9024 Avenue L · New York, NY 11236

$850,000

5 bd · 2.0 ba · 1,312 sqft · MultiFamily public records · 91 Days on market

Built 1920 1,800 sqft lot

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Why this score? — see what drove the F 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 +8.8/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• 1% rule +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Elegant Two-Unit Home in the Heart of Canarsie. Discover the potential of this well-maintained two-unit residence, ideally situated in the highly sought-after Canarsie neighborhood of Brooklyn. Resting on a 1,500 sq. ft. lot, this property offers a rare opportunity for both homeowners and investors seeking comfort, convenience, and long-term value. The home features two spacious units, each designed to provide practical living arrangements while maximizing space and functionality. A fully finished basement adds even more versatility—ideal for recreation, storage, or extended living needs. Currently fully occupied, the property presents an immediate income-generating opportunity for th

Key facts

• 1,800 sq ft lot
• Built 1920
• Listed 91 days

Property features AI

Exterior

• Parking: No carport; Other parking features
• Utilities: Public sewer; Trash collection (public)
• Home design: Duplex
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront

Interior

• Bedrooms: One 2-bedroom unit; One 3-bedroom unit
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Central air conditioning; Natural gas heating; Other heating
• Interior features: Finished basement; Other interior features

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $850k.

Deal economics

• At list price, monthly cash flow is $-705 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $726k (14.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $578k (32.0% below list).
• Recommended offer: $578k (32.0% below list) — sets the bar for 1% rule.
• Cap rate 5.3% 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: 228 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $5,780/mo this rent would consume 85% of the median local household income ($81k/yr) (locally 4225% 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 $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($774k) is reasonable based on typical stale-listing flexibility.
• 7 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.
• Current owner paid $400k; list at $850k implies a 112% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 65% 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 $578,000 (32.0% 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. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.68% ✗
• Cap rate: 5.30%
• Cash-on-cash: -3.55%
• DSCR: 0.84
• GRM: 12.3

CMA / ARV

• ARV (on-the-fly): $556,288
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1511 E 91 St	0.16mi	5/3.0	1,298 (-1%)	22mo	$550,102	$424	69
1440 E 91st St	0.03mi	4/2.0 (-1)	1,472 (+12%)	16mo	$356,000	$242	60
1233 E 89th St	0.10mi	4/3.0 (-1)	1,190 (-9%)	16mo	$700,000	$588	57
1048 E 98th St	0.69mi	4/2.0 (-1)	1,279 (-2%)	6mo	$475,000	$371	53

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -22.3%
• Equity multiple: 0.23×
• Total profit: $-182,904
• Equity at exit: $126,738

10-year hold

• IRR: -16.5%
• Equity multiple: 0.08×
• Total profit: $-218,216
• Equity at exit: $73,492

Cash invested: $238,000 (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 11236

• Active inventory: 228
• Price-to-rent: 24.5×

Monthly cashflow live

• Estimated rent: $5,780 medium
• Mortgage (P&I): −$4,457
• Tax from tax record: −$459 /mo · $5,511/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,214
• Net cashflow: $-705

Break-even live

Break-even rent $6,672

Max offer price $725,510

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$5,780
Total (2 units)			$5,780

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: $212,500
• Closing costs: $25,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1083 Thomas S Boyland St Unit 2 Brooklyn, NY	4.0	1.0	1100	$3,600	$3.27	24d	1	1.32mi

Listing history 33 events

1. 2026-06-18
   days on market $850,000 Active 91 DOM
2. 2026-06-17
   days on market $850,000 Active 90 DOM
3. 2026-06-15
   days on market $850,000 Active 88 DOM
4. 2026-06-13
   days on market $850,000 Active 86 DOM
5. 2026-06-10
   days on market $850,000 Active 82 DOM
6. 2026-06-08
   days on market $850,000 Active 81 DOM
7. 2026-06-08
   days on market $850,000 Active 80 DOM
8. 2026-06-04
   days on market $850,000 Active 77 DOM
9. 2026-06-03
   days on market $850,000 Active 76 DOM
10. 2026-06-01
    days on market $850,000 Active 74 DOM
11. 2026-05-31
    days on market $850,000 Active 73 DOM
12. 2026-03-19
    listed $850,000 Active
13. 2026-03-18
    historical $850,000
14. 2026-03-17
    historical
15. 2026-02-13
    listed $850,000 Active
16. 2026-02-12
    historical
17. 2026-02-11
    historical
18. 2026-01-08
    listed $850,000 Active
19. 2026-01-08
    historical
20. 2025-12-12
    listed $850,000 Active
21. 2025-12-11
    historical
22. 2025-12-11
    historical
23. 2025-11-14
    historical
24. 2025-11-11
    listed $850,000 Active
25. 2025-10-15
    listed $850,000 Active
26. 2025-10-14
    historical
27. 2025-10-14
    historical
28. 2025-09-11
    listed $850,000 Active
29. 2025-09-09
    historical
30. 2005-01-21
    soldstatus $400,000
31. 2000-04-11
    soldstatus $194,000
32. 2000-02-24
    soldstatus $225,000
33. 2000-02-24
    soldstatus $141,000

ⓘ 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: $5,511 · $459/mo
• Projected year-2 tax: $9,938 · $828/mo
• Expected delta: +$4,427/yr (+$369/mo · 80.3%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% 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: $69,360
• − Mortgage interest: −$47,613
• − Property taxes: −$5,511
• − Insurance: −$4,250
• − Repairs & maintenance: −$5,549
• − Management: −$5,549
• − Depreciation: −$24,727
• Taxable loss: −$23,839
• Est. tax savings @ 24.0%: +$5,721
• After-tax cash flow: $-2,735/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): 88,051
• Household income: $81,464
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 4225.0

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: Predominantly Black (79%)
• Race & ethnicity: Black 79% Hispanic / Latino 8% Two or more races 8% White 4% Asian 2%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Hispanic 14%
• Foreign-born: 45% · Canada, Mexico, China
• Languages at home: 74% English-only · French/Haitian/Cajun 14% Spanish 6% Chinese 1%

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: ▼ -375.21%
• Current HPI: 330.8367
• 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

+277.8% since first listed

22 events — show timeline

• 2026-03-19 Listed $850,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-18 Coming Soon $850,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-17 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-02-13 Listed $850,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-12 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 2026-02-11 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-01-08 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-01-08 Listed $850,000 OneKey® MLS as Distributed by MLS Grid
• 2025-12-12 Listed $850,000 OneKey® MLS as Distributed by MLS Grid
• 2025-12-11 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 2025-12-11 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-11-14 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-11-11 Listed $850,000 OneKey® MLS as Distributed by MLS Grid
• 2025-10-15 Listed $850,000 OneKey® MLS as Distributed by MLS Grid
• 2025-10-14 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 2025-10-14 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-09-11 Listed $850,000 OneKey® MLS as Distributed by MLS Grid
• 2025-09-09 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 2005-01-21 Sold (Public Records) $400,000 Public Records
• 2000-04-11 Sold (Public Records) $194,000 Public Records
• 2000-02-24 Sold (Public Records) $141,000 Public Records
• 2000-02-24 Sold (Public Records) $225,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $5,511 · +3.4% YoY. Source: county tax records.