205 Essex Dr · New York, NY 10314

$968,000

6 bd · 4.0 ba · 2,070 sqft · MultiFamily public records · 27 Days on market

Built 2001 2,116 sqft lot Est $946k · at est.

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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 +9.7/30.0
• ARV discount +6.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Welcome to this beautiful and well-maintained legal two-family home, built in 2001, offering the perfect combination of comfortable living and income potential. The main residence features a bright and open layout with a spacious living room, modern kitchen, and formal dining area, with direct access to a private balcony and backyard—perfect for outdoor entertaining and BBQs.The upper level offers four generously sized bedrooms, including a luxurious primary suite with high ceilings, walk-in closet, jacuzzi tub, and separate stand-up shower. An additional full bathroom completes this level. A finished loft provides flexible space ideal for a home office, guest room, or recreation area.The walk-in level includes a one-bedroom apartment, perfect for rental income, extended family, or guest use. Additional space can be used as an office or playroom.The home features central air conditioning, separate heating and hot water systems, and is in excellent, move-in ready condition.Private garage plus driveway parking for two cars.Situated in a quiet and desirable neighborhood, the home faces a beautiful park view and is conveniently located near shopping, schools, and public transportation.Building Size: 23×45 | Lot Size: 23×92, Ideal for end-users seeking space and comfort, or investors looking for strong rental potential. A rare opportunity in a prime location.

Key facts

• Finished loft
• Private balcony
• Private garage

Tags

• PRIVATE BALCONY
• BACKYARD
• FINISHED LOFT
• CENTRAL AIR CONDITIONING
• PRIVATE GARAGE
• DRIVEWAY PARKING

Property features AI

Finance

• Other: Zoning: R5
• Financial info: Financing options may include cash, bank mortgage, or exchange considered

Exterior

• Parking: Private drive; Built-in garage with 2 parking spaces
• Utilities: 200 Amp electrical service; Gas hot water; Gas heating
• Home design: Attached building; Residential property
• Construction: Masonry construction; Stucco exterior; Pitched roof; Poured concrete foundation; Building footprint approximately 1,035 sq ft
• Exterior features: Front yard; Back yard

Interior

• Kitchen: Refrigerator; Stove
• Bedrooms: One 1-bedroom unit on the 1st floor; One 5-bedroom unit on the 2nd floor
• Flooring: Hardwood floors; Tile floors; Other flooring (see remarks)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 3 full bathrooms and 1 three-quarter bathroom; Total building: 3 full baths and 1 three-quarter bath
• Heating & cooling: Hot air heating; Gas heating fuel; 200 Amp electric service; Multiple A/C units (5+)
• Interior features: Central A/C; Deck; Terrace
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $968k.

Deal economics

• At list price, monthly cash flow is $-642 ($-8k/yr) — negative. Per door: $-321/mo.
• To cash-flow at today's rent, offer at most $855k (11.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $704k (27.3% below list).
• Recommended offer: $704k (27.3% 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.
• Market conditions: Rents rising (+3.9%/yr); 487 active listings in the ZIP; solid renter incomes; 480 units permitted in Richmond County in 2024 (22 in 5+ unit buildings).
• At $7,035/mo this rent would consume 81% of the median local household income ($105k/yr) (locally 2168% 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 $7k of loan paydown is wiped out by about $29k of value loss. Plan a longer hold.
• Richmond County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($953k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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

• Climate carrying-cost: major wind risk, 53% 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 $703,500 (27.3% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.73% ✗
• Cap rate: 5.50%
• Cash-on-cash: -2.84%
• DSCR: 0.87
• GRM: 11.5

CMA / ARV

• ARV (on-the-fly): $945,990
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
55 Furness Pl	0.53mi	5/4.0 (-1)	2,164 (+4%)	9mo	$990,000	$457	55
60 Copley St	0.57mi	5/3.5 (-1)	2,205 (+6%)	6mo	$915,000	$415	51
46 Lewiston St	0.74mi	5/6.5 (-1)	2,240 (+8%)	2mo	$1,150,000	$513	35

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 · 3.93% rent growth · sell at horizon

