868 E 46th St · New York, NY 11203

$1,189,000

15 bd · 9.0 ba · 2,411 sqft · MultiFamily public records · 87 Days on market

Built 1940 2,000 sqft lot

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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 +12.7/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• 1% rule +2.7/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Beautiful Legal 3 Family Home in East Flatbush. This well kept home features a 2 bedroom apartment, over a 1 bedroom apartment, over a 1 bedroom apartment, hardwood floors, private driveway, garage, backyard, laundry room, washer and dryer included, and much more. Close to shopping and public transportation. Call today for your appointment.

Key facts

• Private driveway
• Beautiful backyard
• Hardwood floors

Tags

• HARDWOOD FLOORS
• PRIVATE DRIVEWAY
• BEAUTIFUL BACKYARD
• CLOSE TO PUBLIC TRANSPORTATION

Property features AI

Finance

• Other: Three-unit building (3 units total); Building footprint reported as 890 sq ft; Total building area reported as 2411 sq ft
• Financial info: Financing options: Bank mortgage or cash

Exterior

• Parking: Private drive; Built-in garage with 2 parking spaces
• Utilities: Electric: 110V with circuit breakers; Hot water: Electric and Gas; Heating delivery: Steam/Radiator
• Home design: Attached building; Residential property
• Construction: Brick/masonry construction; Flat rubber roof; Poured concrete foundation
• Exterior features: Back yard; Partially fenced yard

Interior

• Kitchen: Includes refrigerator and stove
• Bedrooms: Unit 1: 1 bedroom; Unit 2: 2 bedrooms (second floor, leased); Unit 3: 2 bedrooms (second floor, no lease)
• Flooring: Carpeting; Hardwood floors; Tile floors
• Bathrooms: Three full bathrooms total; Each unit has one full bath
• Heating & cooling: Steam/radiator heat; Heating fuel: Electric and Gas; No central AC units reported
• Interior features: Refrigerator; Stove; Carpeting; Hardwood floors; Tile floors
• Laundry & utility: Utility expense reported (monthly): $780.00

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $1.19M.

Deal economics

• At list price, monthly cash flow is $-137 ($-2k/yr) — negative. Per door: $-46/mo.
• To cash-flow at today's rent, offer at most $1.16M (2.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $910k (23.4% below list).
• Recommended offer: $910k (23.4% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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 (+2.9%/yr); 190 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $9,102/mo this rent would consume 161% of the median local household income ($68k/yr) (locally 5458% 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 $8k of loan paydown is wiped out by about $36k 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 87 days — a 6% lower offer ($1.12M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 $888k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 64% 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 $910,200 (23.4% 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 87 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.77% ✗
• Cap rate: 6.15%
• Cash-on-cash: -0.49%
• DSCR: 0.98
• GRM: 10.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.89% rent growth · sell at horizon

5-year hold

• IRR: -17.3%
• Equity multiple: 0.39×
• Total profit: $-202,806
• Equity at exit: $177,284

10-year hold

• IRR: -9.5%
• Equity multiple: 0.42×
• Total profit: $-193,612
• Equity at exit: $102,803

Cash invested: $332,920 (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 11203

• Rents YoY: 2.9%
• Active inventory: 190
• Price-to-rent: 32.7×

Monthly cashflow live

• Estimated rent: $9,102 medium
• Mortgage (P&I): −$6,235
• Tax from tax record: −$597 /mo · $7,162/yr
• Insurance: −$495
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,911
• Net cashflow: $-137

Break-even live

Break-even rent $9,275

Max offer price $1,164,810

Occupancy floor 96%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$9,102
Total (3 units)			$9,102

