446 E 146th St · New York, NY 10455

$979,000

4 bd · 3.0 ba · 2,000 sqft · MultiFamily public records · 176 Days on market

Built 1991 1,999 sqft lot Est $1014k · at est.

---

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 +20.0/30.0
• ARV discount +9.1/15.0
• DSCR +6.3/10.0
• Appreciation +6.1/10.0
• Schools +5.0/10.0
• 1% rule +4.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Immaculate 2 Family semi attached home built in 1991 located in the Heart of Mott Haven. Welcome to a turn key ready 2 family home featuring a spacious 3 bedroom duplex with 2 full baths, formal dining room, spacious living room with access to the spacious back deck & backyard offering great space for BBQ's and entertaining, hardwood floors through out, tons of closet space, washer & dryer, great size bedrooms, renovated bathrooms and kitchen with stainless appliances. First floor unit features a spacious 2 bedroom 1 full bath apartment. 2 car driveway. Few steps away from the 2 & 5 subway lines, minutes from Manhattan, near major highways, shopping hubs, Yankee Stadium, H

Key facts

• Spacious back deck
• Renovated bathrooms
• Stainless appliances

Tags

• SPACIOUS BACK DECK
• HARDWOOD FLOORS
• RENOVATED BATHROOMS
• STAINLESS APPLIANCES
• 2 CAR DRIVEWAY
• NEAR MAJOR HIGHWAYS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $979k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $602/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $914k (6.7% below list).
• Recommended offer: $862k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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: 26 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).

Forward outlook

• In year one you build about $28k of equity ($7k loan paydown + $21k appreciation (2.1% local appreciation)).
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.1% appreciation + 3.0% rent growth), your $274k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$70k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 176 days — a 12% lower offer ($862k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 $150k; list at $979k implies a 553% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; 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 $861,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 176 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.93% ✗
• Cap rate: 7.77%
• Cash-on-cash: 5.27%
• DSCR: 1.23
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $1,014,000
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
427 E 143 St Unit AB	0.13mi	5/4.5 (+1)	1,840 (-8%)	10mo	$899,000	$489	62
487 Jackson Ave	0.43mi	5/2.0 (+1)	2,100 (+5%)	7mo	$1,065,000	$507	57

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.14% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.1%
• Equity multiple: 1.55×
• Total profit: $150,304
• Equity at exit: $393,440

10-year hold

• IRR: 13.0%
• Equity multiple: 2.77×
• Total profit: $484,020
• Equity at exit: $572,218

Cash invested: $274,120 (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 10455

• Home prices YoY: 1.5%
• Active inventory: 26
• Price-to-rent: 17.9×

Monthly cashflow live

• Estimated rent: $9,137 medium
• Mortgage (P&I): −$5,134
• Tax from tax record: −$473 /mo · $5,675/yr
• Insurance: −$408
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,919
• Net cashflow: $1,203

Break-even live

Break-even rent $7,614

Max offer price $979,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$9,138
Total (2 units)			$9,137

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: $244,750
• Closing costs: $29,370
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 Lincoln Ave Bronx, NY	1.0–3.0	1.0–2.5	1011	$7,411	$7.33	1d	183	0.77mi
32 E 126th St Unit 3 New York, NY	5.0	2.0	1600	$6,000	$3.75	18d	1	1.27mi
12 W 127th St Unit 1 New York, NY	3.0	3.5	1899	$8,999	$4.74	24d	1	1.32mi
114 W 131st St Apt 2 New York, NY	3.0	2.0	2000	$6,750	$3.38	24d	1	1.35mi
114 W 131st St Apt 2 New York, NY	3.0	2.0	2000	$6,150	$3.08	17d	1	1.35mi

Listing history 7 events

1. 2025-11-25
   status Pending
2. 2025-10-22
   status Active
3. 2025-09-24
   status Pending
4. 2025-05-05
   listed $979,000 Active
5. 2021-10-05
   historical
6. 2021-07-14
   listed $949,000 Active
7. 1991-06-28
   soldstatus $150,000

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $5,675 · $473/mo
• Projected year-2 tax: $11,110 · $926/mo
• Expected delta: +$5,435/yr (+$453/mo · 95.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $109,644
• − Mortgage interest: −$54,839
• − Property taxes: −$5,675
• − Insurance: −$4,895
• − Repairs & maintenance: −$8,772
• − Management: −$8,772
• − Depreciation: −$28,480
• Taxable loss: −$1,788
• Est. tax savings @ 24.0%: +$429
• After-tax cash flow: $14,870/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
• City population: 7,731,280
• Population (ZIP): 42,940

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: Predominantly Hispanic (71%)
• Race & ethnicity: Hispanic / Latino 71% Black 24% Two or more races 17% White 1% Native American 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 27% Dominican 17%
• Foreign-born: 24% · Canada
• Languages at home: 35% English-only · Spanish 60% French/Haitian/Cajun 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: ▲ 2.14%
• Current HPI: 145.3911
• Rent YoY: —
• Metro: —
• 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

+552.7% since first listed

7 events — show timeline

• 2025-11-25 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-10-22 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-09-24 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-05-05 Listed $979,000 OneKey® MLS as Distributed by MLS Grid
• 2021-10-05 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2021-07-14 Listed $949,000 OneKey® MLS as Distributed by MLS Grid
• 1991-06-28 Sold (Public Records) $150,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $5,675 · +0.8% YoY. Source: county tax records.