999 E 241st St · New York, NY 10466

$670,000

6 bd · 4.0 ba · 1,440 sqft · MultiFamily public records · 120 Days on market

Built 1920 2,400 sqft lot Est $546k · 23% over

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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).

• Cash flow +15.4/30.0
• Schools +5.0/10.0
• DSCR +4.7/10.0
• Livability +3.8/5.0
• 1% rule +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Welcome to 999 East 241 Street this 2 family house is located in the Wakefield Area of the Bronx. Home features 2 bedrooms over 1 bedroom Apartment and finish basement. this Property Also have a Detach car Garage. This is a great investment property. House is located very close to schools, parks, shopping major highways and mass transit the 2 Train is walking Distance. A Must See !!! Additional Information: ParkingFeatures:1 Car Detached,

Key facts

• 2,400 sq ft lot
• Parking
• Built 1920

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $670k.

Deal economics

• At list price, monthly cash flow is $254 ($3k/yr) — positive. Per door: $127/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 $573k (14.5% below list).
• Recommended offer: $573k (14.5% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: 161 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $5,726/mo this rent would consume 104% of the median local household income ($66k/yr) (locally 4791% 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 $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($610k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $135k; list at $670k implies a 396% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• 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 $572,600 (14.5% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 15% 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 1920 — 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. 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?
10. 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.
11. 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.
12. 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: 0.85% ✗
• Cap rate: 6.75%
• Cash-on-cash: 1.63%
• DSCR: 1.07
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $545,760
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4351 De Reimer Ave	0.32mi	5/3.5 (-1)	1,522 (+6%)	14mo	$675,000	$443	57
4331 Wilder Ave	0.33mi	5/2.0 (-1)	1,574 (+9%)	2mo	$803,000	$510	55
4353 Edson Ave	0.38mi	5/2.0 (-1)	1,440 (0%)	23mo	$442,000	$307	50
23 S 13th Ave	0.42mi	5/3.0 (-1)	1,500 (+4%)	19mo	$569,000	$379	49
4143 Ely Ave	0.67mi	5/2.0 (-1)	1,606 (+12%)	13mo	$566,000	$352	26

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -13.7%
• Equity multiple: 0.51×
• Total profit: $-92,521
• Equity at exit: $99,899

10-year hold

• IRR: -4.9%
• Equity multiple: 0.68×
• Total profit: $-60,278
• Equity at exit: $57,929

Cash invested: $187,600 (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 10466

• Active inventory: 161
• Price-to-rent: 19.5×

Monthly cashflow live

• Estimated rent: $5,726 medium
• Mortgage (P&I): −$3,514
• Tax from tax record: −$477 /mo · $5,721/yr
• Insurance: −$279
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,202
• Net cashflow: $254

Break-even live

Break-even rent $5,404

Max offer price $670,000

Occupancy floor 91%

Sensitivity live

Price	-10% $633	-5% $444	+0% $254	+5% $64	+10% $-125
Rent	-10% $-198	-5% $28	+0% $254	+5% $480	+10% $706
Rate	-1.0pp $591	-0.5pp $424	base $254	+0.5pp $80	+1.0pp $-96

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$5,726
Total (2 units)			$5,726

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: $167,500
• Closing costs: $20,100
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
142 W 5th St Mount Vernon, NY	6.0	2.0	1250	$3,756	$3.00	21d	1	0.26mi
310 S 7th Ave Mount Vernon, NY	5.0	2.0	1000	$4,800	$4.80	26d	1	0.31mi
33 Union Ln Mount Vernon, NY	5.0	1.0	1200	$4,200	$3.50	26d	1	0.74mi
641 S 5th Ave Unit 2nd/3rd Floor Mt Vernon, NY	5.0	2.0	1800	$3,900	$2.17	6d	1	0.79mi

Listing history 15 events

1. 2025-01-17
   status Pending
2. 2024-12-19
   price $670,000
3. 2024-11-18
   price $680,000
4. 2024-10-16
   price $690,000
5. 2024-09-19
   listed $699,000 Active
6. 2023-01-03
   status Active
7. 2023-01-03
   price $650,000
8. 2022-11-21
   price $659,900
9. 2022-10-20
   price $659,990
10. 2022-10-03
    listed $660,000 Active
11. 2022-10-02
    historical
12. 2022-05-30
    historical
13. 2022-04-11
    listed $690,000 Active
14. 2022-04-02
    historical
15. 1998-09-04
    soldstatus $135,000

ⓘ 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: $5,721 · $477/mo
• Projected year-2 tax: $8,522 · $710/mo
• Expected delta: +$2,801/yr (+$233/mo · 49.0%)

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

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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,712
• − Mortgage interest: −$37,530
• − Property taxes: −$5,721
• − Insurance: −$3,350
• − Repairs & maintenance: −$5,497
• − Management: −$5,497
• − Depreciation: −$19,491
• Taxable loss: −$8,374
• Est. tax savings @ 24.0%: +$2,010
• After-tax cash flow: $5,059/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: Bronx County · 1,197,324 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 71,116
• Household income: $65,969
• Rent vs Own: 60.1% rent · 39.9% own
• Severe rent burden: 4791.0

Population outlook (Bronx County) Hauer SSP2

• Today (2025): 1,607,353 people
• By 2030: 1,681,852 · +4.6%
• By 2040: 1,824,421 · +13.5%
• By 2050: 1,945,470 · +21.0%
• By 2075: 2,187,887 · +36.1%
• By 2100: 2,244,136 · +39.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: Black 60% Hispanic / Latino 29% Two or more races 7% White 2% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 9% Dominican 12%
• Common ancestry: Hispanic 1%
• Foreign-born: 42% · Canada, Jamaica, United Kingdom
• Languages at home: 67% English-only · Spanish 22% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Bronx

• 2024 margin: Solid D (+45.4) · D 72.7% · R 27.3%
• 2008→2024 swing: -32.3pp toward R · 2008: 77.8pp · 2024: 45.4pp
• All cycles: 2024: D+45.4 2020: D+67.6 2016: D+79.1 2012: D+82.9 2008: D+77.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -314.77%
• Current HPI: 349.542
• Rent YoY: —
• 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

+396.3% since first listed

15 events — show timeline

• 2025-01-17 Pending — OneKey® MLS as Distributed by MLS Grid
• 2024-12-19 Price Changed $670,000 OneKey® MLS as Distributed by MLS Grid
• 2024-11-18 Price Changed $680,000 OneKey® MLS as Distributed by MLS Grid
• 2024-10-16 Price Changed $690,000 OneKey® MLS as Distributed by MLS Grid
• 2024-09-19 Listed $699,000 OneKey® MLS as Distributed by MLS Grid
• 2023-01-03 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2023-01-03 Price Changed $650,000 OneKey® MLS as Distributed by MLS Grid
• 2022-11-21 Price Changed $659,900 OneKey® MLS as Distributed by MLS Grid
• 2022-10-20 Price Changed $659,990 OneKey® MLS as Distributed by MLS Grid
• 2022-10-03 Listed $660,000 OneKey® MLS as Distributed by MLS Grid
• 2022-10-02 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 2022-05-30 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2022-04-11 Listed $690,000 OneKey® MLS as Distributed by MLS Grid
• 2022-04-02 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 1998-09-04 Sold (Public Records) $135,000 Public Records

Property tax history

+5.9%/yr

Latest (2025): $5,721 · +6.0% YoY. Source: county tax records.