4121 Grace Ave · New York, NY 10466

$700,000

6 bd · 4.0 ba · 1,417 sqft · MultiFamily public records · 85 Days on market

Built 1940 2,375 sqft lot Est $723k · at est.

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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 +13.6/30.0
• ARV discount +8.9/15.0
• Schools +5.0/10.0
• DSCR +4.1/10.0
• Livability +3.8/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• 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: 2 units. confirmed

Listing remarks

Nestled in the Wakefield neighborhood of the Bronx, 4121 Grace Avenue is a charming two-family brick home that seamlessly blends timeless character with modern-day potential. Constructed in 1940, this single-story residence offers 1,417 square feet of living space on a 2,375-square-foot lot, presenting a rare opportunity for both homeowners and investors alike. Its classic brick exterior reflects the durability and craftsmanship of its era, while the layout inside provides flexibility that meets today’s evolving housing needs. The home is configured as a two-family property, featuring separate living spaces that allow for a variety of uses. Whether you’re a buyer looking to offs

Key facts

• Brick exterior
• Two-family property
• 2,375 sq ft lot

Tags

• TWO-FAMILY PROPERTY
• BRICK EXTERIOR
• SEPARATE LIVING SPACES
• INCOME-PRODUCING OPPORTUNITY
• PROXIMITY TO LOCAL SHOPS
• ACCESS TO TRANSPORTATION

Property features AI

Exterior

• Parking: Driveway; Garage; Two parking spaces (one garage space)
• Utilities: Public sewer; Cable available; Electricity connected; Natural gas connected; Phone available; Trash collection (public)
• Home design: Duplex; Updated/remodeled condition
• Construction: Brick construction
• Exterior features: Back yard fencing; Not waterfront

Interior

• Kitchen: Granite counters (kitchen)
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Bathrooms: Two full bathrooms
• Heating & cooling: Baseboard heating; Wall/window air conditioning units
• Interior features: Granite counters; Finished full basement with walk-out access (see remarks)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $700k.

Deal economics

• At list price, monthly cash flow is $-29 ($-343/yr) — negative. Per door: $-14/mo.
• To cash-flow at today's rent, offer at most $695k (0.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $561k (19.8% below list).
• Recommended offer: $561k (19.8% 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: 161 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); 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $5,613/mo this rent would consume 102% of the median local household income ($66k/yr) (locally 4791% 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 $21k of value loss. Plan a longer hold.
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($658k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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 $145k; list at $700k implies a 383% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe 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 $561,300 (19.8% 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 85 days. Have you received any prior offers? Is the seller open to a 20% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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?
12. 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.
13. 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.
14. 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: 0.80% ✗
• Cap rate: 6.36%
• Cash-on-cash: 0.23%
• DSCR: 1.01
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $722,670
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4351 De Reimer Ave	0.36mi	5/3.5 (-1)	1,522 (+7%)	14mo	$675,000	$443	52
4143 Ely Ave	0.06mi	5/2.0 (-1)	1,606 (+13%)	13mo	$566,000	$352	51
4331 Wilder Ave	0.35mi	5/2.0 (-1)	1,574 (+11%)	2mo	$803,000	$510	51
4353 Edson Ave	0.34mi	5/2.0 (-1)	1,440 (+2%)	23mo	$442,000	$307	49
848 E 231st St	0.44mi	5/2.0 (-1)	1,624 (+15%)	19mo	$850,000	$523	26
829 E 229th St	0.53mi	5/2.0 (-1)	1,224 (-14%)	16mo	$700,000	$572	26

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.6%
• Equity multiple: 0.41×
• Total profit: $-115,394
• Equity at exit: $104,372

10-year hold

• IRR: -8.5%
• Equity multiple: 0.47×
• Total profit: $-103,416
• Equity at exit: $60,523

Cash invested: $196,000 (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 10466

• Active inventory: 161
• Price-to-rent: 20.8×

Monthly cashflow live

• Estimated rent: $5,613 medium
• Mortgage (P&I): −$3,671
• Tax from tax record: −$434 /mo · $5,206/yr
• Insurance: −$292
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,179
• Net cashflow: $-29

