1843 Muliner Ave · New York, NY 10462

$760,000

4 bd · 2.0 ba · 1,960 sqft · MultiFamily public records · 28 Days on market

Built 1905 2,500 sqft lot Est $890k · 15% under

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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).

• ARV discount +14.1/15.0
• Cash flow +12.6/30.0
• Schools +5.0/10.0
• Rent growth +4.9/5.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• 1% rule +2.9/10.0
• 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

Featuring this fully detached two family house with parking. Great location and a short distance to public transportation, supermarket, stores, and restaurants. With some TLC, this house has endless opportunities for a Primary residence or Investment property. Appointments Only!

Key facts

• 2,500 sq ft lot
• Parking
• Built 1905

Tags

• SHORT DISTANCE TO SUPERMARKET
• SHORT DISTANCE TO STORES
• SHORT DISTANCE TO RESTAURANTS

Property features AI

Finance

• Financial info: Financing available: bank mortgage or cash

Exterior

• Parking: Carport with space for 1 vehicle
• Utilities: 200 Amp electric service; Gas hot water; Oil for heating; Steam/radiator heat delivery
• Home design: Detached residential building; Flat roof; Wood frame construction; Vinyl siding; Other type foundation
• Construction: Built as a detached building; Building footprint approximately 1,060; Building dimensions about 53.00 x 20.00
• Exterior features: Front yard; Back yard

Interior

• Bedrooms: One 2-bedroom unit on the 2nd floor (month-to-month tenancy)
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms total; Unit 1 has 1 full bathroom
• Heating & cooling: Steam/radiator heat; Window A/C units (4); Hot water supplied by gas
• Interior features: Window air conditioning units (4 total); Hardwood floors; Unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $760k.

Deal economics

• At list price, monthly cash flow is $-100 ($-1k/yr) — negative. Per door: $-50/mo.
• To cash-flow at today's rent, offer at most $742k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $597k (21.5% below list).
• Recommended offer: $597k (21.5% 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.
• Market conditions: Rents rising fast (+9.4%/yr); 189 active listings in the ZIP; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $5,967/mo this rent would consume 117% of the median local household income ($61k/yr) (locally 7650% 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 $5k of loan paydown is wiped out by about $23k of value loss. Plan a longer hold.
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($749k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• 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 $596,700 (21.5% 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. 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 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 6.14%
• Cash-on-cash: -0.56%
• DSCR: 0.98
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $889,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1725 Paulding Ave	0.33mi	4/3.0	2,000 (+2%)	8mo	$1,050,000	$525	70
1039 Van Nest Ave	0.39mi	5/2.0 (+1)	1,974 (+1%)	9mo	$920,000	$466	68
1813 Tomlinson Ave	0.49mi	4/3.0	1,944 (-1%)	9mo	$760,000	$391	64
1650 Paulding Ave	0.41mi	4/3.0	2,042 (+4%)	14mo	$830,000	$406	58
1960 Paulding Ave	0.36mi	4/3.0	1,840 (-6%)	14mo	$930,000	$505	58
1007 Sackett Ave	0.51mi	4/3.0	1,782 (-9%)	2mo	$890,000	$499	55
1940 Hone Ave	0.39mi	5/2.0 (+1)	2,147 (+10%)	12mo	$915,000	$426	51
1725 Hering Ave	0.66mi	4/2.0	2,063 (+5%)	12mo	$902,000	$437	50
1569 Bogart Ave	0.43mi	5/2.0 (+1)	2,214 (+13%)	5mo	$695,000	$314	49
1861 Hering Ave	0.64mi	4/2.0	2,167 (+11%)	5mo	$980,000	$452	48
1649 Lurting Ave	0.47mi	5/3.0 (+1)	2,200 (+12%)	1mo	$999,888	$454	48
1163 Rhinelander Ave	0.62mi	4/3.0	2,200 (+12%)	1mo	$1,080,000	$491	46

