403 E 87th St Unit 3B · New York, NY 10128

$450,000

1 bd · 1.0 ba · 700 sqft · Townhouse · 91 Days on market

Built 1941 Good condition $643/sqft · 29% below area Est $631k · 29% under ↓ 7% since listing

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Why this score? — see what drove the A- 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 +25.2/30.0
• ARV discount +15.0/15.0
• Schools +8.3/10.0
• DSCR +8.2/10.0
• Appreciation +6.9/10.0
• 1% rule +6.6/10.0
• Rent growth +4.3/5.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0

Listing remarks

Upper East side living, redefined. Forget the cramped, one-note studios. This is the Upper East Side find you’ve been manifesting—a sophisticated, split-level co-op that trades the typical "apartment" feel for a functional, multi-floor lifestyle. It’s spacious, it’s rare, and it’s arguably the best-valued "house" in Manhattan. The main level offers a spacious eat-in kitchen and a polished, updated bathroom. The upper sanctuary serves as your private penthouse-the legitimate king-sized bedroom is sun-drenched, quiet, and features the kind of closet space that actually accommodates a New York wardrobe.

Key facts

• King-sized bedroom
• Lower living area
• Eat-in kitchen

Tags

• SPLIT-LEVEL CO-OP
• EAT-IN KITCHEN
• UPDATED BATHROOM
• KING-SIZED BEDROOM
• CLOSET SPACE
• LOWER LIVING AREA

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath townhouse listed at $450k. Condition is rated good.

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 ($5k rent vs $450k).
• Recommended offer: $410k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 2.7% 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); Mark Twain Is 239 For The Gifted And Talented (math 90% / reading 96%, grade A+, #6 of 729 statewide, top 1%, 1,207 students, 44% 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); 370 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 29d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• This rent runs 42% of the median local income ($148k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $20k of equity ($3k loan paydown + $17k appreciation (3.7% 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 (3.7% appreciation + 7.0% rent growth), your $126k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($410k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1941 — 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 $409,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. 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: 1.16% ✓
• Cap rate: 8.97%
• Cash-on-cash: 9.55%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

• ARV (median comp): $630,699
• List price: $450,000
• Delta: -28.65%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
401 E 86 Unit 8D	0.05mi	1/1.0	750 (+7%)	8mo	$660,000	$880	80
345 E 93rd St Unit 22E	0.31mi	1/1.0	650 (-7%)	0mo	$545,000	$838	74
389 E 89th St Unit 9F	0.11mi	1/1.0	729 (+4%)	21mo	$1,025,000	$1,406	71
345 E 93rd St Unit 4D	0.31mi	1/1.0	725 (+4%)	11mo	$550,000	$759	71
345 E 93rd St Unit 2E	0.31mi	1/1.0	650 (-7%)	10mo	$520,000	$800	66
345 E 93rd St Unit 20A	0.31mi	1/1.0	750 (+7%)	10mo	$560,000	$747	65
345 E 93rd St Unit 8E	0.31mi	1/1.0	650 (-7%)	10mo	$512,500	$788	65
225 E 86th St #302	0.24mi	1/1.0	732 (+5%)	22mo	$710,000	$970	62
128 E 86th St Unit 2B	0.42mi	1/1.0	711 (+2%)	23mo	$100,000	$141	58
520 E 81 St Unit 12D	0.38mi	1/1.0	768 (+10%)	10mo	$735,000	$957	57

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

Projected returns pro-forma

3.74% appreciation · 7.04% rent growth · sell at horizon

5-year hold

• IRR: 20.7%
• Equity multiple: 2.25×
• Total profit: $157,914
• Equity at exit: $221,241

10-year hold

• IRR: 23.3%
• Equity multiple: 4.89×
• Total profit: $490,554
• Equity at exit: $356,447

Cash invested: $126,000 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 155 active · 24 under contract
• Months of supply: 930.0 mo (0%/mo absorbed)
• Median asking: $800,000 ($1124/sqft)
• Median days on market: 87 d
• This list price: 1% of active listings are priced below it
• ARV vs active asking: -19.8% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 10128