Break-even live

Break-even rent $5,649

Max offer price $694,956

Occupancy floor 96%

Sensitivity live

Price	-10% $368	-5% $170	+0% $-29	+5% $-227	+10% $-425
Rent	-10% $-472	-5% $-250	+0% $-29	+5% $193	+10% $415
Rate	-1.0pp $324	-0.5pp $149	base $-29	+0.5pp $-210	+1.0pp $-394

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$5,612
Total (2 units)			$5,613

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: $175,000
• Closing costs: $21,000
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
142 W 5th St Mount Vernon, NY	6.0	2.0	1250	$3,756	$3.00	19d	1	0.63mi
641 S 5th Ave Unit 2nd/3rd Floor Mt Vernon, NY	5.0	2.0	1800	$3,900	$2.17	5d	1	0.77mi
310 S 7th Ave Mount Vernon, NY	5.0	2.0	1000	$4,800	$4.80	25d	1	0.84mi
33 Union Ln Mount Vernon, NY	5.0	1.0	1200	$4,200	$3.50	25d	1	1.13mi

Listing history 21 events

1. 2026-06-18
   days on market $700,000 Active 85 DOM
2. 2026-06-17
   days on market $700,000 Active 84 DOM
3. 2026-06-15
   days on market $700,000 Active 82 DOM
4. 2026-06-08
   days on market $700,000 Active 81 DOM
5. 2026-06-04
   days on market $700,000 Active 78 DOM
6. 2026-06-03
   days on market $700,000 Active 77 DOM
7. 2026-06-01
   days on market $700,000 Active 75 DOM
8. 2026-05-31
   pricedays on market $700,000 Active 74 DOM
9. 2026-04-27
   price $705,000
10. 2026-03-18
    listed $715,000 Active
11. 2025-11-02
    status Pending
12. 2025-10-21
    status Active
13. 2025-10-09
    status Active
14. 2025-10-09
    historical
15. 2025-07-30
    price $699,000
16. 2025-06-17
    price $749,000
17. 2025-05-28
    price $779,000
18. 2025-04-25
    price $799,000
19. 2025-04-08
    listed $815,000 Active
20. 1991-09-06
    soldstatus $145,000
21. 1991-09-06
    soldstatus $145,000

ⓘ 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: $5,206 · $434/mo
• Projected year-2 tax: $8,518 · $710/mo
• Expected delta: +$3,312/yr (+$276/mo · 63.6%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 78% 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $67,356
• − Mortgage interest: −$39,211
• − Property taxes: −$5,206
• − Insurance: −$4,298
• − Repairs & maintenance: −$5,388
• − Management: −$5,388
• − Depreciation: −$20,364
• Taxable loss: −$12,499
• Est. tax savings @ 24.0%: +$3,000
• After-tax cash flow: $2,657/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): 71,116
• Household income: $65,969
• Rent vs Own: 60.1% rent · 39.9% own
• Severe rent burden: 4791.0

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: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: Black 60% Hispanic / Latino 29% Two or more races 7% White 2% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 9% Dominican 12%
• Common ancestry: Hispanic 1%
• Foreign-born: 42% · Canada, Jamaica, United Kingdom
• Languages at home: 67% English-only · Spanish 22% French/Haitian/Cajun 1% 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: ▼ -314.77%
• Current HPI: 349.542
• 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

+386.2% since first listed

13 events — show timeline

• 2026-04-27 Price Changed $705,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-18 Listed $715,000 OneKey® MLS as Distributed by MLS Grid
• 2025-11-02 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-10-21 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-10-09 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-10-09 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-07-30 Price Changed $699,000 OneKey® MLS as Distributed by MLS Grid
• 2025-06-17 Price Changed $749,000 OneKey® MLS as Distributed by MLS Grid
• 2025-05-28 Price Changed $779,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-25 Price Changed $799,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-08 Listed $815,000 OneKey® MLS as Distributed by MLS Grid
• 1991-09-06 Sold (Public Records) $145,000 Public Records
• 1991-09-06 Sold (Public Records) $145,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $5,206 · +6.0% YoY. Source: county tax records.