2711 Avenue X Unit 3K · New York, NY 11235

$219,998

1 bd · 1.0 ba · 780 sqft · Condo · 148 Days on market

↓ 8% since listing

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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 +25.3/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

OPEN HOUSE BY APPOINTMENT ONLY!!! Welcome home to this bright and inviting 1-bedroom co-op in the heart of Sheepshead Bay! Sun-filled and spacious, this apartment offers a perfect blend of comfort and functionality, featuring a generously sized bedroom that easily accommodates a king-size bed plus additional furniture. The layout is ideal for both relaxing and entertaining, making it truly feel like home from day one. This well-maintained, 100% owner-occupied building (no subletting) offers impressive amenities, including a newly renovated lobby, brand-new elevator, upgraded electrical system, and a high-definition video intercom. Enjoy the convenience of a live-in superintendent, on-site

Key facts

• Brand-new elevator
• On-site laundry
• Garage

Tags

• NEWLY RENOVATED LOBBY
• BRAND-NEW ELEVATOR
• UPGRADED ELECTRICAL SYSTEM
• HIGH-DEFINITION VIDEO INTERCOM
• LIVE-IN SUPERINTENDENT
• ON-SITE LAUNDRY

Property features AI

Finance

• Other: Building amenities include storage rooms and on-site card-operated laundry
• Financial info: Financing considered: Exchange, bank mortgage, or cash; Flip tax applies ($7,800)
• HOA & community: Maintenance/common fee of $764; Managed by R.E.M. Residential (manager phone available); Pets are not allowed; Handicap access available; Co-op shares: 280

Exterior

• Parking: Garage (wait-list)
• Security: Secure lobby; Intercom door
• Utilities: Water; Sewer; Septic; Electric; Gas; Heat; All utilities
• Home design: Detached residential building; Located on 3rd floor of building with 60 total units
• Exterior features: Secure lobby; Intercom door; Storage rooms

Interior

• Kitchen: Kitchen (First Floor)
• Bedrooms: 1 bedroom (First Floor)
• Bathrooms: 1 full bathroom (First Floor)
• Heating & cooling: Gas heat; Electric available
• Interior features: Wall A/C units (2)
• Laundry & utility: Card-operated laundry in building

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $220k.

Deal economics

• At list price, monthly cash flow is $498 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 234 Arthur W Cunningham (math 62% / reading 72%, grade A-, #101 of 729 statewide, top 15%, 1,342 students, 78% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: Rents rising fast (+5.0%/yr); 524 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $2,555/mo this rent would consume 51% of the median local household income ($60k/yr) (locally 7823% 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 $2k of loan paydown is wiped out by about $7k 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.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $62k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 148 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 72% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $193,598 (12.0% below list)

Questions for the listing agent

1. It's been on market 148 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. 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?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.16% ✓
• Cap rate: 9.01%
• Cash-on-cash: 9.71%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.04% rent growth · sell at horizon

5-year hold

• IRR: 0.6%
• Equity multiple: 1.02×
• Total profit: $1,478
• Equity at exit: $32,802

10-year hold

• IRR: 12.2%
• Equity multiple: 2.06×
• Total profit: $65,206
• Equity at exit: $19,021

Cash invested: $61,599 (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 11235

• Rents YoY: 5.0%
• Active inventory: 524
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,555 medium
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$537
• Net cashflow: $498

Break-even live

Break-even rent $1,925

Max offer price $219,998

Occupancy floor 76%

Sensitivity live

Price	-10% $650	-5% $574	+0% $498	+5% $422	+10% $346
Rent	-10% $296	-5% $397	+0% $498	+5% $599	+10% $700
Rate	-1.0pp $609	-0.5pp $554	base $498	+0.5pp $441	+1.0pp $383

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-13
   statusdays on market $219,998 Pending 148 DOM
2. 2026-06-10
   days on market $219,998 Active 144 DOM
3. 2026-06-08
   days on market $219,998 Active 143 DOM
4. 2026-06-04
   days on market $219,998 Active 139 DOM
5. 2026-06-03
   days on market $219,998 Active 138 DOM
6. 2026-06-01
   days on market $219,998 Active 136 DOM
7. 2026-05-31
   days on market $219,998 Active 135 DOM
8. 2026-02-02
   price $219,998
9. 2026-01-16
   listed $235,000 Active
10. 2025-05-02
    price $235,000
11. 2025-03-25
    price $238,999
12. 2024-09-11
    price $239,900

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% 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: $30,663
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,453
• − Management: −$2,453
• − Depreciation: −$6,400
• Taxable income: $2,634
• Est. tax owed @ 24.0%: −$632
• After-tax cash flow: $5,348/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): 78,558
• Household income: $59,661
• Rent vs Own: 65.2% rent · 34.8% own
• Severe rent burden: 7823.0

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 White (67%)
• Race & ethnicity: White 67% Asian 15% Two or more races 9% Hispanic / Latino 9% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Scotch-Irish 15% Subsaharan African 12% Romanian 2%
• Foreign-born: 63% · China, Canada, Vietnam
• Languages at home: 24% English-only · Russian/Polish/Slavic 48% Chinese 7% Spanish 7%

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: ▼ -181.73%
• Current HPI: 303.6714
• Rent YoY: ▲ 5.04%
• 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

-8.3% since first listed

5 events — show timeline

• 2026-02-02 Price Changed $219,998 BNYMLS
• 2026-01-16 Listed $235,000 BNYMLS
• 2025-05-02 Price Changed $235,000 BNYMLS
• 2025-03-25 Price Changed $238,999 BNYMLS
• 2024-09-11 Price Changed $239,900 BNYMLS