2400 E 3rd St #317 · New York, NY 11223

$325,000

1 bd · 1.0 ba · 768 sqft · Condo public records · 210 Days on market

Built 1957

---

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).

• ARV discount +7.5/15.0
• Cash flow +6.2/30.0
• 1% rule +5.2/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Sunny one bedroom apartment offers a cozy and efficient living space , ideal for residenc e, INVESTORS. Can be RENTED OUT TO OTHERS SINCE DAY ONE . Low monthly Maintenance is ALL INCUSIVE and includes Water, Sewer, Heat, Cooking Gas , and Electric bills. Large windows that flood the living space with natural light , highlighting its open and airy layout with unobstructed views . Walls and decent size ceilings create a spacious and inviting atmosphere , perfect for personalization in both Living and Bedroom. Kitchen is equipped with sleek appliance and ample counter space, while the cozy bedroom offers a peaceful retreat. The bathroom is in good functional conditions , with standard fe

Key facts

• Large windows
• Sleek appliance
• Natural light

Tags

• ONE BEDROOM APARTMENT
• LARGE WINDOWS
• NATURAL LIGHT
• OPEN AND AIRY LAYOUT
• UNOBSTRUCTED VIEWS
• SLEEK APPLIANCE

Property features AI

Finance

• Other: Flip tax applicable
• Financial info: Financing available: bank mortgage or cash; Sub-lease permitted
• HOA & community: Monthly maintenance/HOA fee; Management by ALVIC (manager contact available); Pets are not allowed; Handicap access available; Co-op shares allocated

Exterior

• Parking: One parking space
• Security: Intercom access; Card-operated door entry
• Utilities: All utilities
• Home design: Residential property; Located on the 3rd floor
• Exterior features: Card-operated entry door; Intercom entry

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: One bedroom on the first floor
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: Wall-mounted air conditioning units
• Interior features: Wall A/C units (2)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $325k.

Deal economics

• At list price, monthly cash flow is $-592 ($-7k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $325k).
• Recommended offer: $286k (12.0% below list) — sets the bar for market timing.
• Cap rate 4.1% 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 (+13.1%/yr); 216 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $3,307/mo this rent would consume 63% of the median local household income ($63k/yr) (locally 6011% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 210 days — a 12% lower offer ($286k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent; built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 72% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $286,000 (12.0% 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 210 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1957 — 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: 1.02% ✓
• Cap rate: 4.11%
• Cash-on-cash: -7.81%
• DSCR: 0.65
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -21.6%
• Equity multiple: 0.21×
• Total profit: $-72,274
• Equity at exit: $48,459

10-year hold

• IRR: -3.7%
• Equity multiple: 0.68×
• Total profit: $-29,371
• Equity at exit: $28,100

Cash invested: $91,000 (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 11223

• Rents YoY: 13.1%
• Active inventory: 216
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $3,307 high
• Mortgage (P&I): −$1,704
• Tax est. 1.5%: −$406 /mo · $4,875/yr
• Insurance: −$135
• HOA est. from 1 same-building comp: −$959
• Vacancy / Maint / Mgmt: −$695
• Net cashflow: $-592

Break-even live

Break-even rent $4,057

Max offer price $239,286

Occupancy floor —

Sensitivity live

Price	-10% $-368	-5% $-480	+0% $-592	+5% $-705	+10% $-817
Rent	-10% $-854	-5% $-723	+0% $-592	+5% $-462	+10% $-331
Rate	-1.0pp $-429	-0.5pp $-510	base $-592	+0.5pp $-677	+1.0pp $-762

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2971 Shell Rd Unit 612 Brooklyn, NY	2.0	2.0	907	$4,150	$4.58	25d	1	0.84mi
2971 Shell Rd Unit 406 Brooklyn, NY	2.0	2.0	920	$3,550	$3.86	25d	1	0.84mi
2971 Shell Rd Unit 720 Brooklyn, NY	2.0	2.0	920	$4,100	$4.46	25d	1	0.84mi
2971 Shell Rd Unit 704 Brooklyn, NY	2.0	1.0	826	$3,950	$4.78	25d	1	0.84mi
2971 Shell Rd Unit 508 Brooklyn, NY	2.0	2.0	930	$4,099	$4.41	25d	1	0.84mi
2971 Shell Rd Unit 711 Brooklyn, NY	2.0	2.0	907	$4,200	$4.63	25d	1	0.84mi
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$3,400	$3.58	8d	8	0.87mi
2483 W 16th St Brooklyn, NY	1.0	1.0	800	$1,800	$2.25	21d	1	0.89mi
63 Bay 37th St Unit 1R Brooklyn, NY	2.0	1.0	900	$3,100	$3.44	25d	1	1.23mi
1515 Surf Ave Brooklyn, NY	1.0–2.0	1.0	706	$3,120	$4.42	2d	15	1.29mi

HOA detail condo

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

Listing history 11 events

1. 2026-06-18
   days on market $325,000 Active 210 DOM
2. 2026-06-17
   days on market $325,000 Active 209 DOM
3. 2026-06-15
   days on market $325,000 Active 207 DOM
4. 2026-06-13
   days on market $325,000 Active 205 DOM
5. 2026-06-10
   days on market $325,000 Active 201 DOM
6. 2026-06-08
   days on market $325,000 Active 200 DOM
7. 2026-06-04
   days on market $325,000 Active 196 DOM
8. 2026-06-03
   days on market $325,000 Active 195 DOM
9. 2026-06-01
   days on market $325,000 Active 193 DOM
10. 2026-05-31
    days on market $325,000 Active 192 DOM
11. 2025-11-20
    listed $325,000 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 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% 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: $39,686
• − Mortgage interest: −$18,205
• − Property taxes: −$4,875
• − Insurance: −$1,625
• − Repairs & maintenance: −$3,175
• − Management: −$3,175
• − HOA: −$11,508
• − Depreciation: −$9,455
• Taxable loss: −$12,332
• Est. tax savings @ 24.0%: +$2,960
• After-tax cash flow: $-4,149/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: Kings County · 2,614,986 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 78,093
• Household income: $63,368
• Rent vs Own: 63.9% rent · 36.1% own
• Severe rent burden: 6011.0

Population outlook (Kings County) Hauer SSP2

• Today (2025): 2,847,441 people
• By 2030: 2,937,006 · +3.1%
• By 2040: 3,095,491 · +8.7%
• By 2050: 3,228,968 · +13.4%
• By 2075: 3,321,723 · +16.7%
• By 2100: 3,111,387 · +9.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 51% Asian 26% Hispanic / Latino 13% Black 5% Two or more races 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2% Dominican 1%
• Common ancestry: Scotch-Irish 4% Subsaharan African 4% Romanian 1%
• Foreign-born: 46% · China, Canada, Philippines
• Languages at home: 41% English-only · Chinese 17% Russian/Polish/Slavic 15% Spanish 9%

Political lean MEDSL · Kings

• 2024 margin: Solid D (+44.0) · D 72.0% · R 28.0%
• 2008→2024 swing: -15.5pp toward R · 2008: 59.4pp · 2024: 44.0pp
• All cycles: 2024: D+44.0 2020: D+54.8 2016: D+61.8 2012: D+63.9 2008: D+59.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -286.92%
• Current HPI: 430.9891
• Rent YoY: ▲ 13.09%
• 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

1 event — show timeline

• 2025-11-20 Listed $325,000 BNYMLS