986 Neill Ave · New York, NY 10462

$749,999

4 bd · 3.0 ba · 1,926 sqft · MultiFamily public records · 14 Days on market

Built 1955 1,858 sqft lot Est $884k · 15% under

---

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).

• ARV discount +14.3/15.0
• Cash flow +12.5/30.0
• Schools +5.0/10.0
• Rent growth +4.9/5.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• 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

Great opportunity to own a legal 2-family home in the desirable Morris Park section of the Bronx. The property features a 3-bedroom duplex with 1.5 baths over a 1-bedroom apartment, along with garage and driveway parking for added convenience. The home does need renovations, offering a great chance for the next owner to update and customize the property to their own style and needs. Whether you're looking to live in one unit and rent the other or create your dream multi-family home, this property has plenty of potential. Conveniently located near transportation, shops, restaurants, schools, and major highways. All types of financing welcome.

Key facts

• Legal 2-family home
• 3-bedroom duplex
• Morris park section

Tags

• LEGAL 2-FAMILY HOME
• MORRIS PARK SECTION
• 3-BEDROOM DUPLEX
• 1-BEDROOM APARTMENT
• GARAGE AND DRIVEWAY PARKING
• NEAR TRANSPORTATION

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $750k.

Deal economics

• At list price, monthly cash flow is $-116 ($-1k/yr) — negative. Per door: $-58/mo.
• To cash-flow at today's rent, offer at most $730k (2.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $598k (20.3% below list).
• Recommended offer: $598k (20.3% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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.
• Zoned schools: Ps 83 Donald Hertz (math 42% / reading 57%, grade D, #1,085 of 2,108 statewide, top 56%, 1,562 students, 78% 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: Rents rising fast (+9.4%/yr); 192 active listings in the ZIP; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $5,980/mo this rent would consume 118% of the median local household income ($61k/yr) (locally 7650% 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 $22k 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

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 18y 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 $495k; list at $750k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — 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 $598,000 (20.3% 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. 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 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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: 0.80% ✗
• Cap rate: 6.11%
• Cash-on-cash: -0.66%
• DSCR: 0.97
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $884,034
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1960 Paulding Ave	0.09mi	4/3.0	1,840 (-4%)	14mo	$930,000	$505	77
1813 Tomlinson Ave	0.37mi	4/3.0	1,944 (+1%)	9mo	$760,000	$391	73
1725 Paulding Ave	0.35mi	4/3.0	2,000 (+4%)	8mo	$1,050,000	$525	70
1039 Van Nest Ave	0.40mi	5/2.0 (+1)	1,974 (+2%)	9mo	$920,000	$466	61
1007 Sackett Ave	0.62mi	4/3.0	1,782 (-8%)	2mo	$890,000	$499	57
1163 Rhinelander Ave	0.41mi	4/3.0	2,200 (+14%)	1mo	$1,080,000	$491	57
1940 Hone Ave	0.14mi	5/2.0 (+1)	2,147 (+12%)	12mo	$915,000	$426	55
1861 Hering Ave	0.45mi	4/2.0	2,167 (+12%)	5mo	$980,000	$452	50
2013 Narragansett Ave	0.51mi	3/3.0 (-1)	2,085 (+8%)	10mo	$956,500	$459	49
1725 Hering Ave	0.54mi	4/2.0	2,063 (+7%)	12mo	$902,000	$437	49
1649 Lurting Ave	0.48mi	5/3.0 (+1)	2,200 (+14%)	1mo	$999,888	$454	48
1569 Bogart Ave	0.59mi	5/2.0 (+1)	2,214 (+15%)	6mo	$695,000	$314	34

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.3%
• Equity multiple: 0.54×
• Total profit: $-97,420
• Equity at exit: $111,827

10-year hold

• IRR: 2.7%
• Equity multiple: 1.23×
• Total profit: $49,025
• Equity at exit: $64,846

Cash invested: $210,000 (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 10462

• Home prices YoY: -10.4%
• Rents YoY: 9.4%
• Active inventory: 192
• Price-to-rent: 20.9×

Monthly cashflow live

• Estimated rent: $5,980 medium
• Mortgage (P&I): −$3,933
• Tax from tax record: −$594 /mo · $7,132/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,256
• Net cashflow: $-116

Break-even live

Break-even rent $6,126

Max offer price $729,556

Occupancy floor 97%

Sensitivity live

Price	-10% $309	-5% $97	+0% $-116	+5% $-328	+10% $-540
Rent	-10% $-588	-5% $-352	+0% $-116	+5% $120	+10% $357
Rate	-1.0pp $262	-0.5pp $75	base $-116	+0.5pp $-310	+1.0pp $-508

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$5,980
Total (2 units)			$5,980

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: $187,500
• Closing costs: $22,500
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-03-25
   status Pending
2. 2026-03-11
   listed $749,999 Active
3. 2025-12-17
   historical
4. 2025-12-11
   price $400,000
5. 2025-12-08
   historical
6. 2011-03-29
   historical
7. 2011-01-17
   listed
8. 2009-11-30
   historical
9. 2009-06-22
   listed
10. 2009-05-30
    historical
11. 2009-02-24
    listed
12. 2008-07-15
    historical
13. 2008-03-13
    listed
14. 2008-03-09
    historical
15. 2008-02-06
    listed
16. 2006-05-03
    soldstatus $495,000
17. 1997-01-22
    soldstatus $162,000

ⓘ 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: $7,132 · $594/mo
• Projected year-2 tax: $9,904 · $825/mo
• Expected delta: +$2,771/yr (+$231/mo · 38.9%)

ⓘ 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 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: $71,760
• − Mortgage interest: −$42,012
• − Property taxes: −$7,132
• − Insurance: −$3,750
• − Repairs & maintenance: −$5,741
• − Management: −$5,741
• − Depreciation: −$21,818
• Taxable loss: −$14,434
• Est. tax savings @ 24.0%: +$3,464
• After-tax cash flow: $2,075/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): 76,320
• Household income: $60,966
• Rent vs Own: 76.5% rent · 23.5% own
• Severe rent burden: 7650.0

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 0.70)
• Race & ethnicity: Hispanic / Latino 46% Black 22% Asian 18% White 10% Two or more races 9% Native American 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 17% Dominican 15%
• Foreign-born: 34% · Canada, China, Vietnam
• Languages at home: 39% English-only · Spanish 36% Other Indo-European 16% Arabic 3%

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: ▼ -41.59%
• Current HPI: 356.326
• Rent YoY: ▲ 9.43%
• 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

+363.0% since first listed

17 events — show timeline

• 2026-03-25 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-11 Listed $749,999 OneKey® MLS as Distributed by MLS Grid
• 2025-12-17 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-12-11 Price Changed $400,000 OneKey® MLS as Distributed by MLS Grid
• 2025-12-08 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 2011-03-29 Delisted — HGMLS
• 2011-01-17 Listed — HGMLS
• 2009-11-30 Delisted — HGMLS
• 2009-06-22 Listed — HGMLS
• 2009-05-30 Delisted — HGMLS
• 2009-02-24 Listed — HGMLS
• 2008-07-15 Delisted — HGMLS
• 2008-03-13 Listed — HGMLS
• 2008-03-09 Delisted — HGMLS
• 2008-02-06 Listed — HGMLS
• 2006-05-03 Sold (Public Records) $495,000 Public Records
• 1997-01-22 Sold (Public Records) $162,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $7,132 · +8.1% YoY. Source: county tax records.