706 Cleveland St · New York, NY 11208

$679,900

5 bd · 2.0 ba · 1,596 sqft · MultiFamily public records · 13 Days on market

Built 1901 1,710 sqft lot Est $766k · 11% under

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Why this score? — see what drove the C 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 +19.8/30.0
• ARV discount +12.6/15.0
• DSCR +6.3/10.0
• Schools +5.0/10.0
• 1% rule +4.3/10.0
• 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

Opportunity knocks in East New York! Spacious property offering endless potential for investors, contractors, or end users looking to create their vision. Features a full basement and private rear yard. Property requires a complete renovation and is being sold strictly as-is. Bring your contractor and unlock the possibilities. Conveniently located near transportation, shopping, and local amenities.

Key facts

• Full basement
• Private rear yard
• 1,710 sq ft lot

Tags

• FULL BASEMENT
• PRIVATE REAR YARD

Property features AI

Finance

• Other: Property contains 2 residential units (multifamily)
• Financial info: Cash financing noted
• HOA & community:

Exterior

• Parking: Street parking only; No dedicated parking
• Security:
• Utilities: 110V electric service; Gas for heating; No hot water source specified
• Home design: Attached residential building; 2-story; Building footprint approximately 950 (dimensions 50.00 x 19.00); Zoning: R5
• Construction: Brick construction; Asphalt/tar roof; Block foundation; Built as part of an attached building
• Exterior features: Front yard; Back yard

Interior

• Kitchen:
• Bedrooms: Three bedrooms on the first floor; Two bedrooms on the second floor; Unit 1 (second floor): 2-bedroom unit; Unit 2 (first floor): 3-bedroom unit
• Flooring: No flooring information provided
• Bathrooms: One full bath on the first floor; One full bath on the second floor; Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Gas heating; No central AC units
• Interior features: Cellar; Two-unit building
• Laundry & utility:

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $680k.

Deal economics

• At list price, monthly cash flow is $804 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $629k (7.4% below list).
• Recommended offer: $629k (7.4% below list) — sets the bar for 1% rule.
• Cap rate 7.7% 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); 192 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $6,294/mo this rent would consume 122% of the median local household income ($62k/yr) (locally 7574% 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 $5k of loan paydown is wiped out by about $20k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 65% 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 $629,400 (7.4% below list)

Questions for the listing agent

1. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.93% ✗
• Cap rate: 7.71%
• Cash-on-cash: 5.07%
• DSCR: 1.23
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $766,080
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1023 New Lots Ave	0.37mi	5/3.0	1,596 (0%)	10mo	$875,000	$548	70
459 Berriman St	0.28mi	6/4.0 (+1)	1,640 (+3%)	0mo	$875,000	$534	69
537 Miller Ave	0.37mi	6/5.0 (+1)	1,620 (+2%)	2mo	$1,100,000	$679	62
545 Logan St	0.55mi	5/3.0	1,640 (+3%)	5mo	$630,000	$384	62
473 Berriman St	0.29mi	4/2.0 (-1)	1,720 (+8%)	9mo	$825,000	$480	61
278 Ashford St	0.61mi	6/3.0 (+1)	1,676 (+5%)	4mo	$830,000	$495	51
551 Liberty Ave	0.69mi	5/2.0	1,676 (+5%)	12mo	$672,001	$401	49
399 Warwick St	0.50mi	4/2.0 (-1)	1,800 (+13%)	8mo	$455,000	$253	43
357 Elton St	0.52mi	6/3.0 (+1)	1,748 (+10%)	10mo	$810,000	$463	43

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 · 6.14% rent growth · sell at horizon

5-year hold

• IRR: -5.3%
• Equity multiple: 0.80×
• Total profit: $-38,688
• Equity at exit: $101,375

10-year hold

• IRR: 7.5%
• Equity multiple: 1.64×
• Total profit: $121,083
• Equity at exit: $58,785

Cash invested: $190,372 (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 11208

• Rents YoY: 6.1%
• Active inventory: 192
• Price-to-rent: 18.0×

Monthly cashflow live

• Estimated rent: $6,294 medium
• Mortgage (P&I): −$3,565
• Tax from tax record: −$320 /mo · $3,834/yr
• Insurance: −$283
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,322
• Net cashflow: $804

Break-even live

Break-even rent $5,276

Max offer price $679,900

Occupancy floor 82%

Sensitivity live

Price	-10% $1,189	-5% $996	+0% $804	+5% $612	+10% $419
Rent	-10% $307	-5% $555	+0% $804	+5% $1,053	+10% $1,301
Rate	-1.0pp $1,146	-0.5pp $977	base $804	+0.5pp $628	+1.0pp $449

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$6,294
Total (2 units)			$6,294

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: $169,975
• Closing costs: $20,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
294 Ridgewood Ave Brooklyn, NY	4.0	2.0	1200	$3,500	$2.92	25d	1	1.20mi

Listing history 9 events

1. 2026-06-18
   days on market $679,900 Active 13 DOM
2. 2026-06-17
   days on market $679,900 Active 12 DOM
3. 2026-06-16
   days on market $679,900 Active 11 DOM
4. 2026-06-15
   days on market $679,900 Active 10 DOM
5. 2026-06-13
   days on market $679,900 Active 8 DOM
6. 2026-06-09
   days on market $679,900 Active 4 DOM
7. 2026-06-08
   days on market $679,900 Active 3 DOM
8. 2026-06-07
   remarks 401-char remark
9. 2026-06-07
   listed $679,900 Active 2 DOM

ⓘ 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: $3,834 · $320/mo
• Projected year-2 tax: $7,662 · $639/mo
• Expected delta: +$3,828/yr (+$319/mo · 99.8%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% 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: $75,528
• − Mortgage interest: −$38,085
• − Property taxes: −$3,834
• − Insurance: −$3,400
• − Repairs & maintenance: −$6,042
• − Management: −$6,042
• − Depreciation: −$19,779
• Taxable loss: −$1,654
• Est. tax savings @ 24.0%: +$397
• After-tax cash flow: $10,045/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): 105,428
• Household income: $62,077
• Rent vs Own: 75.1% rent · 24.9% own
• Severe rent burden: 7574.0

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 0.66)
• Race & ethnicity: Black 42% Hispanic / Latino 39% Asian 10% Two or more races 8% White 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 9% Dominican 16%
• Common ancestry: Hispanic 1%
• Foreign-born: 40% · Canada, China, Mexico
• Languages at home: 48% English-only · Spanish 36% Other Indo-European 11% French/Haitian/Cajun 1%

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: ▼ -546.38%
• Current HPI: 376.1489
• Rent YoY: ▲ 6.14%
• 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

1 event — show timeline

• 2026-06-05 Listed $679,900 BNYMLS

Property tax history

+5.7%/yr

Latest (2025): $3,834 · -1.1% YoY. Source: county tax records.