230 E 20th St #13 · New York, NY 10003

$1,150,000

1 bd · 1.0 ba · 730 sqft · Condo · 98 Days on market

Built 2018 $1252/mo HOA · 16% of rent ↓ 18% since listing

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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).

• Appreciation +9.7/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.8/5.0
• Cash flow +4.2/30.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• DSCR +0.0/10.0

Listing remarks

INVESTOR ONLY - INCOME PRODUCING TENANT IN PLACE Garden-Level One-Bedroom with Private Outdoor Space, Investor Opportunity. Discover this beautifully designed one-bedroom residence with private outdoor space in the highly sought-after Gramercy Square condominium. Unit 13 is a true garden-level home, offering a rare blend of privacy and direct access to outdoor space. The residence features floor-to-ceiling windows, solid white oak floors, and refined modern finishes throughout. The open kitchen is outfitted with custom Italian white lacquer cabinetry and premium Sub-Zero and Wolf appliances. Additional highlights include central HVAC, an in-unit washer/dryer, and a spacious walk-in cl

Key facts

• Garden level home
• $1,252 HOA
• Garage

Tags

• PRIVATE OUTDOOR SPACE
• GARDEN LEVEL HOME
• FLOOR TO CEILING WINDOWS
• CUSTOM ITALIAN CABINETRY
• PREMIUM SUB ZERO APPLIANCES
• PREMIUM WOLF APPLIANCES

Property features AI

Finance

• Other: Building amenities: bike storage, cold storage, common playroom, indoor pool, kitchen facilities, sauna, spa/hot tub, steam room
• HOA & community: Monthly association fee of $1,252; Building amenities include concierge and community sauna

Exterior

• Parking: Has garage
• Home design: Entry at level 1; Located in a 7-story building; New construction building; Building name: The Modern At Gramercy Square
• Construction: New construction
• Exterior features: Private outdoor space over 60 square feet; Building roof deck; North exposure; Has a view

Interior

• Bedrooms: Total of 2 rooms (includes living space and bedroom count not separately specified)
• Bathrooms: 1 full bathroom
• Heating & cooling: Zoned cooling
• Interior features: Basement described as 'Other'; Building allows washer/dryer (Washer hookup and in-unit laundry indicated)
• Laundry & utility: Washer hookup available; In-unit laundry possible; Washer/dryer allowed

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $1.15M.

Deal economics

• At list price, monthly cash flow is $-3k ($-37k/yr) — negative.
• To cash-flow at today's rent, offer at most $698k (39.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $769k (33.1% below list).
• Recommended offer: $698k (39.3% below list) — sets the bar for cash-flow.

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 (+9.2%/yr); 361 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $7,691/mo this rent would consume 60% of the median local household income ($154k/yr) (locally 3480% 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 $115k of equity ($8k loan paydown + $107k appreciation (9.3% local appreciation)).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$185k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($1.05M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 9y 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.

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 $698,078 (39.3% 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. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.67% ✗
• Cap rate: 3.03%
• Cash-on-cash: -11.64%
• DSCR: 0.48
• GRM: 12.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.32% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 16.0%
• Equity multiple: 2.29×
• Total profit: $415,681
• Equity at exit: $979,353

10-year hold

• IRR: 16.6%
• Equity multiple: 5.57×
• Total profit: $1,470,912
• Equity at exit: $2,054,492

Cash invested: $322,000 (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 10003

• Home prices YoY: 3.4%
• Rents YoY: 9.2%
• Active inventory: 361
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $7,691 high
• Mortgage (P&I): −$6,031
• Tax est. 1.5%: −$1,438 /mo · $17,250/yr
• Insurance: −$479
• HOA: −$1,252
• Vacancy / Maint / Mgmt: −$1,615
• Net cashflow: $-3,123

