175 Spencer St Unit 2-E · New York, NY 11205

$660,000

1 bd · 1.0 ba · 656 sqft · Condo · 139 Days on market

Built 2008 $447/mo HOA · 10% of rent ↓ 3% since listing

---

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 +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +5.0/30.0
• Schools +5.0/10.0
• Rent growth +4.7/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• DSCR +0.0/10.0

Listing remarks

For a Limited Time - Get up to $15K in closing costs * - Inquire for details. Save almost $600/month ($7,000/year) in Real Estate Taxes - with a Tax Abatement through 2036!Sponsor Unit – Newly Renovated and Ready for Immediate Move-In! Be the first to live in this spacious one bedroom home on a tree-lined street. The generously sized one-bedrooms at 175 & 192 Spencer Street are graced with an abundance of light and space. Every residence has been thoroughly reimagined with spacious interiors that are flooded with light from oversized windows and kitchens finished with striking Calacatta stone, custom cabinetry, and Bosch and Liebherr appliances. All of the residences at 175 &a

Key facts

• Spacious interiors
• Custom cabinetry
• Abundance of light

Tags

• NEWLY RENOVATED
• ABUNDANCE OF LIGHT
• SPACIOUS INTERIORS
• CALACATTA STONE
• CUSTOM CABINETRY
• BOSCH APPLIANCES

Property features AI

Finance

• HOA & community: Monthly association fee of $447.40; Pets allowed in the building

Exterior

• Parking: Has garage
• Utilities: Central air conditioning
• Home design: 6-story building
• Exterior features: Building storage; Building roof deck

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Total of 3 rooms (includes bedrooms and living areas)
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning
• Interior features: Elevator access (building has elevators)
• Laundry & utility: Washer and dryer in unit; Building washer/dryer installation allowed; Common area laundry available

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $660k.

Deal economics

• At list price, monthly cash flow is $-2k ($-19k/yr) — negative.
• To cash-flow at today's rent, offer at most $433k (34.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $436k (34.0% below list).
• Recommended offer: $433k (34.4% below list) — sets the bar for cash-flow.
• Cap rate 3.4% 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 (+8.6%/yr); 88 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $4,355/mo this rent would consume 56% of the median local household income ($94k/yr) (locally 3544% 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 $71k of equity ($5k loan paydown + $66k appreciation (10.0% 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 ~$113k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($581k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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 $433,189 (34.4% 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 139 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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. 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?
10. 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.
11. 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.
12. 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: 0.66% ✗
• Cap rate: 3.44%
• Cash-on-cash: -10.18%
• DSCR: 0.55
• GRM: 12.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 18.5%
• Equity multiple: 2.53×
• Total profit: $282,979
• Equity at exit: $594,580

10-year hold

• IRR: 18.3%
• Equity multiple: 6.25×
• Total profit: $969,532
• Equity at exit: $1,282,235

Cash invested: $184,800 (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 11205

• Home prices YoY: 2.1%
• Rents YoY: 8.6%
• Active inventory: 88
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $4,355 high
• Mortgage (P&I): −$3,461
• Tax est. 1.5%: −$825 /mo · $9,900/yr
• Insurance: −$275
• HOA: −$447
• Vacancy / Maint / Mgmt: −$915
• Net cashflow: $-1,567

