2461 E 29th St Unit 5G · New York, NY 11235

$294,000

2 bd · 1.0 ba · 900 sqft · Condo · 6 Days on market

Built 1953

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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 +24.1/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Schools +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sheepshead Bay .... Fully renovated 2-bedroom, 1-bath apartment in Sheepshead Terrace Coop. Features an eat-in kitchen with window, quartz countertops, and stainless-steel appliances, plus a separate formal dining area. The sun-filled, generously sized living room easily accommodates a small home office. The oversized primary bedroom enjoys beautiful morning light, while the second bedroom comfortably fits a full-size bed. Custom closets throughout. Fully renovated bath with walk in shower. Monthly maintenance of $1,057 includes all utilities, plus $15 for dishwasher. Conveniently located near shopping and transportation. No dogs, cat ok. No sublet.

Key facts

• Quartz countertops
• Formal dining area
• Eat-in kitchen

Tags

• EAT-IN KITCHEN
• QUARTZ COUNTERTOPS
• STAINLESS-STEEL APPLIANCES
• FORMAL DINING AREA
• SUN-FILLED LIVING ROOM
• CUSTOM CLOSETS

Property features AI

Exterior

• Parking: No carport; Parking waitlist
• Utilities: Public sewer; Electricity connected; Natural gas connected; Water connected
• Home design: Stock cooperative
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Dishwasher; Gas oven; Gas range; Microwave; Refrigerator; Stainless steel appliances
• Bedrooms: Entry level: 5
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Oil heating; Wall/window air conditioning unit(s)
• Interior features: Eat-in kitchen; Formal dining; Stone countertops; No basement; 4 total rooms; One-level layout; Cats allowed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $294k.

Deal economics

• At list price, monthly cash flow is $580 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $294k).
• Cap rate 8.7% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: Rents rising fast (+5.0%/yr); 524 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $3,306/mo this rent would consume 66% of the median local household income ($60k/yr) (locally 7823% 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 $2k of loan paydown is wiped out by about $9k 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.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $82k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 10y 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 $176k; list at $294k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; major wind risk, 72% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $294,000

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.12% ✓
• Cap rate: 8.66%
• Cash-on-cash: 8.45%
• DSCR: 1.38
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.04% rent growth · sell at horizon

5-year hold

• IRR: -1.2%
• Equity multiple: 0.95×
• Total profit: $-3,726
• Equity at exit: $43,836

10-year hold

• IRR: 10.6%
• Equity multiple: 1.90×
• Total profit: $74,148
• Equity at exit: $25,420

Cash invested: $82,320 (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 11235

• Rents YoY: 5.0%
• Active inventory: 524
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $3,306 medium
• Mortgage (P&I): −$1,542
• Tax est. 1.5%: −$368 /mo · $4,410/yr
• Insurance: −$122
• HOA: −$0
• Vacancy / Maint / Mgmt: −$694
• Net cashflow: $580

Break-even live

Break-even rent $2,572

Max offer price $294,000

Occupancy floor 77%

Sensitivity live

Price	-10% $783	-5% $682	+0% $580	+5% $478	+10% $377
Rent	-10% $319	-5% $449	+0% $580	+5% $711	+10% $841
Rate	-1.0pp $728	-0.5pp $655	base $580	+0.5pp $504	+1.0pp $426

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: $73,500
• Closing costs: $8,820
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3000 Emmons Ave Unit 5 Brooklyn, NY	2.0	2.0	840	$4,085	$4.86	26d	1	0.61mi
3112 Emmons Ave Unit 203 Brooklyn, NY	1.0	1.0	734	$3,200	$4.36	26d	1	0.64mi
2538 E 2nd St Unit 2 Brooklyn, NY	3.0	1.0	1100	$2,600	$2.36	25d	1	1.45mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-21
   days on market $294,000 Active 6 DOM
2. 2026-06-18
   days on market $294,000 Active 3 DOM
3. 2026-06-17
   days on market $294,000 Active 2 DOM
4. 2026-06-15
   days on marketlisting id $294,000 Active 1 DOM
5. 2026-06-08
   days on market $294,000 Active 147 DOM
6. 2026-06-04
   days on market $294,000 Active 143 DOM
7. 2026-06-03
   days on market $294,000 Active 142 DOM
8. 2026-06-01
   days on market $294,000 Active 140 DOM
9. 2026-05-31
   days on market $294,000 Active 139 DOM
10. 2026-01-12
    listed $294,000 Active

    Show marketing remark (657 chars)

    Sheepshead Bay .... Fully renovated 2-bedroom, 1-bath apartment in Sheepshead Terrace Coop. Features an eat-in kitchen with window, quartz countertops, and stainless-steel appliances, plus a separate formal dining area. The sun-filled, generously sized living room easily accommodates a small home office. The oversized primary bedroom enjoys beautiful morning light, while the second bedroom comfortably fits a full-size bed. Custom closets throughout. Fully renovated bath with walk in shower. Monthly maintenance of $1,057 includes all utilities, plus $15 for dishwasher. Conveniently located near shopping and transportation. No dogs, cat ok. No sublet.

