770 Ocean Pkwy Unit 5P · New York, NY 11230

$309,000

2 bd · 1.0 ba · 750 sqft · Condo · 1 Days on market

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

• ARV discount +7.5/15.0
• Cash flow +5.4/30.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• 1% rule +3.4/10.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Luxury Building with two elevators , doorman and laundry in each floor , pets allowed ! Sublet after 2 years with board approved ! Apartment in great condition , just move in ! Price for fast sale ! After star program tax abatement maintenance is $ $ 655.48 Originally one bedroom converted to two .

Key facts

• Garage

Property features AI

Finance

• Other: Co-op shares associated with the unit
• Financial info: Flip tax of 1%; Financing options: Bank mortgage, cash, exchange considered
• HOA & community: Monthly maintenance fee; Pets allowed (both cats and dogs); Handicap access available; Building managed by Newport Management

Exterior

• Parking: Garage parking
• Security: Secure lobby; Full-time doorman
• Utilities: Water; Sewer; Septic; Heat; Other utilities
• Home design: Residential unit located on the 5th floor
• Exterior features: Sprinkler system; Secure building entry; Full-time doorman

Interior

• Kitchen: Stove; Microwave; Refrigerator; Dishwasher
• Bedrooms: Two bedrooms on the first floor
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: Heat; One AC unit
• Interior features: A/C unit; Elevator; Garage door opener; Laundry area; Secure lobby
• Laundry & utility: Washer and dryer (in-unit or building card-operated laundry available)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $309k.

Deal economics

• At list price, monthly cash flow is $-666 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $296k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $259k (16.1% below list).
• Recommended offer: $259k (16.1% below list) — sets the bar for 1% rule.
• Cap rate 3.7% 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 (+6.2%/yr); 210 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• This rent runs 44% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.
• Climate carrying-cost: major flood risk; major wind risk, 65% 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 $259,136 (16.1% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.84% ✗
• Cap rate: 3.71%
• Cash-on-cash: -9.24%
• DSCR: 0.59
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.17% rent growth · sell at horizon

5-year hold

• IRR: -27.9%
• Equity multiple: 0.03×
• Total profit: $-83,584
• Equity at exit: $46,073

10-year hold

• IRR: -15.4%
• Equity multiple: -0.02×
• Total profit: $-88,473
• Equity at exit: $26,717

Cash invested: $86,520 (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 11230

• Rents YoY: 6.2%
• Active inventory: 210
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,591 medium
• Mortgage (P&I): −$1,620
• Tax est. 1.5%: −$386 /mo · $4,635/yr
• Insurance: −$129
• HOA est. from 2 same-building comps: −$578
• Vacancy / Maint / Mgmt: −$544
• Net cashflow: $-666

Break-even live

Break-even rent $3,435

Max offer price $212,592

Occupancy floor —

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: $77,250
• Closing costs: $9,270
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
540 Ocean Pkwy Unit 6H Brooklyn, NY	1.0	1.0	1000	$2,850	$2.85	24d	1	0.42mi
540 Ocean Pkwy Unit Main Brooklyn, NY	1.0	1.0	825	$2,200	$2.67	19d	1	0.42mi
22 Tehama St Unit 2 Fl Brooklyn, NY	2.0	1.0	700	$2,980	$4.26	24d	1	1.21mi

HOA detail condo

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

Listing history 2 events

1. 2026-06-18
   remarks 314-char remark
2. 2026-06-18
   listed $309,000 Active 1 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 6/10 Major FEMA zone X (unshaded) · 74% 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 65% 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: $31,096
• − Mortgage interest: −$17,309
• − Property taxes: −$4,635
• − Insurance: −$1,545
• − Repairs & maintenance: −$2,488
• − Management: −$2,488
• − HOA: −$6,936
• − Depreciation: −$8,989
• Taxable loss: −$13,293
• Est. tax savings @ 24.0%: +$3,190
• After-tax cash flow: $-4,805/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): 86,978
• Household income: $70,027
• Rent vs Own: 71.6% rent · 28.4% own
• Severe rent burden: 6887.0

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 0.62)
• Race & ethnicity: White 57% Asian 17% Hispanic / Latino 13% Black 8% Two or more races 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3% Dominican 1%
• Common ancestry: Scotch-Irish 5% Subsaharan African 4% Romanian 2%
• Foreign-born: 41% · Canada, China, Jamaica
• Languages at home: 45% English-only · Russian/Polish/Slavic 16% Other Indo-European 10% Spanish 10%

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: ▼ -606.25%
• Current HPI: 314.7697
• Rent YoY: ▲ 6.17%
• 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

1 event — show timeline

• 2026-06-18 Listed $309,000 BNYMLS