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.2%
• Equity multiple: 0.54×
• Total profit: $-98,140
• Equity at exit: $113,318

10-year hold

• IRR: 2.7%
• Equity multiple: 1.23×
• Total profit: $49,172
• Equity at exit: $65,711

Cash invested: $212,800 (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 10462

• Home prices YoY: -10.4%
• Rents YoY: 9.4%
• Active inventory: 189
• Price-to-rent: 21.2×

Monthly cashflow live

• Estimated rent: $5,967 medium
• Mortgage (P&I): −$3,986
• Tax from tax record: −$511 /mo · $6,136/yr
• Insurance: −$317
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,253
• Net cashflow: $-100

Break-even live

Break-even rent $6,093

Max offer price $742,411

Occupancy floor 97%

Sensitivity live

Price	-10% $331	-5% $116	+0% $-100	+5% $-315	+10% $-530
Rent	-10% $-571	-5% $-335	+0% $-100	+5% $136	+10% $372
Rate	-1.0pp $283	-0.5pp $94	base $-100	+0.5pp $-297	+1.0pp $-497

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$5,968
Total (2 units)			$5,967

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: $190,000
• Closing costs: $22,800
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-10
   days on market $760,000 Active 28 DOM
2. 2026-06-08
   days on market $760,000 Active 27 DOM
3. 2026-06-08
   days on market $760,000 Active 26 DOM
4. 2026-06-04
   days on market $760,000 Active 23 DOM
5. 2026-06-03
   days on market $760,000 Active 22 DOM
6. 2026-06-02
   days on market $760,000 Active 21 DOM
7. 2026-06-01
   days on market $760,000 Active 20 DOM
8. 2026-05-31
   days on market $760,000 Active 19 DOM
9. 2026-05-21
   price $760,000
10. 2026-05-12
    listed $580,000 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: $6,136 · $511/mo
• Projected year-2 tax: $9,490 · $791/mo
• Expected delta: +$3,354/yr (+$280/mo · 54.7%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 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 · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $71,604
• − Mortgage interest: −$42,572
• − Property taxes: −$6,136
• − Insurance: −$3,800
• − Repairs & maintenance: −$5,728
• − Management: −$5,728
• − Depreciation: −$22,109
• Taxable loss: −$14,469
• Est. tax savings @ 24.0%: +$3,473
• After-tax cash flow: $2,278/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: Bronx County · 1,197,324 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 76,320
• Household income: $60,966
• Rent vs Own: 76.5% rent · 23.5% own
• Severe rent burden: 7650.0

Population outlook (Bronx County) Hauer SSP2

• Today (2025): 1,607,353 people
• By 2030: 1,681,852 · +4.6%
• By 2040: 1,824,421 · +13.5%
• By 2050: 1,945,470 · +21.0%
• By 2075: 2,187,887 · +36.1%
• By 2100: 2,244,136 · +39.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Hispanic / Latino 46% Black 22% Asian 18% White 10% Two or more races 9% Native American 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 17% Dominican 15%
• Foreign-born: 34% · Canada, China, Vietnam
• Languages at home: 39% English-only · Spanish 36% Other Indo-European 16% Arabic 3%

Political lean MEDSL · Bronx

• 2024 margin: Solid D (+45.4) · D 72.7% · R 27.3%
• 2008→2024 swing: -32.3pp toward R · 2008: 77.8pp · 2024: 45.4pp
• All cycles: 2024: D+45.4 2020: D+67.6 2016: D+79.1 2012: D+82.9 2008: D+77.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -41.59%
• Current HPI: 356.326
• Rent YoY: ▲ 9.43%
• 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

+31.0% since first listed

2 events — show timeline

• 2026-05-21 Price Changed $760,000 BNYMLS
• 2026-05-12 Listed $580,000 BNYMLS

Property tax history

+5.5%/yr

Latest (2025): $6,136 · +6.2% YoY. Source: county tax records.