224 Highland Blvd #204 · New York, NY 11207

$407,000

2 bd · 2.0 ba · 1,300 sqft · Condo · 65 Days on market

Built 1940

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Why this score? — see what drove the F 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 +7.5/15.0
• Schools +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• 1% rule +3.4/10.0
• Condition / age +2.5/5.0
• Cash flow +2.4/30.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

tep into this beautifully updated convertible 3-bedroom co-op apartment featuring a spacious layout, high ceilings, and abundant natural light. This well-designed home offers a rare combination of flexible living space, split-bedroom layout, and open views, making it a standout in today’s market. Freshly refinished hardwood floors and expansive windows create a bright and inviting atmosphere throughout. The elevated position of the building allows for clear, open views that extend for miles, bringing in exceptional light even from a second-floor location. The thoughtfully designed split-bedroom layout places the bedrooms on opposite sides of the apartment, offering privacy and flexibility. Both bedrooms are generously sized and can each function as a primary bedroom. A separate dining area provides dedicated space for meals and entertaining, distinct from both the kitchen and living areas. In addition, a sunlit bonus space offers the potential for a third bedroom, home office, or additional living area. Importantly, this convertible space is separate from the dining area, preserving both functionality and flow—making this a true convertible 3-bedroom opportunity. The large, renovated eat-in kitchen features ample space for cooking and dining, serving as a central hub of the home. Two windowed bathrooms bring in natural light and add to the overall comfort and usability of the space. Storage is exceptional, with seven large closets providing abundant and practical storage throughout the apartment. Located near the J, Z, L, A, and C subway lines, this co-op offers convenient access to public transportation, major roadways, and connections to JFK Airport. This well-maintained co-op combines space, layout flexibility, natural light, storage, and accessibility, making it a compelling option for buyers seeking both comfort and long-term value.

Key facts

• Split-bedroom layout
• Seven large closets
• Sunlit bonus space

Tags

• SPLIT-BEDROOM LAYOUT
• SUNLIT BONUS SPACE
• LARGE RENOVATED EAT-IN KITCHEN
• TWO WINDOWED BATHROOMS
• SEVEN LARGE CLOSETS

Property features AI

Exterior

• Parking: Covered, detached parking; Building includes a garage
• Utilities: Electricity connected (Con-Edison); Natural gas connected; Public sewer; Water connected; Trash collection (public)
• Home design: Stock cooperative; One level (unit); Located in a nine-story building
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront; No additional parcels

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Includes a bedroom on the first floor
• Flooring: Hardwood flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Steam heating; No central cooling
• Interior features: First-floor bedroom; Eat-in kitchen; Elevator; Entrance foyer; High ceilings; Dining area; Home office; No basement; Nine-story building; Entry on level 2
• Laundry & utility: Laundry in common area

🏢 Co-op / cooperative unit. The $407,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $407k.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $390k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $342k (16.1% below list).
• Recommended offer: $342k (16.1% below list) — sets the bar for 1% rule.
• Cap rate 2.1% vs local median 2.6% in New York — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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); 251 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $3,415/mo this rent would consume 73% 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 $3k of loan paydown is wiped out by about $12k 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.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($383k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 12y 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: HOA is 39% of rent; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 39% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $341,528 (16.1% 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 65 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
11. 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.
12. 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.
13. 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: 0.84% ✗
• Cap rate: 2.06%
• Cash-on-cash: -15.12%
• DSCR: 0.33
• GRM: 9.9

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: -40.5%
• Equity multiple: -0.30×
• Total profit: $-148,474
• Equity at exit: $60,685

10-year hold

• IRR: -39.7%
• Equity multiple: -0.83×
• Total profit: $-208,904
• Equity at exit: $35,190

Cash invested: $113,960 (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: 251
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $3,415 high
• Mortgage (P&I): −$2,134
• Tax est. 1.5%: −$509 /mo · $6,105/yr
• Insurance: −$170
• HOA est. from 1 same-building comp: −$1,321
• Vacancy / Maint / Mgmt: −$717
• Net cashflow: $-1,436

Break-even live

Break-even rent $5,233

Max offer price $199,264

Occupancy floor —

Sensitivity live

Price	-10% $-1,154	-5% $-1,295	+0% $-1,436	+5% $-1,576	+10% $-1,717
Rent	-10% $-1,705	-5% $-1,571	+0% $-1,436	+5% $-1,301	+10% $-1,166
Rate	-1.0pp $-1,231	-0.5pp $-1,332	base $-1,436	+0.5pp $-1,541	+1.0pp $-1,648

