420 E 51st St Unit 4C · New York, NY 10022

$420,000

2 bd · 2.0 ba · 1,200 sqft · Condo public records · 273 Days on market

Built 1962 $4454/mo HOA · 59% of rent ↓ 10% since listing

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Why this score? — see what drove the D 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).

• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• Schools +5.0/10.0
• Rent growth +4.7/5.0
• Livability +3.8/5.0
• Cash flow +2.6/30.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks

Any serious offer will be considered! Welcome to your future home. This spacious, south facing, two bedroom two bathroom home with lovely views overlooking landmarked townhouses and gardens in beautiful Beekman Place is a must see. It's exceptionally bright and quiet. The entry foyer features a large storage closet plus additional coat closet. Use your imagination to redesign the kitchen even possible to open it up. The floorplan has a variety of decorating options for customization from dining area or den plus large living area. There are parquet floors throughout with distinctive crown moldings in the living room. Two spacious bedrooms, both with southern views, the primary bedroom has an

Key facts

• Planted courtyard
• Panoramic city views
• Fully equipped gym

Tags

• LANDMARKED TOWNHOUSES
• PLANTED COURTYARD
• SPECTACULAR ROOF DECK
• PANORAMIC CITY VIEWS
• FULLY EQUIPPED GYM
• RECENTLY RENOVATED HALLWAYS

Property features AI

Finance

• Other: Building contains 110 total units; Pets allowed in building
• HOA & community: Monthly association fee of $4,454

Exterior

• Parking: Has garage
• Utilities: Has a land lease (expires 2070-01-01)
• Home design: Beekman Hill building; 13-story building; Entry level listed as 15; Zoning: R8B
• Exterior features: Building courtyard; Building roof deck; South exposure; Has view

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Total of 4 rooms; Basement described as 'Other'; Building offers bike storage, cold storage and additional storage
• Laundry & utility: Laundry located in building basement; Washer/dryer allowed

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $420k.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (49.5% below list).
• Meets the 1% rule at list price ($7k rent vs $420k).
• Recommended offer: $212k (49.5% below list) — sets the bar for cash-flow.

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); Mark Twain Is 239 For The Gifted And Talented (math 90% / reading 96%, grade A+, #6 of 729 statewide, top 1%, 1,207 students, 44% 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 (+8.7%/yr); 715 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $7,494/mo this rent would consume 52% of the median local household income ($172k/yr) (locally 2256% 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 $24k of equity ($3k loan paydown + $21k appreciation (5.0% local appreciation)).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 273 days — a 12% lower offer ($370k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $48k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 59% of rent.
• 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 $212,216 (49.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 273 days. Have you received any prior offers? Is the seller open to a 49% concession, seller financing, or rate buy-down credit?
3. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 1.78% ✓
• Cap rate: 2.19%
• Cash-on-cash: -14.65%
• DSCR: 0.35
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.97% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 5.9%
• Equity multiple: 1.40×
• Total profit: $47,015
• Equity at exit: $237,169

10-year hold

• IRR: 12.8%
• Equity multiple: 3.74×
• Total profit: $322,124
• Equity at exit: $408,630

Cash invested: $117,600 (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 10022

• Home prices YoY: 2.4%
• Rents YoY: 8.7%
• Active inventory: 715
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $7,494 high
• Mortgage (P&I): −$2,203
• Tax est. 1.5%: −$525 /mo · $6,300/yr
• Insurance: −$175
• HOA: −$4,454
• Vacancy / Maint / Mgmt: −$1,574
• Net cashflow: $-1,436

Break-even live

Break-even rent $9,312

Max offer price $212,216

Occupancy floor —

Sensitivity live

Price	-10% $-1,146	-5% $-1,291	+0% $-1,436	+5% $-1,581	+10% $-1,726
Rent	-10% $-2,028	-5% $-1,732	+0% $-1,436	+5% $-1,140	+10% $-844
Rate	-1.0pp $-1,224	-0.5pp $-1,329	base $-1,436	+0.5pp $-1,545	+1.0pp $-1,656

