860 Grand Concourse Unit 4i · New York, NY 10451

$162,000

2 bd · 1.0 ba · 1,056 sqft · Condo · 502 Days on market

Built 1940 Fair condition $1800/mo HOA ↓ 48% since listing

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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 +23.2/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• Appreciation +5.3/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.2/5.0

Listing remarks MLS

Well, maintained two-bedroom co-operative building with part-time doorman, elevator and live-in super, is located on the fourth floor. The building was constructed in 1941 and located directly across from the impressive Bronx Supreme Court house this impressive edifice is in the center of the grand concourse historic district arguably the best location of any in the area. Dogs permitted under 40 pounds. Minutes to downtown with easy subway access to the east and west side of Manhattan, minutes from Yankee Stadium, the bridge to Harlem and the entrance to I-87. Near shopping, parking recreation, facilities, and parks. Will not last Make offer.L/A. All offers must be submitted by the buyers agent via the resnet agent portal, if the offer is accepted you agree to be responsible for an an offer technology fee 300. The fee will be collected and dispersed by the settlement agent and dispersed at the closing and settlement of the transaction. To submit your buyers offer if you already have a resnet agent account you will be prompted to log in. If not you will be prompted to create an account.

Key facts

• Live in super
• Elevator
• Dogs permitted

Tags

• PART TIME DOORMAN
• LIVE IN SUPER
• ELEVATOR
• HISTORIC DISTRICT
• DOGS PERMITTED
• EASY SUBWAY ACCESS

Property features AI

Finance

• Other: Building area listed as 1,056 (building-level figure)
• HOA & community: Part of Grand Concourse Co-op; Monthly association fee of $1,800; Association fee includes taxes, snow removal, and exterior maintenance

Exterior

• Parking: On-street parking
• Utilities: 110V electric service; Public water and sewer (standard for building)
• Home design: Apartment unit; 7-story building; Approximate year built
• Construction: Brick construction; 7 stories
• Exterior features: Brick exterior; R-8 zoning

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Hot water heating; Has heating and cooling
• Interior features: Central air conditioning; Handicap accessible

🏢 Co-op / cooperative unit. The $162,000 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 2-bed/1.0-bath condo listed at $162k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $293 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $162k).
• Recommended offer: $143k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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 (+2.6%/yr); 69 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $4,066/mo this rent would consume 126% of the median local household income ($39k/yr) (locally 6917% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $2k of equity ($1k loan paydown + $1k appreciation (0.7% local appreciation)).
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.7% appreciation + 2.6% rent growth), your $45k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 502 days — a 12% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $152k (48%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 44% of rent; built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $142,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 502 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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. 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.
11. 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.
12. 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: 2.51% ✓
• Cap rate: 8.46%
• Cash-on-cash: 7.75%
• DSCR: 1.34
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.67% appreciation · 2.57% rent growth · sell at horizon

5-year hold

• IRR: 8.2%
• Equity multiple: 1.41×
• Total profit: $18,476
• Equity at exit: $52,514

10-year hold

• IRR: 12.3%
• Equity multiple: 2.43×
• Total profit: $64,961
• Equity at exit: $67,678

Cash invested: $45,360 (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 10451

• Home prices YoY: 0.7%
• Rents YoY: 2.6%
• Active inventory: 69
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $4,066 medium
• Mortgage (P&I): −$850
• Tax est. 1.5%: −$202 /mo · $2,430/yr
• Insurance: −$68
• HOA: −$1,800
• Vacancy / Maint / Mgmt: −$854
• Net cashflow: $293

Break-even live

Break-even rent $3,696

Max offer price $162,000

Occupancy floor 88%

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: $40,500
• Closing costs: $4,860
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2413 3rd Ave Bronx, NY	1.0–3.0	1.0–2.0	857	$3,948	$4.60	12d	23	1.32mi
5 Lincoln Ave Bronx, NY	1.0–3.0	1.0–2.5	1011	$5,134	$5.08	2d	183	1.38mi
132 W 134th St New York, NY	2.0	1.0	750	$4,500	$6.00	25d	1	1.43mi

