244 Franklin Ave Unit 3B · New York, NY 11205

$650,000

1 bd · 1.0 ba · 639 sqft · Condo public records · 127 Days on market

Built 2014 $620/mo HOA · 14% of rent

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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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +5.0/30.0
• Schools +5.0/10.0
• Rent growth +4.7/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• DSCR +0.0/10.0

Listing remarks

Welcome to unit 3B at 244 Franklin Avenue, set in one of Brooklyn’s most vibrant and historic neighborhoods, Bedford Stuyvesant. This boutique 6 story condo building has just 2 units per floor, offering an abundance of privacy and quiet living. Step into this modern 1-bedroom, 1-bathroom condo, designed with both style and comfort in mind. The open-concept layout features hardwood floors, large windows that pour in natural light, and a thoughtfully designed living space that feels both chic and inviting. The sleek chef’s kitchen is outfitted with a vented island cooktop, stainless steel appliances, ample cabinetry, and clean contemporary lines — perfect for cooking, entert

Key facts

• $620 HOA
• Built 2014
• Listed 126 days

Property features AI

Finance

• HOA & community: Condo association (244 Franklin Avenue Condominium); Monthly association fee: $620; HOA covers common area maintenance, exterior maintenance, grounds care, sewer, snow removal, trash and water

Exterior

• Parking: On-street parking
• Utilities: Public sewer; Cable available; Electricity available; Natural gas available; Phone available; Water connected
• Home design: Condominium; 6-story building; One level unit; Entry on 3rd level
• Construction: Brick construction
• Exterior features: Outdoor space; Bicycle room

Interior

• Kitchen: Cooktop; Dishwasher; Microwave; Oven; Refrigerator
• Bedrooms: 2 rooms total
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Ductless cooling
• Interior features: Elevator; Washer/dryer hookups; In-unit laundry
• Laundry & utility: Washer; Dryer; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $650k.

Deal economics

• At list price, monthly cash flow is $-2k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $379k (41.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $435k (33.1% below list).
• Recommended offer: $379k (41.7% below list) — sets the bar for cash-flow.
• Cap rate 3.5% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% 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 (+8.6%/yr); 89 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $4,348/mo this rent would consume 56% of the median local household income ($94k/yr) (locally 3544% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $69k of equity ($4k loan paydown + $65k appreciation (10.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$112k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 127 days — a 12% lower offer ($572k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y ago; this cycle's ask has dropped $65k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• 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 $379,144 (41.7% 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 127 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
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. 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?
10. 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.
11. 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.
12. 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: 0.67% ✗
• Cap rate: 3.46%
• Cash-on-cash: -10.11%
• DSCR: 0.55
• GRM: 12.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 18.6%
• Equity multiple: 2.54×
• Total profit: $279,687
• Equity at exit: $585,571

10-year hold

• IRR: 18.4%
• Equity multiple: 6.26×
• Total profit: $958,057
• Equity at exit: $1,262,807

Cash invested: $182,000 (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 11205

• Home prices YoY: 2.1%
• Rents YoY: 8.6%
• Active inventory: 89
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $4,348 high
• Mortgage (P&I): −$3,409
• Tax from tax record: −$668 /mo · $8,019/yr
• Insurance: −$271
• HOA: −$620
• Vacancy / Maint / Mgmt: −$913
• Net cashflow: $-1,533

Break-even live

Break-even rent $6,288

Max offer price $379,144

Occupancy floor —

Sensitivity live

Price	-10% $-1,165	-5% $-1,349	+0% $-1,533	+5% $-1,717	+10% $-1,901
Rent	-10% $-1,877	-5% $-1,705	+0% $-1,533	+5% $-1,362	+10% $-1,190
Rate	-1.0pp $-1,206	-0.5pp $-1,368	base $-1,533	+0.5pp $-1,702	+1.0pp $-1,873

