2400 E 3rd St #619 · New York, NY 11223

$288,000

1 bd · 1.0 ba · 720 sqft · Condo · 22 Days on market

↓ 7% since listing

---

Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Cash flow +4.9/30.0
• 1% rule +4.6/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this oversized and well-maintained 1-bedroom, 1-bathroom co-op located on the 6th floor of a desirable 7-story elevator building in the heart of Gravesend, Brooklyn. Offering approximately 700 square feet of comfortable living space, this bright and airy home features a practical layout, generously sized rooms, excellent closet space, and plenty of natural light throughout. The building is pet-friendly and offers convenient amenities, including two laundry rooms. The monthly maintenance of $985 includes electricity, heat, cooking gas, real estate taxes, and the building's master policy insurance, making homeownership both simple and affordable. Investors will appreciate the flexi

Key facts

• Easy access
• Natural light
• Convenient amenities

Tags

• TWO LAUNDRY ROOMS
• EXCELLENT CLOSET SPACE
• NATURAL LIGHT
• CONVENIENT AMENITIES
• EASY ACCESS

Property features AI

Finance

• Financial info: Flip tax applies; Financing considered: bank mortgage, cash, exchange; Unit listed as sub-lease
• HOA & community: Monthly maintenance/ common fee; Managed by Alvic Property Management; Management phone available; Pets allowed (cats and dogs); Handicap access available; Co-op shares listed

Exterior

• Parking: One parking space (wait-list)
• Security: Secure lobby
• Utilities: Electric service; Gas service; Heat; Water; Sewer; Septic
• Home design: Residential unit
• Construction: 720 total interior area
• Exterior features: Secure building lobby; Building has 180 units; Located on the 6th floor

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: One bedroom on the first floor
• Bathrooms: One full bathroom on the first floor
• Interior features: Elevator; One central AC unit
• Laundry & utility: Card-operated laundry in building

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $288k.

Deal economics

• At list price, monthly cash flow is $-694 ($-8k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $278k (3.5% below list).
• Recommended offer: $278k (3.5% below list) — sets the bar for 1% rule.
• Cap rate 3.4% vs local median 2.6% in New York — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 (+13.1%/yr); 219 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $2,779/mo this rent would consume 53% of the median local household income ($63k/yr) (locally 6011% 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.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($284k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.
• Climate carrying-cost: major 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 $277,909 (3.5% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.96% ✗
• Cap rate: 3.40%
• Cash-on-cash: -10.32%
• DSCR: 0.54
• GRM: 8.6

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: -26.1%
• Equity multiple: 0.06×
• Total profit: $-75,577
• Equity at exit: $42,942

10-year hold

• IRR: -8.1%
• Equity multiple: 0.34×
• Total profit: $-53,452
• Equity at exit: $24,901

Cash invested: $80,640 (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 11223

• Rents YoY: 13.1%
• Active inventory: 219
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,779 medium
• Mortgage (P&I): −$1,510
• Tax est. 1.5%: −$360 /mo · $4,320/yr
• Insurance: −$120
• HOA est. from 1 same-building comp: −$899
• Vacancy / Maint / Mgmt: −$584
• Net cashflow: $-694

Break-even live

Break-even rent $3,657

Max offer price $187,603

Occupancy floor —

Sensitivity live

Price	-10% $-495	-5% $-594	+0% $-694	+5% $-793	+10% $-893
Rent	-10% $-913	-5% $-804	+0% $-694	+5% $-584	+10% $-474
Rate	-1.0pp $-549	-0.5pp $-621	base $-694	+0.5pp $-768	+1.0pp $-844

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: $72,000
• Closing costs: $8,640
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$3,400	$3.58	8d	8	0.87mi
1515 Surf Ave Brooklyn, NY	1.0–2.0	1.0	706	$3,150	$4.46	0d	14	1.29mi

HOA detail condo

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

Listing history 15 events

1. 2026-06-21
   days on market $288,000 Active 22 DOM
2. 2026-06-18
   days on market $288,000 Active 19 DOM
3. 2026-06-17
   days on market $288,000 Active 18 DOM
4. 2026-06-16
   days on market $288,000 Active 17 DOM
5. 2026-06-15
   days on market $288,000 Active 16 DOM
6. 2026-06-13
   days on market $288,000 Active 14 DOM
7. 2026-06-09
   days on market $288,000 Active 10 DOM
8. 2026-06-08
   days on market $288,000 Active 9 DOM
9. 2026-06-08
   days on market $288,000 Active 8 DOM
10. 2026-06-04
    days on market $288,000 Active 5 DOM
11. 2026-06-03
    days on market $288,000 Active 4 DOM
12. 2026-06-02
    days on market $288,000 Active 3 DOM
13. 2026-06-01
    days on market $288,000 Active 2 DOM
14. 2026-05-31
    remarks 699-char remark
15. 2026-05-31
    listed $288,000 Active 1 DOM

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 73% 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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,349
• − Mortgage interest: −$16,132
• − Property taxes: −$4,320
• − Insurance: −$1,440
• − Repairs & maintenance: −$2,668
• − Management: −$2,668
• − HOA: −$10,788
• − Depreciation: −$8,378
• Taxable loss: −$13,045
• Est. tax savings @ 24.0%: +$3,131
• After-tax cash flow: $-5,195/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): 78,093
• Household income: $63,368
• Rent vs Own: 63.9% rent · 36.1% own
• Severe rent burden: 6011.0

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 0.65)
• Race & ethnicity: White 51% Asian 26% Hispanic / Latino 13% Black 5% Two or more races 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2% Dominican 1%
• Common ancestry: Scotch-Irish 4% Subsaharan African 4% Romanian 1%
• Foreign-born: 46% · China, Canada, Philippines
• Languages at home: 41% English-only · Chinese 17% Russian/Polish/Slavic 15% Spanish 9%

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: ▼ -286.92%
• Current HPI: 430.9891
• Rent YoY: ▲ 13.09%
• 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

-7.1% since first listed

6 events — show timeline

• 2026-05-30 Listed $288,000 BNYMLS
• 2025-11-13 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-06-26 Price Changed $325,000 BNYMLS
• 2025-06-26 Price Changed $325,000 OneKey® MLS as Distributed by MLS Grid
• 2025-05-20 Listed $328,000 OneKey® MLS as Distributed by MLS Grid
• 2024-06-13 Price Changed $310,000 BNYMLS