51 Taft Ave · New York, NY 10301

$619,999

6 bd · 2.0 ba · 1,872 sqft · MultiFamily public records · 76 Days on market

Built 1920 2,500 sqft lot Est $651k · at est.

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Why this score? — see what drove the B 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
• DSCR +10.0/10.0
• ARV discount +9.7/15.0
• 1% rule +8.2/10.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

REPLACED WINDOWS,NEW WATER HEATER,FINISHED BASEMENT.GOOD INCOME. Level 1: BAS-3/4BATH,BR,LR,SUMMER KIT,UTIL RM,LAUN RM. LV1-2BR,LR,DR,EIK,FULL BATH. LV2-3BR,LR,DR,EIK,FULL BATH.

Key facts

• Public transit
• Private entrances
• 2,500 sq ft lot

Tags

• FULLY FINISHED BASEMENT
• PRIVATE ENTRANCES
• MINUTES FROM NYC FERRY
• PUBLIC TRANSIT

Property features AI

Finance

• Other: Taxes listed (amount omitted per instructions)
• Financial info: Two residential units (one unit listed with $1,600 monthly rent); Total of 1 unit reported as primary (see unit details)

Exterior

• Parking: On-street parking
• Utilities: 220 volt electric service
• Home design: Two-story multi-family building; Approximate year built
• Construction: Asbestos siding/materials; Total building area listed
• Exterior features: Lot approximately 25 x 100 (0.06 acres); Zoned R-4; Property condition described as good to excellent

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2 (2nd level): 4 bedrooms
• Bathrooms: 2 full bathrooms total (property)
• Heating & cooling: Natural gas heating; Hot water heating; Cooling via units
• Interior features: Finished basement; Unit air conditioning

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $620k.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $620k).
• Recommended offer: $583k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.2% 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 (+6.1%/yr); 263 active listings in the ZIP; solid renter incomes; 480 units permitted in Richmond County in 2024 (22 in 5+ unit buildings).
• At $8,206/mo this rent would consume 115% of the median local household income ($86k/yr) (locally 2008% 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 $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Richmond County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 6.1% rent growth), your $174k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($583k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y 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 $360k; list at $620k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 54% 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 $582,799 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. 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: 1.32% ✓
• Cap rate: 11.16%
• Cash-on-cash: 17.39%
• DSCR: 1.77
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $651,456
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Webster Ave	0.48mi	5/2.5 (-1)	2,024 (+8%)	4mo	$705,000	$348	53
106 Westervelt Ave	0.27mi	6/5.0	2,075 (+11%)	11mo	$550,000	$265	48
190 W Buchanan St	0.53mi	5/2.5 (-1)	1,657 (-12%)	3mo	$790,000	$477	46

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 · 6.07% rent growth · sell at horizon

5-year hold

• IRR: 12.0%
• Equity multiple: 1.49×
• Total profit: $85,803
• Equity at exit: $92,444

10-year hold

• IRR: 23.2%
• Equity multiple: 3.27×
• Total profit: $394,918
• Equity at exit: $53,606

Cash invested: $173,600 (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 10301

• Rents YoY: 6.1%
• Active inventory: 263
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $8,206 medium
• Mortgage (P&I): −$3,251
• Tax from tax record: −$458 /mo · $5,491/yr
• Insurance: −$258
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,723
• Net cashflow: $2,516

Break-even live

Break-even rent $5,022

Max offer price $619,999

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$8,205
Total (3 units)			$8,206