5-year hold

• IRR: -20.1%
• Equity multiple: 0.29×
• Total profit: $-191,282
• Equity at exit: $144,332

10-year hold

• IRR: -11.4%
• Equity multiple: 0.29×
• Total profit: $-192,206
• Equity at exit: $83,695

Cash invested: $271,040 (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 10314

• Rents YoY: 3.9%
• Active inventory: 487
• Price-to-rent: 22.9×

Monthly cashflow live

• Estimated rent: $7,035 medium
• Mortgage (P&I): −$5,076
• Tax from tax record: −$720 /mo · $8,637/yr
• Insurance: −$403
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,477
• Net cashflow: $-642

Break-even live

Break-even rent $7,847

Max offer price $854,633

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$7,036
Total (2 units)			$7,035

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: $242,000
• Closing costs: $29,040
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-05-04
   status Pending 1394-char remark

   Show marketing remark (1394 chars)

   Welcome to this beautiful and well-maintained legal two-family home, built in 2001, offering the perfect combination of comfortable living and income potential. The main residence features a bright and open layout with a spacious living room, modern kitchen, and formal dining area, with direct access to a private balcony and backyard—perfect for outdoor entertaining and BBQs.The upper level offers four generously sized bedrooms, including a luxurious primary suite with high ceilings, walk-in closet, jacuzzi tub, and separate stand-up shower. An additional full bathroom completes this level. A finished loft provides flexible space ideal for a home office, guest room, or recreation area.The walk-in level includes a one-bedroom apartment, perfect for rental income, extended family, or guest use. Additional space can be used as an office or playroom.The home features central air conditioning, separate heating and hot water systems, and is in excellent, move-in ready condition.Private garage plus driveway parking for two cars.Situated in a quiet and desirable neighborhood, the home faces a beautiful park view and is conveniently located near shopping, schools, and public transportation.Building Size: 23×45 | Lot Size: 23×92, Ideal for end-users seeking space and comfort, or investors looking for strong rental potential. A rare opportunity in a prime location.

2. 2026-05-04
   status Pending

   Show marketing remark (1394 chars)

   Welcome to this beautiful and well-maintained legal two-family home, built in 2001, offering the perfect combination of comfortable living and income potential. The main residence features a bright and open layout with a spacious living room, modern kitchen, and formal dining area, with direct access to a private balcony and backyard—perfect for outdoor entertaining and BBQs.The upper level offers four generously sized bedrooms, including a luxurious primary suite with high ceilings, walk-in closet, jacuzzi tub, and separate stand-up shower. An additional full bathroom completes this level. A finished loft provides flexible space ideal for a home office, guest room, or recreation area.The walk-in level includes a one-bedroom apartment, perfect for rental income, extended family, or guest use. Additional space can be used as an office or playroom.The home features central air conditioning, separate heating and hot water systems, and is in excellent, move-in ready condition.Private garage plus driveway parking for two cars.Situated in a quiet and desirable neighborhood, the home faces a beautiful park view and is conveniently located near shopping, schools, and public transportation.Building Size: 23×45 | Lot Size: 23×92, Ideal for end-users seeking space and comfort, or investors looking for strong rental potential. A rare opportunity in a prime location.

3. 2026-04-07
   listed $968,000 Active 1394-char remark

   Show marketing remark (1394 chars)

   Welcome to this beautiful and well-maintained legal two-family home, built in 2001, offering the perfect combination of comfortable living and income potential. The main residence features a bright and open layout with a spacious living room, modern kitchen, and formal dining area, with direct access to a private balcony and backyard—perfect for outdoor entertaining and BBQs.The upper level offers four generously sized bedrooms, including a luxurious primary suite with high ceilings, walk-in closet, jacuzzi tub, and separate stand-up shower. An additional full bathroom completes this level. A finished loft provides flexible space ideal for a home office, guest room, or recreation area.The walk-in level includes a one-bedroom apartment, perfect for rental income, extended family, or guest use. Additional space can be used as an office or playroom.The home features central air conditioning, separate heating and hot water systems, and is in excellent, move-in ready condition.Private garage plus driveway parking for two cars.Situated in a quiet and desirable neighborhood, the home faces a beautiful park view and is conveniently located near shopping, schools, and public transportation.Building Size: 23×45 | Lot Size: 23×92, Ideal for end-users seeking space and comfort, or investors looking for strong rental potential. A rare opportunity in a prime location.

