531 Main St #1511 · New York, NY 10044

$598,000

1 bd · 1.5 ba · 960 sqft · Condo · 66 Days on market

Built 1975 Good condition

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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).

• ARV discount +7.5/15.0
• Appreciation +6.9/10.0
• Schools +5.0/10.0
• 1% rule +4.3/10.0
• Cash flow +4.1/30.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• DSCR +0.0/10.0

Listing remarks

"Lovingly held by the same owner for over 25 years, this residence remains in its original condition- offering a rare opportunity to revovate and customize to your personal taste. A space full of potential, ready to be transformed into your ideal home. " 531 Main Street, also known as "Rivercross", is a prominent residential building located on Roosevelt Island, a unique urban oasis in New York City. Constructed in 1975, this high-rise is part of the original residential development of the island, known for its distinctive design and tranquil environment. Residents of 531 Main Street enjoy a comprehensive array of amenities designed to enhance their quality of life. The

Key facts

• Laundry facilities
• 24 hour doorman
• Children's playroom

Tags

• 24 HOUR DOORMAN
• CONCIERGE SERVICE
• COMMUNITY ROOM
• CHILDREN'S PLAYROOM
• LAUNDRY FACILITIES
• BIKE STORAGE

Property features AI

Exterior

• Parking: Other parking
• Utilities: Public sewer; Utilities: See remarks
• Home design: Stock cooperative
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Convection oven; Cooktop
• Bedrooms: Includes a bedroom on the first floor
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Baseboard heating; Central air conditioning
• Interior features: First-floor bedroom; First-floor full bathroom; Original details
• Laundry & utility: Pets allowed

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $598k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-2k ($-20k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $556k (7.1% below list).
• Recommended offer: $556k (7.1% below list) — sets the bar for 1% rule.

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 (+3.6%/yr); 31 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $5,556/mo this rent would consume 65% of the median local household income ($103k/yr) (locally 1319% 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 $26k of equity ($4k loan paydown + $22k appreciation (3.7% local appreciation)).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($562k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 34% of rent.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $555,646 (7.1% 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 66 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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: 0.93% ✗
• Cap rate: 2.98%
• Cash-on-cash: -11.85%
• DSCR: 0.47
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.72% appreciation · 3.58% rent growth · sell at horizon

5-year hold

• IRR: -0.5%
• Equity multiple: 0.97×
• Total profit: $-5,512
• Equity at exit: $293,582

10-year hold

• IRR: 3.8%
• Equity multiple: 1.64×
• Total profit: $106,660
• Equity at exit: $472,664

Cash invested: $167,440 (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 10044

• Home prices YoY: 1.9%
• Rents YoY: 3.6%
• Active inventory: 31
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $5,556 high
• Mortgage (P&I): −$3,136
• Tax est. 1.5%: −$748 /mo · $8,970/yr
• Insurance: −$249
• HOA est. from 1 same-building comp: −$1,910
• Vacancy / Maint / Mgmt: −$1,167
• Net cashflow: $-1,653