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: $105,000
• Closing costs: $12,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
959 1st Ave Unit 6X New York, NY	1.0	1.0	739	$6,000	$8.12	26d	1	0.11mi
340 E 51st St New York, NY	2.0	1.0–2.0	791	$7,630	$9.65	5d	3	0.11mi
323 E 51st St Unit 1024750P New York, NY	2.0–4.0	2.0–3.5	2093	$21,945	$10.48	1d	3	0.14mi
420 E 54th St New York, NY	3.0	1.0–2.5	1018	$10,299	$10.12	0d	12	0.14mi
300 E 51st St New York, NY	2.0	1.0–2.0	875	$7,930	$9.06	4d	3	0.17mi
500 E 54th St Unit 601 New York, NY	3.0	2.0	860	$7,390	$8.59	9d	1	0.18mi
412 E 55th St New York, NY	1.0	1.0	767	$5,250	$6.84	26d	1	0.20mi
250 E 53rd St #403 New York, NY	1.0	1.0	823	$5,850	$7.11	26d	1	0.23mi
250 E 49th St Unit 4A New York, NY	1.0	1.0	802	$6,400	$7.98	26d	1	0.24mi
400 E 57th St New York, NY	1.0–2.0	1.0–2.0	1436	$6,595	$4.59	26d	3	0.29mi
300-302 E 46th St Unit 12J New York, NY	3.0	1.0	900	$8,000	$8.89	6d	1	0.29mi
220 E 49th St Unit 1021974P New York, NY	2.0	1.0	742	$5,190	$6.99	16d	1	0.29mi
300 E 46th St New York, NY	2.0–3.0	1.0	716	$4,300	$6.00	26d	2	0.30mi
400 E 57th St #2106 New York, NY	2.0	1.0–2.0	903	$8,590	$9.51	5d	3	0.30mi
300 E 57th St #1714 New York, NY	1.0	1.0	820	$5,800	$7.07	22d	1	0.34mi
160 E 48th St New York, NY	3.0	1.0–2.0	878	$8,572	$9.76	5d	9	0.38mi
279 E 44th St #894 New York, NY	1.0	1.0	950	$7,190	$7.57	8d	1	0.39mi
138 E 50th St New York, NY	2.0	2.0–2.5	1432	$13,650	$9.53	26d	1	0.39mi
227 E 57th St Unit 14C New York, NY	1.0	1.0	780	$4,750	$6.09	26d	1	0.41mi
135 E 47th St Unit 22F New York, NY	1.0	1.0	700	$7,500	$10.71	23d	1	0.42mi
230 E 44th St #2165 New York, NY	1.0–2.0	1.0	568	$5,320	$9.36	26d	2	0.42mi
150 E 57th St New York, NY	5.0	1.0–7.5	2750	$15,738	$5.72	3d	5	0.48mi
420 E 61st St Unit 1330815P New York, NY	2.0–3.0	2.0–3.0	1490	$11,424	$7.67	1d	2	0.50mi
303 Park Ave #2321 New York, NY	1.0	1.5	808	$14,500	$17.95	9d	1	0.51mi
303 Park Ave #2203 New York, NY	1.0	1.5	796	$13,500	$16.96	9d	1	0.51mi
252 E 61st St #638 New York, NY	1.0	1.0	666	$5,530	$8.30	3d	2	0.54mi
685 1st Ave Unit 1321817P New York, NY	2.0	2.0	1367	$17,447	$12.76	23d	1	0.57mi
885 Main St Unit 6B New York, NY	2.0	2.0	950	$5,300	$5.58	1d	1	0.57mi
885 Main St #705 New York, NY	2.0	2.0	1100	$4,800	$4.36	0d	1	0.57mi
117 E 57th St New York, NY	1.0	1.0	732	$5,975	$8.16	6d	2	0.58mi
301 E 63rd St New York, NY	2.0	1.0	975	$6,650	$6.82	6d	1	0.65mi
220 E 63rd St #567 New York, NY	1.0	1.0	800	$6,460	$8.07	22d	1	0.65mi
222 E 39th St New York, NY	1.0–4.0	1.0–2.0	1100	$6,783	$6.17	22d	19	0.66mi
222 E 39th St New York, NY	4.0	1.0–2.0	1100	$6,972	$6.34	12d	19	0.66mi
222 E 39th St New York, NY	1.0–4.0	1.0–2.0	1100	$6,850	$6.23	8d	19	0.66mi
222 E 39th St New York, NY	1.0–4.0	1.0–2.0	1100	$6,133	$5.58	4d	20	0.66mi
222 E 39th St New York, NY	1.0–4.0	1.0–2.0	1100	$6,783	$6.17	26d	18	0.66mi
415 E 37th St Unit 36A New York, NY	2.0	2.0	1210	$8,700	$7.19	26d	1	0.66mi
225 E 63rd St #1675 New York, NY	1.0	1.0	627	$5,230	$8.34	26d	2	0.68mi
360 E 65th St #1283 New York, NY	1.0–3.0	1.0–2.0	1059	$6,815	$6.44	5d	3	0.71mi

HOA detail condo

• Monthly dues: $4,454 · $53,448/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-21
   days on market $420,000 Active 273 DOM
2. 2026-06-18
   days on market $420,000 Active 270 DOM
3. 2026-06-17
   days on market $420,000 Active 269 DOM
4. 2026-06-15
   days on market $420,000 Active 267 DOM
5. 2026-06-13
   days on market $420,000 Active 265 DOM
6. 2026-06-10
   days on market $420,000 Active 261 DOM
7. 2026-06-08
   remarks 699-char remark
8. 2026-06-08
   listed $420,000 Active 260 DOM

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

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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $89,933
• − Mortgage interest: −$23,527
• − Property taxes: −$6,300
• − Insurance: −$2,100
• − Repairs & maintenance: −$7,195
• − Management: −$7,195
• − HOA: −$53,448
• − Depreciation: −$12,218
• Taxable loss: −$22,049
• Est. tax savings @ 24.0%: +$5,292
• After-tax cash flow: $-11,940/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): 34,049
• Household income: $172,026
• Rent vs Own: 48.0% rent · 52.0% own
• Severe rent burden: 2256.0

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: Predominantly White (73%)
• Race & ethnicity: White 73% Asian 12% Hispanic / Latino 8% Two or more races 7% Black 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1% Dominican 1%
• Common ancestry: Romanian 5% Scotch-Irish 5% Lithuanian 2%
• Foreign-born: 24% · Canada, China, South Korea
• Languages at home: 75% English-only · Spanish 6% Other Indo-European 6% Chinese 3%

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: ▲ 4.97%
• Current HPI: 215.7225
• Rent YoY: ▲ 8.69%
• 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

-10.3% since first listed

4 events — show timeline

• 2026-06-04 Relisted — RLS at REBNY
• 2026-03-04 Relisted — RLS at REBNY
• 2026-03-04 Price Changed $420,000 RLS at REBNY
• 2025-08-25 Listed $468,000 RLS at REBNY