2967 Coney Island Ave · New York, NY 11235

$989,000

4 bd · 2.0 ba · 1,280 sqft · MultiFamily public records · 242 Days on market

Built 1915 2,000 sqft lot Est $888k · 11% over

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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 +13.8/30.0
• Schools +5.0/10.0
• DSCR +4.2/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• ARV discount +2.4/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Two-Family Home with Full Finished Basement – Prime Coney Island Avenue Location! Welcome to 2967 Coney Island Avenue, a beautifully maintained two-family home featuring a full finished basement. Perfectly situated close to shopping, schools, hospitals, and public transportation, this property offers convenience and comfort for both owners and investors alike. Ideal for multi-generational living or rental income opportunities, this home combines space, accessibility, and a highly desirable location in the heart of Brooklyn.

Key facts

• Close to schools
• Close to hospitals
• Close to shopping

Tags

• FULL FINISHED BASEMENT
• CONEY ISLAND AVENUE LOCATION
• CLOSE TO SHOPPING
• CLOSE TO SCHOOLS
• CLOSE TO HOSPITALS
• CLOSE TO PUBLIC TRANSPORTATION

Property features AI

Finance

• Other: Zoning: C8-1
• Financial info: Financing available: Bank mortgage

Exterior

• Parking: No designated parking
• Utilities: 200 Amp electric; Gas hot water; Gas heating
• Home design: Semi-detached residential building; Shingle roof; Poured concrete foundation
• Construction: Brick construction; Building footprint roughly 640 sq ft; Building dimensions about 40.00 x 16.00
• Exterior features: Back yard; Brick and siding exterior

Interior

• Bedrooms: 13 total rooms (includes bedrooms and living spaces)
• Flooring: Carpeting; Ceramic floors; Concrete floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Steam/radiator heat; Gas hot water; 200 Amp electric service
• Interior features: Finished full basement; Other residential features; Carpeting; Ceramic floors; Concrete floors; No central air

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $989k.

Deal economics

• At list price, monthly cash flow is $30 ($360/yr) — positive. Per door: $15/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $779k (21.2% below list).
• Recommended offer: $779k (21.2% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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; 4 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 $7,789/mo this rent would consume 157% 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 $7k of loan paydown is wiped out by about $30k 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 242 days — a 12% lower offer ($870k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y 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 $547k; list at $989k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1915 — 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→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $778,900 (21.2% below list)

Questions for the listing agent

1. It's been on market 242 days. Have you received any prior offers? Is the seller open to a 21% 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 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 0.79% ✗
• Cap rate: 6.41%
• Cash-on-cash: 0.42%
• DSCR: 1.02
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $888,320
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
152 Neptune Ave	0.15mi	4/3.0	1,296 (+1%)	9mo	$790,000	$610	80
3014 Brighton 1st St	0.55mi	3/2.0 (-1)	1,252 (-2%)	2mo	$970,000	$775	64
3322 Shore Pkwy	0.36mi	5/2.5 (+1)	1,152 (-10%)	16mo	$800,000	$694	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 · 5.04% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.49×
• Total profit: $-142,357
• Equity at exit: $147,463

10-year hold

• IRR: -2.6%
• Equity multiple: 0.81×
• Total profit: $-53,010
• Equity at exit: $85,511

Cash invested: $276,920 (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: 21.2×

Monthly cashflow live

• Estimated rent: $7,789 medium
• Mortgage (P&I): −$5,186
• Tax from tax record: −$458 /mo · $5,500/yr
• Insurance: −$412
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,636
• Net cashflow: $30

Break-even live

Break-even rent $7,751

Max offer price $989,000

Occupancy floor 95%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$7,788
Total (2 units)			$7,789

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: $247,250
• Closing costs: $29,670
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2538 E 2nd St Unit 2 Brooklyn, NY	3.0	1.0	1100	$2,600	$2.36	24d	1	0.49mi
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$5,725	$6.04	7d	8	0.82mi
2957 Shell Rd Brooklyn, NY	3.0	2.0	1292	$5,550	$4.30	24d	1	0.85mi
2971 Shell Rd Unit 602 Brooklyn, NY	3.0	2.0	1301	$5,299	$4.07	24d	1	0.86mi

