349 Grove St #6 · New York, NY 11237

$949,000

None bd · None ba · 4,875 sqft · MultiFamily public records · 48 Days on market

Built 1931 2,500 sqft lot

---

Why this score? — see what drove the A- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

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

Three levels six units very clean well kept all paperwork in order. $103,000 gross income and $35,000 all expenses. long standing tenant and all up to date with rents. Apartment 1L will be delivered vacant. Walk to M, L, J trains and buses. Borderline of Wyckoff Heights Brooklyn and Ridgewood Queens.

Key facts

• Walk to m l j trains
• 2,500 sq ft lot
• Built 1931

Tags

• WALK TO M L J TRAINS
• BORDERLINE OF RIDGEWOOD QUEENS

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public sewer; Cable available; Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: Triplex
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Bedrooms: Includes at least one first-floor bedroom
• Heating & cooling: Natural gas heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; Unfinished basement

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1-bath units multifamily listed at $949k.

Deal economics

• At list price, monthly cash flow is $8k ($92k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $949k).
• Recommended offer: $921k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.9% 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 (+4.8%/yr); 56 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $17,740/mo this rent would consume 250% of the median local household income ($85k/yr) (locally 4577% 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 $101k of equity ($7k loan paydown + $95k appreciation (10.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 4.8% rent growth), your $266k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$163k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($921k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $200k; list at $949k implies a 374% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 40% 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 $920,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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 1931 — 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. 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: 1.87% ✓
• Cap rate: 15.94%
• Cash-on-cash: 34.47%
• DSCR: 2.53
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $307,125
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
58 St Nicholas Ave	0.57mi	8/6.0	4,800 (-2%)	3mo	$300,000	$63	69

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

Projected returns pro-forma

10.0% appreciation · 4.78% rent growth · sell at horizon

5-year hold

• IRR: 51.8%
• Equity multiple: 4.90×
• Total profit: $1,035,483
• Equity at exit: $854,934

10-year hold

• IRR: 46.2%
• Equity multiple: 11.30×
• Total profit: $2,737,884
• Equity at exit: $1,843,698

Cash invested: $265,720 (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 11237

• Home prices YoY: 3.1%
• Rents YoY: 4.8%
• Active inventory: 56
• Price-to-rent: 26.7×

Monthly cashflow live

• Estimated rent: $17,740 high
• Mortgage (P&I): −$4,977
• Tax from tax record: −$1,010 /mo · $12,116/yr
• Insurance: −$395
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,725
• Net cashflow: $7,633

Break-even live

Break-even rent $8,078

Max offer price $949,000

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$17,742
Total (6 units)			$17,740

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: $237,250
• Closing costs: $28,470
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1679 Gates Ave Ridgewood, NY	2.0	1.0	5600	$3,600	$0.64	24d	1	0.23mi
7-87 Woodward Ave Unit 1L Ridgewood, NY	2.0	1.0	3400	$3,350	$0.99	15d	1	0.61mi
60-88 67th Ave Unit 2 Flushing, NY	3.0	1.0	3540	$3,750	$1.06	3d	1	0.96mi

Listing history 17 events

1. 2026-06-18
   days on market $949,000 Active 48 DOM
2. 2026-06-17
   days on market $949,000 Active 47 DOM
3. 2026-06-16
   days on market $949,000 Active 46 DOM
4. 2026-06-15
   days on market $949,000 Active 45 DOM
5. 2026-06-13
   days on market $949,000 Active 43 DOM
6. 2026-06-10
   days on market $949,000 Active 39 DOM
7. 2026-06-08
   days on market $949,000 Active 38 DOM
8. 2026-06-08
   days on market $949,000 Active 37 DOM
9. 2026-06-04
   days on market $949,000 Active 34 DOM
10. 2026-06-03
    days on market $949,000 Active 33 DOM
11. 2026-06-01
    days on market $949,000 Active 31 DOM
12. 2026-05-31
    days on market $949,000 Active 30 DOM
13. 2026-04-30
    listed $949,000 Active
14. 2003-11-25
    soldstatus $200,000
15. 1994-11-30
    soldstatus $99,500
16. 1987-07-23
    soldstatus $73,000
17. 1984-05-01
    soldstatus $35,000

ⓘ 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: $12,116 · $1,010/mo
• Projected year-2 tax: $14,077 · $1,173/mo
• Expected delta: +$1,961/yr (+$163/mo · 16.2%)

ⓘ 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 40% 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: $212,880
• − Mortgage interest: −$53,159
• − Property taxes: −$12,116
• − Insurance: −$4,745
• − Repairs & maintenance: −$17,030
• − Management: −$17,030
• − Depreciation: −$27,607
• Taxable income: $81,192
• Est. tax owed @ 24.0%: −$19,486
• After-tax cash flow: $72,108/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): 45,334
• Household income: $85,196
• Rent vs Own: 87.8% rent · 12.2% own
• Severe rent burden: 4577.0

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 0.65)
• Race & ethnicity: Hispanic / Latino 52% White 26% Two or more races 17% Black 10% Asian 7% Native American 2%
• Hispanic origin (detail): Mexican 9% Puerto Rican 15% Cuban 1% Dominican 9%
• Common ancestry: Romanian 2% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 33% · Canada, China, Jamaica
• Languages at home: 48% English-only · Spanish 41% Chinese 3% 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: ▲ 14.38%
• Current HPI: 481.1869
• Rent YoY: ▲ 4.78%
• 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

+2611.4% since first listed

5 events — show timeline

• 2026-04-30 Listed $949,000 OneKey® MLS as Distributed by MLS Grid
• 2003-11-25 Sold (Public Records) $200,000 Public Records
• 1994-11-30 Sold (Public Records) $99,500 Public Records
• 1987-07-23 Sold (Public Records) $73,000 Public Records
• 1984-05-01 Sold (Public Records) $35,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $12,116 · +2.3% YoY. Source: county tax records.