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: $297,250
• Closing costs: $35,670
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-18
   days on market $1,189,000 Active 87 DOM
2. 2026-06-17
   days on market $1,189,000 Active 86 DOM
3. 2026-06-15
   days on market $1,189,000 Active 84 DOM
4. 2026-06-13
   days on market $1,189,000 Active 82 DOM
5. 2026-06-10
   days on market $1,189,000 Active 78 DOM
6. 2026-06-08
   days on market $1,189,000 Active 77 DOM
7. 2026-06-08
   days on market $1,189,000 Active 76 DOM
8. 2026-06-04
   days on market $1,189,000 Active 73 DOM
9. 2026-06-03
   days on market $1,189,000 Active 72 DOM
10. 2026-06-01
    days on market $1,189,000 Active 70 DOM
11. 2026-05-31
    days on market $1,189,000 Active 69 DOM
12. 2026-03-23
    listed $1,189,000 Active
13. 2022-01-20
    soldstatus $888,000
14. 2021-11-30
    soldstatus $880,000 Sold 345-char remark

    Show marketing remark (345 chars)

    Beautiful Legal 3 Family Home in East Flatbush. This well kept home features a 2 bedroom apartment, over a 1 bedroom apartment, over a 1 bedroom apartment, hardwood floors, private driveway, garage, backyard, laundry room, washer and dryer included, and much more. Close to shopping and public transportation. Call today for your appointment.

15. 2021-07-20
    price $880,000 345-char remark

    Show marketing remark (345 chars)

    Beautiful Legal 3 Family Home in East Flatbush. This well kept home features a 2 bedroom apartment, over a 1 bedroom apartment, over a 1 bedroom apartment, hardwood floors, private driveway, garage, backyard, laundry room, washer and dryer included, and much more. Close to shopping and public transportation. Call today for your appointment.

16. 2021-07-20
    price $939,999 345-char remark

    Show marketing remark (345 chars)

    Beautiful Legal 3 Family Home in East Flatbush. This well kept home features a 2 bedroom apartment, over a 1 bedroom apartment, over a 1 bedroom apartment, hardwood floors, private driveway, garage, backyard, laundry room, washer and dryer included, and much more. Close to shopping and public transportation. Call today for your appointment.

17. 2021-07-20
    status Pending 345-char remark

    Show marketing remark (345 chars)

    Beautiful Legal 3 Family Home in East Flatbush. This well kept home features a 2 bedroom apartment, over a 1 bedroom apartment, over a 1 bedroom apartment, hardwood floors, private driveway, garage, backyard, laundry room, washer and dryer included, and much more. Close to shopping and public transportation. Call today for your appointment.

18. 2021-06-16
    price $939,999 345-char remark

    Show marketing remark (345 chars)

    Beautiful Legal 3 Family Home in East Flatbush. This well kept home features a 2 bedroom apartment, over a 1 bedroom apartment, over a 1 bedroom apartment, hardwood floors, private driveway, garage, backyard, laundry room, washer and dryer included, and much more. Close to shopping and public transportation. Call today for your appointment.

19. 2021-05-18
    price $960,000 345-char remark

    Show marketing remark (345 chars)

    Beautiful Legal 3 Family Home in East Flatbush. This well kept home features a 2 bedroom apartment, over a 1 bedroom apartment, over a 1 bedroom apartment, hardwood floors, private driveway, garage, backyard, laundry room, washer and dryer included, and much more. Close to shopping and public transportation. Call today for your appointment.

20. 2021-04-21
    price $970,000 345-char remark

    Show marketing remark (345 chars)

    Beautiful Legal 3 Family Home in East Flatbush. This well kept home features a 2 bedroom apartment, over a 1 bedroom apartment, over a 1 bedroom apartment, hardwood floors, private driveway, garage, backyard, laundry room, washer and dryer included, and much more. Close to shopping and public transportation. Call today for your appointment.

21. 2021-03-30
    price $999,000 345-char remark

    Show marketing remark (345 chars)

    Beautiful Legal 3 Family Home in East Flatbush. This well kept home features a 2 bedroom apartment, over a 1 bedroom apartment, over a 1 bedroom apartment, hardwood floors, private driveway, garage, backyard, laundry room, washer and dryer included, and much more. Close to shopping and public transportation. Call today for your appointment.

22. 2021-03-18
    price $950,000 345-char remark

    Show marketing remark (345 chars)

    Beautiful Legal 3 Family Home in East Flatbush. This well kept home features a 2 bedroom apartment, over a 1 bedroom apartment, over a 1 bedroom apartment, hardwood floors, private driveway, garage, backyard, laundry room, washer and dryer included, and much more. Close to shopping and public transportation. Call today for your appointment.