Break-even live

Break-even rent $6,339

Max offer price $433,189

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: $165,000
• Closing costs: $19,800
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
198 Hancock St Brooklyn, NY	1.0	1.0	400	$2,450	$6.12	24d	1	0.81mi
328 Hancock St Brooklyn, NY	2.0	1.0	500	$2,800	$5.60	24d	1	0.93mi
475 Clermont Ave Brooklyn, NY	2.0	1.0–2.0	807	$5,144	$6.37	3d	7	0.96mi
545 Vanderbilt Ave Brooklyn, NY	2.0	1.0	600	$4,910	$8.18	2d	3	0.98mi
250 Union Ave #2119 Brooklyn, NY	1.0–2.0	1.0	590	$3,500	$5.93	24d	2	1.05mi
565 Nostrand Ave Unit 1 Brooklyn, NY	—	1.0	600	$2,000	$3.33	6d	1	1.08mi
275 S 5th St #1698 Brooklyn, NY	1.0	1.0	450	$4,860	$10.80	24d	2	1.13mi
151 S Elliott Pl Brooklyn, NY	1.0–2.0	1.0–2.0	655	$4,670	$7.13	1d	2	1.19mi
668 Nostrand Ave #1 Brooklyn, NY	1.0	1.0	611	$4,200	$6.87	18d	1	1.22mi
552 Prospect Pl Unit 3A Brooklyn, NY	1.0	1.0	676	$4,500	$6.66	24d	1	1.23mi
482 Kent Ave Brooklyn, NY	2.0	1.0–2.0	750	$6,545	$8.73	2d	3	1.24mi
478 Kent Ave Brooklyn, NY	2.0	1.0–2.0	775	$5,920	$7.64	2d	3	1.24mi
11 Wharf Way Brooklyn, NY	1.0	1.0	610	$4,870	$7.98	1d	2	1.26mi
461 Dean St Brooklyn, NY	1.0	1.0	781	$5,320	$6.81	4d	5	1.31mi
196 Willoughby St Brooklyn, NY	2.0	1.0–2.0	717	$6,064	$8.46	1d	8	1.32mi
755 Washington Ave Brooklyn, NY	1.0	1.0	700	$1,800	$2.57	20d	1	1.36mi
540 Fulton St #1729 Brooklyn, NY	3.0	1.0–2.0	750	$5,737	$7.65	24d	4	1.41mi
10 Nevins St Unit 9D Brooklyn, NY	—	1.0	488	$3,500	$7.17	24d	1	1.42mi
333 Schermerhorn St Brooklyn, NY	1.0	1.0	585	$6,782	$11.58	3d	16	1.42mi
343 Gold St Brooklyn, NY	3.0	1.0–2.0	903	$5,053	$5.59	4d	1	1.46mi
955 Sterling Pl Unit 415 Brooklyn, NY	2.0	1.0	680	$5,150	$7.57	24d	1	1.47mi
955 Sterling Pl #1936 Brooklyn, NY	1.0	1.0	540	$3,170	$5.87	20d	1	1.48mi

HOA detail condo

• Monthly dues: $447 · $5,364/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-04
   days on market $660,000 Active 139 DOM
2. 2026-06-03
   days on market $660,000 Active 138 DOM
3. 2026-06-01
   days on market $660,000 Active 136 DOM
4. 2026-05-31
   days on market $660,000 Active 135 DOM
5. 2026-03-04
   price $660,000
6. 2026-01-16
   listed $679,000 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 7/10 Severe 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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,263
• − Mortgage interest: −$36,970
• − Property taxes: −$9,900
• − Insurance: −$3,300
• − Repairs & maintenance: −$4,181
• − Management: −$4,181
• − HOA: −$5,364
• − Depreciation: −$19,200
• Taxable loss: −$30,833
• Est. tax savings @ 24.0%: +$7,400
• After-tax cash flow: $-11,409/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): 51,676
• Household income: $93,887
• Rent vs Own: 71.9% rent · 28.1% own
• Severe rent burden: 3544.0

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 0.66)
• Race & ethnicity: White 52% Black 20% Hispanic / Latino 15% Two or more races 10% Asian 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 3%
• Common ancestry: Italian 4% Scandinavian 3% Romanian 2%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 57% English-only · German/W. Germanic 21% Spanish 11% Chinese 4%

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: ▲ 12.40%
• Current HPI: 605.3512
• Rent YoY: ▲ 8.61%
• 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

-2.8% since first listed

2 events — show timeline

• 2026-03-04 Price Changed $660,000 RLS at REBNY
• 2026-01-16 Listed $679,000 RLS at REBNY