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: $101,750
• Closing costs: $12,210
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
166A Schaefer St Unit 3 FL Brooklyn, NY	3.0	1.0	900	$3,995	$4.44	25d	1	0.93mi
7511 61st St Glendale, NY	2.0	1.0	929	$2,800	$3.01	25d	1	1.13mi
72-08 Forest Ave Unit 1R Flushing, NY	3.0	1.0	900	$3,500	$3.89	25d	1	1.27mi
8-55 Wyckoff Ave Unit 2 Ridgewood, NY	3.0	2.0	900	$3,900	$4.33	25d	1	1.34mi
338 Chauncey St Unit 3A Brooklyn, NY	2.0	1.0	900	$3,500	$3.89	25d	1	1.36mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-06-18
   days on market $407,000 Active 65 DOM
2. 2026-06-17
   days on market $407,000 Active 64 DOM
3. 2026-06-15
   days on market $407,000 Active 62 DOM
4. 2026-06-13
   days on market $407,000 Active 60 DOM
5. 2026-06-10
   days on market $407,000 Active 56 DOM
6. 2026-06-08
   days on market $407,000 Active 55 DOM
7. 2026-06-08
   days on market $407,000 Active 54 DOM
8. 2026-06-04
   days on market $407,000 Active 51 DOM
9. 2026-06-03
   days on market $407,000 Active 50 DOM
10. 2026-06-01
    days on market $407,000 Active 48 DOM
11. 2026-05-31
    days on market $407,000 Active 47 DOM
12. 2026-05-06
    status Active 1881-char remark

    Show marketing remark (1881 chars)

    tep into this beautifully updated convertible 3-bedroom co-op apartment featuring a spacious layout, high ceilings, and abundant natural light. This well-designed home offers a rare combination of flexible living space, split-bedroom layout, and open views, making it a standout in today’s market. Freshly refinished hardwood floors and expansive windows create a bright and inviting atmosphere throughout. The elevated position of the building allows for clear, open views that extend for miles, bringing in exceptional light even from a second-floor location. The thoughtfully designed split-bedroom layout places the bedrooms on opposite sides of the apartment, offering privacy and flexibility. Both bedrooms are generously sized and can each function as a primary bedroom. A separate dining area provides dedicated space for meals and entertaining, distinct from both the kitchen and living areas. In addition, a sunlit bonus space offers the potential for a third bedroom, home office, or additional living area. Importantly, this convertible space is separate from the dining area, preserving both functionality and flow—making this a true convertible 3-bedroom opportunity. The large, renovated eat-in kitchen features ample space for cooking and dining, serving as a central hub of the home. Two windowed bathrooms bring in natural light and add to the overall comfort and usability of the space. Storage is exceptional, with seven large closets providing abundant and practical storage throughout the apartment. Located near the J, Z, L, A, and C subway lines, this co-op offers convenient access to public transportation, major roadways, and connections to JFK Airport. This well-maintained co-op combines space, layout flexibility, natural light, storage, and accessibility, making it a compelling option for buyers seeking both comfort and long-term value.

13. 2026-05-01
    historical 1881-char remark

    Show marketing remark (1881 chars)

    tep into this beautifully updated convertible 3-bedroom co-op apartment featuring a spacious layout, high ceilings, and abundant natural light. This well-designed home offers a rare combination of flexible living space, split-bedroom layout, and open views, making it a standout in today’s market. Freshly refinished hardwood floors and expansive windows create a bright and inviting atmosphere throughout. The elevated position of the building allows for clear, open views that extend for miles, bringing in exceptional light even from a second-floor location. The thoughtfully designed split-bedroom layout places the bedrooms on opposite sides of the apartment, offering privacy and flexibility. Both bedrooms are generously sized and can each function as a primary bedroom. A separate dining area provides dedicated space for meals and entertaining, distinct from both the kitchen and living areas. In addition, a sunlit bonus space offers the potential for a third bedroom, home office, or additional living area. Importantly, this convertible space is separate from the dining area, preserving both functionality and flow—making this a true convertible 3-bedroom opportunity. The large, renovated eat-in kitchen features ample space for cooking and dining, serving as a central hub of the home. Two windowed bathrooms bring in natural light and add to the overall comfort and usability of the space. Storage is exceptional, with seven large closets providing abundant and practical storage throughout the apartment. Located near the J, Z, L, A, and C subway lines, this co-op offers convenient access to public transportation, major roadways, and connections to JFK Airport. This well-maintained co-op combines space, layout flexibility, natural light, storage, and accessibility, making it a compelling option for buyers seeking both comfort and long-term value.

