3302 Mermaid Ave · New York, NY 11224

$699,000

3 bd · 2.0 ba · 1,236 sqft · SingleFamily public records · 289 Days on market

Built 1999 1,056 sqft lot Est $612k · 14% over

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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).

• Cash flow +9.6/30.0
• Appreciation +7.5/10.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• Livability +3.8/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• 1% rule +1.8/10.0
• ARV discount +1.1/15.0

Listing remarks MLS

4 YR OLD MINT CONDITION, CONVENIENTLY LOCATED, NEAR SCHOOLS, SHOPPING, TRANSPT, CALL OFFICE FOR ALL APPTS

Key facts

• 1,056 sq ft lot
• Parking
• Built 1999

Property features AI

Finance

• Financial info: Financing available: bank mortgage or cash

Exterior

• Parking: Carport with space for 1 vehicle
• Utilities: 220V electric service with circuit breakers; Gas hot water; Gas heating
• Home design: Semi-detached residential building; Pitched shingle roof; Entry levels include first, second and third floors; Zoning: R6
• Construction: Wood-frame construction; Poured concrete foundation; Building footprint approx. 600; Building dimensions about 40.00 x 15.00
• Exterior features: Back yard; Aluminum siding and brick exterior

Interior

• Kitchen: Kitchen/living combo
• Bedrooms: Two bedrooms on the second floor; One bedroom on the third floor
• Flooring: Ceramic floors; Parquet floors
• Bathrooms: Two full bathrooms (both on the second floor)
• Heating & cooling: Gas heating with hot air delivery; No central AC units listed
• Interior features: Refrigerator; Stove; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $699k.

Deal economics

• At list price, monthly cash flow is $-898 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $540k (22.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $472k (32.4% below list).
• Recommended offer: $472k (32.4% below list) — sets the bar for 1% rule.
• Cap rate 5.5% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Is 98 Bay Academy (math 96% / reading 96%, grade A+, #2 of 729 statewide, top 0%, 1,488 students, 63% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: Rents rising fast (+7.0%/yr); 114 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $4,723/mo this rent would consume 130% of the median local household income ($44k/yr) (locally 4426% 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 $40k of equity ($5k loan paydown + $35k appreciation (5.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$64k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 289 days — a 12% lower offer ($615k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y 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.
• Current owner paid $300k; list at $699k implies a 133% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 77% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $472,322 (32.4% 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 289 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.68% ✗
• Cap rate: 5.48%
• Cash-on-cash: -2.89%
• DSCR: 0.87
• GRM: 12.3

CMA / ARV

• ARV (on-the-fly): $611,820
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2836 W 29th St	0.24mi	3/1.5	1,344 (+9%)	3mo	$653,900	$487	70
2813 W 30th St	0.24mi	3/1.5	1,344 (+9%)	7mo	$665,000	$495	66
2702 Neptune Ave	0.37mi	3/2.0	1,120 (-9%)	6mo	$685,000	$612	62
2718 Neptune Ave	0.35mi	3/1.5	1,120 (-9%)	10mo	$678,000	$605	58
2868 W 25th St	0.39mi	3/1.5	1,344 (+9%)	10mo	$658,000	$490	57
2885 W 23rd St	0.53mi	3/1.5	1,356 (+10%)	0mo	$683,000	$504	57
2852 W 27th St	0.34mi	3/2.0	1,344 (+9%)	18mo	$655,000	$487	55
2843 West 30th St	0.22mi	3/1.5	1,344 (+9%)	23mo	$678,000	$504	54
4469 Surf Ave	0.47mi	3/1.5	1,360 (+10%)	14mo	$500,000	$368	48

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

Projected returns pro-forma

4.98% appreciation · 7.03% rent growth · sell at horizon

5-year hold

• IRR: 9.7%
• Equity multiple: 1.63×
• Total profit: $123,094
• Equity at exit: $395,350

10-year hold

• IRR: 12.6%
• Equity multiple: 3.39×
• Total profit: $467,901
• Equity at exit: $681,689

Cash invested: $195,720 (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 11224

• Home prices YoY: 1.0%
• Rents YoY: 7.0%
• Active inventory: 114
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $4,723 high
• Mortgage (P&I): −$3,666
• Tax from tax record: −$246 /mo · $2,947/yr
• Insurance: −$291
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$992
• Net cashflow: $-898

Break-even live

Break-even rent $5,859

Max offer price $540,427

Occupancy floor —

Sensitivity live

Price	-10% $-502	-5% $-700	+0% $-898	+5% $-1,095	+10% $-1,293
Rent	-10% $-1,271	-5% $-1,084	+0% $-898	+5% $-711	+10% $-525
Rate	-1.0pp $-546	-0.5pp $-720	base $-898	+0.5pp $-1,079	+1.0pp $-1,263