Break-even live

Break-even rent $11,645

Max offer price $698,078

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: $287,500
• Closing costs: $34,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
250 E 21st St Unit 8D New York, NY	1.0	1.0	688	$9,525	$13.84	1d	1	0.06mi
346 E 18th St Unit 1254596P New York, NY	2.0	2.0	699	$12,979	$18.57	21d	1	0.17mi
290 3rd Ave #279 New York, NY	1.0	1.0	607	$9,740	$16.03	3d	2	0.18mi
209 1st Ave Unit 1370708P New York, NY	1.0	1.0	602	$12,000	$19.93	24d	1	0.38mi
1 Union Sq S #1174 New York, NY	2.0	1.0–2.0	775	$10,120	$13.06	10d	3	0.39mi
101 E 10th St #1153 New York, NY	1.0–2.0	1.0–2.0	575	$6,740	$11.72	1d	2	0.46mi
112 E 10th St Unit 1021937P New York, NY	1.0–3.0	1.0–2.5	1296	$5,772	$4.45	3d	2	0.49mi
815 Broadway #204 New York, NY	1.0	1.0	522	$8,250	$15.80	7d	1	0.49mi
20 Waterside Plz #978 New York, NY	1.0	1.0	682	$4,760	$6.98	6d	1	0.53mi
30 Waterside Plz New York, NY	2.0	1.0–2.0	743	$5,218	$7.02	1d	33	0.54mi
155 E 31st St #2190 New York, NY	1.0–2.0	1.0–1.5	725	$5,610	$7.74	7d	2	0.60mi
93 1/2 E 7th St Unit 1054297P New York, NY	2.0	1.0	495	$10,000	$20.20	21d	1	0.64mi
141 E 33rd St #1278 New York, NY	2.0	1.0–1.5	683	$6,230	$9.12	7d	3	0.69mi
222 E 34th St #999 New York, NY	1.0	1.0	554	$5,490	$9.91	6d	1	0.70mi
101 W 15th St New York, NY	1.0	1.0	562	$9,550	$16.98	1d	2	0.73mi
43 W 27th St #1055 New York, NY	2.0	1.0	740	$9,940	$13.43	24d	1	0.73mi
776 6th Ave New York, NY	2.0	1.0–2.0	756	$7,743	$10.24	1d	18	0.74mi
120 W 21st St New York, NY	2.0	1.0–2.0	676	$7,070	$10.46	4d	14	0.75mi
399 E 34th St Unit 1025362P New York, NY	1.0	1.0	570	$9,174	$16.09	21d	1	0.75mi
309 5th Ave New York, NY	1.0	1.0	597	$7,596	$12.72	7d	13	0.75mi
108 W 15th St #205 New York, NY	1.0–2.0	1.0	697	$6,050	$8.67	3d	2	0.75mi
401 E 34th St New York, NY	3.0	1.0–2.0	887	$5,532	$6.23	1d	55	0.76mi
130 W 15th St #1383 New York, NY	1.0–2.0	1.0–2.0	844	$9,200	$10.90	1d	2	0.78mi
180 W 20th St #1202 New York, NY	2.0	1.0–2.0	791	$9,505	$12.01	1d	3	0.83mi
30 Park Ave #1347 New York, NY	2.0	1.0	950	$7,890	$8.31	1d	3	0.85mi
556 3rd Ave Unit 2244 New York, NY	1.0	1.0	500	$5,650	$11.30	2d	1	0.86mi
556 3rd Ave New York, NY	1.0	1.0	580	$5,240	$9.03	19d	2	0.86mi
556 3rd Ave New York, NY	1.0	1.0	540	$5,635	$10.44	1d	2	0.86mi
160 W 24th St New York, NY	2.0	1.0–2.0	731	$7,896	$10.79	1d	12	0.86mi
41 Park Ave New York, NY	2.0	1.0–2.0	815	$6,555	$8.04	7d	3	0.88mi
138 E 38th St New York, NY	3.0	1.0–2.0	750	$4,510	$6.01	24d	4	0.92mi
364 6th Ave Unit 1023432P New York, NY	1.0	1.0	441	$9,135	$20.71	21d	1	0.93mi
11 E 1st St New York, NY	2.0	1.0–2.0	1060	$8,078	$7.62	1d	1	0.93mi
177 Waverly Pl Unit 1075286P New York, NY	1.0	1.0	452	$10,000	$22.12	24d	1	0.96mi
229 Chrystie St New York, NY	1.0–2.0	1.0–2.0	810	$6,120	$7.56	4d	3	0.98mi
171 Suffolk St #1265 New York, NY	1.0–2.0	1.0	650	$6,950	$10.69	7d	2	1.02mi
104 MacDougal St Unit 1056263P New York, NY	2.0	1.0	441	$9,375	$21.26	21d	1	1.04mi
244 W 29th St Unit 2149 New York, NY	1.0	1.0	490	$9,720	$19.84	6d	2	1.05mi
243 W 28th St #2143 New York, NY	1.0	1.0	580	$8,960	$15.45	18d	1	1.07mi
290 W 12th St #1592 New York, NY	1.0–2.0	1.0–2.0	515	$7,110	$13.81	7d	2	1.12mi