11. 2026-01-12
    listed $294,000 Active 657-char remark

    Show marketing remark (657 chars)

    Sheepshead Bay .... Fully renovated 2-bedroom, 1-bath apartment in Sheepshead Terrace Coop. Features an eat-in kitchen with window, quartz countertops, and stainless-steel appliances, plus a separate formal dining area. The sun-filled, generously sized living room easily accommodates a small home office. The oversized primary bedroom enjoys beautiful morning light, while the second bedroom comfortably fits a full-size bed. Custom closets throughout. Fully renovated bath with walk in shower. Monthly maintenance of $1,057 includes all utilities, plus $15 for dishwasher. Conveniently located near shopping and transportation. No dogs, cat ok. No sublet.

12. 2020-04-15
    soldstatus $176,000 Sold 311-char remark

    Show marketing remark (311 chars)

    SHEEPSHEAD BAY Large, bright 2 Bedroom Coop on 5th floor of elevated building. Full eat in kitchen plus separate dining room. Bathroom has a window. Plenty of closet space. $835. Maintenance fee includes electric, gas, heat. Near to all shopping, transportation. No sublease, no dogs, 1 cat allowed ...$200,000

13. 2016-10-26
    historical 311-char remark

    Show marketing remark (311 chars)

    SHEEPSHEAD BAY Large, bright 2 Bedroom Coop on 5th floor of elevated building. Full eat in kitchen plus separate dining room. Bathroom has a window. Plenty of closet space. $835. Maintenance fee includes electric, gas, heat. Near to all shopping, transportation. No sublease, no dogs, 1 cat allowed ...$200,000

14. 2016-07-28
    status Pending 311-char remark

    Show marketing remark (311 chars)

    SHEEPSHEAD BAY Large, bright 2 Bedroom Coop on 5th floor of elevated building. Full eat in kitchen plus separate dining room. Bathroom has a window. Plenty of closet space. $835. Maintenance fee includes electric, gas, heat. Near to all shopping, transportation. No sublease, no dogs, 1 cat allowed ...$200,000

15. 2016-06-15
    listed $200,000 Active 311-char remark

    Show marketing remark (311 chars)

    SHEEPSHEAD BAY Large, bright 2 Bedroom Coop on 5th floor of elevated building. Full eat in kitchen plus separate dining room. Bathroom has a window. Plenty of closet space. $835. Maintenance fee includes electric, gas, heat. Near to all shopping, transportation. No sublease, no dogs, 1 cat allowed ...$200,000

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% 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: $39,673
• − Mortgage interest: −$16,469
• − Property taxes: −$4,410
• − Insurance: −$1,470
• − Repairs & maintenance: −$3,174
• − Management: −$3,174
• − Depreciation: −$8,553
• Taxable income: $2,424
• Est. tax owed @ 24.0%: −$582
• After-tax cash flow: $6,378/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): 78,558
• Household income: $59,661
• Rent vs Own: 65.2% rent · 34.8% own
• Severe rent burden: 7823.0

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 White (67%)
• Race & ethnicity: White 67% Asian 15% Two or more races 9% Hispanic / Latino 9% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Scotch-Irish 15% Subsaharan African 12% Romanian 2%
• Foreign-born: 63% · China, Canada, Vietnam
• Languages at home: 24% English-only · Russian/Polish/Slavic 48% Chinese 7% Spanish 7%

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: ▼ -181.73%
• Current HPI: 303.6714
• Rent YoY: ▲ 5.04%
• 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

+47.0% since first listed

6 events — show timeline

• 2026-01-12 Listed $294,000 BNYMLS
• 2026-01-12 Listed $294,000 OneKey® MLS as Distributed by MLS Grid
• 2020-04-15 Sold (MLS) $176,000 BNYMLS
• 2016-10-26 Delisted — BNYMLS
• 2016-07-28 Pending — BNYMLS
• 2016-06-15 Listed $200,000 BNYMLS