118 - 122 W 123rd St Unit 7-3 · New York, NY 10027

$495,000

3 bd · 1.0 ba · 1,041 sqft · Condo · 84 Days on market

Built 1914 $985/mo HOA · 17% of rent

---

Why this score? — see what drove the C- 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 +15.3/30.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Schools +5.0/10.0
• DSCR +4.7/10.0
• Appreciation +4.4/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0

Listing remarks

The Victory Renaissance (118–122 W 123rd Street) is a pre-war HDFC cooperative, ideally located in the heart of Central Harlem and surrounded by everything that makes the neighborhood so special. Apartment 7-3, One of only four residences on the floor. The apartment has been recently refreshed, featuring refinished hardwood floors and a kitchen with existing cabinetry retained—providing a clean, functional layout and flexibility for future upgrades. The kitchen and living room overlook a peaceful community garden to the east, with plots available to residents. The primary and second bedrooms face north with open street and sky views, while the third bedroom faces southeast provi

Key facts

• $985 HOA
• Built 1914
• Listed 84 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $495k.

Deal economics

• At list price, monthly cash flow is $180 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $495k).
• Recommended offer: $465k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.7% 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.
• Market conditions: Rents rising (+2.7%/yr); 175 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $5,804/mo this rent would consume 117% of the median local household income ($60k/yr) (locally 5635% 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 (-1.3%/yr); year-one equity from $3k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($465k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $465,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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 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: 1.17% ✓
• Cap rate: 6.73%
• Cash-on-cash: 1.56%
• DSCR: 1.07
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.26% appreciation · 2.71% rent growth · sell at horizon

5-year hold

• IRR: -5.5%
• Equity multiple: 0.76×
• Total profit: $-32,598
• Equity at exit: $113,343

10-year hold

• IRR: 1.3%
• Equity multiple: 1.12×
• Total profit: $16,711
• Equity at exit: $113,859

Cash invested: $138,600 (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 10027

• Home prices YoY: -0.3%
• Rents YoY: 2.7%
• Active inventory: 175
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $5,804 high
• Mortgage (P&I): −$2,596
• Tax est. 1.5%: −$619 /mo · $7,425/yr
• Insurance: −$206
• HOA: −$985
• Vacancy / Maint / Mgmt: −$1,219
• Net cashflow: $180

Break-even live

Break-even rent $5,577

Max offer price $495,000

Occupancy floor 92%

Sensitivity live

Price	-10% $522	-5% $351	+0% $180	+5% $9	+10% $-162
Rent	-10% $-279	-5% $-50	+0% $180	+5% $409	+10% $638
Rate	-1.0pp $429	-0.5pp $306	base $180	+0.5pp $51	+1.0pp $-79

