2645 Homecrest Ave Unit 1F · New York, NY 11235

$310,000

1 bd · 1.0 ba · 800 sqft · Condo · 27 Days on market

Built 1952

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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 +9.8/30.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Schools +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautifully renovated 1-bedroom co-op located in the heart of Sheepshead Bay. Situated in a well-maintained elevator building, this move-in-ready apartment offers the perfect combination of comfort, style, and convenience. The home has been fully updated with quality finishes throughout, including updated plumbing and electrical systems. The modern windowed bathroom features a sleek standing shower, while the bright and airy layout creates a comfortable flow with excellent use of space and natural light. The apartment also features its own washer and dryer, a rare convenience, with the building permitting in-unit laundry installations. Low monthly maintenance of $625 includes real estate taxes, electricity, cooking gas, and heatoffering exceptional value. This well-kept co-op building features an elevator, live-in superintendent, and garage parking available via waiting list. Conveniently located across from a park and just minutes from the B and Q subway lines, shopping, restaurants, cafes, and everyday essentials. A wonderful opportunity to own a stylish turnkey apartment in one of Brooklyns most convenient and vibrant neighborhoods.

Key facts

• Renovated co-op
• Standing shower
• Updated plumbing

Tags

• RENOVATED CO-OP
• UPDATED PLUMBING
• UPDATED ELECTRICAL SYSTEMS
• MODERN WINDOWED BATHROOM
• STANDING SHOWER
• IN-UNIT LAUNDRY INSTALLATIONS

Property features AI

Exterior

• Parking: 1 parking space (carport: no); Parking availability listed as waitlist
• Utilities: Public sewer; Utilities: see remarks
• Home design: Stock cooperative
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Dishwasher
• Bedrooms: 3 rooms total (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall/window air conditioning units; Other/see remarks for heating
• Interior features: Other interior features; Entry on first level; Pets allowed
• Laundry & utility: Washer and dryer included

🏢 Co-op / cooperative unit. The $310,000 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 1-bed/1.0-bath condo listed at $310k.

Deal economics

• At list price, monthly cash flow is $-198 ($-2k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $310k).
• Recommended offer: $305k (1.5% below list) — sets the bar for market timing.
• Cap rate 5.5% 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 (+5.0%/yr); 521 active listings in the ZIP; 11 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 $3,393/mo this rent would consume 68% of the median local household income ($60k/yr) (locally 7823% 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 $2k of loan paydown is wiped out by about $9k 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 27 days — a 2% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 22% of rent; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 72% 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 $305,350 (1.5% 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. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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: 1.09% ✓
• Cap rate: 5.53%
• Cash-on-cash: -2.73%
• DSCR: 0.88
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.04% rent growth · sell at horizon

5-year hold

• IRR: -17.6%
• Equity multiple: 0.36×
• Total profit: $-55,213
• Equity at exit: $46,222

10-year hold

• IRR: -5.0%
• Equity multiple: 0.63×
• Total profit: $-31,841
• Equity at exit: $26,803

Cash invested: $86,800 (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 11235

• Rents YoY: 5.0%
• Active inventory: 521
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $3,393 high
• Mortgage (P&I): −$1,626
• Tax est. 1.5%: −$388 /mo · $4,650/yr
• Insurance: −$129
• HOA est. from 1 same-building comp: −$736
• Vacancy / Maint / Mgmt: −$713
• Net cashflow: $-198

Break-even live

Break-even rent $3,643

Max offer price $281,396

Occupancy floor —

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: $77,500
• Closing costs: $9,300
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3000 Emmons Ave Unit 1 Brooklyn, NY	—	1.0	536	$3,273	$6.11	24d	1	1.02mi
3000 Emmons Ave Unit 5 Brooklyn, NY	2.0	2.0	840	$4,085	$4.86	24d	1	1.02mi
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$3,400	$3.58	7d	8	1.06mi
2971 Shell Rd Unit 406 Brooklyn, NY	2.0	2.0	920	$3,550	$3.86	24d	1	1.08mi
2971 Shell Rd Unit 711 Brooklyn, NY	2.0	2.0	907	$4,200	$4.63	24d	1	1.08mi
2971 Shell Rd Unit 612 Brooklyn, NY	2.0	2.0	907	$4,150	$4.58	24d	1	1.08mi
2971 Shell Rd Unit 508 Brooklyn, NY	2.0	2.0	930	$4,099	$4.41	24d	1	1.08mi
2971 Shell Rd Unit 720 Brooklyn, NY	2.0	2.0	920	$4,100	$4.46	24d	1	1.08mi
2971 Shell Rd Unit 704 Brooklyn, NY	2.0	1.0	826	$3,950	$4.78	24d	1	1.08mi
3112 Emmons Ave Unit 203 Brooklyn, NY	1.0	1.0	734	$3,200	$4.36	24d	1	1.17mi
2483 W 16th St Brooklyn, NY	1.0	1.0	800	$1,800	$2.25	20d	1	1.43mi