4. 2026-04-07
   listed $968,000 Active

   Show marketing remark (1394 chars)

   Welcome to this beautiful and well-maintained legal two-family home, built in 2001, offering the perfect combination of comfortable living and income potential. The main residence features a bright and open layout with a spacious living room, modern kitchen, and formal dining area, with direct access to a private balcony and backyard—perfect for outdoor entertaining and BBQs.The upper level offers four generously sized bedrooms, including a luxurious primary suite with high ceilings, walk-in closet, jacuzzi tub, and separate stand-up shower. An additional full bathroom completes this level. A finished loft provides flexible space ideal for a home office, guest room, or recreation area.The walk-in level includes a one-bedroom apartment, perfect for rental income, extended family, or guest use. Additional space can be used as an office or playroom.The home features central air conditioning, separate heating and hot water systems, and is in excellent, move-in ready condition.Private garage plus driveway parking for two cars.Situated in a quiet and desirable neighborhood, the home faces a beautiful park view and is conveniently located near shopping, schools, and public transportation.Building Size: 23×45 | Lot Size: 23×92, Ideal for end-users seeking space and comfort, or investors looking for strong rental potential. A rare opportunity in a prime location.

5. 2018-07-13
   soldstatus $850,000 Closed 840-char remark

   Show marketing remark (840 chars)

   Huge 2 fam beauty w/5 bd & 4 bth.Enter this oversized gem to crown molding, wainscoting & a desired open flr plan.A lg FDR is perfect for entertaining.Also on the main lvl is a gorgeous EIK w/stainless steel appliances,Granite countertops & an island that flows seamlessly to a brkfast area & fam rm w/frplc.Gain access through SGD to a deck & maintenance free yard. Stroll upstairs on an extra wide grand staircase to 4 bd.Rest comfortably in a lg mstr bd w/4 pc mstr bth.A spiral staircase takes you up to a bonus rm (loft).This immense home also has fully tiled lg 1 bd apt w/prvt entrance,EIK,LVR,full bth & strge.If that's not enough this home also features a new efficient A/C in attic,h/w flrs thruout,close to shopping,local & express buses & more.Subject to E&O house & lot size approximate.

6. 2018-03-29
   status Pending 840-char remark

   Show marketing remark (840 chars)

   Huge 2 fam beauty w/5 bd & 4 bth.Enter this oversized gem to crown molding, wainscoting & a desired open flr plan.A lg FDR is perfect for entertaining.Also on the main lvl is a gorgeous EIK w/stainless steel appliances,Granite countertops & an island that flows seamlessly to a brkfast area & fam rm w/frplc.Gain access through SGD to a deck & maintenance free yard. Stroll upstairs on an extra wide grand staircase to 4 bd.Rest comfortably in a lg mstr bd w/4 pc mstr bth.A spiral staircase takes you up to a bonus rm (loft).This immense home also has fully tiled lg 1 bd apt w/prvt entrance,EIK,LVR,full bth & strge.If that's not enough this home also features a new efficient A/C in attic,h/w flrs thruout,close to shopping,local & express buses & more.Subject to E&O house & lot size approximate.

7. 2018-03-23
   historical 840-char remark

   Show marketing remark (840 chars)

   Huge 2 fam beauty w/5 bd & 4 bth.Enter this oversized gem to crown molding, wainscoting & a desired open flr plan.A lg FDR is perfect for entertaining.Also on the main lvl is a gorgeous EIK w/stainless steel appliances,Granite countertops & an island that flows seamlessly to a brkfast area & fam rm w/frplc.Gain access through SGD to a deck & maintenance free yard. Stroll upstairs on an extra wide grand staircase to 4 bd.Rest comfortably in a lg mstr bd w/4 pc mstr bth.A spiral staircase takes you up to a bonus rm (loft).This immense home also has fully tiled lg 1 bd apt w/prvt entrance,EIK,LVR,full bth & strge.If that's not enough this home also features a new efficient A/C in attic,h/w flrs thruout,close to shopping,local & express buses & more.Subject to E&O house & lot size approximate.

