651 Barbey St · New York, NY 11207

$1,199,000

12 bd · 6.0 ba · 6,150 sqft · MultiFamily public records · 97 Days on market

Built 1930 2,500 sqft lot ↓ 29% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Oversized six-family building offering approximately 6,150 square feet of living space with spacious apartment layouts throughout. The property consists of four large 2-bedroom units and two 3-bedroom units, providing strong rental appeal and stable income potential. The building is configured with 7 electric meters and 6 gas meters, allowing for separate utilities. Recent improvements include a new boiler and hot water heater, and the roof was replaced approximately six years ago. Conveniently located near public transportation, neighborhood shopping, and local amenities, making it attractive for long-term tenants. Currently generating approximately $88,000 in Net Operating Income (NOI) an

Key facts

• Separate utilities
• New boiler
• Six family building

Tags

• SIX FAMILY BUILDING
• SPACIOUS APARTMENT LAYOUTS
• SEPARATE UTILITIES
• NEW BOILER
• HOT WATER HEATER
• REPLACED ROOF

Property features AI

Exterior

• Parking: No carport; No designated parking features
• Utilities: Public sewer; Water connected; Sewer connected; Electricity connected; Natural gas connected; Cable connected; Trash collection (public); See remarks regarding utilities
• Home design: Quadruplex; Building area about 6,150 total square feet
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Bedrooms: One 3-bedroom unit
• Bathrooms: 6 full bathrooms
• Heating & cooling: Natural gas heating; Other heating; No central cooling
• Interior features: Other interior features; Full basement

What this means for you Summary

Snapshot

• This is a 4×2bd/1.0ba + 2×3bd/1.0ba units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $8k ($90k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.20M).
• Recommended offer: $1.09M (9.0% below list) — sets the bar for market timing.
• Cap rate 13.9% 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 (+5.3%/yr); 254 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $19,361/mo this rent would consume 411% of the median local household income ($57k/yr) (locally 7510% 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 $8k of loan paydown is wiped out by about $36k 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.
• At projected returns (-3.0% appreciation + 5.3% rent growth), your $336k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($1.09M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago 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: flood insurance adds $66/mo; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 68% 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 $1,091,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 1.61% ✓
• Cap rate: 13.88%
• Cash-on-cash: 27.10%
• DSCR: 2.21
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.29% rent growth · sell at horizon

5-year hold

• IRR: 23.3%
• Equity multiple: 1.98×
• Total profit: $330,011
• Equity at exit: $178,775

10-year hold

• IRR: 32.6%
• Equity multiple: 4.28×
• Total profit: $1,099,909
• Equity at exit: $103,668

Cash invested: $335,720 (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 11207

• Home prices YoY: -26.3%
• Rents YoY: 5.3%
• Active inventory: 254
• Price-to-rent: 32.5×

Monthly cashflow live

• Estimated rent: $19,361 medium
• Mortgage (P&I): −$6,288
• Tax from tax record: −$926 /mo · $11,107/yr
• Insurance: −$500
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,066
• Net cashflow: $7,516

Break-even live

Break-even rent $9,847

Max offer price $1,199,000

Occupancy floor 56%

Sensitivity live

Price	-10% $8,195	-5% $7,855	+0% $7,516	+5% $7,177	+10% $6,837
Rent	-10% $5,986	-5% $6,751	+0% $7,516	+5% $8,281	+10% $9,045
Rate	-1.0pp $8,120	-0.5pp $7,821	base $7,516	+0.5pp $7,205	+1.0pp $6,889

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$12,284
▸ 2× units	3	1	$7,078
Total (6 units)			$19,361

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: $299,750
• Closing costs: $35,970
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $1,199,000 Active 97 DOM
2. 2026-06-18
   days on market $1,199,000 Active 94 DOM
3. 2026-06-17
   days on market $1,199,000 Active 93 DOM
4. 2026-06-15
   days on market $1,199,000 Active 91 DOM
5. 2026-06-13
   days on market $1,199,000 Active 89 DOM
6. 2026-06-10
   days on market $1,199,000 Active 85 DOM
7. 2026-06-08
   days on market $1,199,000 Active 84 DOM
8. 2026-06-08
   days on market $1,199,000 Active 83 DOM
9. 2026-06-04
   days on market $1,199,000 Active 80 DOM
10. 2026-06-03
    days on market $1,199,000 Active 79 DOM
11. 2026-06-01
    days on market $1,199,000 Active 77 DOM
12. 2026-05-31
    days on market $1,199,000 Active 76 DOM
13. 2026-04-13
    price $1,199,000
14. 2026-03-16
    listed $1,250,000 Active
15. 2022-06-30
    historical
16. 2021-05-26
    status Active
17. 2021-05-21
    historical
18. 2020-12-21
    listed $1,500,000 Active
19. 2020-07-29
    price $1,700,000
20. 2020-03-09
    listed $1,700,000 Active

ⓘ 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: $11,107 · $926/mo
• Projected year-2 tax: $15,685 · $1,307/mo
• Expected delta: +$4,578/yr (+$382/mo · 41.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 77% 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 68% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $232,332
• − Mortgage interest: −$67,163
• − Property taxes: −$11,107
• − Insurance: −$6,792
• − Repairs & maintenance: −$18,587
• − Management: −$18,587
• − Depreciation: −$34,880
• Taxable income: $75,217
• Est. tax owed @ 24.0%: −$18,052
• After-tax cash flow: $72,139/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): 93,198
• Household income: $56,523
• Rent vs Own: 74.1% rent · 25.9% own
• Severe rent burden: 7510.0

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 0.59)
• Race & ethnicity: Black 54% Hispanic / Latino 33% Two or more races 10% White 5% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 11% Dominican 11%
• Common ancestry: Hispanic 1% Swiss 1%
• Foreign-born: 31% · Canada, Mexico, Jamaica
• Languages at home: 67% English-only · Spanish 27% French/Haitian/Cajun 2% Other Indo-European 1%

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: ▼ -138.76%
• Current HPI: 388.434
• Rent YoY: ▲ 5.29%
• 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

-29.5% since first listed

8 events — show timeline

• 2026-04-13 Price Changed $1,199,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-16 Listed $1,250,000 OneKey® MLS as Distributed by MLS Grid
• 2022-06-30 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2021-05-26 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2021-05-21 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-12-21 Listed $1,500,000 OneKey® MLS as Distributed by MLS Grid
• 2020-07-29 Price Changed $1,700,000 RLS at REBNY
• 2020-03-09 Listed $1,700,000 RLS at REBNY

Property tax history

+5.1%/yr

Latest (2025): $11,107 · +2.2% YoY. Source: county tax records.