865 E 178th St · New York, NY 10460

$1,249,999

9 bd · 6.0 ba · 3,108 sqft · MultiFamily public records · 49 Days on market

Built 2006 2,856 sqft lot Est $861k · 45% 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 +17.1/30.0
• Appreciation +8.7/10.0
• DSCR +5.3/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Two Very Well Maintained 3 Family Properties located on the same block, offering a rare chance to acquire side-by-side assets in a strong rental market. Each property features spacious units with solid layouts, ideal for long term tenants or future repositioning. build in the mid-2000s, these properties benefit from relatively low property taxes compared to similar multifamily assets, enhancing current cash flow. Perfect for investors seeking: consistent rental income, Long term appreciation in a growing Bronx marktet, Value add potential over time. 2nd and 3rd floor has enough space to add a 4th bedroom if preferred. Whether you're expanding your portfolio or securing a multi-property inve

Key facts

• 2,856 sq ft lot
• Built 2006
• Listed 49 days

Property features AI

Finance

• Financial info: Tax information available (tax year 2025)

Exterior

• Parking: No dedicated parking
• Utilities: Public sewer; No utilities listed
• Home design: Triplex
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Bedrooms: Three 3-bedroom units
• Bathrooms: Six full bathrooms
• Heating & cooling: Natural gas heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; Finished walk-out basement

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/2.0-bath units multifamily listed at $1.25M.

Deal economics

• At list price, monthly cash flow is $795 ($10k/yr) — positive. Per door: $265/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 $1.03M (17.3% below list).
• Recommended offer: $1.03M (17.3% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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: 78 active listings in the ZIP; lower-income renter base — watch delinquency; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $10,339/mo this rent would consume 342% of the median local household income ($36k/yr) (locally 7852% 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 $102k of equity ($9k loan paydown + $93k appreciation (7.5% local appreciation)).
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (7.5% appreciation + 3.0% rent growth), your $350k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$163k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($1.21M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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 $810k; list at $1.25M implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; 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 $1,033,900 (17.3% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 17% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 0.83% ✗
• Cap rate: 7.12%
• Cash-on-cash: 2.95%
• DSCR: 1.13
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $860,916
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
869 Elsmere Pl	0.12mi	9/7.0	3,141 (+1%)	14mo	$865,000	$275	77
856 E 175th St	0.34mi	8/4.0 (-1)	3,120 (+0%)	19mo	$980,000	$314	55
1464 Minford	0.74mi	8/4.0 (-1)	3,174 (+2%)	18mo	$1,100,000	$347	34
1939 Monterey Ave	0.60mi	8/3.0 (-1)	3,450 (+11%)	7mo	$865,000	$251	31
2159 Belmont Ave	0.51mi	8/3.0 (-1)	3,540 (+14%)	12mo	$550,000	$155	26
1746 Van Buren St	0.73mi	8/3.0 (-1)	3,388 (+9%)	14mo	$940,000	$277	22

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.46% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.9%
• Equity multiple: 2.49×
• Total profit: $522,432
• Equity at exit: $904,445

10-year hold

• IRR: 19.4%
• Equity multiple: 5.22×
• Total profit: $1,476,829
• Equity at exit: $1,753,827

Cash invested: $350,000 (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 10460

• Home prices YoY: 3.5%
• Active inventory: 78
• Price-to-rent: 30.2×

Monthly cashflow live

• Estimated rent: $10,339 medium
• Mortgage (P&I): −$6,555
• Tax from tax record: −$231 /mo · $2,766/yr
• Insurance: −$521
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,171
• Net cashflow: $795

Break-even live

Break-even rent $9,333

Max offer price $1,249,999

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	2	$10,338
Total (3 units)			$10,339

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: $312,500
• Closing costs: $37,500
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $1,249,999 Active 49 DOM
2. 2026-06-17
   days on market $1,249,999 Active 48 DOM
3. 2026-06-16
   days on market $1,249,999 Active 47 DOM
4. 2026-06-15
   days on market $1,249,999 Active 46 DOM
5. 2026-06-13
   days on market $1,249,999 Active 44 DOM
6. 2026-06-10
   days on market $1,249,999 Active 40 DOM
7. 2026-06-08
   days on market $1,249,999 Active 39 DOM
8. 2026-06-08
   days on market $1,249,999 Active 38 DOM
9. 2026-06-04
   days on market $1,249,999 Active 35 DOM
10. 2026-06-03
    days on market $1,249,999 Active 34 DOM
11. 2026-06-01
    days on market $1,249,999 Active 32 DOM
12. 2026-05-31
    days on market $1,249,999 Active 31 DOM
13. 2026-04-30
    listed $1,249,999 Active
14. 2023-10-17
    listed $1,150,000 Active
15. 2023-10-17
    historical
16. 2023-10-13
    price $1,150,000
17. 2023-09-06
    status Active
18. 2023-09-06
    price $1,200,000
19. 2023-05-04
    listed $1,050,000 Active
20. 2006-05-18
    soldstatus $810,000

ⓘ 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: $2,766 · $231/mo
• Projected year-2 tax: $11,946 · $995/mo
• Expected delta: +$9,179/yr (+$765/mo · 331.8%)

ⓘ 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 (unshaded) · 76% chance over 30 yrs
• 🔥 Wildfire 2/10 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 · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $124,068
• − Mortgage interest: −$70,019
• − Property taxes: −$2,766
• − Insurance: −$7,047
• − Repairs & maintenance: −$9,925
• − Management: −$9,925
• − Depreciation: −$36,364
• Taxable loss: −$11,980
• Est. tax savings @ 24.0%: +$2,875
• After-tax cash flow: $12,413/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: Bronx County · 1,197,324 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 59,396
• Household income: $36,309
• Rent vs Own: 90.6% rent · 9.4% own
• Severe rent burden: 7852.0

Population outlook (Bronx County) Hauer SSP2

• Today (2025): 1,607,353 people
• By 2030: 1,681,852 · +4.6%
• By 2040: 1,824,421 · +13.5%
• By 2050: 1,945,470 · +21.0%
• By 2075: 2,187,887 · +36.1%
• By 2100: 2,244,136 · +39.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (65%)
• Race & ethnicity: Hispanic / Latino 65% Black 27% Two or more races 20% White 3% Native American 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 23% Dominican 28%
• Foreign-born: 33% · Canada
• Languages at home: 38% English-only · Spanish 54% French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · Bronx

• 2024 margin: Solid D (+45.4) · D 72.7% · R 27.3%
• 2008→2024 swing: -32.3pp toward R · 2008: 77.8pp · 2024: 45.4pp
• All cycles: 2024: D+45.4 2020: D+67.6 2016: D+79.1 2012: D+82.9 2008: D+77.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.46%
• Current HPI: 224.0425
• Rent YoY: —
• 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

+54.3% since first listed

8 events — show timeline

• 2026-04-30 Listed $1,249,999 OneKey® MLS as Distributed by MLS Grid
• 2023-10-17 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2023-10-17 Listed $1,150,000 OneKey® MLS as Distributed by MLS Grid
• 2023-10-13 Price Changed $1,150,000 OneKey® MLS as Distributed by MLS Grid
• 2023-09-06 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2023-09-06 Price Changed $1,200,000 OneKey® MLS as Distributed by MLS Grid
• 2023-05-04 Listed $1,050,000 OneKey® MLS as Distributed by MLS Grid
• 2006-05-18 Sold (Public Records) $810,000 Public Records

Property tax history

+1.1%/yr

Latest (2025): $2,766 · +0.0% YoY. Source: county tax records.