239 W 148th St Unit 3B · New York, NY 10039

$569,999

3 bd · 1.5 ba · 1,100 sqft · Condo · 26 Days on market

Built 1920

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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 +18.6/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Schools +5.0/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to this bright and spacious 3-bedroom, 1.5-bath home at The Washington, offering a flexible layout, abundant natural light, and a comfortable flow for everyday living. Thoughtfully designed with multiple exposures, this well-proportioned residence feels open and inviting throughout the day. The home features three generously sized bedrooms, a spacious living area, hardwood floors, and a layout that easily adapts to changing needs. Whether you're working from home, creating a dedicated dining space, or simply looking for room to grow, this residence offers versatility and comfort. The kitchen provides ample cabinet and countertop space with a practical layout that connects seamlessly

Key facts

• Built 1920
• Listed 25 days

Property features AI

Finance

• HOA & community: Managed by Harlem Property Management; Building fitness center

Exterior

• Parking: On-street parking
• Utilities: Electricity connected (Con-Edison); Natural gas connected; Public water; Public sewer; Public trash collection
• Home design: Stock cooperative
• Construction: Concrete perimeter foundation
• Exterior features: Brick exterior; Not waterfront

Interior

• Kitchen: Gas oven; Microwave; Refrigerator
• Bedrooms: Entry level: 3
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Baseboard heating (natural gas); Wall/window air conditioning units
• Interior features: Galley-style kitchen; Natural woodwork; Open kitchen layout; Finished common basement
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $570k.

Deal economics

• At list price, monthly cash flow is $557 ($7k/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 $569k (0.2% below list).
• Recommended offer: $561k (1.5% 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 (+6.7%/yr); 42 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $5,691/mo this rent would consume 151% of the median local household income ($45k/yr) (locally 2826% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $61k of equity ($4k loan paydown + $57k appreciation (10.0% local appreciation)).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 6.7% rent growth), your $160k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$98k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($561k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $561,449 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.00% ✗
• Cap rate: 7.47%
• Cash-on-cash: 4.19%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 6.68% rent growth · sell at horizon

5-year hold

• IRR: 28.7%
• Equity multiple: 3.30×
• Total profit: $367,838
• Equity at exit: $513,500

10-year hold

• IRR: 26.1%
• Equity multiple: 7.94×
• Total profit: $1,106,912
• Equity at exit: $1,107,383

Cash invested: $159,600 (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 10039

• Home prices YoY: 2.6%
• Rents YoY: 6.7%
• Active inventory: 42
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $5,691 high
• Mortgage (P&I): −$2,989
• Tax est. 1.5%: −$712 /mo · $8,550/yr
• Insurance: −$237
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,195
• Net cashflow: $557

Break-even live

Break-even rent $4,986

Max offer price $569,999

Occupancy floor 85%

Sensitivity live

Price	-10% $951	-5% $754	+0% $557	+5% $360	+10% $163
Rent	-10% $107	-5% $332	+0% $557	+5% $782	+10% $1,006
Rate	-1.0pp $844	-0.5pp $702	base $557	+0.5pp $409	+1.0pp $259

