1646 Dekalb Ave · New York, NY 11237

$899,999

12 bd · 6.0 ba · 4,725 sqft · MultiFamily public records · 69 Days on market

Built 1931 2,500 sqft lot

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Why this score? — see what drove the A- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

In the heart of Bushwick, this classic 6-family brick building presents a rare opportunity to acquire a stabilized, income-producing asset in one of Brooklyn's most dynamic and rapidly evolving neighborhoods. Built in 1931, the property spans approximately 4,725 square feet across three stories on a 25 x 100 lot, offering both solid fundamentals and long-term upside potential. The building consists of six well-proportioned residential units, each configured with two bedrooms and one full bathroom—an in-demand layout that continues to attract steady tenancy. Five of the six units are currently tenant-occupied, with one owner-occupied unit providing immediate flexibility for an end-user

Key facts

• 2,500 sq ft lot
• Built 1931
• Listed 69 days

Property features AI

Finance

• Financial info: Six residential units; Reported gross rent income: $80,000; Some units currently leased with assorted rents (examples: $1,411; $1,900; $820; $904; $1,589; one unit projected at $2,000); Financing options noted: bank mortgage or cash; Typical utility expense reported: $700

Exterior

• Parking: No dedicated parking
• Security: Secure lobby
• Utilities: 220V electric; Gas service; Steam/radiator heating system; Hot water from boiler
• Home design: Attached building; Residential property; Flat/rubber roof
• Construction: Brick construction; Poured concrete foundation
• Exterior features: Back yard

Interior

• Kitchen: Oven/Range included; Refrigerator included
• Bedrooms: Six 2-bedroom units (each unit has 2 bedrooms); Level 1 units include 4 bedrooms total across units on that level; Level 2 units include 4 bedrooms total across units on that level; Level 3 units include 4 bedrooms total across units on that level
• Flooring: Laminate floors
• Bathrooms: Five full bathrooms; One 3/4 bathroom; Level distribution: 2 baths on each of levels 1, 2, and 3
• Heating & cooling: Gas heating; Steam/radiator heat delivery; Hot water coil in boiler for hot water
• Interior features: Window A/C units; Refrigerator; Stove; Full, semi-finished basement with separate entrance
• Laundry & utility: Water included for units (water expense included in some units)

What this means for you Summary

Snapshot

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $900k.

Deal economics

• At list price, monthly cash flow is $10k ($115k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($20k rent vs $900k).
• Recommended offer: $846k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.1% 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 (+4.8%/yr); 56 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $19,794/mo this rent would consume 279% of the median local household income ($85k/yr) (locally 4577% 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 $96k of equity ($6k loan paydown + $90k appreciation (10.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 4.8% rent growth), your $252k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$155k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($846k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 40% 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 $845,999 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% 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 1931 — 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: 2.20% ✓
• Cap rate: 19.06%
• Cash-on-cash: 45.60%
• DSCR: 3.03
• GRM: 3.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 4.78% rent growth · sell at horizon

5-year hold

• IRR: 61.2%
• Equity multiple: 5.51×
• Total profit: $1,136,278
• Equity at exit: $810,790

10-year hold

• IRR: 55.4%
• Equity multiple: 12.69×
• Total profit: $2,945,686
• Equity at exit: $1,748,500

Cash invested: $252,000 (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 11237

• Home prices YoY: 3.1%
• Rents YoY: 4.8%
• Active inventory: 56
• Price-to-rent: 22.7×

Monthly cashflow live

• Estimated rent: $19,794 high
• Mortgage (P&I): −$4,720
• Tax from tax record: −$968 /mo · $11,611/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,157
• Net cashflow: $9,575

Break-even live

Break-even rent $7,674

Max offer price $899,999

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$19,794
Total (6 units)			$19,794

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: $225,000
• Closing costs: $27,000
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $899,999 Active 69 DOM
2. 2026-06-17
   days on market $899,999 Active 68 DOM
3. 2026-06-15
   days on market $899,999 Active 66 DOM
4. 2026-06-13
   days on market $899,999 Active 64 DOM
5. 2026-06-10
   days on market $899,999 Active 60 DOM
6. 2026-06-08
   days on market $899,999 Active 59 DOM
7. 2026-06-08
   days on market $899,999 Active 58 DOM
8. 2026-06-04
   days on market $899,999 Active 55 DOM
9. 2026-06-03
   days on market $899,999 Active 54 DOM
10. 2026-06-01
    days on market $899,999 Active 52 DOM
11. 2026-05-31
    days on market $899,999 Active 51 DOM
12. 2026-04-10
    listed $899,999 Active

ⓘ 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: $11,611 · $968/mo
• Projected year-2 tax: $13,411 · $1,118/mo
• Expected delta: +$1,799/yr (+$150/mo · 15.5%)

ⓘ 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 ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 40% 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: $237,528
• − Mortgage interest: −$50,414
• − Property taxes: −$11,611
• − Insurance: −$4,500
• − Repairs & maintenance: −$19,002
• − Management: −$19,002
• − Depreciation: −$26,182
• Taxable income: $106,817
• Est. tax owed @ 24.0%: −$25,636
• After-tax cash flow: $89,264/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): 45,334
• Household income: $85,196
• Rent vs Own: 87.8% rent · 12.2% own
• Severe rent burden: 4577.0

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 0.65)
• Race & ethnicity: Hispanic / Latino 52% White 26% Two or more races 17% Black 10% Asian 7% Native American 2%
• Hispanic origin (detail): Mexican 9% Puerto Rican 15% Cuban 1% Dominican 9%
• Common ancestry: Romanian 2% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 33% · Canada, China, Jamaica
• Languages at home: 48% English-only · Spanish 41% Chinese 3% Other Indo-European 2%

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: ▲ 14.38%
• Current HPI: 481.1869
• Rent YoY: ▲ 4.78%
• 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

• 2026-04-10 Listed $899,999 BNYMLS

Property tax history

+5.1%/yr

Latest (2025): $11,611 · +2.2% YoY. Source: county tax records.