1248 Propect Pl · New York, NY 11213

$929,000

4 bd · 4.0 ba · 1,859 sqft · MultiFamily public records · 27 Days on market

Built 1910 2,130 sqft lot ↓ 2% since listing

---

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 +12.4/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0

Multi-family units

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

Listing remarks

2 Family home in need of gut renovation.

Key facts

• 2,130 sq ft lot
• Listed 27 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $929k.

Deal economics

• At list price, monthly cash flow is $-158 ($-2k/yr) — negative. Per door: $-79/mo.
• To cash-flow at today's rent, offer at most $901k (3.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $679k (26.9% below list).
• Recommended offer: $679k (26.9% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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 (+6.0%/yr); 73 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 $6,787/mo this rent would consume 125% of the median local household income ($65k/yr) (locally 6603% 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 $99k of equity ($6k loan paydown + $93k appreciation (10.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$160k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($915k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 64% 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 $678,700 (26.9% 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. 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. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.73% ✗
• Cap rate: 6.09%
• Cash-on-cash: -0.73%
• DSCR: 0.97
• GRM: 11.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 5.95% rent growth · sell at horizon

5-year hold

• IRR: 24.6%
• Equity multiple: 2.98×
• Total profit: $516,212
• Equity at exit: $836,917

10-year hold

• IRR: 22.4%
• Equity multiple: 7.05×
• Total profit: $1,574,559
• Equity at exit: $1,804,843

Cash invested: $260,120 (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 11213

• Home prices YoY: 4.3%
• Rents YoY: 6.0%
• Active inventory: 73
• Price-to-rent: 22.8×

Monthly cashflow live

• Estimated rent: $6,787 high
• Mortgage (P&I): −$4,872
• Tax from tax record: −$260 /mo · $3,125/yr
• Insurance: −$387
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,425
• Net cashflow: $-158

Break-even live

Break-even rent $6,986

Max offer price $901,171

Occupancy floor 97%

Sensitivity live

Price	-10% $368	-5% $105	+0% $-158	+5% $-420	+10% $-683
Rent	-10% $-694	-5% $-426	+0% $-158	+5% $111	+10% $379
Rate	-1.0pp $310	-0.5pp $79	base $-158	+0.5pp $-398	+1.0pp $-643

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$6,788
Total (2 units)			$6,787

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: $232,250
• Closing costs: $27,870
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1065 Sterling Pl Unit Gdn Brooklyn, NY	3.0	1.5	1736	$5,995	$3.45	6d	1	0.44mi
819 Saratoga Ave Brooklyn, NY	3.0	1.5	1300	$3,350	$2.58	25d	1	1.35mi

Listing history 6 events

1. 2025-06-20
   status Pending
2. 2025-05-24
   listed $929,000 Active
3. 2020-10-01
   historical
4. 2020-09-22
   listed $948,000 Active
5. 2020-09-22
   listed $948,000
6. 2020-09-22
   listed $948,000 Active

ⓘ 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: $3,125 · $260/mo
• Projected year-2 tax: $9,412 · $784/mo
• Expected delta: +$6,288/yr (+$524/mo · 201.2%)

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

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 64% 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: $81,444
• − Mortgage interest: −$52,038
• − Property taxes: −$3,125
• − Insurance: −$4,645
• − Repairs & maintenance: −$6,516
• − Management: −$6,516
• − Depreciation: −$27,025
• Taxable loss: −$18,421
• Est. tax savings @ 24.0%: +$4,421
• After-tax cash flow: $2,531/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): 68,846
• Household income: $65,127
• Rent vs Own: 83.2% rent · 16.8% own
• Severe rent burden: 6603.0

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 0.61)
• Race & ethnicity: Black 56% White 23% Hispanic / Latino 13% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 4%
• Common ancestry: Hispanic 5% Scotch-Irish 2% Romanian 1%
• Foreign-born: 32% · Canada, Mexico, China
• Languages at home: 76% English-only · Spanish 9% French/Haitian/Cajun 6% German/W. Germanic 2%

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: ▲ 23.71%
• Current HPI: 577.3841
• Rent YoY: ▲ 5.95%
• 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

-2.0% since first listed

6 events — show timeline

• 2025-06-20 Pending — BNYMLS
• 2025-05-24 Listed $929,000 BNYMLS
• 2020-10-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-09-22 Listed $948,000 OneKey® MLS as Distributed by MLS Grid
• 2020-09-22 Listed $948,000 RLS at REBNY
• 2020-09-22 Listed $948,000 RLS at REBNY

Property tax history

+6.3%/yr

Latest (2025): $3,125 · +3.4% YoY. Source: county tax records.