811 E 228th St · New York, NY 10466

$975,000

9 bd · 5.1 ba · 3,000 sqft · MultiFamily public records · 20 Days on market

Built 1988 3,149 sqft lot Est $975k · at est.

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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 +21.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +5.1/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• 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: 3 units. confirmed

Listing remarks

Nestled in the desirable Wakefield section of the North Bronx, just 25 minutes north of Manhattan, this legal 3-family brick home presents an exceptional investment opportunity. This well-maintained multi-family property features two spacious 3-bedroom, 2-bathroom apartments, each showcasing original hardwood flooring throughout. The lower level offers a beautifully designed 2-bedroom apartment with an updated kitchen and its own private entrance—ideal for additional rental. The property is equipped with three gas meters and four electric meters, with each unit having its own gas heating system for added convenience and efficiency. Each unit has its own gas heating system, further enh

Key facts

• Three gas meters
• Private entrance
• Updated kitchen

Tags

• LEGAL 3-FAMILY BRICK HOME
• ORIGINAL HARDWOOD FLOORING
• UPDATED KITCHEN
• PRIVATE ENTRANCE
• THREE GAS METERS
• FOUR ELECTRIC METERS

Property features AI

Exterior

• Parking: Attached garage; Driveway; Total parking for 2 vehicles; 1 garage space
• Utilities: Electricity connected (Con-Edison); Natural gas connected; Public sewer; Water connected
• Home design: Triplex
• Construction: Brick construction; Scuttle attic
• Exterior features: Back yard

Interior

• Kitchen: Galley-style layout; Open kitchen
• Bedrooms: One 2-bedroom unit; Two 3-bedroom units
• Flooring: Hardwood floors
• Bathrooms: Five full bathrooms
• Heating & cooling: Natural gas heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; First-floor full bathroom; Ceiling fan(s); Galley-style kitchen; Natural woodwork; Open kitchen; Primary bathroom
• Laundry & utility: Finished full basement with storage space

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.7-bath units multifamily listed at $975k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $480/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $975k).
• Recommended offer: $960k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% 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: 161 active listings in the ZIP; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $9,806/mo this rent would consume 178% of the median local household income ($66k/yr) (locally 4791% 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 20 days — a 2% lower offer ($960k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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 $460k; list at $975k implies a 112% 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 $960,375 (1.5% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.01% ✓
• Cap rate: 8.06%
• Cash-on-cash: 6.33%
• DSCR: 1.28
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $975,000
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
768 E 230th St	0.10mi	8/3.0 (-1)	2,964 (-1%)	8mo	$1,120,000	$378	73
603 E 236th St	0.54mi	8/3.0 (-1)	3,000 (0%)	0mo	$975,000	$325	61
675 E 231st St	0.29mi	8/5.0 (-1)	3,240 (+8%)	15mo	$975,000	$301	56
855 E 223rd St	0.28mi	8/5.0 (-1)	3,252 (+8%)	22mo	$960,000	$295	50
822 E 215th St	0.71mi	8/3.0 (-1)	3,420 (+14%)	1mo	$1,190,000	$348	29
725 E 216th St	0.65mi	8/6.0 (-1)	3,330 (+11%)	21mo	$980,000	$294	26

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: -6.6%
• Equity multiple: 0.76×
• Total profit: $-66,421
• Equity at exit: $145,376

10-year hold

• IRR: 3.0%
• Equity multiple: 1.22×
• Total profit: $59,750
• 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 10466

• Active inventory: 161
• Price-to-rent: 24.9×

Monthly cashflow live

• Estimated rent: $9,806 high
• Mortgage (P&I): −$5,113
• Tax from tax record: −$788 /mo · $9,455/yr
• Insurance: −$406
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,059
• Net cashflow: $1,440

Break-even live

Break-even rent $7,984

Max offer price $975,000

Occupancy floor 80%

Sensitivity live

Price	-10% $1,992	-5% $1,716	+0% $1,440	+5% $1,164	+10% $888
Rent	-10% $665	-5% $1,052	+0% $1,440	+5% $1,827	+10% $2,214
Rate	-1.0pp $1,931	-0.5pp $1,688	base $1,440	+0.5pp $1,187	+1.0pp $930

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.7	$9,807
Total (3 units)			$9,806

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 9 events

1. 2026-04-20
   status Pending
2. 2026-03-31
   listed $975,000 Active
3. 2017-08-31
   historical
4. 2016-12-27
   soldstatus $460,000
5. 2016-09-01
   historical Pending
6. 2016-08-29
   listed $355,000 Active
7. 2007-02-08
   soldstatus $558,620
8. 1993-03-02
   soldstatus $615,000
9. 1990-03-02
   soldstatus $315,000

ⓘ 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: $9,455 · $788/mo
• Projected year-2 tax: $12,966 · $1,081/mo
• Expected delta: +$3,511/yr (+$293/mo · 37.1%)

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $117,672
• − Mortgage interest: −$54,615
• − Property taxes: −$9,455
• − Insurance: −$4,875
• − Repairs & maintenance: −$9,414
• − Management: −$9,414
• − Depreciation: −$28,364
• Taxable income: $1,536
• Est. tax owed @ 24.0%: −$369
• After-tax cash flow: $16,906/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): 71,116
• Household income: $65,969
• Rent vs Own: 60.1% rent · 39.9% own
• Severe rent burden: 4791.0

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 0.55)
• Race & ethnicity: Black 60% Hispanic / Latino 29% Two or more races 7% White 2% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 9% Dominican 12%
• Common ancestry: Hispanic 1%
• Foreign-born: 42% · Canada, Jamaica, United Kingdom
• Languages at home: 67% English-only · Spanish 22% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -314.77%
• Current HPI: 349.542
• 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

+209.5% since first listed

9 events — show timeline

• 2026-04-20 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-31 Listed $975,000 OneKey® MLS as Distributed by MLS Grid
• 2017-08-31 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2016-12-27 Sold (Public Records) $460,000 Public Records
• 2016-09-01 Contingent — OneKey® MLS as Distributed by MLS Grid
• 2016-08-29 Listed $355,000 OneKey® MLS as Distributed by MLS Grid
• 2007-02-08 Sold (Public Records) $558,620 Public Records
• 1993-03-02 Sold (Public Records) $615,000 Public Records
• 1990-03-02 Sold (Public Records) $315,000 Public Records

Property tax history

+4.1%/yr

Latest (2025): $9,455 · +6.0% YoY. Source: county tax records.