8. 2018-03-15
   listed $859,000 Active 840-char remark

   Show marketing remark (840 chars)

   Huge 2 fam beauty w/5 bd & 4 bth.Enter this oversized gem to crown molding, wainscoting & a desired open flr plan.A lg FDR is perfect for entertaining.Also on the main lvl is a gorgeous EIK w/stainless steel appliances,Granite countertops & an island that flows seamlessly to a brkfast area & fam rm w/frplc.Gain access through SGD to a deck & maintenance free yard. Stroll upstairs on an extra wide grand staircase to 4 bd.Rest comfortably in a lg mstr bd w/4 pc mstr bth.A spiral staircase takes you up to a bonus rm (loft).This immense home also has fully tiled lg 1 bd apt w/prvt entrance,EIK,LVR,full bth & strge.If that's not enough this home also features a new efficient A/C in attic,h/w flrs thruout,close to shopping,local & express buses & more.Subject to E&O house & lot size approximate.

9. 2016-02-17
   historical
10. 2014-12-12
    historical
11. 2007-09-10
    listed $629,900
12. 2006-09-15
    listed $658,900

ⓘ 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: $8,637 · $720/mo
• Projected year-2 tax: $12,498 · $1,042/mo
• Expected delta: +$3,861/yr (+$322/mo · 44.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 53% 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: $84,420
• − Mortgage interest: −$54,223
• − Property taxes: −$8,637
• − Insurance: −$4,840
• − Repairs & maintenance: −$6,754
• − Management: −$6,754
• − Depreciation: −$28,160
• Taxable loss: −$24,947
• Est. tax savings @ 24.0%: +$5,987
• After-tax cash flow: $-1,714/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: Richmond County · 404,174 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 93,915
• Household income: $104,613
• Rent vs Own: 27.1% rent · 72.9% own
• Severe rent burden: 2168.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 482,784 people
• By 2030: 481,831 · -0.2%
• By 2040: 473,159 · -2.0%
• By 2050: 457,242 · -5.3%
• By 2075: 408,029 · -15.5%
• By 2100: 341,459 · -29.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 60% Asian 19% Hispanic / Latino 15% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 7% Dominican 1%
• Common ancestry: Romanian 4% Scotch-Irish 2% Subsaharan African 1%
• Foreign-born: 28% · Canada, China, South Korea
• Languages at home: 61% English-only · Spanish 9% Chinese 7% Other Indo-European 7%

Political lean MEDSL · Richmond

• 2024 margin: Strong R (+29.8) · D 35.1% · R 64.9%
• 2008→2024 swing: -25.7pp toward R · 2008: -4.0pp · 2024: -29.8pp
• All cycles: 2024: R+29.8 2020: R+14.9 2016: R+16.8 2012: D+0.8 2008: R+4.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -553.73%
• Current HPI: 378.3872
• Rent YoY: ▲ 3.93%
• 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

+46.9% since first listed

12 events — show timeline

• 2026-05-04 Pending — SIBORMLS
• 2026-05-04 Pending — BNYMLS
• 2026-04-07 Listed $968,000 BNYMLS
• 2026-04-07 Listed $968,000 SIBORMLS
• 2018-07-13 Sold (MLS) $850,000 SIBORMLS
• 2018-03-29 Pending — SIBORMLS
• 2018-03-23 Listing Removed — SIBORMLS
• 2018-03-15 Listed $859,000 SIBORMLS
• 2016-02-17 Listing Removed — SIBORMLS
• 2014-12-12 Listing Removed — SIBORMLS
• 2007-09-10 Listed $629,900 SIBORMLS
• 2006-09-15 Listed $658,900 SIBORMLS

Property tax history

+5.5%/yr

Latest (2025): $8,637 · +6.0% YoY. Source: county tax records.