3650 Waldo Ave · New York, NY 10463

$899,000

6 bd · 4.0 ba · 2,816 sqft · MultiFamily · 418 Days on market

Built 1962 7,038 sqft lot Est $881k · at est. ↓ 28% since listing

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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 +10.5/30.0
• ARV discount +6.6/15.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• 1% rule +3.1/10.0
• DSCR +3.0/10.0
• 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: 2 units. confirmed

Listing remarks

PRICE REDUCTION!!! EXCEPTIONAL INVESTMENT OPPORTUNITY in Prime Riverdale! Nestled on an expansive 7,038 sq ft lot, this beautifully maintained multifamily home is a true gem for savvy investors or families seeking income-generating potential. Boasting three distinct residential units, this versatile property is perfect for multigenerational living or creating multiple revenue streams. Each unit features inviting living spaces, well-appointed kitchens, and comfortable bedrooms and baths. But that's not all—this property also includes five dedicated parking spots, currently leased at $200 each for a total of $1,000/month. Additional income includes $1,400 from a 1 bedroom unit and $2,00

Key facts

• On-site storage
• Top-tier schools
• Multifamily home

Tags

• MULTIFAMILY HOME
• FIVE DEDICATED PARKING SPOTS
• ON-SITE STORAGE
• SIZABLE LOT
• MINUTES FROM PARKS
• TOP-TIER SCHOOLS

Property features AI

Exterior

• Parking: Driveway parking for 5 vehicles
• Utilities: Public sewer; Cable available; Electricity available; Natural gas available; Sewer connected; Public trash collection
• Home design: Duplex; Actual property condition
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront

Interior

• Bedrooms: One 1-bedroom unit; One 2-bedroom unit; One 3-bedroom unit
• Bathrooms: Four full bathrooms (total)
• Heating & cooling: Natural gas heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; First-floor full bathroom; Partial basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $-456 ($-5k/yr) — negative. Per door: $-228/mo.
• To cash-flow at today's rent, offer at most $833k (7.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $729k (18.9% below list).
• Recommended offer: $729k (18.9% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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.
• Market conditions: Rents rising fast (+11.6%/yr); 342 active listings in the ZIP; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $7,287/mo this rent would consume 117% of the median local household income ($75k/yr) (locally 5586% 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 $6k of loan paydown is wiped out by about $27k 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 418 days — a 12% lower offer ($791k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $151k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: 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 $728,700 (18.9% 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 418 days. Have you received any prior offers? Is the seller open to a 19% 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 1962 — 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: 0.81% ✗
• Cap rate: 5.68%
• Cash-on-cash: -2.17%
• DSCR: 0.90
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $881,408
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3626 Irwin Ave	0.06mi	6/3.0	2,430 (-14%)	8mo	$760,000	$313	64

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -14.5%
• Equity multiple: 0.46×
• Total profit: $-136,103
• Equity at exit: $134,044

10-year hold

• IRR: 0.9%
• Equity multiple: 1.08×
• Total profit: $19,804
• Equity at exit: $77,729

Cash invested: $251,720 (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 10463

• Rents YoY: 11.6%
• Active inventory: 342
• Price-to-rent: 20.6×

Monthly cashflow live

• Estimated rent: $7,287 medium
• Mortgage (P&I): −$4,714
• Tax est. 1.5%: −$1,124 /mo · $13,485/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,530
• Net cashflow: $-456

Break-even live

Break-even rent $7,864

Max offer price $833,008

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$7,286
Total (2 units)			$7,287

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $899,000 Active 418 DOM
2. 2026-06-17
   days on market $899,000 Active 417 DOM
3. 2026-06-15
   days on market $899,000 Active 415 DOM
4. 2026-06-13
   days on market $899,000 Active 413 DOM
5. 2026-06-10
   days on market $899,000 Active 409 DOM
6. 2026-06-08
   days on market $899,000 Active 408 DOM
7. 2026-06-03
   days on market $899,000 Active 403 DOM
8. 2026-06-01
   days on market $899,000 Active 401 DOM
9. 2026-05-31
   days on market $899,000 Active 400 DOM
10. 2026-05-13
    price $899,000
11. 2026-05-06
    status Active
12. 2026-05-01
    historical
13. 2025-04-21
    listed $1,050,000 Active
14. 2025-04-05
    historical
15. 2025-01-22
    status Active
16. 2024-06-21
    price $1,100,000
17. 2024-04-12
    listed $1,250,000 Active
18. 2024-04-11
    historical

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $87,444
• − Mortgage interest: −$50,358
• − Property taxes: −$13,485
• − Insurance: −$4,495
• − Repairs & maintenance: −$6,996
• − Management: −$6,996
• − Depreciation: −$26,153
• Taxable loss: −$21,038
• Est. tax savings @ 24.0%: +$5,049
• After-tax cash flow: $-424/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): 69,470
• Household income: $74,974
• Rent vs Own: 64.6% rent · 35.4% own
• Severe rent burden: 5586.0

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 0.65)
• Race & ethnicity: Hispanic / Latino 50% White 30% Two or more races 17% Black 12% Asian 4% Native American 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 12% Cuban 1% Dominican 25%
• Common ancestry: Scotch-Irish 3% Romanian 2% Lithuanian 1%
• Foreign-born: 30% · Canada, Jamaica, China
• Languages at home: 50% English-only · Spanish 40% Other Indo-European 3% Russian/Polish/Slavic 2%

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: ▼ -294.75%
• Current HPI: 168.0211
• Rent YoY: ▲ 11.60%
• 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

-28.1% since first listed

9 events — show timeline

• 2026-05-13 Price Changed $899,000 OneKey® MLS as Distributed by MLS Grid
• 2026-05-06 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-05-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-04-21 Listed $1,050,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-05 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-01-22 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2024-06-21 Price Changed $1,100,000 OneKey® MLS as Distributed by MLS Grid
• 2024-04-12 Listed $1,250,000 OneKey® MLS as Distributed by MLS Grid
• 2024-04-11 Coming Soon — OneKey® MLS as Distributed by MLS Grid