12 Freeman Pl · New York, NY 10310

$679,000

4 bd · 2.0 ba · 1,650 sqft · MultiFamily public records · 43 Days on market

Built 1960 3,373 sqft lot Est $639k · 6% over

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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).

• Cash flow +12.3/30.0
• Schools +5.0/10.0
• ARV discount +4.6/15.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Legal 2 Family All Brick Semi-Attached Home in the Clove Lakes section of Staten Island. First Floor is Original and includes a LR, EIK, 2 Bedrooms and a Bathroom. Second Floor is Updated with EIK, LR, 2 Bedrooms, Bathroom, Attic. Basement is Full and Unfinished. Home is currently Tenant Occupied ad Scheduling of Showings is Limited to Tenant Availability.

Key facts

• 3,373 sq ft lot
• Built 1960
• Listed 43 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $679k.

Deal economics

• At list price, monthly cash flow is $-122 ($-1k/yr) — negative. Per door: $-61/mo.
• To cash-flow at today's rent, offer at most $658k (3.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $536k (21.1% below list).
• Recommended offer: $536k (21.1% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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.
• 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 27 Anning S Prall (math 52% / reading 67%, grade B, #161 of 729 statewide, top 24%, 952 students, 76% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: 78 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 480 units permitted in Richmond County in 2024 (22 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k 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 43 days — a 3% lower offer ($659k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.
• Current owner paid $92k; list at $679k implies a 642% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 54% 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 $535,600 (21.1% 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 43 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.79% ✗
• Cap rate: 6.08%
• Cash-on-cash: -0.77%
• DSCR: 0.97
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $638,550
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
485 Delafield Ave	0.33mi	3/2.0 (-1)	1,680 (+2%)	8mo	$650,000	$387	70

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -17.6%
• Equity multiple: 0.38×
• Total profit: $-117,904
• Equity at exit: $101,241

10-year hold

• IRR: -9.7%
• Equity multiple: 0.40×
• Total profit: $-113,166
• Equity at exit: $58,708

Cash invested: $190,120 (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 10310

• Active inventory: 78
• Price-to-rent: 21.1×

Monthly cashflow live

• Estimated rent: $5,356 medium
• Mortgage (P&I): −$3,561
• Tax from tax record: −$509 /mo · $6,111/yr
• Insurance: −$283
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,125
• Net cashflow: $-122

Break-even live

Break-even rent $5,510

Max offer price $657,507

Occupancy floor 97%

Sensitivity live

Price	-10% $263	-5% $71	+0% $-122	+5% $-314	+10% $-506
Rent	-10% $-545	-5% $-333	+0% $-122	+5% $90	+10% $301
Rate	-1.0pp $220	-0.5pp $51	base $-122	+0.5pp $-298	+1.0pp $-477

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$5,356
Total (2 units)			$5,356

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: $169,750
• Closing costs: $20,370
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
479 Clove Rd Unit 2FL Staten Island, NY	3.0	1.5	1400	$3,400	$2.43	26d	1	0.32mi
19 Tompkins Ct Staten Island, NY	3.0	1.0	1105	$3,300	$2.99	26d	1	0.90mi
65 Bard Ave Staten Island, NY	3.0	2.0	1400	$2,950	$2.11	26d	1	1.24mi

Listing history 8 events

1. 2024-08-27
   status Pending
2. 2023-05-30
   status Pending
3. 2023-05-30
   historical Contingent
4. 2023-05-30
   status Active
5. 2023-01-25
   historical
6. 2022-12-13
   listed $679,000 Active
7. 2022-12-09
   historical $679,000
8. 1993-06-30
   soldstatus $91,500

ⓘ 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: $6,111 · $509/mo
• Projected year-2 tax: $8,793 · $733/mo
• Expected delta: +$2,682/yr (+$224/mo · 43.9%)

ⓘ 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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 54% 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: $64,272
• − Mortgage interest: −$38,035
• − Property taxes: −$6,111
• − Insurance: −$3,395
• − Repairs & maintenance: −$5,142
• − Management: −$5,142
• − Depreciation: −$19,753
• Taxable loss: −$13,305
• Est. tax savings @ 24.0%: +$3,193
• After-tax cash flow: $1,733/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
• City population: 7,731,280
• Population (ZIP): 25,824

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 0.70)
• Race & ethnicity: White 41% Hispanic / Latino 32% Black 19% Two or more races 14% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 12% Dominican 3%
• Common ancestry: Romanian 4% Lithuanian 1% Portuguese 1%
• Foreign-born: 25% · Canada, Jamaica, China
• Languages at home: 66% English-only · Spanish 19% Other Indo-European 6% Arabic 3%

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: ▼ -266.57%
• Current HPI: 360.2125
• Rent YoY: —
• Metro: —
• 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

+642.1% since first listed

8 events — show timeline

• 2024-08-27 Pending — SIBORMLS
• 2023-05-30 Pending — SIBORMLS
• 2023-05-30 Contingent — SIBORMLS
• 2023-05-30 Relisted — SIBORMLS
• 2023-01-25 Listing Removed — SIBORMLS
• 2022-12-13 Listed $679,000 SIBORMLS
• 2022-12-09 Coming Soon $679,000 SIBORMLS
• 1993-06-30 Sold (Public Records) $91,500 Public Records

Property tax history

+5.1%/yr

Latest (2025): $6,111 · +6.0% YoY. Source: county tax records.