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2071 Adam Clayton Powell Junior Blvd Unit 2 New York, NY	4.0	2.0	1000	$5,995	$6.00	19d	1	0.07mi
230 W 126th St Unit 20C New York, NY	2.0	1.0	860	$4,555	$5.30	25d	1	0.22mi
312 W 121st St Unit 5-A New York, NY	3.0	1.0	800	$4,655	$5.82	12d	1	0.33mi
508 Manhattan Ave Unit 2C New York, NY	3.0	1.0	800	$4,699	$5.87	12d	1	0.33mi
312 W 121st St Unit 4C New York, NY	3.0	2.0	900	$4,854	$5.39	8d	1	0.33mi
506 Manhattan Ave Unit 1A New York, NY	3.0	1.0	800	$4,699	$5.87	12d	1	0.34mi
61 Malcolm X Blvd New York, NY	2.0	2.0	1300	$4,795	$3.69	25d	1	0.49mi
132 W 134th St New York, NY	2.0	1.0	750	$4,500	$6.00	25d	1	0.55mi
52 Convent Ave Unit 30 New York, NY	3.0	2.0	1300	$7,500	$5.77	25d	1	0.63mi
300 W 135th St Unit 9G New York, NY	3.0	2.0	1032	$5,500	$5.33	5d	1	0.65mi
120 E 116th St Unit 3R New York, NY	4.0	2.0	1100	$4,995	$4.54	8d	1	0.65mi
30 Morningside Dr #2096 New York, NY	1.0–2.0	1.0–2.0	780	$8,940	$11.45	0d	2	0.68mi
543 W 122nd St Unit 27C New York, NY	2.0	2.0	1313	$10,995	$8.37	11d	1	0.69mi
543 W 122nd St New York, NY	2.0	1.0–2.0	1057	$10,995	$10.40	3d	7	0.69mi
77 E 110th St Unit 1322508P New York, NY	2.0	1.5	990	$6,360	$6.42	25d	1	0.77mi
1 Morningside Dr New York, NY	3.0	1.0–2.0	1655	$9,970	$6.02	0d	1	0.78mi
4 W 108th St Unit 28 New York, NY	4.0	1.0	750	$5,550	$7.40	20d	1	0.81mi
2413 3rd Ave Bronx, NY	1.0–3.0	1.0–2.0	857	$5,091	$5.94	0d	21	0.87mi
5 Lincoln Ave Bronx, NY	1.0–3.0	1.0–2.5	1011	$7,416	$7.33	0d	184	0.91mi
545 W 110th St Unit 6A New York, NY	2.0	2.0	1441	$7,500	$5.20	25d	1	0.97mi
5 W 103rd St Apt 4W New York, NY	4.0	2.0	1200	$7,495	$6.25	19d	1	1.02mi
420 Central Park W Unit 6K New York, NY	2.0	2.0	1060	$8,000	$7.55	22d	1	1.07mi
1399 Park Ave Unit 10C New York, NY	2.0	2.0	962	$5,500	$5.72	0d	1	1.09mi
319 E 109th St Unit 1021947P New York, NY	3.0	1.0	818	$7,260	$8.88	5d	1	1.10mi
309 E 108th St New York, NY	3.0	1.0	1500	$5,400	$3.60	25d	1	1.12mi
1635 Lexington Ave Unit 6D New York, NY	2.0	2.0	1112	$6,000	$5.40	25d	1	1.13mi
2051 2nd Ave Unit 1565856P New York, NY	2.0	1.0	914	$6,836	$7.48	0d	1	1.18mi
122 E 102nd St Unit 1021896P New York, NY	2.0	1.0	742	$5,429	$7.32	16d	1	1.19mi
400 Central Park W Unit 11D New York, NY	2.0	2.0	1142	$6,950	$6.09	25d	1	1.19mi
915 W End Ave #1020 New York, NY	1.0–3.0	1.0–2.0	851	$8,540	$10.04	0d	2	1.20mi
808 Columbus Ave New York, NY	2.0	1.0–2.0	773	$9,876	$12.77	0d	30	1.30mi
814 Amsterdam Ave #1019 New York, NY	1.0–2.0	1.0–2.0	800	$5,270	$6.59	25d	2	1.31mi
788 Columbus Ave #1323 New York, NY	1.0–3.0	1.0–1.5	900	$8,980	$9.98	25d	2	1.32mi
50 W 97th St #1739 New York, NY	2.0	1.0	800	$6,560	$8.20	6d	1	1.36mi
160 W 97th St #1101 New York, NY	2.0	1.0	850	$6,050	$7.12	14d	1	1.42mi
53-55 E 95th St Unit 4A New York, NY	3.0	2.0	803	$7,495	$9.33	8d	1	1.45mi
70 W 95th St New York, NY	1.0–4.0	1.0–2.0	1095	$16,333	$14.91	17d	1	1.47mi
175 E 96th St Unit 1251683P New York, NY	2.0	1.0	600	$6,380	$10.63	3d	2	1.48mi

HOA detail condo

• Monthly dues: $985 · $11,820/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-04-03
   status Pending
2. 2026-01-10
   listed $495,000 Active
3. 2026-01-01
   historical $495,000

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 27% 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: $69,654
• − Mortgage interest: −$27,728
• − Property taxes: −$7,425
• − Insurance: −$2,475
• − Repairs & maintenance: −$5,572
• − Management: −$5,572
• − HOA: −$11,820
• − Depreciation: −$14,400
• Taxable loss: −$5,339
• Est. tax savings @ 24.0%: +$1,281
• After-tax cash flow: $3,438/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: New York County · 1,599,927 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 63,885
• Household income: $59,587
• Rent vs Own: 82.6% rent · 17.4% own
• Severe rent burden: 5635.0

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: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: Black 33% White 27% Hispanic / Latino 24% Asian 10% Two or more races 9%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 10%
• Common ancestry: Lithuanian 1% Scotch-Irish 1% Romanian 1%
• Foreign-born: 26% · Canada, China, South Korea
• Languages at home: 61% English-only · Spanish 18% French/Haitian/Cajun 5% Chinese 4%

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: ▼ -1.26%
• Current HPI: 414.8385
• Rent YoY: ▲ 2.71%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-04-03 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-01-10 Listed $495,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-01 Coming Soon $495,000 OneKey® MLS as Distributed by MLS Grid