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
475 Clermont Ave Brooklyn, NY	2.0	1.0–2.0	807	$5,144	$6.37	0d	6	0.75mi
545 Vanderbilt Ave Brooklyn, NY	2.0	1.0	600	$4,910	$8.18	4d	3	0.78mi
198 Hancock St Brooklyn, NY	1.0	1.0	400	$2,450	$6.12	26d	1	0.79mi
328 Hancock St Brooklyn, NY	2.0	1.0	500	$2,800	$5.60	26d	1	0.96mi
151 S Elliott Pl Brooklyn, NY	1.0–2.0	1.0–2.0	655	$4,670	$7.13	3d	2	0.99mi
565 Nostrand Ave Unit 1 Brooklyn, NY	—	1.0	600	$2,000	$3.33	8d	1	1.00mi
552 Prospect Pl Unit 3A Brooklyn, NY	1.0	1.0	676	$4,500	$6.66	26d	1	1.08mi
461 Dean St Brooklyn, NY	1.0	1.0	781	$5,320	$6.81	6d	5	1.10mi
668 Nostrand Ave #1 Brooklyn, NY	1.0	1.0	611	$4,200	$6.87	20d	1	1.14mi
196 Willoughby St Brooklyn, NY	2.0	1.0–2.0	717	$6,146	$8.57	1d	7	1.16mi
755 Washington Ave Brooklyn, NY	1.0	1.0	700	$1,800	$2.57	22d	1	1.19mi
540 Fulton St #1729 Brooklyn, NY	3.0	1.0–2.0	750	$5,737	$7.65	26d	4	1.23mi
250 Union Ave #2119 Brooklyn, NY	1.0–2.0	1.0	590	$3,500	$5.93	26d	2	1.23mi
333 Schermerhorn St Brooklyn, NY	1.0	1.0	585	$6,782	$11.58	0d	15	1.23mi
10 Nevins St Unit 9D Brooklyn, NY	—	1.0	488	$3,500	$7.17	26d	1	1.24mi
275 S 5th St #1698 Brooklyn, NY	1.0	1.0	450	$4,860	$10.80	26d	2	1.26mi
482 Kent Ave Brooklyn, NY	2.0	1.0–2.0	750	$6,555	$8.74	1d	3	1.28mi
478 Kent Ave Brooklyn, NY	2.0	1.0–2.0	775	$5,920	$7.64	4d	3	1.28mi
11 Wharf Way Brooklyn, NY	1.0	1.0	610	$4,870	$7.98	1d	2	1.30mi
343 Gold St Brooklyn, NY	3.0	1.0–2.0	903	$5,053	$5.59	6d	1	1.32mi
214 Duffield St Brooklyn, NY	3.0	1.0–2.0	956	$5,049	$5.28	0d	1	1.39mi
955 Sterling Pl Unit 415 Brooklyn, NY	2.0	1.0	680	$5,150	$7.57	26d	1	1.40mi
100 Willoughby St Brooklyn, NY	3.0	1.0–2.0	892	$5,232	$5.87	9d	1	1.41mi
955 Sterling Pl #1936 Brooklyn, NY	1.0	1.0	540	$3,170	$5.87	22d	1	1.41mi
72 Willoughby St Brooklyn, NY	1.0–2.0	1.0	487	$3,900	$8.00	3d	2	1.46mi
111 Lawrence St Brooklyn, NY	3.0	1.0–2.0	950	$4,385	$4.61	0d	22	1.48mi
150 Lawrence St Brooklyn, NY	1.0–2.0	1.0–2.0	700	$4,130	$5.90	1d	2	1.50mi

HOA detail condo

• Monthly dues: $620 · $7,440/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-10
   days on market $650,000 Active 127 DOM
2. 2026-06-08
   days on market $650,000 Active 126 DOM
3. 2026-06-04
   days on market $650,000 Active 122 DOM
4. 2026-06-03
   days on market $650,000 Active 121 DOM
5. 2026-06-01
   days on market $650,000 Active 119 DOM
6. 2026-05-31
   days on market $650,000 Active 118 DOM
7. 2026-02-19
   price $650,000
8. 2026-02-03
   listed $715,000 Active
9. 2026-02-01
   historical $715,000
10. 2018-10-31
    historical Permanently Off Market
11. 2018-09-21
    status Active
12. 2018-09-18
    historical Permanently Off Market
13. 2018-06-14
    listed $699,000 Active
14. 2018-06-14
    listed $699,000
15. 2016-02-08
    listed $585,000
16. 2016-02-08
    listed $585,000

ⓘ 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: $8,019 · $668/mo
• Projected year-2 tax: $9,502 · $792/mo
• Expected delta: +$1,483/yr (+$124/mo · 18.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 7/10 Severe 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 · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,170
• − Mortgage interest: −$36,410
• − Property taxes: −$8,019
• − Insurance: −$3,250
• − Repairs & maintenance: −$4,174
• − Management: −$4,174
• − HOA: −$7,440
• − Depreciation: −$18,909
• Taxable loss: −$30,206
• Est. tax savings @ 24.0%: +$7,249
• After-tax cash flow: $-11,150/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): 51,676
• Household income: $93,887
• Rent vs Own: 71.9% rent · 28.1% own
• Severe rent burden: 3544.0

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 0.66)
• Race & ethnicity: White 52% Black 20% Hispanic / Latino 15% Two or more races 10% Asian 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 3%
• Common ancestry: Italian 4% Scandinavian 3% Romanian 2%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 57% English-only · German/W. Germanic 21% Spanish 11% Chinese 4%

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: ▲ 12.40%
• Current HPI: 605.3512
• Rent YoY: ▲ 8.61%
• 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

+11.1% since first listed

10 events — show timeline

• 2026-02-19 Price Changed $650,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-03 Listed $715,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-01 Coming Soon $715,000 OneKey® MLS as Distributed by MLS Grid
• 2018-10-31 Delisted — RLS at REBNY
• 2018-09-21 Relisted — RLS at REBNY
• 2018-09-18 Delisted — RLS at REBNY
• 2018-06-14 Listed $699,000 RLS at REBNY
• 2018-06-14 Listed $699,000 RLS at REBNY
• 2016-02-08 Listed $585,000 RLS at REBNY
• 2016-02-08 Listed $585,000 RLS at REBNY

Property tax history

+5.3%/yr

Latest (2025): $8,019 · +4.7% YoY. Source: county tax records.