14. 2026-04-16
    listed $407,000 Active 1881-char remark

    Show marketing remark (1881 chars)

    tep into this beautifully updated convertible 3-bedroom co-op apartment featuring a spacious layout, high ceilings, and abundant natural light. This well-designed home offers a rare combination of flexible living space, split-bedroom layout, and open views, making it a standout in today’s market. Freshly refinished hardwood floors and expansive windows create a bright and inviting atmosphere throughout. The elevated position of the building allows for clear, open views that extend for miles, bringing in exceptional light even from a second-floor location. The thoughtfully designed split-bedroom layout places the bedrooms on opposite sides of the apartment, offering privacy and flexibility. Both bedrooms are generously sized and can each function as a primary bedroom. A separate dining area provides dedicated space for meals and entertaining, distinct from both the kitchen and living areas. In addition, a sunlit bonus space offers the potential for a third bedroom, home office, or additional living area. Importantly, this convertible space is separate from the dining area, preserving both functionality and flow—making this a true convertible 3-bedroom opportunity. The large, renovated eat-in kitchen features ample space for cooking and dining, serving as a central hub of the home. Two windowed bathrooms bring in natural light and add to the overall comfort and usability of the space. Storage is exceptional, with seven large closets providing abundant and practical storage throughout the apartment. Located near the J, Z, L, A, and C subway lines, this co-op offers convenient access to public transportation, major roadways, and connections to JFK Airport. This well-maintained co-op combines space, layout flexibility, natural light, storage, and accessibility, making it a compelling option for buyers seeking both comfort and long-term value.

15. 2026-04-13
    listed $407,000 Active
16. 2025-11-05
    price $409,000
17. 2025-08-01
    historical
18. 2025-05-25
    price $417,000
19. 2025-05-25
    price $417,000
20. 2025-03-08
    status Active
21. 2025-03-06
    historical
22. 2024-09-05
    listed $440,000 Active
23. 2024-09-04
    historical
24. 2024-08-20
    price $440,000
25. 2024-07-30
    price $440,000
26. 2024-07-07
    price $450,000
27. 2024-05-07
    price $450,000
28. 2024-03-04
    listed $470,000 Active
29. 2020-06-08
    historical Permanently Off Market
30. 2020-03-10
    historical Contract Signed
31. 2019-09-13
    listed $375,000 Active
32. 2019-09-12
    listed $375,000
33. 2014-11-25
    listed $285,000
34. 2014-11-25
    listed $285,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 39% 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: $40,983
• − Mortgage interest: −$22,798
• − Property taxes: −$6,105
• − Insurance: −$2,035
• − Repairs & maintenance: −$3,279
• − Management: −$3,279
• − HOA: −$15,852
• − Depreciation: −$11,840
• Taxable loss: −$24,204
• Est. tax savings @ 24.0%: +$5,809
• After-tax cash flow: $-11,418/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

+42.8% since first listed

23 events — show timeline

• 2026-05-06 Relisted — RLS at REBNY
• 2026-05-01 Delisted — RLS at REBNY
• 2026-04-16 Listed $407,000 RLS at REBNY
• 2026-04-13 Listed $407,000 OneKey® MLS as Distributed by MLS Grid
• 2025-11-05 Price Changed $409,000 RLS at REBNY
• 2025-08-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-05-25 Price Changed $417,000 RLS at REBNY
• 2025-05-25 Price Changed $417,000 OneKey® MLS as Distributed by MLS Grid
• 2025-03-08 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-03-06 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-09-05 Listed $440,000 OneKey® MLS as Distributed by MLS Grid
• 2024-09-04 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-08-20 Price Changed $440,000 RLS at REBNY
• 2024-07-30 Price Changed $440,000 OneKey® MLS as Distributed by MLS Grid
• 2024-07-07 Price Changed $450,000 RLS at REBNY
• 2024-05-07 Price Changed $450,000 OneKey® MLS as Distributed by MLS Grid
• 2024-03-04 Listed $470,000 OneKey® MLS as Distributed by MLS Grid
• 2020-06-08 Delisted — RLS at REBNY
• 2020-03-10 Contingent — RLS at REBNY
• 2019-09-13 Listed $375,000 RLS at REBNY
• 2019-09-12 Listed $375,000 RLS at REBNY
• 2014-11-25 Listed $285,000 RLS at REBNY
• 2014-11-25 Listed $285,000 RLS at REBNY