2821 Kings Hwy Unit 5L · New York, NY 11229

$215,000

1 bd · 1.0 ba · 720 sqft · Condo · 18 Days on market

Built 1950 Good condition

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Why this score? — see what drove the B- 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 +25.8/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to unit 5L at 2821 Kings Highway — Kingsway Gardens, Midwood Brooklyn. Perched on the 5th floor of this well-loved co-op community, this sun-drenched one bedroom, one bathroom residence offers sweeping open views and extraordinary natural light that pours in throughout the day. Move right in — this classic, well-maintained home is clean, comfortable, and ready for its next chapter. The layout is smart and livable: a generous living room is spacious enough that it can accommodate a dining area, perfect for both relaxing and entertaining. The separate windowed kitchen offers great functionality, while the spacious bedroom — elevated above the neighborhood rooftops &m

Key facts

• Garage
• Built 1950
• Listed 17 days

Property features AI

Finance

• Other: Entry level: 5
• Financial info: Living area recorded from plans
• HOA & community: Cooperative (co-op) ownership

Exterior

• Parking: Waitlist for parking; Attached/available garage with 1 space
• Security: No specific security features provided
• Utilities: Public sewer; Electricity available; Natural gas connected
• Home design: Stock cooperative
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Gas oven; Gas range; Refrigerator
• Bedrooms: 4 rooms total (bedroom count not specified)
• Flooring: Wood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Steam heating; Wall/window AC unit(s)
• Interior features: Original details; One-level layout; No basement
• Laundry & utility: No specific laundry details provided

🏢 Co-op / cooperative unit. The $215,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $215k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $525 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $212k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.2% 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 fast (+15.8%/yr); 355 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• This rent runs 43% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 + 8.0% rent growth), your $60k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $211,775 (1.5% below list)

Questions for the listing agent

1. Built in 1950 — 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: 1.18% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.46%
• DSCR: 1.47
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 4.9%
• Equity multiple: 1.20×
• Total profit: $12,056
• Equity at exit: $32,057

10-year hold

• IRR: 18.5%
• Equity multiple: 2.91×
• Total profit: $114,882
• Equity at exit: $18,589

Cash invested: $60,200 (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 11229

• Rents YoY: 15.8%
• Active inventory: 355
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,545 medium
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$534
• Net cashflow: $525

Break-even live

Break-even rent $1,881

Max offer price $215,000

Occupancy floor 74%

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

HOA detail condo

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

Listing history 14 events

1. 2026-06-18
   days on market $215,000 Active 18 DOM
2. 2026-06-17
   days on market $215,000 Active 17 DOM
3. 2026-06-16
   days on market $215,000 Active 16 DOM
4. 2026-06-15
   days on market $215,000 Active 15 DOM
5. 2026-06-13
   days on market $215,000 Active 13 DOM
6. 2026-06-09
   days on market $215,000 Active 9 DOM
7. 2026-06-08
   days on market $215,000 Active 8 DOM
8. 2026-06-08
   days on market $215,000 Active 7 DOM
9. 2026-06-04
   days on market $215,000 Active 4 DOM
10. 2026-06-03
    days on market $215,000 Active 3 DOM
11. 2026-06-02
    days on market $215,000 Active 2 DOM
12. 2026-06-01
    statusdays on market $215,000 Active 1 DOM
13. 2026-05-31
    days on market $215,000 Coming Soon 10 DOM
14. 2026-05-21
    historical $215,000

ⓘ 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: $30,537
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,443
• − Management: −$2,443
• − Depreciation: −$6,255
• Taxable income: $3,053
• Est. tax owed @ 24.0%: −$733
• After-tax cash flow: $5,562/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.

Condition & rehab AI · 11 photos

Good 75/100 Cosmetic rehab

This well-maintained one-bedroom unit is move-in ready with minor repairs needed in the kitchen and bathroom. Fresh paint and updated fixtures would significantly enhance its value.

Repairs flagged

• Minor kitchen backsplash — Worn appearance
• Minor kitchen cabinetry — Worn appearance
• Minor bathroom sink — Worn appearance
• Minor bathroom toilet — Worn appearance

Value-add opportunities

• Both Paint fresh coat throughout — Fresh paint enhances curb appeal and interior aesthetics.
• Both Replace worn kitchen backsplash and cabinetry — Fresh backsplash and cabinetry improve functionality and aesthetics.
• Both Replace worn bathroom sink and toilet — Fresh fixtures improve functionality and aesthetics.
• Both Landscaping refresh — Fresh landscaping enhances curb appeal and adds value to the property.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen backsplash · Worn appearance	Minor	$500–3,000
kitchen cabinetry · Worn appearance	Minor	$500–3,000
bathroom sink · Worn appearance	Minor	$500–3,000
bathroom toilet · Worn appearance	Minor	$500–3,000
Total estimated repair cost · 4 items		$2,000–12,000

Value-add ROI direction

• Both Paint fresh coat throughout — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Replace worn kitchen backsplash and cabinetry — Fresh backsplash and cabinetry improve functionality and aesthetics. ↑
• Both Replace worn bathroom sink and toilet — Fresh fixtures improve functionality and aesthetics. ↑
• Both Landscaping refresh — Fresh landscaping enhances curb appeal and adds value to the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 78,377
• Household income: $70,603
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 4771.0

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 0.60)
• Race & ethnicity: White 59% Asian 22% Hispanic / Latino 9% Black 6% Two or more races 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Scotch-Irish 6% Subsaharan African 6% Romanian 1%
• Foreign-born: 47% · China, Canada, Vietnam
• Languages at home: 40% English-only · Russian/Polish/Slavic 22% Chinese 16% Spanish 6%

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: ▼ -761.52%
• Current HPI: 361.7011
• Rent YoY: ▲ 15.81%
• 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

• 2026-05-21 Coming Soon $215,000 OneKey® MLS as Distributed by MLS Grid