1774 Pitman Ave · New York, NY 10466

$799,999

6 bd · 4.0 ba · 1,620 sqft · MultiFamily public records · 335 Days on market

Built 1950 1,648 sqft lot Est $765k · at est. ↓ 9% since listing

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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).

• Cash flow +12.6/30.0
• ARV discount +5.4/15.0
• Schools +5.0/10.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• 1% rule +2.8/10.0
• 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

Wonderful opportunity to own a semi-detached, brick multi-family, end unit house on a tree-lined street in the desirable Wakefield section of the Bronx, which borders Yonkers and Mt. Vernon. This property has two units. Live in one unit and rent out the other to offset your carrying costs, rent out both units for extra income, or bring the extended family. Approximately 50 feet separate the front entry to the upstairs unit from that of the adjoining home, offering more privacy and a larger front yard with a blooming forsythia tree and lush greenery, adding to the curb appeal of the home. Both units feature hardwood floors throughout and have been lovingly and tastefully updated. The upstair

Key facts

• Quartz countertops
• Tree-lined street
• Larger front yard

Tags

• TREE-LINED STREET
• LARGER FRONT YARD
• HARDWOOD FLOORS
• CREAM SHAKER CABINETS
• STAINLESS STEEL APPLIANCES
• QUARTZ COUNTERTOPS

Property features AI

Exterior

• Parking: Two total parking spaces
• Utilities: Public sewer; Water connected; Electricity connected; Natural gas connected; Cable available; Public trash collection
• Home design: Duplex
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Kitchen: Eat-in kitchen (see interior features)
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: Eat-in kitchen; Quartz/Quartzite countertops

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $800k.

Deal economics

• At list price, monthly cash flow is $-104 ($-1k/yr) — negative. Per door: $-52/mo.
• To cash-flow at today's rent, offer at most $782k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $623k (22.1% below list).
• Recommended offer: $623k (22.1% 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.
• 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 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: 161 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $6,231/mo this rent would consume 113% of the median local household income ($66k/yr) (locally 4791% 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 $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 335 days — a 12% lower offer ($704k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts 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 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $623,100 (22.1% 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 335 days. Have you received any prior offers? Is the seller open to a 22% 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 1950 — 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: 0.78% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.55%
• DSCR: 0.98
• GRM: 10.7

CMA / ARV

• ARV (on-the-fly): $764,640
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4163 Wickham Ave	0.14mi	5/3.0 (-1)	1,680 (+4%)	4mo	$925,000	$551	75
4143 Ely Ave	0.22mi	5/2.0 (-1)	1,606 (-1%)	13mo	$566,000	$352	65
4331 Wilder Ave	0.37mi	5/2.0 (-1)	1,574 (-3%)	2mo	$803,000	$510	64
4351 De Reimer Ave	0.34mi	5/3.5 (-1)	1,522 (-6%)	14mo	$675,000	$443	55
848 E 231st St	0.39mi	5/2.0 (-1)	1,624 (+0%)	19mo	$850,000	$523	53
2028 Pitman Ave	0.35mi	5/3.0 (-1)	1,824 (+13%)	2mo	$770,000	$422	52
720 E 231st St	0.46mi	5/4.0 (-1)	1,800 (+11%)	6mo	$850,000	$472	50
4353 Edson Ave	0.25mi	5/2.0 (-1)	1,440 (-11%)	23mo	$442,000	$307	37

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: -17.3%
• Equity multiple: 0.39×
• Total profit: $-136,447
• Equity at exit: $119,282

10-year hold

• IRR: -9.3%
• Equity multiple: 0.43×
• Total profit: $-128,185
• Equity at exit: $69,169

Cash invested: $224,000 (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 10466

• Active inventory: 161
• Price-to-rent: 21.4×

Monthly cashflow live

• Estimated rent: $6,231 high
• Mortgage (P&I): −$4,195
• Tax from tax record: −$497 /mo · $5,970/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,309
• Net cashflow: $-104

Break-even live

Break-even rent $6,362

Max offer price $781,698

Occupancy floor 97%

Sensitivity live

Price	-10% $349	-5% $123	+0% $-104	+5% $-330	+10% $-556
Rent	-10% $-596	-5% $-350	+0% $-104	+5% $143	+10% $389
Rate	-1.0pp $299	-0.5pp $100	base $-104	+0.5pp $-311	+1.0pp $-522

