865 1st Ave Unit 2-B · New York, NY 10017

$675,000

1 bd · 1.0 ba · 567 sqft · Condo public records · 71 Days on market

Built 1927 $757/mo HOA · 14% of rent ↓ 4% since listing

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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 +7.5/15.0
• Cash flow +7.3/30.0
• Appreciation +6.7/10.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• DSCR +1.5/10.0

Listing remarks

Renovated Condo with Flexible Layout & Low Carrying CostsBright and charming flexible layout junior 1/one bedroom in a boutique condo building with low monthly carrying costs and excellent rental income. This well-designed home offers a flexible layout that can easily be converted into a one-bedroom (see floor plan). Features include a renovated pass-through kitchen with Sub-Zero refrigerator, spacious 12' x 20' living room, and a separate windowed dining area that can be converted to a small bedroom with a Murphy bed, as done in other units. The additional entry foyer can function as a home office or dining space. Additional highlights include two large walk-in closets, a renovated w

Key facts

• In-building laundry
• Doorman
• $757 HOA

Tags

• RENOVATED PASS-THROUGH KITCHEN
• SEPARATE WINDOWED DINING AREA
• LARGE WALK-IN CLOSETS
• FULL-SERVICE CONDO BUILDING
• DOORMAN
• IN-BUILDING LAUNDRY

Property features AI

Finance

• HOA & community: Monthly association fee of $757; Building allows pets

Exterior

• Home design: High-rise building (19 stories); Entry on 2nd level; East-facing exposure
• Exterior features: Building courtyard; Building storage

Interior

• Kitchen: Kitchen window
• Bedrooms: 3 total rooms (includes bedrooms and living areas)
• Bathrooms: 1 full bathroom
• Interior features: Dining area; Entrance foyer; Kitchen window
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $675k.

Deal economics

• At list price, monthly cash flow is $-890 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $518k (23.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $542k (19.8% below list).
• Recommended offer: $518k (23.3% below list) — sets the bar for cash-flow.
• Cap rate 4.7% 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 (+6.2%/yr); 264 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 $5,415/mo this rent would consume 48% of the median local household income ($137k/yr) (locally 2167% 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 $28k of equity ($5k loan paydown + $23k appreciation (3.4% local appreciation)).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($634k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y 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.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major 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 $517,733 (23.3% 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. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 4.71%
• Cash-on-cash: -5.65%
• DSCR: 0.75
• GRM: 10.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.38% appreciation · 6.16% rent growth · sell at horizon

5-year hold

• IRR: 5.0%
• Equity multiple: 1.30×
• Total profit: $56,547
• Equity at exit: $318,170

10-year hold

• IRR: 9.4%
• Equity multiple: 2.56×
• Total profit: $294,614
• Equity at exit: $502,055

Cash invested: $189,000 (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 10017

• Home prices YoY: 1.1%
• Rents YoY: 6.2%
• Active inventory: 264
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $5,415 high
• Mortgage (P&I): −$3,540
• Tax from tax record: −$590 /mo · $7,081/yr
• Insurance: −$281
• HOA: −$757
• Vacancy / Maint / Mgmt: −$1,137
• Net cashflow: $-890

