240 E 24th St Unit B · New York, NY 10010

$490,000

1 bd · 1.0 ba · 479 sqft · Condo · 94 Days on market

Built 1950 Good condition $1377/mo HOA · 29% of rent

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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).

• Appreciation +7.9/10.0
• ARV discount +7.5/15.0
• Cash flow +5.9/30.0
• Schools +5.0/10.0
• 1% rule +4.8/10.0
• Condition / age +4.0/5.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• DSCR +0.3/10.0

Listing remarks

Sponsor unit — no board interview. This move-in ready one-bedroom, one-bath co-op offers generous space, good storage, and rare flexibility in a prime Kips Bay location. A foyer opens to a bright living room with hardwood floors, oversized windows, and space for both living and dining. The windowed kitchen has full-size appliances and ample cabinet and counter space. The oversized bedroom fits a king-size bed, and multiple closets provide strong storage throughout. Split-system air conditioning throughout ensures year-round comfort. A full bathroom with tub completes the home. Located in a well-maintained boutique co-op with a live-in superintendent and a shared courtyard with barbecu

Key facts

• Windowed kitchen
• Shared courtyard
• $1,377 HOA

Tags

• PRIME KIPS BAY LOCATION
• WINDOWED KITCHEN
• SHARED COURTYARD
• LIVE-IN SUPERINTENDENT
• IMMEDIATE RENTALS ALLOWED

Property features AI

Finance

• Other: Multi-unit building with 36 total units
• HOA & community: Monthly association fee of $1,377

Exterior

• Home design: Entry level: Level 1
• Construction: 5-story building
• Exterior features: Pets allowed in building; cats and dogs OK

Interior

• Bedrooms: 3 rooms total (includes bedrooms and other living spaces)
• Bathrooms: 1 full bathroom
• Interior features: Unfurnished
• Laundry & utility: Laundry details: see remarks

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $490k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-959 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $351k (28.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $482k (1.7% below list).
• Recommended offer: $351k (28.3% below list) — sets the bar for cash-flow.
• Cap rate 3.9% 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 (+5.1%/yr); 233 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• This rent runs 40% of the median local income ($145k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $31k of equity ($3k loan paydown + $28k appreciation (5.7% 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 ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($446k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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: HOA is 29% of rent; built in 1950 — 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 $351,223 (28.3% 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 94 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1950 — 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: 0.98% ✗
• Cap rate: 3.94%
• Cash-on-cash: -8.39%
• DSCR: 0.63
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.7% appreciation · 5.08% rent growth · sell at horizon

5-year hold

• IRR: 8.9%
• Equity multiple: 1.60×
• Total profit: $82,914
• Equity at exit: $298,797

10-year hold

• IRR: 11.4%
• Equity multiple: 3.32×
• Total profit: $318,739
• Equity at exit: $534,055

Cash invested: $137,200 (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 10010

• Home prices YoY: 2.0%
• Rents YoY: 5.1%
• Active inventory: 233
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $4,815 medium
• Mortgage (P&I): −$2,570
• Tax est. 1.5%: −$612 /mo · $7,350/yr
• Insurance: −$204
• HOA: −$1,377
• Vacancy / Maint / Mgmt: −$1,011
• Net cashflow: $-959

Break-even live

Break-even rent $6,029

Max offer price $351,223

Occupancy floor —

Sensitivity live

Price	-10% $-620	-5% $-790	+0% $-959	+5% $-1,128	+10% $-1,298
Rent	-10% $-1,339	-5% $-1,149	+0% $-959	+5% $-769	+10% $-579
Rate	-1.0pp $-712	-0.5pp $-834	base $-959	+0.5pp $-1,086	+1.0pp $-1,215

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: $122,500
• Closing costs: $14,700
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
535 Hudson St #1032 New York, NY	1.0–2.0	1.0	550	$6,030	$10.96	9d	2	1.36mi

HOA detail condo

• Monthly dues: $1,377 · $16,524/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-21
   days on market $490,000 Active 94 DOM
2. 2026-06-18
   days on market $490,000 Active 91 DOM
3. 2026-06-17
   days on market $490,000 Active 90 DOM
4. 2026-06-15
   days on market $490,000 Active 88 DOM
5. 2026-06-13
   days on market $490,000 Active 86 DOM
6. 2026-06-10
   days on market $490,000 Active 82 DOM
7. 2026-06-08
   days on market $490,000 Active 81 DOM
8. 2026-06-08
   days on market $490,000 Active 80 DOM
9. 2026-06-04
   days on market $490,000 Active 77 DOM
10. 2026-06-03
    days on market $490,000 Active 76 DOM
11. 2026-06-01
    days on market $490,000 Active 74 DOM
12. 2026-05-31
    days on market $490,000 Active 73 DOM
13. 2026-02-25
    listed $490,000 Active
14. 2024-12-22
    historical $3,250
15. 2024-10-29
    listed $3,250
16. 2024-09-05
    price $486,750
17. 2022-09-28
    soldstatus $2,325,000

ⓘ 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: $57,786
• − Mortgage interest: −$27,448
• − Property taxes: −$7,350
• − Insurance: −$2,450
• − Repairs & maintenance: −$4,623
• − Management: −$4,623
• − HOA: −$16,524
• − Depreciation: −$14,255
• Taxable loss: −$19,486
• Est. tax savings @ 24.0%: +$4,677
• After-tax cash flow: $-6,832/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.

Condition & rehab AI · 5 photos

Good 80/100 Cosmetic rehab

This move-in ready one-bedroom, one-bath co-op offers generous space and is located in a well-maintained boutique co-op with a live-in superintendent and a shared courtyard with barbecues.

Value-add opportunities

• Both Painting the exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Landscaping the exterior — Improves curb appeal and adds value
• Resale Upgrading the kitchen appliances — Modernizes the kitchen and appeals to potential buyers
• Resale Upgrading the bathroom fixtures — Modernizes the bathroom and enhances the overall appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping the exterior — Improves curb appeal and adds value ↑
• Resale Upgrading the kitchen appliances — Modernizes the kitchen and appeals to potential buyers ↑
• Resale Upgrading the bathroom fixtures — Modernizes the bathroom and enhances the overall appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 30,702
• Household income: $144,969
• Rent vs Own: 72.1% rent · 27.9% own
• Severe rent burden: 2470.0

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 0.57)
• Race & ethnicity: White 63% Asian 14% Black 9% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 5% Italian 3% Scotch-Irish 2%
• Foreign-born: 21% · Canada, China, South Korea
• Languages at home: 80% English-only · Spanish 4% Chinese 4% Other Indo-European 3%

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: ▲ 5.70%
• Current HPI: 293.8611
• Rent YoY: ▲ 5.08%
• 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

-78.9% since first listed

5 events — show timeline

• 2026-02-25 Listed $490,000 RLS at REBNY
• 2024-12-22 Rental Removed $3,250 REBNY
• 2024-10-29 Listed for Rent $3,250 REBNY
• 2024-09-05 Price Changed $486,750 RLS at REBNY
• 2022-09-28 Sold (Public Records) $2,325,000 Public Records