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 · 4.33% rent growth · sell at horizon

5-year hold

• IRR: -7.5%
• Equity multiple: 0.72×
• Total profit: $-27,567
• Equity at exit: $52,186

10-year hold

• IRR: 3.6%
• Equity multiple: 1.28×
• Total profit: $27,076
• Equity at exit: $30,262

Cash invested: $98,000 (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 10469

• Rents YoY: 4.3%
• Active inventory: 203
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $3,420 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$335 /mo · $4,022/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$718
• Net cashflow: $385

Break-even live

Break-even rent $2,932

Max offer price $350,000

Occupancy floor 84%

Sensitivity live

Price	-10% $583	-5% $484	+0% $385	+5% $286	+10% $187
Rent	-10% $115	-5% $250	+0% $385	+5% $520	+10% $655
Rate	-1.0pp $561	-0.5pp $474	base $385	+0.5pp $294	+1.0pp $202

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
60 Saint Pauls Pl Mount Vernon, NY	3.0	1.0	1100	$3,000	$2.73	26d	1	1.15mi
641 S 5th Ave Unit 1ST Mt Vernon, NY	3.0	1.5	1300	$3,600	$2.77	6d	1	1.28mi
607 S 5th Ave Unit 2ND Mt Vernon, NY	3.0	1.0	1200	$3,400	$2.83	26d	1	1.36mi
462 S 7th Ave Unit 462 Mt Vernon, NY	3.0	1.0	1100	$3,500	$3.18	0d	1	1.48mi

Listing history 26 events

1. 2024-03-05
   status Pending
2. 2024-01-29
   listed $350,000 Active
3. 2023-09-01
   price $260,000
4. 2023-08-29
   status Pending
5. 2023-06-23
   historical
6. 2023-05-24
   listed $300,000 Active
7. 2023-05-23
   historical
8. 2017-12-11
   soldstatus $330,000
9. 2017-11-28
   soldstatus $330,000 Sold 340-char remark

   Show marketing remark (340 chars)

   Cute, Turn key two level single family home on a quite block in the Baychester neighborhood of the Bronx. Fully renovted kitchen and bathroom. Three bedrooms upstairs with an extra living room. 1st floor offers living room, dining area and kitchen. Beautiful backyard with a deck great for entertaining. Perfect affordable starter home! AO.

10. 2017-07-21
    historical Pending 340-char remark

    Show marketing remark (340 chars)

    Cute, Turn key two level single family home on a quite block in the Baychester neighborhood of the Bronx. Fully renovted kitchen and bathroom. Three bedrooms upstairs with an extra living room. 1st floor offers living room, dining area and kitchen. Beautiful backyard with a deck great for entertaining. Perfect affordable starter home! AO.

11. 2017-04-20
    listed $335,000 Active 340-char remark

    Show marketing remark (340 chars)

    Cute, Turn key two level single family home on a quite block in the Baychester neighborhood of the Bronx. Fully renovted kitchen and bathroom. Three bedrooms upstairs with an extra living room. 1st floor offers living room, dining area and kitchen. Beautiful backyard with a deck great for entertaining. Perfect affordable starter home! AO.

12. 2014-06-18
    soldstatus $280,000
13. 2014-06-09
    soldstatus $282,500
14. 2014-06-09
    price $282,500 Sold
15. 2014-06-09
    soldstatus $282,500 Sold
16. 2014-04-29
    historical Pending
17. 2014-04-29
    price $284,900
18. 2014-03-18
    price $284,900
19. 2014-03-14
    historical Withdrawn
20. 2014-03-14
    listed $285,000 Active
21. 2014-03-14
    listed $284,900
22. 2014-03-14
    historical
23. 2014-01-16
    price
24. 2013-10-14
    listed Active
25. 2013-10-13
    listed $285,000
26. 2005-03-14
    soldstatus $225,000

ⓘ 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: $4,022 · $335/mo
• Projected year-2 tax: $4,968 · $414/mo
• Expected delta: +$947/yr (+$79/mo · 23.5%)

ⓘ 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: $41,035
• − Mortgage interest: −$19,605
• − Property taxes: −$4,022
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,283
• − Management: −$3,283
• − Depreciation: −$10,182
• Taxable loss: −$1,090
• Est. tax savings @ 24.0%: +$262
• After-tax cash flow: $4,882/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): 68,521
• Household income: $76,020
• Rent vs Own: 49.3% rent · 50.7% own
• Severe rent burden: 3706.0

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 0.62)
• Race & ethnicity: Black 54% Hispanic / Latino 27% White 8% Two or more races 8% Asian 6%
• Hispanic origin (detail): Mexican 1% Puerto Rican 11% Dominican 9%
• Foreign-born: 37% · Canada, Vietnam, China
• Languages at home: 62% English-only · Spanish 22% Other Indo-European 5% French/Haitian/Cajun 3%

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: ▼ -524.76%
• Current HPI: 321.9213
• Rent YoY: ▲ 4.33%
• 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

+55.6% since first listed

26 events — show timeline

• 2024-03-05 Pending — OneKey® MLS as Distributed by MLS Grid
• 2024-01-29 Listed $350,000 OneKey® MLS as Distributed by MLS Grid
• 2023-09-01 Price Changed $260,000 OneKey® MLS as Distributed by MLS Grid
• 2023-08-29 Pending — OneKey® MLS as Distributed by MLS Grid
• 2023-06-23 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2023-05-24 Listed $300,000 OneKey® MLS as Distributed by MLS Grid
• 2023-05-23 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 2017-12-11 Sold (Public Records) $330,000 Public Records
• 2017-11-28 Sold (MLS) $330,000 OneKey® MLS as Distributed by MLS Grid
• 2017-07-21 Contingent — OneKey® MLS as Distributed by MLS Grid
• 2017-04-20 Listed $335,000 OneKey® MLS as Distributed by MLS Grid
• 2014-06-18 Sold (Public Records) $280,000 Public Records
• 2014-06-09 Sold (MLS) $282,500 HGMLS
• 2014-06-09 Price Changed $282,500 HGMLS
• 2014-06-09 Sold (MLS) $282,500 OneKey® MLS as Distributed by MLS Grid
• 2014-04-29 Contingent — HGMLS
• 2014-04-29 Price Changed $284,900 HGMLS
• 2014-03-18 Price Changed $284,900 HGMLS
• 2014-03-14 Delisted — HGMLS
• 2014-03-14 Listed $285,000 HGMLS
• 2014-03-14 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2014-03-14 Listed $284,900 OneKey® MLS as Distributed by MLS Grid
• 2014-01-16 Price Changed — HGMLS
• 2013-10-14 Listed — HGMLS
• 2013-10-13 Listed $285,000 OneKey® MLS as Distributed by MLS Grid
• 2005-03-14 Sold (Public Records) $225,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $4,022 · +5.9% YoY. Source: county tax records.