123 E 37th St Unit 9D · New York, NY 10016

$365,000

2 bd · 2.0 ba · 550 sqft · Condo · 90 Days on market

Built 1940 $1511/mo HOA · 24% of rent ↓ 24% since listing

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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 +26.9/30.0
• 1% rule +10.0/10.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• Appreciation +6.3/10.0
• Schools +5.0/10.0
• Rent growth +3.9/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Listing remarks

New to the Market - A beautiful south-facing studio at Lindley House. This charming high floor pre-war home enjoys direct sunlight and a view of the Empire State Building. The overly spacious dining foyer, with two large closets, leads down to the main living and sleeping area. The windowed kitchen features Wolf stove, custom cabinets, backsplash and countertop. There is an office nook, and a separate dressing area with lots of closet space leads to the stylishly updated bathroom. The Lindley House is an extremely well-run co-op with excellent financials. There is a 24-hour doorman, live-in superintendent, furnished roof deck with skyline views, laundry facilities, and bike storage. The c

Key facts

• South-facing studio
• Windowed kitchen
• High floor

Tags

• SOUTH-FACING STUDIO
• HIGH FLOOR
• DIRECT SUNLIGHT
• SPACIOUS DINING FOYER
• WINDOWED KITCHEN
• WOLF STOVE

Property features AI

Finance

• Other: Building features include elevators; Building contains 94 total units; Pets allowed in building (restrictions apply)
• Financial info:
• HOA & community: Monthly association fee of $1,511

Exterior

• Parking:
• Security:
• Utilities: Has cooling via window units
• Home design: Condominium/Co-op unit in a 15-story building named Lindley House; Has a view; Exposures to the south and west; Entry level 7
• Construction:
• Exterior features: No notable exterior features listed

Interior

• Kitchen:
• Bedrooms: Entry level listed as 7 (unit level: 9D on 7th floor entry)
• Flooring:
• Bathrooms: 2 full bathrooms
• Heating & cooling: Window air conditioning units
• Interior features: Total of 4 rooms; Basement: Other
• Laundry & utility: Laundry available in building basement; In-unit laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $365k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $365k).
• Recommended offer: $343k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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 (+5.4%/yr); 491 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $6,386/mo this rent would consume 55% of the median local household income ($140k/yr) (locally 5269% 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 $12k of equity ($3k loan paydown + $10k appreciation (2.7% local appreciation)).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.7% appreciation + 5.4% rent growth), your $102k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($343k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $30k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent; built in 1940 — 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 $343,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.75% ✓
• Cap rate: 9.62%
• Cash-on-cash: 11.87%
• DSCR: 1.53
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.7% appreciation · 5.42% rent growth · sell at horizon

5-year hold

• IRR: 20.4%
• Equity multiple: 2.17×
• Total profit: $119,504
• Equity at exit: $157,935

10-year hold

• IRR: 23.7%
• Equity multiple: 4.62×
• Total profit: $369,792
• Equity at exit: $238,692

Cash invested: $102,200 (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 10016

• Home prices YoY: 0.9%
• Rents YoY: 5.4%
• Active inventory: 491
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $6,386 high
• Mortgage (P&I): −$1,914
• Tax est. 1.5%: −$456 /mo · $5,475/yr
• Insurance: −$152
• HOA: −$1,511
• Vacancy / Maint / Mgmt: −$1,341
• Net cashflow: $1,011

