1017 Winthrop St · New York, NY 11212

$1,675,000

12 bd · 6.0 ba · 6,912 sqft · MultiFamily · 110 Days on market

Built 1930 Good condition 2,400 sqft lot

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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 +20.0/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +5.3/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 6 units. estimate disagrees with records

Listing remarks

Market-rate rental building featuring 14.5 bedrooms, 6 bathrooms, and 6 rental apartments, including two vacant, oversized 2-bedroom units with high ceilings. This 100% market-rate building is perfectly positioned for immediate income upside or future conversion. Well-maintained, corner 6-unit apartment building in Brooklyn. Two vacant units provide immediate flexibility for the new owner — move-in ready, rental income, or potential conversion. Ideal for investors seeking multifamily assets with value-add upside and long-term growth.

Key facts

• 2,400 sq ft lot
• Built 1930
• Listed 109 days

Property features AI

Finance

• Other: Zoning: R6; Lot number: 43
• Financial info: Rent income reported: $13,200; Financing options considered: Exchange, Bank mortgage, Cash; Utility expense reported: $850

Exterior

• Parking: Street parking
• Utilities: Electric: Circuit breakers; Hot water: Other; Heating fuel: Gas; Heat delivery: Steam/Radiator
• Home design: Semi-detached building; Residential property; Flat roof; Building footprint approximately 2,304; Building dimensions about 96 x 24
• Construction: Brick construction; Poured concrete foundation
• Exterior features: Back yard; Brick exterior

Interior

• Kitchen: Refrigerator; Stove
• Bedrooms: One unit with 2 bedrooms (located on floor 1)
• Flooring: Hardwood floors
• Bathrooms: Six full bathrooms in the building; Unit 1 has 1 full bathroom
• Heating & cooling: Steam/radiator heating; Gas heating fuel; Circuit breaker electrical
• Interior features: Refrigerator; Stove; Hardwood floors; Full basement
• Laundry & utility: No AC units reported

What this means for you Summary

Snapshot

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $1.68M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $344/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.68M).
• Recommended offer: $1.52M (9.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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 soft (-0.6%/yr); 66 active listings in the ZIP; lower-income renter base — watch delinquency; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $17,269/mo this rent would consume 501% of the median local household income ($41k/yr) (locally 9035% 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 $12k of loan paydown is wiped out by about $50k 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 110 days — a 9% lower offer ($1.52M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,524,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% 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 1930 — 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: 1.03% ✓
• Cap rate: 7.77%
• Cash-on-cash: 5.29%
• DSCR: 1.24
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -11.5%
• Equity multiple: 0.59×
• Total profit: $-190,124
• Equity at exit: $249,748

10-year hold

• IRR: -7.4%
• Equity multiple: 0.59×
• Total profit: $-190,566
• Equity at exit: $144,823

Cash invested: $469,000 (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 11212

• Home prices YoY: -34.3%
• Rents YoY: -0.6%
• Active inventory: 66
• Price-to-rent: 48.5×

Monthly cashflow live

• Estimated rent: $17,269 high
• Mortgage (P&I): −$8,784
• Tax est. 1.5%: −$2,094 /mo · $25,125/yr
• Insurance: −$698
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,626
• Net cashflow: $2,067

Break-even live

Break-even rent $14,653

Max offer price $1,675,000

Occupancy floor 83%

Sensitivity live

Price	-10% $3,225	-5% $2,646	+0% $2,067	+5% $1,488	+10% $909
Rent	-10% $703	-5% $1,385	+0% $2,067	+5% $2,749	+10% $3,431
Rate	-1.0pp $2,910	-0.5pp $2,493	base $2,067	+0.5pp $1,633	+1.0pp $1,191

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$17,268
Total (6 units)			$17,269

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: $418,750
• Closing costs: $50,250
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-21
   days on market $1,675,000 Active 110 DOM
2. 2026-06-18
   days on market $1,675,000 Active 107 DOM
3. 2026-06-17
   days on market $1,675,000 Active 106 DOM
4. 2026-06-15
   days on market $1,675,000 Active 104 DOM
5. 2026-06-13
   days on market $1,675,000 Active 102 DOM
6. 2026-06-10
   days on market $1,675,000 Active 98 DOM
7. 2026-06-08
   days on market $1,675,000 Active 97 DOM
8. 2026-06-08
   days on market $1,675,000 Active 96 DOM
9. 2026-06-04
   days on market $1,675,000 Active 93 DOM
10. 2026-06-03
    days on market $1,675,000 Active 92 DOM
11. 2026-06-01
    days on market $1,675,000 Active 90 DOM
12. 2026-05-31
    days on market $1,675,000 Active 89 DOM
13. 2026-04-16
    price $1,675,000
14. 2026-03-03
    listed $1,500,000 Active

ⓘ 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: $207,228
• − Mortgage interest: −$93,826
• − Property taxes: −$25,125
• − Insurance: −$8,375
• − Repairs & maintenance: −$16,578
• − Management: −$16,578
• − Depreciation: −$48,727
• Taxable loss: −$1,982
• Est. tax savings @ 24.0%: +$476
• After-tax cash flow: $25,279/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.

Condition & rehab AI · 8 photos

Good 75/100 Cosmetic rehab

This 6-unit apartment building is in good condition with minimal repairs needed. It is move-in ready and offers immediate rental income potential.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and property value.
• Both Landscaping improvements — Improves curb appeal and property value.
• Rental HVAC maintenance — Ensures comfort and reduces utility costs.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and property value. ↑
• Both Landscaping improvements — Improves curb appeal and property value. ↑
• Rental HVAC maintenance — Ensures comfort and reduces utility costs. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 89,020
• Household income: $41,355
• Rent vs Own: 86.8% rent · 13.2% own
• Severe rent burden: 9035.0

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 (68%)
• Race & ethnicity: Black 68% Hispanic / Latino 20% Two or more races 12% White 4% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Dominican 6%
• Common ancestry: Hispanic 3% Ukrainian 1%
• Foreign-born: 34% · Canada, Mexico, China
• Languages at home: 77% English-only · Spanish 14% French/Haitian/Cajun 4% Arabic 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: ▼ -140.90%
• Current HPI: 269.7955
• Rent YoY: ▼ -0.59%
• 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

+11.7% since first listed

2 events — show timeline

• 2026-04-16 Price Changed $1,675,000 BNYMLS
• 2026-03-03 Listed $1,500,000 BNYMLS