Listing history 31 events

1. 2026-06-18
   days on market $989,000 Active 242 DOM
2. 2026-06-17
   days on market $989,000 Active 241 DOM
3. 2026-06-15
   days on market $989,000 Active 239 DOM
4. 2026-06-13
   days on market $989,000 Active 237 DOM
5. 2026-06-10
   days on market $989,000 Active 233 DOM
6. 2026-06-08
   days on market $989,000 Active 232 DOM
7. 2026-06-04
   days on market $989,000 Active 228 DOM
8. 2026-06-03
   days on market $989,000 Active 227 DOM
9. 2026-06-01
   days on market $989,000 Active 225 DOM
10. 2026-05-31
    days on market $989,000 Active 224 DOM
11. 2026-03-26
    price $989,000
12. 2025-10-19
    listed $1,025,000 Active
13. 2024-07-30
    price $1,100,000
14. 2023-07-15
    price $899,000
15. 2023-06-26
    price $925,000
16. 2023-05-07
    price $949,000
17. 2023-02-25
    price $989,000
18. 2022-04-27
    price $999,000
19. 2020-04-14
    soldstatus $547,000 Sold
20. 2019-06-13
    price $938,000
21. 2017-05-31
    price $1,100,000
22. 2016-03-14
    soldstatus $547,000
23. 2016-03-07
    historical
24. 2015-08-23
    status Pending
25. 2015-08-18
    historical
26. 2015-08-03
    status Pending
27. 2015-04-03
    listed $599,000 Active
28. 2007-07-27
    soldstatus $653,000
29. 2006-08-01
    listed $739,000
30. 1992-03-23
    soldstatus $135,000
31. 1988-09-12
    soldstatus $130,000

ⓘ 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: $5,500 · $458/mo
• Projected year-2 tax: $11,107 · $926/mo
• Expected delta: +$5,607/yr (+$467/mo · 101.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 59% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 16 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: $93,468
• − Mortgage interest: −$55,399
• − Property taxes: −$5,500
• − Insurance: −$5,742
• − Repairs & maintenance: −$7,477
• − Management: −$7,477
• − Depreciation: −$28,771
• Taxable loss: −$16,900
• Est. tax savings @ 24.0%: +$4,056
• After-tax cash flow: $4,416/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

+660.8% since first listed

21 events — show timeline

• 2026-03-26 Price Changed $989,000 BNYMLS
• 2025-10-19 Listed $1,025,000 BNYMLS
• 2024-07-30 Price Changed $1,100,000 BNYMLS
• 2023-07-15 Price Changed $899,000 BNYMLS
• 2023-06-26 Price Changed $925,000 BNYMLS
• 2023-05-07 Price Changed $949,000 BNYMLS
• 2023-02-25 Price Changed $989,000 BNYMLS
• 2022-04-27 Price Changed $999,000 BNYMLS
• 2020-04-14 Sold (MLS) $547,000 BNYMLS
• 2019-06-13 Price Changed $938,000 BNYMLS
• 2017-05-31 Price Changed $1,100,000 BNYMLS
• 2016-03-14 Sold (Public Records) $547,000 Public Records
• 2016-03-07 Delisted — BNYMLS
• 2015-08-23 Pending — BNYMLS
• 2015-08-18 Delisted — BNYMLS
• 2015-08-03 Pending — BNYMLS
• 2015-04-03 Listed $599,000 BNYMLS
• 2007-07-27 Sold (Public Records) $653,000 Public Records
• 2006-08-01 Listed $739,000 BNYMLS
• 1992-03-23 Sold (Public Records) $135,000 Public Records
• 1988-09-12 Sold (Public Records) $130,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $5,500 · +3.4% YoY. Source: county tax records.