2308 Morris Ave · New York, NY 10468

$1,299,999

9 bd · 3.0 ba · 2,910 sqft · MultiFamily public records · 46 Days on market

Built 1901 2,203 sqft lot Est $893k · 46% over

---

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 +18.9/30.0
• DSCR +6.0/10.0
• Appreciation +5.3/10.0
• Schools +5.0/10.0
• Rent growth +4.2/5.0
• 1% rule +3.9/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Brick 3 Family & Full Basement! A Great Investment Opportunity So Don't Miss It. ..

Key facts

• R8 zoning
• Three unit building
• Updated kitchens

Tags

• THREE UNIT BUILDING
• UPDATED KITCHENS
• SERENE COMMON BACKYARD
• FINISHED WALK OUT BASEMENT
• R8 ZONING
• NEARBY BRONX ZOO

Property features AI

Exterior

• Parking: No carport; No designated parking
• Utilities: Public sewer; Electricity connected; Natural gas available
• Home design: Triplex
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Bedrooms: Three bedrooms
• Flooring: Wood floors
• Bathrooms: Three full bathrooms
• Heating & cooling: Baseboard heating; Other heating; Wall/window air conditioning units
• Interior features: Finished, full walk-out basement; Other interior features (unspecified)
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 9-bed/3.0-bath multifamily listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $1k ($16k/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 $1.16M (11.1% below list).
• Recommended offer: $1.16M (11.1% below list) — sets the bar for 1% rule.
• 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); 122 active listings in the ZIP; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $11,555/mo this rent would consume 300% of the median local household income ($46k/yr) (locally 9659% 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 $16k of equity ($9k loan paydown + $7k appreciation (0.5% local appreciation)).
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.5% appreciation + 6.7% rent growth), your $364k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$77k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($1.26M) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y 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 $680k; list at $1.30M implies a 91% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 6→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,155,500 (11.1% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
7. 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.
8. 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.
9. 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: 0.89% ✗
• Cap rate: 7.53%
• Cash-on-cash: 4.41%
• DSCR: 1.20
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $893,370
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2257 Hampden Pl	0.56mi	8/3.0 (-1)	2,740 (-6%)	0mo	$1,120,000	$409	59
519 E 187th St	0.59mi	8/3.0 (-1)	3,300 (+13%)	12mo	$890,000	$270	35
2671 Bainbridge Ave	0.71mi	9/2.0	2,606 (-10%)	21mo	$800,000	$307	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.5% appreciation · 6.7% rent growth · sell at horizon

5-year hold

• IRR: 6.7%
• Equity multiple: 1.34×
• Total profit: $122,388
• Equity at exit: $410,552

10-year hold

• IRR: 13.5%
• Equity multiple: 2.70×
• Total profit: $618,125
• Equity at exit: $520,734

Cash invested: $364,000 (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 10468

• Home prices YoY: 0.2%
• Rents YoY: 6.7%
• Active inventory: 122
• Price-to-rent: 28.1×

Monthly cashflow live

• Estimated rent: $11,555 medium
• Mortgage (P&I): −$6,817
• Tax from tax record: −$431 /mo · $5,167/yr
• Insurance: −$542
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,427
• Net cashflow: $1,339

Break-even live

Break-even rent $9,860

Max offer price $1,299,999

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$11,556
Total (3 units)			$11,555

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: $325,000
• Closing costs: $39,000
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-18
   days on market $1,299,999 Active 46 DOM
2. 2026-06-17
   days on market $1,299,999 Active 45 DOM
3. 2026-06-16
   days on market $1,299,999 Active 44 DOM
4. 2026-06-15
   days on market $1,299,999 Active 43 DOM
5. 2026-06-13
   days on market $1,299,999 Active 41 DOM
6. 2026-06-10
   days on market $1,299,999 Active 37 DOM
7. 2026-06-08
   days on market $1,299,999 Active 36 DOM
8. 2026-06-08
   days on market $1,299,999 Active 35 DOM
9. 2026-06-04
   days on market $1,299,999 Active 32 DOM
10. 2026-06-03
    days on market $1,299,999 Active 31 DOM
11. 2026-06-01
    days on market $1,299,999 Active 29 DOM
12. 2026-05-31
    days on market $1,299,999 Active 28 DOM
13. 2026-05-03
    listed $1,299,999 Active
14. 2026-05-03
    historical
15. 2026-02-03
    price $1,349,999
16. 2025-11-12
    listed $1,399,999 Active
17. 2020-06-26
    soldstatus $680,000
18. 2016-03-22
    soldstatus $300,000 Sold 89-char remark

    Show marketing remark (89 chars)

    Brick 3 Family & Full Basement! A Great Investment Opportunity So Don't Miss It. ..

