744 39th St · New York, NY 11232

$1,950,000

12 bd · 4.0 ba · 2,700 sqft · MultiFamily public records · 141 Days on market

Built 1915 2,504 sqft lot

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Why this score? — see what drove the D 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).

• Appreciation +9.2/10.0
• Cash flow +7.7/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0
• 1% rule +1.2/10.0

Multi-family units

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

Listing remarks

Great Opportunity to own this 4 Family House in the Heart of Sunset Park. House Is 2 Stories of Living Space Plus finished Basement. Good paying tenants. The property is located Near Restaurants, Supermarkets, Sunset Park, shops. And Just Minutes Away From Public Transportation D Line and Buses. Great for investment or for end user.

Key facts

• Near supermarkets
• Near restaurants
• Finished basement

Tags

• FINISHED BASEMENT
• NEAR RESTAURANTS
• NEAR SUPERMARKETS
• NEAR SUNSET PARK
• NEAR SHOPS

Property features AI

Finance

• Other: Building footprint: 1,500 sq ft; Building dimensions: 60.00 x 25.00; Total building square footage listed as 2,700; Lot number 18
• Financial info: Financing available: Bank mortgage or cash; Current rents by unit: $1,800; $1,750; $2,550; $1,950; Utility expense listed as $480 (monthly)

Exterior

• Parking: No parking
• Utilities: Hot water: Gas; Heating fuel: Gas; Electric: 110V
• Home design: Attached building; Residential property
• Construction: Block construction; Flat roof; Other foundation
• Exterior features: Stucco exterior; Zoning: M1-2

Interior

• Bedrooms: Four 3-bedroom units (located on 1st, 2nd, 3rd and 4th floors)
• Flooring: Other floors (see remarks)
• Bathrooms: Each unit has 1 full bathroom (4 full baths total in the building)
• Heating & cooling: Gas heating with hot water heat delivery; 110V electric
• Interior features: Finished basement; Other interior features (see remarks); No air conditioning units

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.0-bath units multifamily listed at $1.95M.

Deal economics

• At list price, monthly cash flow is $-2k ($-27k/yr) — negative. Per door: $-571/mo.
• To cash-flow at today's rent, offer at most $1.55M (20.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.21M (37.7% below list).
• Recommended offer: $1.21M (37.7% below list) — sets the bar for 1% rule.
• Cap rate 4.9% 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 (+6.3%/yr); 87 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $12,147/mo this rent would consume 160% of the median local household income ($91k/yr) (locally 1713% 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 $176k of equity ($13k loan paydown + $163k appreciation (8.3% 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 ~$282k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($1.72M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $999k; list at $1.95M implies a 95% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 62% 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 $1,214,700 (37.7% 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. It's been on market 141 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.62% ✗
• Cap rate: 4.89%
• Cash-on-cash: -5.02%
• DSCR: 0.78
• GRM: 13.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.35% appreciation · 6.26% rent growth · sell at horizon

5-year hold

• IRR: 17.9%
• Equity multiple: 2.36×
• Total profit: $741,659
• Equity at exit: $1,527,722

10-year hold

• IRR: 17.6%
• Equity multiple: 5.32×
• Total profit: $2,357,899
• Equity at exit: $3,077,722

Cash invested: $546,000 (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 11232

• Home prices YoY: 2.0%
• Rents YoY: 6.3%
• Active inventory: 87
• Price-to-rent: 53.5×

Monthly cashflow live

• Estimated rent: $12,147 medium
• Mortgage (P&I): −$10,226
• Tax from tax record: −$841 /mo · $10,097/yr
• Insurance: −$812
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,551
• Net cashflow: $-2,284

Break-even live

Break-even rent $15,038

Max offer price $1,546,559

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1	$12,148
Total (4 units)			$12,147

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: $487,500
• Closing costs: $58,500
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $1,950,000 Active 141 DOM
2. 2026-06-17
   days on market $1,950,000 Active 140 DOM
3. 2026-06-15
   days on market $1,950,000 Active 138 DOM
4. 2026-06-13
   days on market $1,950,000 Active 136 DOM
5. 2026-06-10
   days on market $1,950,000 Active 132 DOM
6. 2026-06-08
   days on market $1,950,000 Active 131 DOM
7. 2026-06-04
   days on market $1,950,000 Active 127 DOM
8. 2026-06-03
   days on market $1,950,000 Active 126 DOM
9. 2026-06-01
   days on market $1,950,000 Active 124 DOM
10. 2026-05-31
    days on market $1,950,000 Active 123 DOM
11. 2026-01-28
    listed $1,950,000 Active
12. 2017-01-05
    soldstatus $999,000

ⓘ 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: $10,097 · $841/mo
• Projected year-2 tax: $21,526 · $1,794/mo
• Expected delta: +$11,429/yr (+$952/mo · 113.2%)

ⓘ 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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $145,764
• − Mortgage interest: −$109,230
• − Property taxes: −$10,097
• − Insurance: −$9,750
• − Repairs & maintenance: −$11,661
• − Management: −$11,661
• − Depreciation: −$56,727
• Taxable loss: −$63,363
• Est. tax savings @ 24.0%: +$15,207
• After-tax cash flow: $-12,198/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): 27,816
• Household income: $90,891
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 1713.0

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 0.65)
• Race & ethnicity: Hispanic / Latino 52% White 23% Asian 15% Two or more races 12% Black 6% Native American 4%
• Hispanic origin (detail): Mexican 20% Puerto Rican 9% Dominican 7%
• Common ancestry: Romanian 3% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 38% · Canada, China, Jamaica
• Languages at home: 40% English-only · Spanish 44% Chinese 9% Other Asian/Pacific 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: ▲ 8.35%
• Current HPI: 422.0849
• Rent YoY: ▲ 6.26%
• 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

+95.2% since first listed

2 events — show timeline

• 2026-01-28 Listed $1,950,000 BNYMLS
• 2017-01-05 Sold (Public Records) $999,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $10,097 · -1.0% YoY. Source: county tax records.