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$6,230
Total (2 units)			$6,231

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: $200,000
• Closing costs: $24,000
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
142 W 5th St Mount Vernon, NY	6.0	2.0	1250	$3,756	$3.00	20d	1	0.68mi
641 S 5th Ave Unit 2nd/3rd Floor Mt Vernon, NY	5.0	2.0	1800	$3,900	$2.17	6d	1	0.96mi
33 Union Ln Mount Vernon, NY	5.0	1.0	1200	$4,200	$3.50	26d	1	1.23mi

Listing history 22 events

1. 2026-06-21
   days on market $799,999 Active 335 DOM
2. 2026-06-18
   days on market $799,999 Active 332 DOM
3. 2026-06-17
   days on market $799,999 Active 331 DOM
4. 2026-06-15
   days on market $799,999 Active 329 DOM
5. 2026-06-13
   pricedays on market $799,999 Active 327 DOM
6. 2026-06-10
   days on market $749,999 Active 323 DOM
7. 2026-06-08
   days on market $749,999 Active 322 DOM
8. 2026-06-03
   days on market $749,999 Active 317 DOM
9. 2026-06-01
   days on market $749,999 Active 315 DOM
10. 2026-05-31
    days on market $749,999 Active 314 DOM
11. 2026-05-17
    status Active
12. 2026-05-14
    historical
13. 2026-05-12
    price $749,999
14. 2026-02-19
    price $774,999
15. 2026-01-13
    status Active
16. 2026-01-13
    historical
17. 2026-01-06
    status Active
18. 2026-01-02
    historical
19. 2025-09-10
    price $799,999
20. 2025-07-14
    listed $814,999 Active
21. 2025-07-14
    historical
22. 2025-04-10
    listed $825,000 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: $5,970 · $497/mo
• Projected year-2 tax: $9,745 · $812/mo
• Expected delta: +$3,775/yr (+$315/mo · 63.2%)

ⓘ 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 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $74,772
• − Mortgage interest: −$44,812
• − Property taxes: −$5,970
• − Insurance: −$4,000
• − Repairs & maintenance: −$5,982
• − Management: −$5,982
• − Depreciation: −$23,273
• Taxable loss: −$15,246
• Est. tax savings @ 24.0%: +$3,659
• After-tax cash flow: $2,416/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: Bronx County · 1,197,324 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 71,116
• Household income: $65,969
• Rent vs Own: 60.1% rent · 39.9% own
• Severe rent burden: 4791.0

Population outlook (Bronx County) Hauer SSP2

• Today (2025): 1,607,353 people
• By 2030: 1,681,852 · +4.6%
• By 2040: 1,824,421 · +13.5%
• By 2050: 1,945,470 · +21.0%
• By 2075: 2,187,887 · +36.1%
• By 2100: 2,244,136 · +39.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: Black 60% Hispanic / Latino 29% Two or more races 7% White 2% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 9% Dominican 12%
• Common ancestry: Hispanic 1%
• Foreign-born: 42% · Canada, Jamaica, United Kingdom
• Languages at home: 67% English-only · Spanish 22% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Bronx

• 2024 margin: Solid D (+45.4) · D 72.7% · R 27.3%
• 2008→2024 swing: -32.3pp toward R · 2008: 77.8pp · 2024: 45.4pp
• All cycles: 2024: D+45.4 2020: D+67.6 2016: D+79.1 2012: D+82.9 2008: D+77.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -314.77%
• Current HPI: 349.542
• 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

-9.1% since first listed

12 events — show timeline

• 2026-05-17 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-05-14 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-05-12 Price Changed $749,999 OneKey® MLS as Distributed by MLS Grid
• 2026-02-19 Price Changed $774,999 OneKey® MLS as Distributed by MLS Grid
• 2026-01-13 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-01-13 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-01-06 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-01-02 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-09-10 Price Changed $799,999 OneKey® MLS as Distributed by MLS Grid
• 2025-07-14 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-07-14 Listed $814,999 OneKey® MLS as Distributed by MLS Grid
• 2025-04-10 Listed $825,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2025): $5,970 · +0.0% YoY. Source: county tax records.