19. 2016-03-22
    soldstatus $300,000

    Show marketing remark (89 chars)

    Brick 3 Family & Full Basement! A Great Investment Opportunity So Don't Miss It. ..

20. 2016-03-22
    soldstatus $300,000

    Show marketing remark (89 chars)

    Brick 3 Family & Full Basement! A Great Investment Opportunity So Don't Miss It. ..

21. 2016-03-22
    soldstatus $300,000 Closed

    Show marketing remark (89 chars)

    Brick 3 Family & Full Basement! A Great Investment Opportunity So Don't Miss It. ..

22. 2015-11-24
    historical Pending 89-char remark

    Show marketing remark (89 chars)

    Brick 3 Family & Full Basement! A Great Investment Opportunity So Don't Miss It. ..

23. 2015-11-24
    status Under Contract

    Show marketing remark (89 chars)

    Brick 3 Family & Full Basement! A Great Investment Opportunity So Don't Miss It. ..

24. 2015-10-22
    listed $300,000 Active 89-char remark

    Show marketing remark (89 chars)

    Brick 3 Family & Full Basement! A Great Investment Opportunity So Don't Miss It. ..

25. 2015-10-22
    listed $300,000 New

    Show marketing remark (89 chars)

    Brick 3 Family & Full Basement! A Great Investment Opportunity So Don't Miss It. ..

26. 2015-10-21
    listed $300,000
27. 2015-10-21
    listed $300,000
28. 2006-09-12
    soldstatus $361,251
29. 2005-11-25
    soldstatus $18,000
30. 2002-01-25
    soldstatus $285,000
31. 2001-09-13
    soldstatus $155,000
32. 1995-03-20
    soldstatus $75,000

ⓘ 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: $5,167 · $431/mo
• Projected year-2 tax: $13,568 · $1,131/mo
• Expected delta: +$8,402/yr (+$700/mo · 162.6%)

ⓘ 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 6 d/yr ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $138,660
• − Mortgage interest: −$72,820
• − Property taxes: −$5,167
• − Insurance: −$6,500
• − Repairs & maintenance: −$11,093
• − Management: −$11,093
• − Depreciation: −$37,818
• Taxable loss: −$5,831
• Est. tax savings @ 24.0%: +$1,399
• After-tax cash flow: $17,466/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): 75,557
• Household income: $46,233
• Rent vs Own: 91.5% rent · 8.5% own
• Severe rent burden: 9659.0

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: Predominantly Hispanic (76%)
• Race & ethnicity: Hispanic / Latino 76% Black 17% Two or more races 15% White 3% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 10% Puerto Rican 11% Dominican 45%
• Common ancestry: Hispanic 1%
• Foreign-born: 46% · Canada, Vietnam, Jamaica
• Languages at home: 22% English-only · Spanish 69% 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: ▲ 0.50%
• Current HPI: 249.8923
• Rent YoY: ▲ 6.70%
• 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

+1633.3% since first listed

20 events — show timeline

• 2026-05-03 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-05-03 Listed $1,299,999 OneKey® MLS as Distributed by MLS Grid
• 2026-02-03 Price Changed $1,349,999 OneKey® MLS as Distributed by MLS Grid
• 2025-11-12 Listed $1,399,999 OneKey® MLS as Distributed by MLS Grid
• 2020-06-26 Sold (Public Records) $680,000 Public Records
• 2016-03-22 Sold (MLS) $300,000 HGMLS
• 2016-03-22 Sold (MLS) $300,000 OneKey® MLS as Distributed by MLS Grid
• 2016-03-22 Sold (MLS) $300,000 OneKey® MLS as Distributed by MLS Grid
• 2016-03-22 Sold (MLS) $300,000 MLSLI
• 2015-11-24 Contingent — HGMLS
• 2015-11-24 Pending — MLSLI
• 2015-10-22 Listed $300,000 HGMLS
• 2015-10-22 Listed $300,000 MLSLI
• 2015-10-21 Listed $300,000 OneKey® MLS as Distributed by MLS Grid
• 2015-10-21 Listed $300,000 OneKey® MLS as Distributed by MLS Grid
• 2006-09-12 Sold (Public Records) $361,251 Public Records
• 2005-11-25 Sold (Public Records) $18,000 Public Records
• 2002-01-25 Sold (Public Records) $285,000 Public Records
• 2001-09-13 Sold (Public Records) $155,000 Public Records
• 1995-03-20 Sold (Public Records) $75,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $5,167 · +5.9% YoY. Source: county tax records.