HOA detail condo

• Monthly dues: $1,252 · $15,024/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-18
   days on market $1,150,000 Active 98 DOM
2. 2026-06-17
   days on market $1,150,000 Active 97 DOM
3. 2026-06-15
   days on market $1,150,000 Active 95 DOM
4. 2026-06-13
   days on market $1,150,000 Active 93 DOM
5. 2026-06-10
   days on market $1,150,000 Active 89 DOM
6. 2026-06-08
   days on market $1,150,000 Active 88 DOM
7. 2026-06-08
   days on market $1,150,000 Active 87 DOM
8. 2026-06-04
   days on market $1,150,000 Active 84 DOM
9. 2026-06-03
   days on market $1,150,000 Active 83 DOM
10. 2026-06-01
    days on market $1,150,000 Active 81 DOM
11. 2026-05-31
    days on market $1,150,000 Active 80 DOM
12. 2026-03-12
    listed $1,150,000 Active
13. 2025-07-10
    historical $6,950
14. 2025-07-10
    price $1,150,000
15. 2025-06-12
    price $6,950
16. 2025-06-11
    listed $6,500
17. 2025-04-10
    price $1,295,000
18. 2024-08-31
    price $1,345,000
19. 2021-10-19
    historical
20. 2021-10-01
    price $1,395,000
21. 2021-09-17
    price $1,395,000
22. 2021-07-08
    historical
23. 2021-07-05
    listed $1,450,000 Active
24. 2021-07-05
    listed $1,450,000 Active
25. 2021-07-03
    listed $1,450,000 Active
26. 2019-05-12
    price $1,395,000
27. 2018-04-16
    price $1,410,000
28. 2017-09-28
    listed $1,410,000 Active
29. 2017-09-28
    listed $1,395,000

ⓘ 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 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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $92,298
• − Mortgage interest: −$64,418
• − Property taxes: −$17,250
• − Insurance: −$5,750
• − Repairs & maintenance: −$7,384
• − Management: −$7,384
• − HOA: −$15,024
• − Depreciation: −$33,455
• Taxable loss: −$58,366
• Est. tax savings @ 24.0%: +$14,008
• After-tax cash flow: $-23,470/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: New York County · 1,599,927 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 53,560
• Household income: $154,262
• Rent vs Own: 62.9% rent · 37.1% own
• Severe rent burden: 3480.0

Population outlook (New York County) Hauer SSP2

• Today (2025): 1,825,725 people
• By 2030: 1,904,611 · +4.3%
• By 2040: 2,052,719 · +12.4%
• By 2050: 2,206,601 · +20.9%
• By 2075: 2,509,427 · +37.4%
• By 2100: 2,702,933 · +48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Asian 18% Hispanic / Latino 10% Two or more races 8% Black 4%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Scotch-Irish 5% Romanian 5% Lithuanian 3%
• Foreign-born: 20% · Canada, China, South Korea
• Languages at home: 78% English-only · Spanish 5% Chinese 4% French/Haitian/Cajun 3%

Political lean MEDSL · New York

• 2024 margin: Solid D (+64.8) · D 82.4% · R 17.6%
• 2008→2024 swing: -7.4pp toward R · 2008: 72.2pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+74.5 2016: D+77.2 2012: D+69.6 2008: D+72.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.32%
• Current HPI: 284.9232
• Rent YoY: ▲ 9.24%
• 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

-18.4% since first listed

18 events — show timeline

• 2026-03-12 Listed $1,150,000 RLS at REBNY
• 2025-07-10 Rental Removed $6,950 REBNY
• 2025-07-10 Price Changed $1,150,000 RLS at REBNY
• 2025-06-12 Price Changed $6,950 REBNY
• 2025-06-11 Listed for Rent $6,500 REBNY
• 2025-04-10 Price Changed $1,295,000 RLS at REBNY
• 2024-08-31 Price Changed $1,345,000 RLS at REBNY
• 2021-10-19 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2021-10-01 Price Changed $1,395,000 OneKey® MLS as Distributed by MLS Grid
• 2021-09-17 Price Changed $1,395,000 RLS at REBNY
• 2021-07-08 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2021-07-05 Listed $1,450,000 OneKey® MLS as Distributed by MLS Grid
• 2021-07-05 Listed $1,450,000 OneKey® MLS as Distributed by MLS Grid
• 2021-07-03 Listed $1,450,000 RLS at REBNY
• 2019-05-12 Price Changed $1,395,000 RLS at REBNY
• 2018-04-16 Price Changed $1,410,000 RLS at REBNY
• 2017-09-28 Listed $1,395,000 RLS at REBNY
• 2017-09-28 Listed $1,410,000 RLS at REBNY