23. 2021-03-18
    price $909,000 345-char remark

    Show marketing remark (345 chars)

    Beautiful Legal 3 Family Home in East Flatbush. This well kept home features a 2 bedroom apartment, over a 1 bedroom apartment, over a 1 bedroom apartment, hardwood floors, private driveway, garage, backyard, laundry room, washer and dryer included, and much more. Close to shopping and public transportation. Call today for your appointment.

24. 2021-03-18
    status Active 345-char remark

    Show marketing remark (345 chars)

    Beautiful Legal 3 Family Home in East Flatbush. This well kept home features a 2 bedroom apartment, over a 1 bedroom apartment, over a 1 bedroom apartment, hardwood floors, private driveway, garage, backyard, laundry room, washer and dryer included, and much more. Close to shopping and public transportation. Call today for your appointment.

25. 2021-02-11
    status Pending 345-char remark

    Show marketing remark (345 chars)

    Beautiful Legal 3 Family Home in East Flatbush. This well kept home features a 2 bedroom apartment, over a 1 bedroom apartment, over a 1 bedroom apartment, hardwood floors, private driveway, garage, backyard, laundry room, washer and dryer included, and much more. Close to shopping and public transportation. Call today for your appointment.

26. 2021-01-06
    listed $950,000 Active 345-char remark

    Show marketing remark (345 chars)

    Beautiful Legal 3 Family Home in East Flatbush. This well kept home features a 2 bedroom apartment, over a 1 bedroom apartment, over a 1 bedroom apartment, hardwood floors, private driveway, garage, backyard, laundry room, washer and dryer included, and much more. Close to shopping and public transportation. Call today for your appointment.

27. 2001-03-08
    soldstatus $100,000

ⓘ 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: $7,162 · $597/mo
• Projected year-2 tax: $13,628 · $1,136/mo
• Expected delta: +$6,466/yr (+$539/mo · 90.3%)

ⓘ 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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% 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: $109,224
• − Mortgage interest: −$66,602
• − Property taxes: −$7,162
• − Insurance: −$5,945
• − Repairs & maintenance: −$8,738
• − Management: −$8,738
• − Depreciation: −$34,589
• Taxable loss: −$22,551
• Est. tax savings @ 24.0%: +$5,412
• After-tax cash flow: $3,769/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): 74,817
• Household income: $67,897
• Rent vs Own: 60.4% rent · 39.6% own
• Severe rent burden: 5458.0

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 Black (78%)
• Race & ethnicity: Black 78% Two or more races 10% Hispanic / Latino 7% White 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 2% Dominican 1%
• Common ancestry: Hispanic 9%
• Foreign-born: 49% · Canada, Mexico, China
• Languages at home: 81% English-only · French/Haitian/Cajun 10% Spanish 5% Other Indo-European 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: ▼ -572.37%
• Current HPI: 379.2379
• Rent YoY: ▲ 2.89%
• 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

+1089.0% since first listed

16 events — show timeline

• 2026-03-23 Listed $1,189,000 BNYMLS
• 2022-01-20 Sold (Public Records) $888,000 Public Records
• 2021-11-30 Sold (MLS) $880,000 BNYMLS
• 2021-07-20 Price Changed $880,000 BNYMLS
• 2021-07-20 Price Changed $939,999 BNYMLS
• 2021-07-20 Pending — BNYMLS
• 2021-06-16 Price Changed $939,999 BNYMLS
• 2021-05-18 Price Changed $960,000 BNYMLS
• 2021-04-21 Price Changed $970,000 BNYMLS
• 2021-03-30 Price Changed $999,000 BNYMLS
• 2021-03-18 Price Changed $950,000 BNYMLS
• 2021-03-18 Price Changed $909,000 BNYMLS
• 2021-03-18 Relisted — BNYMLS
• 2021-02-11 Pending — BNYMLS
• 2021-01-06 Listed $950,000 BNYMLS
• 2001-03-08 Sold (Public Records) $100,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $7,162 · +2.4% YoY. Source: county tax records.