Break-even live

Break-even rent $7,649

Max offer price $358,802

Occupancy floor —

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: $149,500
• Closing costs: $17,940
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
515 E 72nd St Unit 17D New York, NY	1.0	1.0	687	$5,500	$8.01	24d	1	0.35mi
885 Main St #705 New York, NY	2.0	2.0	1100	$4,950	$4.50	24d	1	0.42mi
885 Main St Unit 6B New York, NY	2.0	2.0	950	$5,320	$5.60	12d	1	0.42mi
411 E 68th St Unit 1021976P New York, NY	2.0	1.0	893	$6,792	$7.61	22d	1	0.44mi
403 E 69th St #1518 New York, NY	1.0–3.0	1.0	745	$3,990	$5.36	24d	3	0.45mi
501 E 74th St #1572 New York, NY	2.0	2.0	1000	$10,210	$10.21	20d	1	0.45mi
1290 1st Ave #1499 New York, NY	2.0	1.0	671	$6,100	$9.09	2d	2	0.46mi
400 E 66th St Unit 1016404P New York, NY	1.0–2.0	1.0–2.0	791	$10,597	$13.40	3d	2	0.47mi
360 E 65th St #1283 New York, NY	1.0–3.0	1.0–2.0	1059	$4,840	$4.57	3d	3	0.51mi
403 E 62nd St Unit 14C New York, NY	1.0	1.0	650	$4,900	$7.54	22d	1	0.53mi
1373 1st Ave Unit 1952 New York, NY	2.0	2.0	650	$7,260	$11.17	24d	1	0.56mi
888 Main St New York, NY	1.0–3.0	1.0–2.0	963	$4,431	$4.60	6d	7	0.56mi
404 E 76th St New York, NY	1.0–2.0	1.0–2.0	1001	$4,895	$4.89	4d	2	0.59mi
300 E 69th St Unit 1294661P New York, NY	2.0	1.0	839	$6,870	$8.19	20d	1	0.59mi
404 E 76th St Unit 19C New York, NY	2.0	2.0	1100	$7,500	$6.82	24d	1	0.60mi
1310 2nd Ave Unit 1224958P New York, NY	1.0–2.0	1.0	699	$5,450	$7.80	1d	2	0.60mi
304 E 65th St Unit 11C New York, NY	1.0	1.0	770	$5,450	$7.08	15d	1	0.62mi
301 E 63rd St New York, NY	2.0	1.0	975	$6,650	$6.82	4d	1	0.65mi
435 E 79th St New York, NY	1.0–3.0	1.0–2.0	943	$5,500	$5.83	7d	3	0.68mi
220 E 65th St New York, NY	1.0	1.0	700	$5,950	$8.50	2d	1	0.68mi
599 E 56th St Unit 1817 New York, NY	1.0	1.0	625	$4,850	$7.76	24d	1	0.68mi
420 E 80th St #198 New York, NY	1.0	1.0	623	$4,760	$7.64	18d	1	0.72mi
225 E 63rd St #1675 New York, NY	1.0	1.0	627	$5,230	$8.34	24d	2	0.72mi
400 E 57th St #2106 New York, NY	2.0	1.0–2.0	903	$6,610	$7.32	3d	3	0.72mi
329 E 58th St #807 New York, NY	2.0	1.0	650	$5,860	$9.02	7d	1	0.73mi
252 E 61st St #638 New York, NY	1.0	1.0	666	$5,530	$8.30	1d	2	0.73mi
347 E 78th St Unit 1460467P New York, NY	2.0	1.0	645	$7,606	$11.79	24d	1	0.73mi
347 E 78th St Unit 1530420P New York, NY	2.0	1.0	645	$6,270	$9.72	22d	1	0.73mi
220 E 63rd St #567 New York, NY	1.0	1.0	800	$6,460	$8.07	20d	1	0.73mi
308 E 78th St #2024 New York, NY	1.0–2.0	1.0	550	$4,610	$8.38	24d	2	0.75mi
315 E 78th St Unit 1021894P New York, NY	1.0	1.0	548	$5,643	$10.30	22d	1	0.76mi
231 E 76th St #1530 New York, NY	1.0	1.0	650	$6,470	$9.95	20d	1	0.77mi
412 E 55th St New York, NY	1.0	1.0	767	$5,250	$6.84	24d	1	0.78mi
301 E 79th St Unit 28P New York, NY	1.0	1.0	700	$5,500	$7.86	24d	1	0.81mi
300 E 57th St #1714 New York, NY	1.0	1.0	820	$5,800	$7.07	20d	1	0.82mi
501 1/2 E 83rd St #1998 New York, NY	2.0	1.0	525	$4,710	$8.97	24d	2	0.82mi
420 E 54th St New York, NY	3.0	1.0–2.5	1104	$7,261	$6.57	1d	14	0.83mi
1567 York Ave Unit 1021866P New York, NY	2.0	1.0	742	$5,910	$7.96	22d	1	0.85mi
227 E 57th St Unit 14C New York, NY	1.0	1.0	780	$4,750	$6.09	24d	1	0.86mi
959 1st Ave Unit 6X New York, NY	1.0	1.0	739	$6,000	$8.12	24d	1	0.91mi

HOA detail condo

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

Listing history 12 events

1. 2026-06-18
   days on market $598,000 Active 66 DOM
2. 2026-06-17
   days on market $598,000 Active 65 DOM
3. 2026-06-15
   days on market $598,000 Active 63 DOM
4. 2026-06-13
   days on market $598,000 Active 61 DOM
5. 2026-06-10
   days on market $598,000 Active 57 DOM
6. 2026-06-08
   days on market $598,000 Active 56 DOM
7. 2026-06-08
   days on market $598,000 Active 55 DOM
8. 2026-06-04
   days on market $598,000 Active 52 DOM
9. 2026-06-03
   days on market $598,000 Active 51 DOM
10. 2026-06-01
    days on market $598,000 Active 49 DOM
11. 2026-05-31
    days on market $598,000 Active 48 DOM
12. 2026-04-11
    listed $598,000 Active

ⓘ 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 6/10 Major 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,678
• − Mortgage interest: −$33,497
• − Property taxes: −$8,970
• − Insurance: −$2,990
• − Repairs & maintenance: −$5,334
• − Management: −$5,334
• − HOA: −$22,920
• − Depreciation: −$17,396
• Taxable loss: −$29,765
• Est. tax savings @ 24.0%: +$7,143
• After-tax cash flow: $-12,693/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained, high-rise condo in a prime location offers a good starting point for a cosmetic renovation to enhance its value.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom fixtures — dated design

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen would enhance both resale and rental value
• Both bathroom renovation — updating the bathroom would enhance both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom fixtures · dated design	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen would enhance both resale and rental value ↑
• Both bathroom renovation — updating the bathroom would enhance both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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: New York County · 1,599,927 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 11,520
• Household income: $103,347
• Rent vs Own: 81.1% rent · 18.9% own
• Severe rent burden: 1319.0

Population outlook (New York County) Hauer SSP2

• Today (2025): 1,825,725 people
• By 2030: 1,904,611 · +4.3%
• By 2040: 2,052,719 · +12.4%
• By 2050: 2,206,601 · +20.9%
• By 2075: 2,509,427 · +37.4%
• By 2100: 2,702,933 · +48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 41% Asian 29% Black 14% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Dominican 2%
• Common ancestry: Scotch-Irish 5% Danish 3% Romanian 2%
• Foreign-born: 54% · Canada, China, South Korea
• Languages at home: 43% English-only · Other Indo-European 12% Chinese 10% Russian/Polish/Slavic 9%

Political lean MEDSL · New York

• 2024 margin: Solid D (+64.8) · D 82.4% · R 17.6%
• 2008→2024 swing: -7.4pp toward R · 2008: 72.2pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+74.5 2016: D+77.2 2012: D+69.6 2008: D+72.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.72%
• Current HPI: 200.3549
• Rent YoY: ▲ 3.58%
• 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

1 event — show timeline

• 2026-04-11 Listed $598,000 OneKey® MLS as Distributed by MLS Grid