2391 E 3rd St · New York, NY 11223

$1,520,000

8 bd · 4.0 ba · 4,080 sqft · MultiFamily public records · 304 Days on market

Built 1950 2,000 sqft lot Est $1493k · at est.

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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 +18.7/30.0
• ARV discount +6.7/15.0
• DSCR +5.9/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• 1% rule +4.1/10.0
• 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: 4 units. confirmed

Listing remarks MLS

WHOLE HOUSE OCCUPIED BUY TENANTS. CALL BROKER FOR SPECIAL SHOW INSTRUCTION.

Key facts

• Renovated kitchens
• High ceilings
• Oversized windows

Tags

• BRICK 4-FAMILY RESIDENCE
• PRIVATE PARKING SPACE
• HIGH CEILINGS
• OVERSIZED WINDOWS
• GLEAMING HARDWOOD FLOORS
• RENOVATED KITCHENS

Property features AI

Finance

• Other: Property located in Brooklyn
• Financial info: Financing considered: exchange, bank mortgage, or cash; Rent income reported; Utility expense: 500.00

Exterior

• Parking: Carport with 1 parking space
• Utilities: Electric: other; Hot water: gas; Heating fuel: gas
• Home design: Semi-detached building; Residential property; Building footprint approximately 1,360; Building dimensions about 68.00 x 20.00
• Construction: Brick construction; Other roof (see remarks); Other foundation
• Exterior features: Front yard; Back yard; Side yard; Storage rooms (building)

Interior

• Kitchen: Dishwasher
• Bedrooms: 4 bedrooms on level 1; 4 bedrooms on level 2; 2 bedrooms on level 3; 2 bedrooms on level 4
• Flooring: Tile floors
• Bathrooms: 4 full baths total; 1 full bath on level 1; 1 full bath on level 2; 2 full baths on level 3
• Heating & cooling: Gas hot water; Gas heating fuel; Heat delivery: Other; 4 AC units
• Interior features: Dishwasher; Other interior features; Finished full basement; 4 AC units; Tile floors
• Laundry & utility: Utility expense listed

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $1.52M.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $377/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 $1.39M (8.5% below list).
• Recommended offer: $1.34M (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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 (+13.1%/yr); 216 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $13,901/mo this rent would consume 263% of the median local household income ($63k/yr) (locally 6011% 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 $11k of loan paydown is wiped out by about $46k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $426k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 304 days — a 12% lower offer ($1.34M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 25y ago; this cycle's ask has dropped $180k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $742k; list at $1.52M implies a 105% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 72% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,337,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 304 days. Have you received any prior offers? Is the seller open to a 12% 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. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 0.91% ✗
• Cap rate: 7.48%
• Cash-on-cash: 4.25%
• DSCR: 1.19
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $1,493,280
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
468 Avenue Y	0.24mi	9/4.0 (+1)	4,452 (+9%)	15mo	$1,630,000	$366	56
1602 Avenue V	0.74mi	8/5.0	3,880 (-5%)	5mo	$1,920,000	$495	50
2132 E 13th St	0.63mi	7/4.0 (-1)	4,500 (+10%)	4mo	$1,500,000	$333	45

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: -4.6%
• Equity multiple: 0.82×
• Total profit: $-77,311
• Equity at exit: $226,637

10-year hold

• IRR: 9.8%
• Equity multiple: 1.91×
• Total profit: $388,879
• Equity at exit: $131,422

Cash invested: $425,600 (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 11223

• Rents YoY: 13.1%
• Active inventory: 216
• Price-to-rent: 36.4×

Monthly cashflow live

• Estimated rent: $13,901 high
• Mortgage (P&I): −$7,971
• Tax from tax record: −$871 /mo · $10,450/yr
• Insurance: −$633
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,919
• Net cashflow: $1,507

Break-even live

Break-even rent $11,994

Max offer price $1,520,000

Occupancy floor 84%

Sensitivity live

Price	-10% $2,367	-5% $1,937	+0% $1,507	+5% $1,076	+10% $646
Rent	-10% $408	-5% $957	+0% $1,507	+5% $2,056	+10% $2,605
Rate	-1.0pp $2,272	-0.5pp $1,893	base $1,507	+0.5pp $1,113	+1.0pp $712

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$13,900
Total (4 units)			$13,901

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: $380,000
• Closing costs: $45,600
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-08
   statusdays on market $1,520,000 Pending 304 DOM
2. 2026-06-03
   days on market $1,520,000 Active 301 DOM
3. 2026-06-01
   days on market $1,520,000 Active 299 DOM
4. 2026-05-31
   days on market $1,520,000 Active 298 DOM
5. 2026-05-06
   price $1,520,000
6. 2026-04-05
   price $1,579,999
7. 2025-11-14
   price $1,580,000
8. 2025-10-20
   price $1,620,000
9. 2025-08-06
   listed $1,700,000 Active
10. 2006-07-19
    soldstatus $741,750
11. 2005-08-12
    listed $789,000 75-char remark

    Show marketing remark (75 chars)

    WHOLE HOUSE OCCUPIED BUY TENANTS. CALL BROKER FOR SPECIAL SHOW INSTRUCTION.

12. 2002-04-30
    soldstatus $445,000
13. 2001-11-15
    listed $479,000

ⓘ 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: $10,450 · $871/mo
• Projected year-2 tax: $18,069 · $1,506/mo
• Expected delta: +$7,619/yr (+$635/mo · 72.9%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 55% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% 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: $166,812
• − Mortgage interest: −$85,144
• − Property taxes: −$10,450
• − Insurance: −$7,600
• − Repairs & maintenance: −$13,345
• − Management: −$13,345
• − Depreciation: −$44,218
• Taxable loss: −$7,290
• Est. tax savings @ 24.0%: +$1,750
• After-tax cash flow: $19,828/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): 78,093
• Household income: $63,368
• Rent vs Own: 63.9% rent · 36.1% own
• Severe rent burden: 6011.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 51% Asian 26% Hispanic / Latino 13% Black 5% Two or more races 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2% Dominican 1%
• Common ancestry: Scotch-Irish 4% Subsaharan African 4% Romanian 1%
• Foreign-born: 46% · China, Canada, Philippines
• Languages at home: 41% English-only · Chinese 17% Russian/Polish/Slavic 15% Spanish 9%

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: ▼ -286.92%
• Current HPI: 430.9891
• Rent YoY: ▲ 13.09%
• 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

+217.3% since first listed

9 events — show timeline

• 2026-05-06 Price Changed $1,520,000 BNYMLS
• 2026-04-05 Price Changed $1,579,999 BNYMLS
• 2025-11-14 Price Changed $1,580,000 BNYMLS
• 2025-10-20 Price Changed $1,620,000 BNYMLS
• 2025-08-06 Listed $1,700,000 BNYMLS
• 2006-07-19 Sold (Public Records) $741,750 Public Records
• 2005-08-12 Listed $789,000 BNYMLS
• 2002-04-30 Sold (Public Records) $445,000 Public Records
• 2001-11-15 Listed $479,000 BNYMLS

Property tax history

+5.4%/yr

Latest (2025): $10,450 · +3.4% YoY. Source: county tax records.