41 Wellington Ct Unit 3g · New York, NY 10314

$349,999

1 bd · 1.0 ba · 821 sqft · Condo public records · 19 Days on market

Built 1987

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Why this score? — see what drove the F 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 +7.4/30.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• DSCR +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Bright and well-maintained 1-bedroom, 1-bathroom apartment located in a highly desirable elevator building. This spacious unit features a separate living room and dining area, offering a comfortable and functional layout perfect for everyday living and entertaining. Enjoy the convenience of an in-unit washer and dryer, as well as a hot water tank that is only 2 years old. Step out onto the screened-in balcony for added outdoor enjoyment and relaxation. This unit also includes a coveted indoor garage parking spot and access to a community pool exclusively for residents. With low maintenance of just 415/month, this home offers both comfort and value. Conveniently located near major transporta

Key facts

• Major transportation
• Community pool
• Screened-in balcony

Tags

• ELEVATOR BUILDING
• IN-UNIT WASHER AND DRYER
• SCREENED-IN BALCONY
• INDOOR GARAGE PARKING
• COMMUNITY POOL
• MAJOR TRANSPORTATION

Property features AI

Finance

• HOA & community: Association: Wellington at Essex Park Condominium 1; Association amenities include clubhouse, pool, and pet-friendly policy; Monthly association fee includes snow removal, sewer, outside maintenance, and clubhouse access

Exterior

• Parking: Attached garage with 1 garage space
• Utilities: 110V electric; Natural gas heating; Forced air heating; Electric heating
• Home design: 3-story building; Brick construction; Approximate year built; Property in good condition
• Construction: Brick exterior; 3 stories; Approximate year built; Building in good condition
• Exterior features: Balcony; In-ground pool; Handicap accessible

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bedrooms: Includes living room and dining room (total 5 rooms listed)
• Bathrooms: 1 full bathroom
• Interior features: Walk-in closet(s); Wall unit air conditioning
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $350k.

Deal economics

• At list price, monthly cash flow is $-454 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $333k (4.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $263k (24.8% below list).
• Recommended offer: $263k (24.8% below list) — sets the bar for 1% rule.
• 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.
• 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 72 Rocco Laurie (math 47% / reading 65%, grade B-, #205 of 729 statewide, top 29%, 1,449 students, 66% 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 (+3.9%/yr); 490 active listings in the ZIP; solid renter incomes; 480 units permitted in Richmond County in 2024 (22 in 5+ unit buildings).
• This rent runs 30% of the median local income ($105k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 19 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $139k; list at $350k implies a 152% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 56% 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 $263,229 (24.8% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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: 0.75% ✗
• Cap rate: 4.74%
• Cash-on-cash: -5.56%
• DSCR: 0.75
• GRM: 11.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.93% rent growth · sell at horizon

5-year hold

• IRR: -24.7%
• Equity multiple: 0.15×
• Total profit: $-83,028
• Equity at exit: $52,186

10-year hold

• IRR: -17.6%
• Equity multiple: -0.01×
• Total profit: $-98,681
• Equity at exit: $30,262

Cash invested: $98,000 (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 10314

• Rents YoY: 3.9%
• Active inventory: 490
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,632 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$196 /mo · $2,354/yr
• Insurance: −$146
• HOA est. from 7 same-building comps: −$356
• Vacancy / Maint / Mgmt: −$553
• Net cashflow: $-454

Break-even live

Break-even rent $3,207

Max offer price $269,816

Occupancy floor —

Sensitivity live

Price	-10% $-256	-5% $-355	+0% $-454	+5% $-553	+10% $-652
Rent	-10% $-662	-5% $-558	+0% $-454	+5% $-350	+10% $-246
Rate	-1.0pp $-278	-0.5pp $-365	base $-454	+0.5pp $-545	+1.0pp $-637

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-05-08
   listed $349,999 Active
2. 1989-05-19
   soldstatus $139,000

ⓘ 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: $2,354 · $196/mo
• Projected year-2 tax: $4,134 · $345/mo
• Expected delta: +$1,781/yr (+$148/mo · 75.7%)

ⓘ 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 56% 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: $31,587
• − Mortgage interest: −$19,605
• − Property taxes: −$2,354
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,527
• − Management: −$2,527
• − HOA: −$4,272
• − Depreciation: −$10,182
• Taxable loss: −$11,629
• Est. tax savings @ 24.0%: +$2,791
• After-tax cash flow: $-2,656/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

+151.8% since first listed

2 events — show timeline

• 2026-05-08 Listed $349,999 SIBORMLS
• 1989-05-19 Sold (Public Records) $139,000 Public Records

Property tax history

+0.8%/yr

Latest (2025): $2,354 · +1.0% YoY. Source: county tax records.