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: $174,750
• Closing costs: $20,970
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1515 Surf Ave Brooklyn, NY	1.0–2.0	1.0	706	$5,195	$7.35	0d	16	0.91mi
2971 Shell Rd Unit 704 Brooklyn, NY	2.0	1.0	826	$3,950	$4.78	26d	1	1.34mi
2971 Shell Rd Unit 711 Brooklyn, NY	2.0	2.0	907	$4,200	$4.63	26d	1	1.34mi
2971 Shell Rd Unit 612 Brooklyn, NY	2.0	2.0	907	$4,150	$4.58	26d	1	1.34mi
2971 Shell Rd Unit 508 Brooklyn, NY	2.0	2.0	930	$4,099	$4.41	26d	1	1.34mi
2971 Shell Rd Unit 406 Brooklyn, NY	2.0	2.0	920	$3,550	$3.86	26d	1	1.34mi
2971 Shell Rd Unit 720 Brooklyn, NY	2.0	2.0	920	$4,100	$4.46	26d	1	1.34mi
2971 Shell Rd Unit 602 Brooklyn, NY	3.0	2.0	1301	$5,299	$4.07	26d	1	1.34mi
2957 Shell Rd Brooklyn, NY	3.0	2.0	1292	$5,550	$4.30	26d	1	1.34mi
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$5,725	$6.04	0d	8	1.38mi
2286 Cropsey Ave Unit 8B Brooklyn, NY	2.0	2.0	889	$5,000	$5.62	20d	1	1.41mi
2286 Cropsey Ave Unit 9A Brooklyn, NY	2.0	2.0	889	$5,200	$5.85	20d	1	1.41mi
2286 Cropsey Ave Unit 7E Brooklyn, NY	2.0	2.0	948	$5,250	$5.54	20d	1	1.41mi
2286 Cropsey Ave Unit 6A Brooklyn, NY	2.0	2.0	889	$5,125	$5.76	26d	1	1.41mi
2286 Cropsey Ave Unit 18B Brooklyn, NY	2.0	2.0	889	$5,300	$5.96	20d	1	1.41mi
2286 Cropsey Ave Unit 13E Brooklyn, NY	2.0	2.0	948	$5,550	$5.85	20d	1	1.41mi

Listing history 13 events

1. 2026-06-21
   days on market $699,000 Active 289 DOM
2. 2026-06-18
   days on market $699,000 Active 286 DOM
3. 2026-06-17
   days on market $699,000 Active 285 DOM
4. 2026-06-15
   days on market $699,000 Active 283 DOM
5. 2026-06-13
   days on market $699,000 Active 281 DOM
6. 2026-06-10
   days on market $699,000 Active 277 DOM
7. 2026-06-08
   days on market $699,000 Active 276 DOM
8. 2026-06-03
   days on market $699,000 Active 271 DOM
9. 2026-06-01
   days on market $699,000 Active 269 DOM
10. 2026-05-31
    days on market $699,000 Active 268 DOM
11. 2025-09-05
    listed $699,000 Active
12. 2004-11-04
    soldstatus $300,000
13. 2004-05-13
    listed $315,000 105-char remark

    Show marketing remark (105 chars)

    4 YR OLD MINT CONDITION, CONVENIENTLY LOCATED, NEAR SCHOOLS, SHOPPING, TRANSPT, CALL OFFICE FOR ALL APPTS

ⓘ 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: $2,947 · $246/mo
• Projected year-2 tax: $7,380 · $615/mo
• Expected delta: +$4,433/yr (+$369/mo · 150.4%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 77% 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: $56,679
• − Mortgage interest: −$39,155
• − Property taxes: −$2,947
• − Insurance: −$8,614
• − Repairs & maintenance: −$4,534
• − Management: −$4,534
• − Depreciation: −$20,335
• Taxable loss: −$23,440
• Est. tax savings @ 24.0%: +$5,626
• After-tax cash flow: $-5,146/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): 50,822
• Household income: $43,648
• Rent vs Own: 72.7% rent · 27.3% own
• Severe rent burden: 4426.0

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 0.68)
• Race & ethnicity: White 48% Black 22% Hispanic / Latino 19% Asian 8% Two or more races 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 8% Dominican 2%
• Common ancestry: Scotch-Irish 10% Subsaharan African 7% Romanian 1%
• Foreign-born: 48% · Canada, China
• Languages at home: 42% English-only · Russian/Polish/Slavic 32% Spanish 11% Chinese 5%

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: ▲ 4.98%
• Current HPI: 505.1405
• Rent YoY: ▲ 7.03%
• 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

+121.9% since first listed

3 events — show timeline

• 2025-09-05 Listed $699,000 BNYMLS
• 2004-11-04 Sold (Public Records) $300,000 Public Records
• 2004-05-13 Listed $315,000 BNYMLS

Property tax history

+10.3%/yr

Latest (2025): $2,947 · -2.4% YoY. Source: county tax records.