• Home prices YoY: 2.0%
• Rents YoY: 7.0%
• Active inventory: 370
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $5,205 high
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,750/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,093
• Net cashflow: $1,002

Break-even live

Break-even rent $3,937

Max offer price $450,000

Occupancy floor 76%

Sensitivity live

Price	-10% $1,313	-5% $1,158	+0% $1,002	+5% $847	+10% $691
Rent	-10% $591	-5% $797	+0% $1,002	+5% $1,208	+10% $1,414
Rate	-1.0pp $1,229	-0.5pp $1,117	base $1,002	+0.5pp $886	+1.0pp $767

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: $112,500
• Closing costs: $13,500
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
501 E 87th St #2094 New York, NY	1.0	1.0	618	$5,000	$8.09	0d	2	0.13mi
1735 York Ave Unit 25D New York, NY	1.0	1.0	650	$5,700	$8.77	4d	1	0.14mi
315 E 86th St Unit 1327 New York, NY	1.0	2.0	726	$6,460	$8.90	73d	1	0.15mi
1735 York Ave Unit 31D New York, NY	1.0	1.0	650	$5,895	$9.07	21d	1	0.15mi
1735 York Ave Unit 27A New York, NY	1.0	1.0	740	$6,500	$8.78	3d	1	0.15mi
1735 York Ave Unit 9D New York, NY	1.0	1.0	650	$5,500	$8.46	4d	1	0.15mi
1735 York Ave Unit 9E New York, NY	1.0	1.0	650	$5,400	$8.31	21d	1	0.15mi
354 E 91st St #648 New York, NY	1.0–2.0	1.0	617	$5,060	$8.19	0d	2	0.15mi
515 E 86th St Unit 589 New York, NY	1.0	1.0	695	$6,070	$8.73	69d	1	0.17mi
515 E 86th St Unit 1760 New York, NY	1.0	1.0	485	$5,670	$11.69	1d	1	0.17mi
235 E 89th St Unit 1495783P New York, NY	2.0	1.0	699	$7,443	$10.65	70d	1	0.20mi
244 E 86th St #604 New York, NY	1.0–2.0	1.0–2.0	950	$4,350	$4.58	0d	2	0.22mi
1567 York Ave Unit 1021866P New York, NY	2.0	1.0	742	$5,910	$7.96	71d	1	0.26mi
501 1/2 E 83rd St #1998 New York, NY	2.0	1.0	525	$4,710	$8.97	73d	2	0.29mi
200 E 89th St Unit 12G New York, NY	1.0	1.0	650	$5,000	$7.69	67d	1	0.29mi
201 E 86th St #298 New York, NY	1.0–2.0	1.0–1.5	700	$6,760	$9.66	0d	2	0.30mi
345 E 94th St #1470 New York, NY	2.0	1.0–2.0	710	$5,565	$7.83	0d	3	0.32mi
88 E End Ave #1750 New York, NY	2.0	1.0	550	$4,175	$7.59	17d	2	0.33mi
234 E 83rd St Apt 1C New York, NY	2.0	2.0	350	$5,495	$15.70	30d	1	0.35mi
160 E 88th St #1332 New York, NY	1.0	1.0	560	$5,700	$10.18	14d	1	0.38mi
150 E 84th St New York, NY	2.0	1.0	702	$4,875	$6.94	10d	1	0.41mi
420 E 80th St #198 New York, NY	1.0	1.0	623	$4,760	$7.64	67d	1	0.42mi
200 E 82nd St #505 New York, NY	2.0	1.0	636	$6,445	$10.13	0d	3	0.43mi
225 E 95th St #1295 New York, NY	1.0	1.0	650	$5,130	$7.89	14d	1	0.44mi
215 E 95th St #1293 New York, NY	1.0–2.0	1.0–1.5	740	$4,760	$6.43	28d	2	0.44mi
301 E 79th St Unit 28P New York, NY	1.0	1.0	700	$5,500	$7.86	73d	1	0.47mi
215 E 96th St Unit 688 New York, NY	1.0	1.0	717	$6,580	$9.18	17d	1	0.49mi
347 E 78th St Unit 1460467P New York, NY	2.0	1.0	645	$7,606	$11.79	73d	1	0.51mi
347 E 78th St Unit 1530420P New York, NY	2.0	1.0	645	$6,270	$9.72	71d	1	0.51mi
315 E 78th St Unit 1021847P New York, NY	1.0	1.0	516	$4,880	$9.46	69d	1	0.52mi
315 E 78th St Unit 1021885P New York, NY	1.0	1.0	516	$6,242	$12.10	48d	1	0.52mi
315 E 78th St Unit 1021894P New York, NY	1.0	1.0	548	$5,643	$10.30	71d	1	0.52mi
315 E 78th St Unit 1021994P New York, NY	1.0	1.0	441	$5,037	$11.42	70d	1	0.52mi
175 E 96th St Unit 1251683P New York, NY	2.0	1.0–2.0	750	$5,980	$7.97	0d	2	0.53mi
308 E 78th St #2024 New York, NY	1.0–2.0	1.0	550	$4,610	$8.38	73d	2	0.55mi
1501 Lexington Ave #932 New York, NY	1.0	1.0	583	$5,260	$9.01	0d	3	0.59mi
231 E 76th St #1530 New York, NY	1.0	1.0	650	$6,470	$9.95	70d	1	0.64mi
888 Main St New York, NY	3.0	1.0–2.0	908	$4,994	$5.50	1d	22	0.68mi
888 Main St New York, NY	3.0	1.0–2.0	908	$4,928	$5.43	48d	8	0.68mi
240e E 75th St Unit 1021876P New York, NY	—	1.0	441	$5,981	$13.56	57d	1	0.70mi

