615 Chester St · New York, NY 11212

$700,000

6 bd · 2.0 ba · 1,820 sqft · MultiFamily public records · 80 Days on market

Built 1930 2,000 sqft lot Est $781k · 10% under

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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 +24.8/30.0
• ARV discount +12.2/15.0
• DSCR +8.1/10.0
• 1% rule +5.2/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• 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

This 2-family home in the heart of Brownsville, Brooklyn offers a fantastic opportunity for buyers looking to customize and add value. The property is being sold in “as is” condition and is in need of some TLC, making it ideal for you. Conveniently located near restaurants, shopping, hospitals, and public transportation, this home combines potential with a prime location. Call today to schedule a private tour.

Key facts

• 2-family home
• Heart of brownsville
• Prime location

Tags

• 2-FAMILY HOME
• HEART OF BROWNSVILLE
• PRIME LOCATION

Property features AI

Finance

• Other: Zoning: R6
• Financial info: Income reported from rent: $44,400; Two-unit property; Unit 1 is owner-occupied with projected rent of $2,000 (available March 30, 2026); Unit 2 is month-to-month with current rent $1,700 and projected rent $2,000 (available March 30, 2026); Financing options noted: bank mortgage or cash

Exterior

• Parking: No designated parking
• Utilities: Electric: 220V, circuit breakers; Hot water: gas; Heating fuel: gas; Sewer/water not specified
• Home design: Attached residential building; Flat roof; Facing direction not specified
• Construction: Brick and stone exterior; Slab concrete foundation
• Exterior features: Front yard; Back yard

Interior

• Kitchen: Includes refrigerator and stove
• Bedrooms: Three bedrooms on level 1; Three bedrooms on level 2
• Flooring: Hardwood floors; Tile floors
• Bathrooms: One full bath on level 1; One full bath on level 2; Two full baths total
• Heating & cooling: Steam/radiator heating; Hot water fueled by gas; Electrical service: 220V with circuit breakers
• Interior features: Finished full basement; Refrigerator; Stove
• Laundry & utility: No central AC units reported

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $700k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $744/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $700k).
• Recommended offer: $658k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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: Rents soft (-0.6%/yr); 65 active listings in the ZIP; lower-income renter base — watch delinquency; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $7,112/mo this rent would consume 206% of the median local household income ($41k/yr) (locally 9035% 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 $5k of loan paydown is wiped out by about $21k 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 80 days — a 6% lower offer ($658k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $135k; list at $700k implies a 419% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — 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 $658,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% 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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.02% ✓
• Cap rate: 8.84%
• Cash-on-cash: 9.11%
• DSCR: 1.41
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $780,780
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
468 Herzl St	0.28mi	5/2.0 (-1)	2,080 (+14%)	8mo	$500,000	$240	52
870 E 93rd St	0.64mi	6/3.0	1,980 (+9%)	2mo	$849,000	$429	50
705 E 93rd St	0.48mi	7/4.0 (+1)	2,000 (+10%)	12mo	$873,000	$437	38
641 Snediker Ave	0.55mi	6/3.0	2,052 (+13%)	21mo	$802,000	$391	31
2029 Strauss St	0.65mi	7/5.0 (+1)	1,624 (-11%)	7mo	$990,000	$610	29

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -5.6%
• Equity multiple: 0.80×
• Total profit: $-39,835
• Equity at exit: $104,372

10-year hold

• IRR: 0.5%
• Equity multiple: 1.03×
• Total profit: $5,459
• Equity at exit: $60,523

Cash invested: $196,000 (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 11212

• Home prices YoY: -34.3%
• Rents YoY: -0.6%
• Active inventory: 65
• Price-to-rent: 16.4×

Monthly cashflow live

• Estimated rent: $7,112 medium
• Mortgage (P&I): −$3,671
• Tax from tax record: −$168 /mo · $2,017/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,494
• Net cashflow: $1,488

Break-even live

Break-even rent $5,229

Max offer price $700,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$7,112
Total (2 units)			$7,112

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: $175,000
• Closing costs: $21,000
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $700,000 Active 80 DOM
2. 2026-06-17
   days on market $700,000 Active 79 DOM
3. 2026-06-15
   days on market $700,000 Active 77 DOM
4. 2026-06-13
   days on market $700,000 Active 75 DOM
5. 2026-06-10
   days on market $700,000 Active 71 DOM
6. 2026-06-08
   days on market $700,000 Active 70 DOM
7. 2026-06-08
   days on market $700,000 Active 69 DOM
8. 2026-06-04
   days on market $700,000 Active 66 DOM
9. 2026-06-03
   days on market $700,000 Active 65 DOM
10. 2026-06-01
    days on market $700,000 Active 63 DOM
11. 2026-05-31
    days on market $700,000 Active 62 DOM
12. 2026-03-30
    listed $700,000 Active
13. 1999-04-28
    soldstatus $135,000

ⓘ 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: $2,017 · $168/mo
• Projected year-2 tax: $6,923 · $577/mo
• Expected delta: +$4,907/yr (+$409/mo · 243.3%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% 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 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: $85,344
• − Mortgage interest: −$39,211
• − Property taxes: −$2,017
• − Insurance: −$3,500
• − Repairs & maintenance: −$6,828
• − Management: −$6,828
• − Depreciation: −$20,364
• Taxable income: $6,598
• Est. tax owed @ 24.0%: −$1,583
• After-tax cash flow: $16,271/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): 89,020
• Household income: $41,355
• Rent vs Own: 86.8% rent · 13.2% own
• Severe rent burden: 9035.0

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 (68%)
• Race & ethnicity: Black 68% Hispanic / Latino 20% Two or more races 12% White 4% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Dominican 6%
• Common ancestry: Hispanic 3% Ukrainian 1%
• Foreign-born: 34% · Canada, Mexico, China
• Languages at home: 77% English-only · Spanish 14% French/Haitian/Cajun 4% Arabic 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: ▼ -140.90%
• Current HPI: 269.7955
• Rent YoY: ▼ -0.59%
• 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

+418.5% since first listed

2 events — show timeline

• 2026-03-30 Listed $700,000 BNYMLS
• 1999-04-28 Sold (Public Records) $135,000 Public Records

Property tax history

+2.2%/yr

Latest (2025): $2,017 · +4.4% YoY. Source: county tax records.