437 Torry Ave · New York, NY 10473

$975,000

8 bd · 3.0 ba · 2,314 sqft · MultiFamily public records · 24 Days on market

Built 1965 2,238 sqft lot Est $967k · at est.

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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 +13.6/30.0
• ARV discount +7.1/15.0
• Schools +5.0/10.0
• DSCR +4.1/10.0
• Livability +3.8/5.0
• 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

I am excited to introduce you to 437 Torry Avenue, a beautifully refreshed and fully renovated two-family brick home located in the desirable Castle Hill vicinity of the Bronx. This charming residence has been thoughtfully restored to its original beauty, featuring a classic brick Two family, a spacious backyard, and a convenient two-car driveway. The property also boasts a newly coated roof, installed this past summer, and new stainless steel front gates, all meticulously maintained. The first-floor duplex unit offers four generously sized bedrooms and two bathrooms, providing ample space for comfortable living. The top-floor unit features three bedrooms and one bathroom, complete with a b

Key facts

• Newly coated roof
• Spacious backyard
• Brand new kitchen

Tags

• TWO FAMILY BRICK HOME
• SPACIOUS BACKYARD
• TWO CAR DRIVEWAY
• NEWLY COATED ROOF
• BRAND NEW KITCHEN
• UPDATED BATHROOMS

Property features AI

Finance

• Other: Building area approximately 2,314 sq ft (public records); Property condition: Actual

Exterior

• Parking: Driveway; Parking for 2 vehicles
• Utilities: Con-Edison electric service; Public sewer; Public water; Cable available and connected; Electricity available and connected; Natural gas available and connected; Sewer connected; Trash collection (public); Water connected
• Home design: Duplex
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront; No additional parcels

Interior

• Bedrooms: One 2-bedroom unit; One 3-bedroom unit; One 4-bedroom unit
• Flooring: Hardwood flooring; Laminate flooring; Vinyl flooring
• Bathrooms: Three full bathrooms
• Heating & cooling: Hot water heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; First-floor full bathroom; Aluminum-framed windows; No patio or porch
• Laundry & utility: Laundry: other (on-site)

What this means for you Summary

Snapshot

• This is a 1×4bd/1.5ba + 1×3bd/1.5ba units multifamily listed at $975k.

Deal economics

• At list price, monthly cash flow is $59 ($705/yr) — positive. Per door: $29/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $770k (21.0% below list).
• Recommended offer: $770k (21.0% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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: 141 active listings in the ZIP; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $7,705/mo this rent would consume 176% of the median local household income ($52k/yr) (locally 3913% 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 $7k of loan paydown is wiped out by about $29k 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 24 days — a 2% lower offer ($960k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y 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 $490k; list at $975k implies a 99% gain — meaningful room to come down on a strong offer.

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 $770,500 (21.0% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 6.37%
• Cash-on-cash: 0.26%
• DSCR: 1.01
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $967,252
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
436 Olmstead Ave	0.02mi	7/2.5 (-1)	2,314 (0%)	18mo	$805,000	$348	77
435 Zerega Ave	0.27mi	9/5.0 (+1)	2,512 (+9%)	18mo	$1,050,000	$418	45

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: -15.9%
• Equity multiple: 0.43×
• Total profit: $-154,569
• Equity at exit: $145,376

10-year hold

• IRR: -7.6%
• Equity multiple: 0.52×
• Total profit: $-131,076
• Equity at exit: $84,300

Cash invested: $273,000 (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 10473

• Active inventory: 141
• Price-to-rent: 20.6×

Monthly cashflow live

• Estimated rent: $7,705 medium
• Mortgage (P&I): −$5,113
• Tax from tax record: −$509 /mo · $6,107/yr
• Insurance: −$406
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,618
• Net cashflow: $59

Break-even live

Break-even rent $7,631

Max offer price $975,000

Occupancy floor 94%

Sensitivity live

Price	-10% $611	-5% $335	+0% $59	+5% $-217	+10% $-493
Rent	-10% $-550	-5% $-246	+0% $59	+5% $363	+10% $667
Rate	-1.0pp $550	-0.5pp $307	base $59	+0.5pp $-194	+1.0pp $-451

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

Units	Beds	Baths	Est. rent
1× unit	4	1.5	$3,953
1× unit	3	1.5	$3,752
Total (2 units)			$7,705

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: $243,750
• Closing costs: $29,250
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-21
   days on market $975,000 Active 24 DOM
2. 2026-06-18
   days on market $975,000 Active 21 DOM
3. 2026-06-17
   days on market $975,000 Active 20 DOM
4. 2026-06-16
   days on market $975,000 Active 19 DOM
5. 2026-06-15
   days on market $975,000 Active 18 DOM
6. 2026-06-13
   days on market $975,000 Active 16 DOM
7. 2026-06-10
   days on market $975,000 Active 12 DOM
8. 2026-06-08
   days on market $975,000 Active 11 DOM
9. 2026-06-08
   days on market $975,000 Active 10 DOM
10. 2026-06-04
    days on market $975,000 Active 7 DOM
11. 2026-06-03
    days on market $975,000 Active 6 DOM
12. 2026-06-02
    days on market $975,000 Active 5 DOM
13. 2026-06-01
    days on market $975,000 Active 4 DOM
14. 2026-05-31
    days on market $975,000 Active 3 DOM

ⓘ 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: $6,107 · $509/mo
• Projected year-2 tax: $11,292 · $941/mo
• Expected delta: +$5,185/yr (+$432/mo · 84.9%)

ⓘ 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 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 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $92,460
• − Mortgage interest: −$54,615
• − Property taxes: −$6,107
• − Insurance: −$4,875
• − Repairs & maintenance: −$7,397
• − Management: −$7,397
• − Depreciation: −$28,364
• Taxable loss: −$16,294
• Est. tax savings @ 24.0%: +$3,911
• After-tax cash flow: $4,616/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): 58,855
• Household income: $52,462
• Rent vs Own: 71.4% rent · 28.6% own
• Severe rent burden: 3913.0

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: Majority Hispanic (59%)
• Race & ethnicity: Hispanic / Latino 59% Black 34% Two or more races 12% Asian 2% White 2%
• Hispanic origin (detail): Puerto Rican 31% Dominican 20%
• Common ancestry: British 1%
• Foreign-born: 23% · Canada, Jamaica
• Languages at home: 51% English-only · Spanish 45% Other Indo-European 1% French/Haitian/Cajun 1%

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: ▼ -212.70%
• Current HPI: 276.2941
• Rent YoY: —
• 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

+179.4% since first listed

11 events — show timeline

• 2026-05-28 Listed $975,000 OneKey® MLS as Distributed by MLS Grid
• 2025-10-20 Listed $950,000 OneKey® MLS as Distributed by MLS Grid
• 2025-10-15 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-03-03 Listed $950,000 OneKey® MLS as Distributed by MLS Grid
• 2007-05-09 Sold (Public Records) $490,000 Public Records
• 2007-04-30 Sold (MLS) $475,000 HGMLS
• 2007-02-14 Delisted — HGMLS
• 2007-02-14 Price Changed $489,000 HGMLS
• 2007-01-10 Listed $475,000 HGMLS
• 2003-05-08 Sold (Public Records) $220,000 Public Records
• 2003-05-02 Sold (Public Records) $349,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $6,107 · +6.0% YoY. Source: county tax records.