HOA detail condo

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

Listing history 14 events

1. 2026-06-16
   status $310,000 Pending 27 DOM
2. 2026-06-15
   days on market $310,000 Active 27 DOM
3. 2026-06-13
   days on market $310,000 Active 25 DOM
4. 2026-06-10
   days on market $310,000 Active 21 DOM
5. 2026-06-08
   days on market $310,000 Active 20 DOM
6. 2026-06-08
   days on market $310,000 Active 19 DOM
7. 2026-06-04
   days on market $310,000 Active 16 DOM
8. 2026-06-03
   days on market $310,000 Active 15 DOM
9. 2026-06-02
   days on market $310,000 Active 14 DOM
10. 2026-06-01
    days on market $310,000 Active 13 DOM
11. 2026-05-31
    days on market $310,000 Active 12 DOM
12. 2026-05-19
    listed $310,000 Active

    Show marketing remark (1169 chars)

    Welcome to this beautifully renovated 1-bedroom co-op located in the heart of Sheepshead Bay. Situated in a well-maintained elevator building, this move-in-ready apartment offers the perfect combination of comfort, style, and convenience. The home has been fully updated with quality finishes throughout, including updated plumbing and electrical systems. The modern windowed bathroom features a sleek standing shower, while the bright and airy layout creates a comfortable flow with excellent use of space and natural light. The apartment also features its own washer and dryer, a rare convenience, with the building permitting in-unit laundry installations. Low monthly maintenance of $625 includes real estate taxes, electricity, cooking gas, and heatoffering exceptional value. This well-kept co-op building features an elevator, live-in superintendent, and garage parking available via waiting list. Conveniently located across from a park and just minutes from the B and Q subway lines, shopping, restaurants, cafes, and everyday essentials. A wonderful opportunity to own a stylish turnkey apartment in one of Brooklyns most convenient and vibrant neighborhoods.

13. 2026-05-19
    listed $310,000 Active 1169-char remark

    Show marketing remark (1169 chars)

    Welcome to this beautifully renovated 1-bedroom co-op located in the heart of Sheepshead Bay. Situated in a well-maintained elevator building, this move-in-ready apartment offers the perfect combination of comfort, style, and convenience. The home has been fully updated with quality finishes throughout, including updated plumbing and electrical systems. The modern windowed bathroom features a sleek standing shower, while the bright and airy layout creates a comfortable flow with excellent use of space and natural light. The apartment also features its own washer and dryer, a rare convenience, with the building permitting in-unit laundry installations. Low monthly maintenance of $625 includes real estate taxes, electricity, cooking gas, and heatoffering exceptional value. This well-kept co-op building features an elevator, live-in superintendent, and garage parking available via waiting list. Conveniently located across from a park and just minutes from the B and Q subway lines, shopping, restaurants, cafes, and everyday essentials. A wonderful opportunity to own a stylish turnkey apartment in one of Brooklyns most convenient and vibrant neighborhoods.

14. 2026-05-18
    listed $310,000 Active 1203-char remark

    Show marketing remark (1203 chars)

    Welcome to this beautifully renovated 1-bedroom co-op located in the heart of Sheepshead Bay. Situated in a well-maintained elevator building, this move-in-ready apartment offers the perfect combination of comfort, style, and convenience. The home has been fully updated with quality finishes throughout, including updated plumbing and electrical systems. The modern windowed bathroom features a sleek standing shower, while the bright and airy layout creates a comfortable flow with excellent use of space and natural light. The apartment also features its own washer and dryer, a rare convenience, with the building permitting in-unit laundry installations. Low monthly maintenance of only $625 includes real estate taxes, electricity, cooking gas, and heat—offering exceptional value. This well-kept co-op building features an elevator, live-in superintendent, and garage parking available via waiting list. Conveniently located across from a park and just minutes from the B and Q subway lines, shopping, restaurants, cafes, and everyday essentials. A wonderful opportunity to own a stylish turnkey apartment in one of Brooklyn’s most convenient and vibrant neighborhoods.

ⓘ 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 6/10 Major FEMA zone X (shaded) · 58% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,719
• − Mortgage interest: −$17,365
• − Property taxes: −$4,650
• − Insurance: −$1,550
• − Repairs & maintenance: −$3,258
• − Management: −$3,258
• − HOA: −$8,832
• − Depreciation: −$9,018
• Taxable loss: −$7,211
• Est. tax savings @ 24.0%: +$1,731
• After-tax cash flow: $-641/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): 78,558
• Household income: $59,661
• Rent vs Own: 65.2% rent · 34.8% own
• Severe rent burden: 7823.0

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: Predominantly White (67%)
• Race & ethnicity: White 67% Asian 15% Two or more races 9% Hispanic / Latino 9% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Scotch-Irish 15% Subsaharan African 12% Romanian 2%
• Foreign-born: 63% · China, Canada, Vietnam
• Languages at home: 24% English-only · Russian/Polish/Slavic 48% Chinese 7% Spanish 7%

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: ▼ -181.73%
• Current HPI: 303.6714
• Rent YoY: ▲ 5.04%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-05-19 Listed $310,000 OneKey® MLS as Distributed by MLS Grid
• 2026-05-19 Listed $310,000 RLS at REBNY
• 2026-05-18 Listed $310,000 BNYMLS