Break-even live

Break-even rent $5,106

Max offer price $365,000

Occupancy floor 79%

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: $91,250
• Closing costs: $10,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
138 E 38th St New York, NY	3.0	1.0–2.0	750	$6,420	$8.56	24d	4	0.03mi
556 3rd Ave New York, NY	1.0	1.0	540	$5,635	$10.44	1d	2	0.11mi
556 3rd Ave New York, NY	1.0	1.0	580	$5,240	$9.03	19d	2	0.11mi
556 3rd Ave Unit 2244 New York, NY	1.0	1.0	500	$5,650	$11.30	2d	1	0.11mi
41 Park Ave New York, NY	2.0	1.0–2.0	815	$8,170	$10.02	7d	3	0.11mi
30 Park Ave #1347 New York, NY	2.0	1.0	950	$9,570	$10.07	1d	3	0.16mi
141 E 33rd St #1278 New York, NY	2.0	1.0–1.5	683	$7,210	$10.56	7d	3	0.25mi
222 E 34th St #999 New York, NY	1.0	1.0	554	$5,490	$9.91	6d	1	0.28mi
155 E 31st St #2190 New York, NY	1.0–2.0	1.0–1.5	725	$8,070	$11.13	7d	2	0.34mi
230 E 44th St #2165 New York, NY	1.0–2.0	1.0	568	$5,320	$9.36	24d	2	0.34mi
309 5th Ave New York, NY	1.0	1.0	597	$7,596	$12.72	7d	13	0.42mi
399 E 34th St Unit 1025362P New York, NY	1.0	1.0	570	$9,174	$16.09	21d	1	0.44mi
135 E 47th St Unit 22F New York, NY	1.0	1.0	700	$7,500	$10.71	21d	1	0.46mi
135 E 47th St New York, NY	1.0	1.0	572	$6,600	$11.53	6d	1	0.46mi
300 E 46th St New York, NY	2.0–3.0	1.0	716	$4,300	$6.00	24d	2	0.47mi
401 E 34th St New York, NY	3.0	1.0–2.0	887	$7,340	$8.27	1d	55	0.47mi
160 E 48th St New York, NY	3.0	1.0–2.0	878	$8,572	$9.76	3d	9	0.50mi
330 E 46th St #1794 New York, NY	1.0	1.0	489	$4,990	$10.19	24d	2	0.51mi
301 E 47th St #1737 New York, NY	2.0	1.0	600	$5,380	$8.97	20d	1	0.53mi
70 W 45th St #1131 New York, NY	1.0–2.0	1.0–2.0	902	$8,370	$9.27	7d	2	0.55mi
220 E 49th St Unit 1021974P New York, NY	2.0	1.0	742	$5,190	$6.99	14d	1	0.56mi
18 W 48th St Unit 670 New York, NY	1.0	1.0	631	$7,730	$12.25	7d	1	0.60mi
43 W 27th St #1055 New York, NY	2.0	1.0	740	$9,940	$13.43	24d	1	0.68mi
300 E 51st St New York, NY	2.0	1.0–2.0	875	$7,930	$9.06	2d	3	0.69mi
340 E 51st St New York, NY	2.0	1.0–2.0	791	$7,630	$9.65	3d	3	0.71mi
340 E 52nd St #1527 New York, NY	1.0	1.0	575	$8,080	$14.05	1d	2	0.76mi
776 6th Ave New York, NY	2.0	1.0–2.0	756	$10,644	$14.07	1d	18	0.77mi
333 E 52nd St Unit 2177 New York, NY	2.0	1.0	600	$4,900	$8.17	21d	1	0.78mi
290 3rd Ave #279 New York, NY	1.0	1.0	607	$9,740	$16.03	3d	2	0.78mi
940 1st Ave Unit 2040 New York, NY	2.0	1.5	600	$7,500	$12.50	1d	1	0.78mi
123 E 54th St #1251 New York, NY	1.0–2.0	1.0	600	$6,090	$10.15	1d	2	0.81mi
959 1st Ave Unit 6X New York, NY	1.0	1.0	739	$6,000	$8.12	24d	1	0.81mi
30 Waterside Plz New York, NY	2.0	1.0–2.0	743	$6,598	$8.88	1d	33	0.81mi
250 E 21st St Unit 8D New York, NY	1.0	1.0	688	$9,525	$13.84	1d	1	0.88mi
235 E 55th St Unit 36B New York, NY	1.0	1.0	650	$4,800	$7.38	24d	1	0.88mi
20 Waterside Plz #978 New York, NY	1.0	1.0	682	$4,760	$6.98	6d	1	0.88mi
420 E 54th St New York, NY	3.0	1.0–2.5	1104	$10,299	$9.32	1d	14	0.89mi
244 W 29th St Unit 2149 New York, NY	1.0	1.0	490	$9,720	$19.84	6d	2	0.90mi
243 W 28th St #2143 New York, NY	1.0	1.0	580	$8,960	$15.45	18d	1	0.90mi
235 W 48th St #1400 New York, NY	2.0	1.0–2.0	687	$8,160	$11.87	7d	3	0.92mi

HOA detail condo

• Monthly dues: $1,511 · $18,132/yr
• Likely covers: doorman
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $365,000 Active 90 DOM
2. 2026-06-17
   days on market $365,000 Active 89 DOM
3. 2026-06-15
   days on market $365,000 Active 87 DOM
4. 2026-06-13
   days on market $365,000 Active 85 DOM
5. 2026-06-10
   days on market $365,000 Active 81 DOM
6. 2026-06-08
   days on market $365,000 Active 80 DOM
7. 2026-06-08
   days on market $365,000 Active 79 DOM
8. 2026-06-04
   days on market $365,000 Active 76 DOM
9. 2026-06-03
   days on market $365,000 Active 75 DOM
10. 2026-06-01
    days on market $365,000 Active 73 DOM
11. 2026-05-31
    days on market $365,000 Active 72 DOM
12. 2026-04-06
    price $365,000
13. 2026-03-20
    listed $395,000 Active
14. 2016-07-11
    listed $479,000
15. 2016-07-11
    listed $479,000

ⓘ 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 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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $76,626
• − Mortgage interest: −$20,446
• − Property taxes: −$5,475
• − Insurance: −$1,825
• − Repairs & maintenance: −$6,130
• − Management: −$6,130
• − HOA: −$18,132
• − Depreciation: −$10,618
• Taxable income: $7,870
• Est. tax owed @ 24.0%: −$1,889
• After-tax cash flow: $10,245/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: New York County · 1,599,927 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 52,971
• Household income: $140,381
• Rent vs Own: 74.9% rent · 25.1% own
• Severe rent burden: 5269.0

Population outlook (New York County) Hauer SSP2

• Today (2025): 1,825,725 people
• By 2030: 1,904,611 · +4.3%
• By 2040: 2,052,719 · +12.4%
• By 2050: 2,206,601 · +20.9%
• By 2075: 2,509,427 · +37.4%
• By 2100: 2,702,933 · +48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 59% Asian 20% Two or more races 11% Hispanic / Latino 11% Black 4%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 4% Scotch-Irish 4% Lithuanian 2%
• Foreign-born: 26% · Canada, China, South Korea
• Languages at home: 71% English-only · Spanish 9% Other Indo-European 6% Chinese 5%

Political lean MEDSL · New York

• 2024 margin: Solid D (+64.8) · D 82.4% · R 17.6%
• 2008→2024 swing: -7.4pp toward R · 2008: 72.2pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+74.5 2016: D+77.2 2012: D+69.6 2008: D+72.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.70%
• Current HPI: 313.0343
• Rent YoY: ▲ 5.42%
• 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

-23.8% since first listed

4 events — show timeline

• 2026-04-06 Price Changed $365,000 RLS at REBNY
• 2026-03-20 Listed $395,000 RLS at REBNY
• 2016-07-11 Listed $479,000 RLS at REBNY
• 2016-07-11 Listed $479,000 RLS at REBNY