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: $155,000
• Closing costs: $18,600
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $619,999 Active 76 DOM
2. 2026-06-17
   days on market $619,999 Active 75 DOM
3. 2026-06-15
   days on market $619,999 Active 73 DOM
4. 2026-06-13
   days on market $619,999 Active 71 DOM
5. 2026-06-10
   days on market $619,999 Active 67 DOM
6. 2026-06-08
   days on market $619,999 Active 66 DOM
7. 2026-06-08
   days on market $619,999 Active 65 DOM
8. 2026-06-04
   days on market $619,999 Active 62 DOM
9. 2026-06-03
   days on market $619,999 Active 61 DOM
10. 2026-06-01
    days on market $619,999 Active 59 DOM
11. 2026-05-31
    days on market $619,999 Active 58 DOM
12. 2026-05-21
    price $619,999
13. 2026-04-03
    listed $649,999 Active
14. 2016-02-17
    historical
15. 2003-10-14
    soldstatus $360,000
16. 2003-04-29
    listed $359,900
17. 2002-07-30
    soldstatus $210,000 179-char remark

    Show marketing remark (179 chars)

    REPLACED WINDOWS,NEW WATER HEATER,FINISHED BASEMENT.GOOD INCOME. Level 1: BAS-3/4BATH,BR,LR,SUMMER KIT,UTIL RM,LAUN RM. LV1-2BR,LR,DR,EIK,FULL BATH. LV2-3BR,LR,DR,EIK,FULL BATH.

18. 2002-03-18
    listed $229,000 179-char remark

    Show marketing remark (179 chars)

    REPLACED WINDOWS,NEW WATER HEATER,FINISHED BASEMENT.GOOD INCOME. Level 1: BAS-3/4BATH,BR,LR,SUMMER KIT,UTIL RM,LAUN RM. LV1-2BR,LR,DR,EIK,FULL BATH. LV2-3BR,LR,DR,EIK,FULL BATH.

19. 1986-12-29
    soldstatus $102,500

ⓘ 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: $5,491 · $458/mo
• Projected year-2 tax: $7,984 · $665/mo
• Expected delta: +$2,494/yr (+$208/mo · 45.4%)

ⓘ 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 7/10 Severe 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 54% 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: $98,472
• − Mortgage interest: −$34,730
• − Property taxes: −$5,491
• − Insurance: −$3,100
• − Repairs & maintenance: −$7,878
• − Management: −$7,878
• − Depreciation: −$18,036
• Taxable income: $21,360
• Est. tax owed @ 24.0%: −$5,126
• After-tax cash flow: $25,060/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: Richmond County · 404,174 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 41,052
• Household income: $85,609
• Rent vs Own: 54.2% rent · 45.8% own
• Severe rent burden: 2008.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 482,784 people
• By 2030: 481,831 · -0.2%
• By 2040: 473,159 · -2.0%
• By 2050: 457,242 · -5.3%
• By 2075: 408,029 · -15.5%
• By 2100: 341,459 · -29.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 37% Hispanic / Latino 29% Black 23% Two or more races 16% Asian 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 10% Cuban 2% Dominican 6%
• Common ancestry: Romanian 3% Scotch-Irish 2% Italian 1%
• Foreign-born: 22% · Canada, China, Jamaica
• Languages at home: 68% English-only · Spanish 16% Other Indo-European 5% Russian/Polish/Slavic 3%

Political lean MEDSL · Richmond

• 2024 margin: Strong R (+29.8) · D 35.1% · R 64.9%
• 2008→2024 swing: -25.7pp toward R · 2008: -4.0pp · 2024: -29.8pp
• All cycles: 2024: R+29.8 2020: R+14.9 2016: R+16.8 2012: D+0.8 2008: R+4.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -407.37%
• Current HPI: 319.0616
• Rent YoY: ▲ 6.07%
• 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

+504.9% since first listed

8 events — show timeline

• 2026-05-21 Price Changed $619,999 SIBORMLS
• 2026-04-03 Listed $649,999 SIBORMLS
• 2016-02-17 Listing Removed — SIBORMLS
• 2003-10-14 Sold (Public Records) $360,000 Public Records
• 2003-04-29 Listed $359,900 SIBORMLS
• 2002-07-30 Sold (MLS) $210,000 SIBORMLS
• 2002-03-18 Listed $229,000 SIBORMLS
• 1986-12-29 Sold (Public Records) $102,500 Public Records

Property tax history

+5.9%/yr

Latest (2025): $5,491 · +6.0% YoY. Source: county tax records.