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Con Edison electricPublic sewerWater connectedSewer connected
• Home design: Stock cooperativeMulti/split levelsFive-story buildingEntry level listed as 3
• Construction: Brick construction
• Exterior features: Brick constructionNot waterfront

Interior

• Kitchen: DishwasherOvenRangeRefrigerator
• Bedrooms: 4 rooms total (entry level: unit on 3rd level)
• Bathrooms: 1 full bathroom
• Heating & cooling: Steam heatingWall/window air conditioning units
• Interior features: Eat-in kitchenCommon basement areaCommon-area laundry and in-basement laundry accessPets allowed
• Laundry & utility: Common-area laundryLaundry in basement

Listing history 36 events

1. 2026-07-18
   days on market $450,000 Active 91 DOM
2. 2026-07-16
   days on market $450,000 Active 90 DOM
3. 2026-07-14
   days on market $450,000 Active 88 DOM
4. 2026-07-14
   days on market $450,000 Active 87 DOM
5. 2026-07-13
   days on market $450,000 Active 86 DOM
6. 2026-07-11
   days on market $450,000 Active 85 DOM
7. 2026-07-10
   days on market $450,000 Active 84 DOM
8. 2026-07-09
   days on market $450,000 Active 83 DOM
9. 2026-07-07
   days on market $450,000 Active 81 DOM
10. 2026-07-06
    days on market $450,000 Active 80 DOM
11. 2026-07-05
    days on market $450,000 Active 78 DOM
12. 2026-07-03
    days on market $450,000 Active 77 DOM
13. 2026-07-02
    days on market $450,000 Active 76 DOM
14. 2026-07-01
    days on market $450,000 Active 75 DOM
15. 2026-06-30
    days on market $450,000 Active 74 DOM
16. 2026-06-29
    days on market $450,000 Active 73 DOM
17. 2026-06-28
    days on market $450,000 Active 72 DOM
18. 2026-06-27
    days on market $450,000 Active 71 DOM
19. 2026-06-26
    days on market $450,000 Active 70 DOM
20. 2026-06-24
    days on market $450,000 Active 68 DOM
21. 2026-06-22
    days on market $450,000 Active 66 DOM
22. 2026-06-21
    days on market $450,000 Active 65 DOM
23. 2026-06-18
    days on market $450,000 Active 62 DOM
24. 2026-06-17
    days on market $450,000 Active 61 DOM
25. 2026-06-15
    days on market $450,000 Active 59 DOM
26. 2026-06-13
    days on market $450,000 Active 57 DOM
27. 2026-06-10
    days on market $450,000 Active 53 DOM
28. 2026-06-08
    days on market $450,000 Active 52 DOM
29. 2026-06-08
    days on market $450,000 Active 51 DOM
30. 2026-06-04
    days on market $450,000 Active 48 DOM
31. 2026-06-03
    days on market $450,000 Active 47 DOM
32. 2026-06-01
    days on market $450,000 Active 45 DOM
33. 2026-05-31
    days on market $450,000 Active 44 DOM
34. 2026-04-17
    historical
35. 2026-04-17
    listed $450,000 Active
36. 2025-10-16
    listed $485,000 Active