HOA detail condo

• Monthly dues: $1,800 · $21,600/yr
• Likely covers: doorman
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-06-18
   days on market $162,000 Active 502 DOM
2. 2026-06-17
   days on market $162,000 Active 501 DOM
3. 2026-06-15
   days on market $162,000 Active 499 DOM
4. 2026-06-13
   remarks 662-char remark
5. 2026-06-13
   listed $162,000 Active 497 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $48,796
• − Mortgage interest: −$9,075
• − Property taxes: −$2,430
• − Insurance: −$810
• − Repairs & maintenance: −$3,904
• − Management: −$3,904
• − HOA: −$21,600
• − Depreciation: −$4,713
• Taxable income: $2,362
• Est. tax owed @ 24.0%: −$567
• After-tax cash flow: $2,948/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 · 13 photos

Fair 45/100 Cosmetic rehab

This property is in fair condition with cosmetic updates needed. The kitchen and bathroom require significant upgrades to increase its value.

Repairs flagged

• Major kitchen cabinets — dated and in poor condition
• Major kitchen countertops — dated and in poor condition
• Major kitchen appliances — dated and in poor condition
• Major bathroom fixtures — dated and in poor condition
• Major bathroom tile — dated and in poor condition

Value-add opportunities

• Both modernize kitchen — modern kitchen increases both resale and rental value
• Both modernize bathroom — modern bathroom increases both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in poor condition	Major	$15,000–50,000
kitchen countertops · dated and in poor condition	Major	$15,000–50,000
kitchen appliances · dated and in poor condition	Major	$15,000–50,000
bathroom fixtures · dated and in poor condition	Major	$15,000–50,000
bathroom tile · dated and in poor condition	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both modernize kitchen — modern kitchen increases both resale and rental value ↑
• Both modernize bathroom — modern bathroom increases both resale and rental value ↑

ⓘ 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: Bronx County · 1,197,324 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 50,942
• Household income: $38,770
• Rent vs Own: 86.4% rent · 13.6% own
• Severe rent burden: 6917.0

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 0.58)
• Race & ethnicity: Hispanic / Latino 51% Black 40% Two or more races 12% White 6% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 14% Dominican 24%
• Common ancestry: Scotch-Irish 1%
• Foreign-born: 29% · Canada, United Kingdom, China
• Languages at home: 46% English-only · Spanish 42% French/Haitian/Cajun 3% Arabic 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: ▲ 0.67%
• Current HPI: 102.1498
• Rent YoY: ▲ 2.57%
• 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

-48.4% since first listed

28 events — show timeline

• 2026-06-03 Price Changed $162,000 BNYMLS
• 2026-06-03 Price Changed $162,000 SIBORMLS
• 2026-04-30 Price Changed $172,800 BNYMLS
• 2026-04-29 Price Changed $172,800 SIBORMLS
• 2026-03-06 Price Changed $181,900 BNYMLS
• 2026-03-05 Price Changed $181,900 SIBORMLS
• 2026-02-07 Price Changed $191,500 BNYMLS
• 2026-02-07 Price Changed $191,500 SIBORMLS
• 2025-12-17 Price Changed $201,400 BNYMLS
• 2025-12-17 Price Changed $201,400 SIBORMLS
• 2025-11-15 Price Changed $212,000 BNYMLS
• 2025-11-14 Price Changed $212,000 SIBORMLS
• 2025-10-04 Price Changed $224,000 BNYMLS
• 2025-10-03 Price Changed $224,000 SIBORMLS
• 2025-09-24 Price Changed $235,500 BNYMLS
• 2025-09-24 Price Changed $235,500 SIBORMLS
• 2025-08-13 Price Changed $247,900 BNYMLS
• 2025-08-13 Price Changed $247,900 SIBORMLS
• 2025-06-07 Price Changed $261,000 BNYMLS
• 2025-06-07 Price Changed $261,000 SIBORMLS
• 2025-05-05 Price Changed $274,900 BNYMLS
• 2025-05-05 Price Changed $274,900 SIBORMLS
• 2025-04-07 Price Changed $283,100 BNYMLS
• 2025-04-07 Price Changed $283,100 SIBORMLS
• 2025-03-05 Price Changed $298,300 BNYMLS
• 2025-03-05 Price Changed $298,300 SIBORMLS
• 2025-01-31 Listed $314,000 SIBORMLS
• 2025-01-31 Listed $314,000 BNYMLS