439 E 21 St · New York, NY 11226

$899,900

6 bd · 2.5 ba · 3,600 sqft · MultiFamily public records · 16 Days on market

Built 1965 1,920 sqft lot Est $1310k · 31% under

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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 +16.8/30.0
• ARV discount +15.0/15.0
• Appreciation +6.4/10.0
• DSCR +5.2/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• 1% rule +3.7/10.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

This occupied three-unit property is set up as 2 residential units over a ground floor medical office unit. Each unit has huge living room, dining room combination providing ample space for daily living. Three comfortable bedrooms, kitchen and full bathroom. Only minutes away from the Cortelyou Rd train station where you can take the Q train. Only minutes away from Manhattan. Residents enjoy proximity to Flatbush Junction shopping, offering a variety of retail options and Brooklyn College is also located nearby, The neighborhood provides excellent transportation links. ABSOLUTELY NO TRESPASSING PLEASE DO NOT DISTURB ANY OCCUPANTS It is a criminal offense to trespass on this property. Please

Key facts

• 1,920 sq ft lot
• Built 1965
• Listed 16 days

Tags

• EXCELLENT TRANSPORTATION LINKS

What this means for you Summary

Snapshot

• This is a 6-bed/2.5-bath multifamily listed at $900k.

Deal economics

• At list price, monthly cash flow is $576 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $779k (13.4% below list).
• Recommended offer: $779k (13.4% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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 (+4.0%/yr); 151 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $7,792/mo this rent would consume 115% of the median local household income ($81k/yr) (locally 8485% 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 $32k of equity ($6k loan paydown + $26k appreciation (2.9% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (2.9% appreciation + 4.0% rent growth), your $252k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($886k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y 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 $705k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 64% 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 $779,200 (13.4% below list)

Questions for the listing agent

1. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.87% ✗
• Cap rate: 7.06%
• Cash-on-cash: 2.74%
• DSCR: 1.12
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $1,310,400
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
439 E 21 St	0.00mi	6/2.5	3,600 (0%)	1mo	$899,900	$250	99
53 Woods Pl	0.44mi	6/4.5	3,712 (+3%)	11mo	$1,350,000	$364	57
957 Flatbush Ave	0.33mi	7/4.0 (+1)	3,654 (+2%)	20mo	$1,480,000	$405	55
204 E 31 St	0.56mi	5/2.0 (-1)	3,216 (-11%)	3mo	$970,000	$302	46
2723 Tilden Ave	0.45mi	7/5.0 (+1)	3,303 (-8%)	8mo	$1,400,000	$424	43

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

Projected returns pro-forma

2.87% appreciation · 4.0% rent growth · sell at horizon

5-year hold

• IRR: 10.2%
• Equity multiple: 1.58×
• Total profit: $146,730
• Equity at exit: $398,254

10-year hold

• IRR: 13.0%
• Equity multiple: 2.94×
• Total profit: $490,058
• Equity at exit: $608,841

Cash invested: $251,972 (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 11226

• Home prices YoY: 0.9%
• Rents YoY: 4.0%
• Active inventory: 151
• Price-to-rent: 28.9×

Monthly cashflow live

• Estimated rent: $7,792 medium
• Mortgage (P&I): −$4,719
• Tax from tax record: −$486 /mo · $5,828/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,636
• Net cashflow: $576

Break-even live

Break-even rent $7,063

Max offer price $899,900

Occupancy floor 88%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.5	$7,791
Total (3 units)			$7,792

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: $224,975
• Closing costs: $26,997
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-08
   status Pending
2. 2026-03-23
   listed $899,900 Active
3. 2006-07-01
   soldstatus $705,000
4. 2005-07-19
   soldstatus $380,000
5. 2004-06-02
   historical
6. 2004-05-03
   listed $349,900
7. 1985-04-29
   soldstatus $61,000

ⓘ 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: $5,828 · $486/mo
• Projected year-2 tax: $10,518 · $877/mo
• Expected delta: +$4,690/yr (+$391/mo · 80.5%)

ⓘ 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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% 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: $93,504
• − Mortgage interest: −$50,408
• − Property taxes: −$5,828
• − Insurance: −$4,500
• − Repairs & maintenance: −$7,480
• − Management: −$7,480
• − Depreciation: −$26,179
• Taxable loss: −$8,371
• Est. tax savings @ 24.0%: +$2,009
• After-tax cash flow: $8,920/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): 95,144
• Household income: $81,014
• Rent vs Own: 86.0% rent · 14.0% own
• Severe rent burden: 8485.0

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 0.60)
• Race & ethnicity: Black 59% Hispanic / Latino 16% White 14% Two or more races 9% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 2%
• Common ancestry: Hispanic 12% Romanian 1% Italian 1%
• Foreign-born: 43% · Canada, China, Mexico
• Languages at home: 65% English-only · French/Haitian/Cajun 14% Spanish 13% Other Indo-European 2%

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: ▲ 2.87%
• Current HPI: 331.4138
• Rent YoY: ▲ 4.00%
• 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

+1375.2% since first listed

7 events — show timeline

• 2026-04-08 Pending — BNYMLS
• 2026-03-23 Listed $899,900 BNYMLS
• 2006-07-01 Sold (Public Records) $705,000 Public Records
• 2005-07-19 Sold (Public Records) $380,000 Public Records
• 2004-06-02 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2004-05-03 Listed $349,900 OneKey® MLS as Distributed by MLS Grid
• 1985-04-29 Sold (Public Records) $61,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $5,828 · +6.9% YoY. Source: county tax records.