40 Tehama St Unit 6H · New York, NY 11218

$304,900

2 bd · 1.0 ba · 820 sqft · Condo · 238 Days on market

Built 1931 ↓ 34% since listing

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Why this score? — see what drove the C 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 +17.2/30.0
• Appreciation +8.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• Schools +5.0/10.0
• 1% rule +4.6/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Listing remarks

Spacious two bedrooms, one bath co-op situated on the 6th floor in Prime Kensington. This unit is in need of total renovation. Boasts 820 sq. ft. of living space, large closets in both bedrooms, windows in every room, including the kitchen and bathroom. Amenities include an elevator, laundry room, and private backyard for residents. Minutes to F & G train, schools, shopping, numerous cafes, restaurants, and Prospect Park. Sublease allowed board approval.

Key facts

• Total renovation
• Prospect park
• Private backyard

Tags

• TOTAL RENOVATION
• LARGE CLOSETS
• WINDOWS IN EVERY ROOM
• PRIVATE BACKYARD
• MINUTES TO F AND G TRAIN
• PROSPECT PARK

Property features AI

Finance

• Other: Flip tax applies (percentage fee)
• Financial info: Financing: Cash; Property listed as sub-lease
• HOA & community: Monthly maintenance fee of $1,274.60; Managed by Tehama Tenants Corp (manager phone: [phone]); Pets allowed (restrictions: see agent); Co-op shares: 100.00

Exterior

• Utilities: Heat; Water; Sewer
• Home design: Detached residential building; Unit located on the 6th floor
• Construction: 820 total square feet
• Exterior features: Located in Brooklyn near Dahill Rd

Interior

• Kitchen: First-floor kitchen
• Bedrooms: Two bedrooms on the first floor
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: No AC units
• Interior features: Laundry area; Other
• Laundry & utility: Laundry area

🏢 Co-op / cooperative unit. The $304,900 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $305k.

Deal economics

• At list price, monthly cash flow is $151 ($2k/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 $294k (3.5% below list).
• Recommended offer: $268k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% 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 (+5.3%/yr); 163 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); solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• This rent runs 36% of the median local income ($97k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $20k of equity ($2k loan paydown + $18k appreciation (5.9% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (5.9% appreciation + 5.3% rent growth), your $85k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 238 days — a 12% lower offer ($268k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $95k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 62% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $268,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 238 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. 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?
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: 0.96% ✗
• Cap rate: 7.15%
• Cash-on-cash: 3.05%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.93% appreciation · 5.35% rent growth · sell at horizon

5-year hold

• IRR: 18.0%
• Equity multiple: 2.21×
• Total profit: $103,550
• Equity at exit: $190,319

10-year hold

• IRR: 18.6%
• Equity multiple: 4.67×
• Total profit: $313,495
• Equity at exit: $343,971

Cash invested: $85,372 (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 11218

• Home prices YoY: 1.7%
• Rents YoY: 5.3%
• Active inventory: 163
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,942 medium
• Mortgage (P&I): −$1,599
• Tax est. 1.5%: −$381 /mo · $4,574/yr
• Insurance: −$127
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$618
• Net cashflow: $151

Break-even live

Break-even rent $2,751

Max offer price $304,900

Occupancy floor 90%

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: $76,225
• Closing costs: $9,147
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22 Tehama St Unit 2 Fl Brooklyn, NY	2.0	1.0	700	$2,980	$4.26	24d	1	0.02mi
540 Ocean Pkwy Unit 6H Brooklyn, NY	1.0	1.0	1000	$2,850	$2.85	24d	1	0.83mi
540 Ocean Pkwy Unit Main Brooklyn, NY	1.0	1.0	825	$2,200	$2.67	20d	1	0.83mi

HOA detail condo

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

Listing history 25 events

1. 2026-06-18
   days on market $304,900 Active 238 DOM
2. 2026-06-17
   pricedays on market $304,900 Active 237 DOM
3. 2026-06-15
   days on market $309,900 Active 235 DOM
4. 2026-06-13
   days on market $309,900 Active 233 DOM
5. 2026-06-10
   days on market $309,900 Active 229 DOM
6. 2026-06-08
   days on market $309,900 Active 228 DOM
7. 2026-06-04
   days on market $309,900 Active 224 DOM
8. 2026-06-03
   days on market $309,900 Active 223 DOM
9. 2026-06-01
   days on market $309,900 Active 221 DOM
10. 2026-05-31
    days on market $309,900 Active 220 DOM
11. 2026-05-19
    price $309,900
12. 2026-05-19
    status Active
13. 2026-03-06
    status Pending
14. 2026-02-11
    price $329,900
15. 2026-01-05
    status Active
16. 2025-08-20
    status Pending
17. 2025-07-16
    price $339,900
18. 2025-06-20
    price $359,900
19. 2025-05-27
    price $369,900
20. 2025-04-21
    price $389,900
21. 2025-03-25
    listed $399,900 Active
22. 2024-05-29
    historical
23. 2024-05-14
    listed $450,000 Active
24. 2020-09-18
    price $449,000
25. 2020-01-07
    price $469,000

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% 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: $35,302
• − Mortgage interest: −$17,079
• − Property taxes: −$4,574
• − Insurance: −$2,322
• − Repairs & maintenance: −$2,824
• − Management: −$2,824
• − Depreciation: −$8,870
• Taxable loss: −$3,191
• Est. tax savings @ 24.0%: +$766
• After-tax cash flow: $2,572/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): 72,042
• Household income: $97,366
• Rent vs Own: 61.0% rent · 39.0% own
• Severe rent burden: 4459.0

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 0.69)
• Race & ethnicity: White 49% Asian 18% Hispanic / Latino 17% Two or more races 11% Black 9%
• Hispanic origin (detail): Mexican 5% Puerto Rican 5% Dominican 1%
• Common ancestry: Romanian 4% Scotch-Irish 4% Italian 2%
• Foreign-born: 33% · Canada, China, Jamaica
• Languages at home: 50% English-only · Other Indo-European 13% Spanish 12% German/W. Germanic 9%

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: ▲ 5.93%
• Current HPI: 361.9653
• Rent YoY: ▲ 5.35%
• 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

-33.9% since first listed

15 events — show timeline

• 2026-05-19 Price Changed $309,900 BNYMLS
• 2026-05-19 Relisted — BNYMLS
• 2026-03-06 Pending — BNYMLS
• 2026-02-11 Price Changed $329,900 BNYMLS
• 2026-01-05 Relisted — BNYMLS
• 2025-08-20 Pending — BNYMLS
• 2025-07-16 Price Changed $339,900 BNYMLS
• 2025-06-20 Price Changed $359,900 BNYMLS
• 2025-05-27 Price Changed $369,900 BNYMLS
• 2025-04-21 Price Changed $389,900 BNYMLS
• 2025-03-25 Listed $399,900 BNYMLS
• 2024-05-29 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-05-14 Listed $450,000 OneKey® MLS as Distributed by MLS Grid
• 2020-09-18 Price Changed $449,000 BNYMLS
• 2020-01-07 Price Changed $469,000 BNYMLS