1008 Flatlands Ave · New York, NY 11236

$599,000

4 bd · 2.4 ba · 1,760 sqft · MultiFamily public records · 35 Days on market

Built 1955 1,953 sqft lot Est $808k · 26% under

---

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 +22.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +5.6/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• 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

2 Family Brick with carport and garage. House is renovated. Drive by only. DO NO DISTURB THE TENANTS.

Key facts

• 1,953 sq ft lot
• Garage
• Built 1955

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.2-bath units multifamily listed at $599k.

Deal economics

• At list price, monthly cash flow is $937 ($11k/yr) — positive. Per door: $468/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $599k).
• Recommended offer: $581k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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: 228 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $6,321/mo this rent would consume 93% of the median local household income ($81k/yr) (locally 4225% 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 $4k of loan paydown is wiped out by about $18k 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 35 days — a 3% lower offer ($581k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $65k; list at $599k implies a 815% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 65% 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 $581,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% 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. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.06% ✓
• Cap rate: 8.30%
• Cash-on-cash: 7.18%
• DSCR: 1.32
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $807,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1019 E 104th St	0.26mi	4/3.0	1,760 (0%)	8mo	$807,500	$459	79
1110 E 101 St	0.30mi	4/3.0	1,800 (+2%)	5mo	$895,000	$497	76
1060 E 105th St	0.32mi	4/2.0	1,635 (-7%)	2mo	$705,000	$431	70
1322 E 99th St	0.62mi	4/2.0	1,760 (0%)	2mo	$724,900	$412	68
10406 Avenue L	0.48mi	3/2.0 (-1)	1,760 (0%)	7mo	$750,000	$426	65
1143 E 99th St	0.36mi	4/2.0	1,642 (-7%)	10mo	$820,000	$499	62
102-24 Avenue K	0.32mi	3/2.0 (-1)	1,612 (-8%)	3mo	$476,500	$296	62
1017 E 92nd St	0.53mi	5/3.0 (+1)	1,672 (-5%)	2mo	$925,000	$553	58
1161 E 101st St	0.38mi	4/2.0	1,540 (-12%)	3mo	$595,000	$386	57
1496 E 95th St	0.67mi	4/3.0	1,846 (+5%)	6mo	$970,000	$525	53
10016 Avenue L	0.44mi	3/2.0 (-1)	1,540 (-12%)	1mo	$689,000	$447	51
1363 E 94th St	0.47mi	4/2.0	1,512 (-14%)	6mo	$741,000	$490	48

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.0%
• Equity multiple: 0.78×
• Total profit: $-37,370
• Equity at exit: $89,313

10-year hold

• IRR: 3.7%
• Equity multiple: 1.27×
• Total profit: $44,447
• Equity at exit: $51,791

Cash invested: $167,720 (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 11236

• Active inventory: 228
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $6,321 medium
• Mortgage (P&I): −$3,141
• Tax from tax record: −$600 /mo · $7,197/yr
• Insurance: −$250
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,327
• Net cashflow: $937

Break-even live

Break-even rent $5,136

Max offer price $599,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.2	$6,322
Total (2 units)			$6,321

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
819 Saratoga Ave Brooklyn, NY	3.0	1.5	1300	$3,350	$2.58	24d	1	1.40mi

Listing history 3 events

1. 2023-03-27
   status Pending
2. 2023-02-20
   listed $599,000 Active
3. 1983-05-01
   soldstatus $65,454

ⓘ 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: $7,197 · $600/mo
• Projected year-2 tax: $8,660 · $722/mo
• Expected delta: +$1,463/yr (+$122/mo · 20.3%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% 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: $75,852
• − Mortgage interest: −$33,553
• − Property taxes: −$7,197
• − Insurance: −$3,792
• − Repairs & maintenance: −$6,068
• − Management: −$6,068
• − Depreciation: −$17,425
• Taxable income: $1,747
• Est. tax owed @ 24.0%: −$419
• After-tax cash flow: $10,819/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): 88,051
• Household income: $81,464
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 4225.0

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: Predominantly Black (79%)
• Race & ethnicity: Black 79% Hispanic / Latino 8% Two or more races 8% White 4% Asian 2%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Hispanic 14%
• Foreign-born: 45% · Canada, Mexico, China
• Languages at home: 74% English-only · French/Haitian/Cajun 14% Spanish 6% Chinese 1%

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: ▼ -375.21%
• Current HPI: 330.8367
• Rent YoY: —
• 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

+815.1% since first listed

3 events — show timeline

• 2023-03-27 Pending — BNYMLS
• 2023-02-20 Listed $599,000 BNYMLS
• 1983-05-01 Sold (Public Records) $65,454 Public Records

Property tax history

+4.3%/yr

Latest (2025): $7,197 · -2.8% YoY. Source: county tax records.