Break-even live

Break-even rent $6,542

Max offer price $517,733

Occupancy floor —

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
340 E 51st St New York, NY	2.0	1.0–2.0	791	$6,250	$7.90	3d	3	0.12mi
301 E 47th St #1737 New York, NY	2.0	1.0	600	$5,380	$8.97	20d	1	0.13mi
330 E 46th St #1794 New York, NY	1.0	1.0	489	$4,990	$10.19	24d	2	0.14mi
940 1st Ave Unit 2040 New York, NY	2.0	1.5	600	$7,500	$12.50	1d	1	0.16mi
340 E 52nd St #1527 New York, NY	1.0	1.0	575	$8,080	$14.05	1d	2	0.16mi
300 E 51st St New York, NY	2.0	1.0–2.0	875	$6,365	$7.27	2d	3	0.16mi
300 E 46th St New York, NY	2.0–3.0	1.0	716	$4,300	$6.00	24d	2	0.17mi
333 E 52nd St Unit 2177 New York, NY	2.0	1.0	600	$4,900	$8.17	21d	1	0.19mi
959 1st Ave Unit 6X New York, NY	1.0	1.0	739	$6,000	$8.12	24d	1	0.20mi
220 E 49th St Unit 1021974P New York, NY	2.0	1.0	742	$5,190	$6.99	14d	1	0.21mi
420 E 54th St New York, NY	3.0	1.0–2.5	1104	$7,261	$6.57	1d	14	0.26mi
160 E 48th St New York, NY	3.0	1.0–2.0	878	$6,993	$7.96	3d	9	0.29mi
230 E 44th St #2165 New York, NY	1.0–2.0	1.0	568	$3,150	$5.54	24d	2	0.30mi
135 E 47th St Unit 22F New York, NY	1.0	1.0	700	$7,500	$10.71	21d	1	0.32mi
135 E 47th St New York, NY	1.0	1.0	572	$6,600	$11.53	6d	1	0.34mi
235 E 55th St Unit 36B New York, NY	1.0	1.0	650	$4,800	$7.38	24d	1	0.39mi
599 E 56th St Unit 1817 New York, NY	1.0	1.0	625	$4,850	$7.76	24d	1	0.40mi
400 E 57th St #2106 New York, NY	2.0	1.0–2.0	903	$6,610	$7.32	3d	3	0.41mi
329 E 58th St #807 New York, NY	2.0	1.0	650	$5,860	$9.02	7d	1	0.50mi
123 E 54th St #1251 New York, NY	1.0–2.0	1.0	600	$5,210	$8.68	1d	2	0.50mi
150 E 57th St New York, NY	5.0	1.0–7.5	2750	$10,504	$3.82	1d	5	0.52mi
227 E 59th St #635 New York, NY	2.0	1.0	500	$6,240	$12.48	16d	2	0.57mi
117 E 57th St New York, NY	1.0	1.0	732	$5,975	$8.16	4d	2	0.61mi
252 E 61st St #638 New York, NY	1.0	1.0	666	$5,530	$8.30	1d	2	0.63mi
138 E 38th St New York, NY	3.0	1.0–2.0	750	$4,510	$6.01	24d	4	0.63mi
556 3rd Ave New York, NY	1.0	1.0	580	$5,240	$9.03	19d	2	0.65mi
556 3rd Ave New York, NY	1.0	1.0	540	$5,635	$10.44	1d	2	0.65mi
556 3rd Ave Unit 2244 New York, NY	1.0	1.0	500	$5,650	$11.30	2d	1	0.65mi
403 E 62nd St Unit 14C New York, NY	1.0	1.0	650	$4,900	$7.54	21d	1	0.69mi
399 E 34th St Unit 1025362P New York, NY	1.0	1.0	570	$9,174	$16.09	21d	1	0.71mi
401 E 34th St New York, NY	3.0	1.0–2.0	887	$5,532	$6.23	1d	55	0.71mi
18 W 48th St Unit 670 New York, NY	1.0	1.0	631	$7,730	$12.25	7d	1	0.72mi
41 Park Ave New York, NY	2.0	1.0–2.0	815	$6,555	$8.04	7d	3	0.75mi
222 E 34th St #999 New York, NY	1.0	1.0	554	$5,490	$9.91	6d	1	0.76mi
151 E 62nd St Unit 1021834P New York, NY	1.0	1.0	398	$6,812	$17.12	7d	1	0.76mi
149 E 62nd St Unit 1021871P New York, NY	—	1.0	398	$5,344	$13.43	7d	1	0.76mi
149 E 62nd St Unit 1021838P New York, NY	—	1.0	398	$4,518	$11.35	2d	1	0.76mi
225 E 63rd St #1675 New York, NY	1.0	1.0	627	$5,230	$8.34	24d	2	0.77mi
475 48th Ave Long Island City, NY	3.0	1.0–3.0	1293	$5,374	$4.15	1d	1	0.77mi
15 W 55th St #736 New York, NY	2.0–3.0	1.0–2.0	1250	$8,550	$6.84	1d	2	0.79mi

HOA detail condo

• Monthly dues: $757 · $9,084/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-05-12
   price $675,000
2. 2026-04-29
   price $675,000
3. 2026-04-01
   price $695,000
4. 2026-03-16
   listed $710,000 Active
5. 2026-03-16
   listed $710,000 Active
6. 2017-02-28
   listed $700,000
7. 2017-02-28
   listed $712,775
8. 2017-02-28
   listed $595,000

ⓘ 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: $7,081 · $590/mo
• Projected year-2 tax: $9,244 · $770/mo
• Expected delta: +$2,163/yr (+$180/mo · 30.5%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 27% 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: $64,981
• − Mortgage interest: −$37,810
• − Property taxes: −$7,081
• − Insurance: −$3,375
• − Repairs & maintenance: −$5,198
• − Management: −$5,198
• − HOA: −$9,084
• − Depreciation: −$19,636
• Taxable loss: −$22,404
• Est. tax savings @ 24.0%: +$5,377
• After-tax cash flow: $-5,306/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): 15,297
• Household income: $136,705
• Rent vs Own: 68.2% rent · 31.8% own
• Severe rent burden: 2167.0

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: Predominantly White (66%)
• Race & ethnicity: White 66% Asian 18% Two or more races 7% Hispanic / Latino 4% Black 3%
• Common ancestry: Romanian 8% Scotch-Irish 5% Italian 4%
• Foreign-born: 32% · Canada, China, Jamaica
• Languages at home: 76% English-only · Other Indo-European 6% Spanish 5% French/Haitian/Cajun 4%

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: ▲ 3.38%
• Current HPI: 303.3659
• Rent YoY: ▲ 6.16%
• 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

-3.6% since first listed

8 events — show timeline

• 2026-05-12 Price Changed $675,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $675,000 RLS at REBNY
• 2026-04-01 Price Changed $695,000 RLS at REBNY
• 2026-03-16 Listed $710,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-16 Listed $710,000 RLS at REBNY
• 2017-02-28 Listed $595,000 RLS at REBNY
• 2017-02-28 Listed $712,775 RLS at REBNY
• 2017-02-28 Listed $700,000 RLS at REBNY

Property tax history

+4.1%/yr

Latest (2025): $7,081 · +0.9% YoY. Source: county tax records.