1723 Melville St · New York, NY 10460

$749,900

8 bd · 2.0 ba · 2,128 sqft · MultiFamily public records · 51 Days on market

Built 1910 2,500 sqft lot Est $926k · 19% under

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Why this score? — see what drove the B 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 +22.2/30.0
• ARV discount +15.0/15.0
• Appreciation +8.7/10.0
• DSCR +7.1/10.0
• 1% rule +5.1/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

Your perfect opportunity to own a spacious, fully detached, 2 family home located in the Van Nest neighborhood of the Bronx is finally here! The home offers great potential for owner occupants or investors seeking space, layout flexibility and income generation. It boasts over 2100 square feet of living space and has its original charm, character and unique features. The main floor offers a comfortable and functional layout featuring 4 bedrooms and 1 full bathroom, providing ample space for everyday living and flexible use of rooms for bedrooms, living/dining areas, home office, or guest space. The top floor also features 4 bedrooms and 1 full bathroom, living/dining area as well as a bonu

Key facts

• Fully detached
• Private backyard
• 2,500 sq ft lot

Tags

• FULLY DETACHED
• VAN NEST NEIGHBORHOOD
• LARGE SEMI-FINISHED BASEMENT
• PRIVATE BACKYARD
• EASY TRANSPORTATION ACCESS

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public sewer; Cable available; Electricity available; Phone available
• Home design: Triplex
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront

Interior

• Kitchen: Eat-in kitchen(s)
• Bedrooms: Two 4-bedroom units
• Bathrooms: Two full bathrooms
• Heating & cooling: Oil heating; Wall/Window air conditioning units
• Interior features: First-floor bedroom; First-floor full bath; Eat-in kitchen; Walk-in closet(s); Partially finished basement
• Laundry & utility: Basement utility space

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $750k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $579/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $750k).
• Recommended offer: $727k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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: 78 active listings in the ZIP; lower-income renter base — watch delinquency; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $7,557/mo this rent would consume 250% of the median local household income ($36k/yr) (locally 7852% 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 $61k of equity ($5k loan paydown + $56k appreciation (7.5% local appreciation)).
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (7.5% appreciation + 3.0% rent growth), your $210k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$98k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($727k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; 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 $727,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.01% ✓
• Cap rate: 8.25%
• Cash-on-cash: 7.00%
• DSCR: 1.31
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $925,680
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1347 Taylor Ave	0.63mi	7/2.0 (-1)	2,012 (-6%)	5mo	$775,000	$385	52
790 Van Nest Ave	0.44mi	7/2.0 (-1)	2,004 (-6%)	23mo	$980,000	$489	46
1261 Fteley Ave	0.75mi	7/2.0 (-1)	2,296 (+8%)	6mo	$999,000	$435	42

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

Projected returns pro-forma

7.46% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.0%
• Equity multiple: 2.70×
• Total profit: $357,102
• Equity at exit: $542,595

10-year hold

• IRR: 22.0%
• Equity multiple: 5.67×
• Total profit: $980,989
• Equity at exit: $1,052,157

Cash invested: $209,972 (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 10460

• Home prices YoY: 3.5%
• Active inventory: 78
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $7,557 medium
• Mortgage (P&I): −$3,933
• Tax from tax record: −$500 /mo · $5,999/yr
• Insurance: −$312
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,587
• Net cashflow: $1,159

Break-even live

Break-even rent $6,090

Max offer price $749,900

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1	$7,556
Total (2 units)			$7,557

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: $187,475
• Closing costs: $22,497
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   status $749,900 Pending 51 DOM
2. 2026-06-17
   days on market $749,900 Active 51 DOM
3. 2026-06-16
   days on market $749,900 Active 50 DOM
4. 2026-06-15
   days on market $749,900 Active 49 DOM
5. 2026-06-13
   days on market $749,900 Active 47 DOM
6. 2026-06-10
   days on market $749,900 Active 43 DOM
7. 2026-06-08
   days on market $749,900 Active 42 DOM
8. 2026-06-08
   days on market $749,900 Active 41 DOM
9. 2026-06-04
   days on market $749,900 Active 38 DOM
10. 2026-06-03
    days on market $749,900 Active 37 DOM
11. 2026-06-01
    days on market $749,900 Active 35 DOM
12. 2026-05-31
    days on market $749,900 Active 34 DOM
13. 2026-04-27
    historical
14. 2026-04-26
    listed $749,900 Active
15. 2026-04-26
    listed $749,900 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: $5,999 · $500/mo
• Projected year-2 tax: $9,336 · $778/mo
• Expected delta: +$3,337/yr (+$278/mo · 55.6%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 78% 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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $90,684
• − Mortgage interest: −$42,006
• − Property taxes: −$5,999
• − Insurance: −$4,547
• − Repairs & maintenance: −$7,255
• − Management: −$7,255
• − Depreciation: −$21,815
• Taxable income: $1,808
• Est. tax owed @ 24.0%: −$434
• After-tax cash flow: $13,470/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): 59,396
• Household income: $36,309
• Rent vs Own: 90.6% rent · 9.4% own
• Severe rent burden: 7852.0

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 (65%)
• Race & ethnicity: Hispanic / Latino 65% Black 27% Two or more races 20% White 3% Native American 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 23% Dominican 28%
• Foreign-born: 33% · Canada
• Languages at home: 38% English-only · Spanish 54% French/Haitian/Cajun 2% 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: ▲ 7.46%
• Current HPI: 224.0425
• 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

+0.0% since first listed

3 events — show timeline

• 2026-04-27 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-04-26 Listed $749,900 OneKey® MLS as Distributed by MLS Grid
• 2026-04-26 Listed $749,900 OneKey® MLS as Distributed by MLS Grid

Property tax history

+5.9%/yr

Latest (2025): $5,999 · +6.0% YoY. Source: county tax records.