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: $142,500
• Closing costs: $17,100
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 W 135th St Unit 9G New York, NY	3.0	2.0	1032	$5,500	$5.33	6d	1	0.71mi
132 W 134th St New York, NY	2.0	1.0	750	$4,500	$6.00	25d	1	0.77mi
52 Convent Ave Unit 30 New York, NY	3.0	2.0	1300	$7,500	$5.77	25d	1	0.98mi
230 W 126th St Unit 20C New York, NY	2.0	1.0	860	$4,555	$5.30	25d	1	1.14mi
2413 3rd Ave Bronx, NY	1.0–3.0	1.0–2.0	857	$5,091	$5.94	0d	21	1.21mi
2071 Adam Clayton Powell Junior Blvd Unit 2 New York, NY	4.0	2.0	1000	$5,995	$6.00	20d	1	1.27mi
5 Lincoln Ave Bronx, NY	1.0–3.0	1.0–2.5	1011	$7,419	$7.33	0d	183	1.31mi
508 Manhattan Ave Unit 2C New York, NY	3.0	1.0	800	$4,699	$5.87	12d	1	1.38mi
312 W 121st St Unit 4C New York, NY	3.0	2.0	900	$4,854	$5.39	8d	1	1.38mi
543 W 122nd St New York, NY	2.0	1.0–2.0	1057	$10,995	$10.40	3d	7	1.39mi
543 W 122nd St Unit 27C New York, NY	2.0	2.0	1313	$10,995	$8.37	11d	1	1.39mi
506 Manhattan Ave Unit 1A New York, NY	3.0	1.0	800	$4,699	$5.87	12d	1	1.39mi
312 W 121st St Unit 5-A New York, NY	3.0	1.0	800	$4,655	$5.82	12d	1	1.40mi
2360 Amsterdam Ave Unit 6A New York, NY	3.0	2.0	1175	$4,500	$3.83	25d	1	1.48mi

HOA detail condo

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

Listing history 16 events

1. 2026-06-21
   days on market $569,999 Active 26 DOM
2. 2026-06-18
   days on market $569,999 Active 23 DOM
3. 2026-06-17
   pricedays on market $569,999 Active 22 DOM
4. 2026-06-16
   days on market $599,999 Active 21 DOM
5. 2026-06-15
   days on market $599,999 Active 20 DOM
6. 2026-06-13
   days on market $599,999 Active 18 DOM
7. 2026-06-10
   days on market $599,999 Active 14 DOM
8. 2026-06-08
   days on market $599,999 Active 13 DOM
9. 2026-06-08
   days on market $599,999 Active 12 DOM
10. 2026-06-04
    days on market $599,999 Active 9 DOM
11. 2026-06-03
    days on market $599,999 Active 8 DOM
12. 2026-06-02
    days on market $599,999 Active 7 DOM
13. 2026-06-01
    days on market $599,999 Active 6 DOM
14. 2026-05-31
    days on market $599,999 Active 5 DOM
15. 2026-05-27
    listed $599,999 Active
16. 2026-05-26
    historical $599,999

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $68,293
• − Mortgage interest: −$31,929
• − Property taxes: −$8,550
• − Insurance: −$2,850
• − Repairs & maintenance: −$5,463
• − Management: −$5,463
• − Depreciation: −$16,582
• Taxable loss: −$2,544
• Est. tax savings @ 24.0%: +$611
• After-tax cash flow: $7,293/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: New York County · 1,599,927 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 32,492
• Household income: $45,371
• Rent vs Own: 86.3% rent · 13.7% own
• Severe rent burden: 2826.0

Population outlook (New York County) Hauer SSP2

• Today (2025): 1,825,725 people
• By 2030: 1,904,611 · +4.3%
• By 2040: 2,052,719 · +12.4%
• By 2050: 2,206,601 · +20.9%
• By 2075: 2,509,427 · +37.4%
• By 2100: 2,702,933 · +48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Black 53% Hispanic / Latino 33% Two or more races 18% White 7% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 6% Dominican 14%
• Common ancestry: Scotch-Irish 1% Iranian 1% Romanian 1%
• Foreign-born: 23% · Canada, China
• Languages at home: 65% English-only · Spanish 28% French/Haitian/Cajun 3% Chinese 1%

Political lean MEDSL · New York

• 2024 margin: Solid D (+64.8) · D 82.4% · R 17.6%
• 2008→2024 swing: -7.4pp toward R · 2008: 72.2pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+74.5 2016: D+77.2 2012: D+69.6 2008: D+72.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 20.96%
• Current HPI: 833.2625
• Rent YoY: ▲ 6.68%
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-27 Listed $599,999 OneKey® MLS as Distributed by MLS Grid
• 2026-05-26 Coming Soon $599,999 OneKey® MLS as Distributed by MLS Grid