ⓘ 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 · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $62,464
• − Mortgage interest: −$25,207
• − Property taxes: −$6,750
• − Insurance: −$2,250
• − Repairs & maintenance: −$4,997
• − Management: −$4,997
• − Depreciation: −$13,091
• Taxable income: $5,172
• Est. tax owed @ 24.0%: −$1,241
• After-tax cash flow: $10,787/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 · 12 photos

Good 75/100 Cosmetic rehab Est. rehab $3,500–$10,500 screening

This split-level co-op offers a spacious and updated living experience with good condition and minimal repairs needed. Consider painting, flooring, and appliance upgrades to maximize its value.

Value-add opportunities

• Both Painting the interior walls — Fresh paint can make a significant difference in the home's appearance and value ↑
• Both Updating the flooring — New flooring can enhance the home's appeal and value ↑
• Both Upgrading the kitchen appliances — Modern appliances can increase the home's appeal and value ↑
• Both Updating the bathroom fixtures — Modern fixtures can enhance the home's appeal and value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

A Composite school gradezoned avg 83/100

Zoned Schools

Elementary Yorkville Community School A NY #188/2,108 Nat'l #1,230/41,679 Middle Jhs 167 Robert F Wagner A NY #69/729 Nat'l #612/14,009 High Midwood High School A+ NY #83/1,100 Nat'l #116/17,239

Schools (NCES district)

No district data.

B Composite livability gradescore 75/100

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 · 1,825,725 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 57,976
• Household income: $147,772
• Rent vs Own: 68.9% rent · 31.1% own
• Severe rent burden: 6% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 13% Asian 10% Two or more races 9% Black 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 1% Dominican 2%
• Common ancestry: Scotch-Irish 6% Romanian 6% Lithuanian 2%
• Foreign-born: 25% · Canada, China, South Korea
• Languages at home: 71% English-only · Spanish 9% Other Indo-European 6% Other Asian/Pacific 3%

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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: ▲ 3.74%
• Current HPI: 187.2161
• Rent YoY: ▲ 7.04%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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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

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Con Edison electricPublic sewerWater connectedSewer connected
• Home design: Stock cooperativeMulti/split levelsFive-story buildingEntry level listed as 3
• Construction: Brick construction
• Exterior features: Brick constructionNot waterfront

Interior

• Kitchen: DishwasherOvenRangeRefrigerator
• Bedrooms: 4 rooms total (entry level: unit on 3rd level)
• Bathrooms: 1 full bathroom
• Heating & cooling: Steam heatingWall/window air conditioning units
• Interior features: Eat-in kitchenCommon basement areaCommon-area laundry and in-basement laundry accessPets allowed
• Laundry & utility: Common-area laundryLaundry in basement

Price history

-7.2% since first listed

3 events — show timeline

• 2026-04-17 Listed $450,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-17 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-10-16 Listed $485,000 OneKey® MLS as Distributed by MLS Grid