1038 E 224th St · New York, NY 10466

$1,248,000

15 bd · 9.0 ba · 2,016 sqft · MultiFamily public records · 98 Days on market

Built 1940 2,736 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).

• Cash flow +14.6/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +4.5/10.0
• Livability +3.8/5.0
• 1% rule +3.1/10.0
• 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: 3 units. confirmed

Listing remarks MLS

This solid well maintained detached 3 family offers a 3 bedroom apartment as you walk into the building. Up the stairs, you will find a 2 bedroom apartment adjacent to a 1 bedroom apartment. In the finished basement, there is a 1 bedroom accessory unit. This property is great for an investment or to enjoy with family. Public records does not count the full walkout basement of nearly an additional 1000 square feet. The backyard is fenced in and private which makes it a great place for family events. House is located close to the #2 and 5 trains, buses, shopping, parks, schools, highways and hospitals. Additional Information: HeatingFuel:Oil Above Ground,

Key facts

• Finished basement
• Summer kitchen
• 2,736 sq ft lot

Tags

• RENOVATED DETACHED BRICK
• FINISHED BASEMENT
• SUMMER KITCHEN
• NEAR MAJOR TRANSPORTATION

Property features AI

Exterior

• Parking: No carport; No designated parking
• Utilities: Public sewer; Electricity connected; Natural gas connected; Sewer connected
• Home design: Triplex
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Bedrooms: One 1-bedroom unit; One 4-bedroom unit
• Bathrooms: Three full bathrooms
• Heating & cooling: Oil heating; Wall/window air conditioning units
• Interior features: Other interior features; Finished full basement

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $1.25M.

Deal economics

• At list price, monthly cash flow is $301 ($4k/yr) — positive. Per door: $100/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.01M (19.0% below list).
• Recommended offer: $1.01M (19.0% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $10,109/mo this rent would consume 184% 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 $9k of loan paydown is wiped out by about $37k 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 98 days — a 9% lower offer ($1.14M) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 5y ago 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.
• Current owner paid $780k; list at $1.25M implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — 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 $1,010,900 (19.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.81% ✗
• Cap rate: 6.58%
• Cash-on-cash: 1.03%
• DSCR: 1.05
• GRM: 10.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -14.7%
• Equity multiple: 0.47×
• Total profit: $-183,507
• Equity at exit: $186,081

10-year hold

• IRR: -6.1%
• Equity multiple: 0.61×
• Total profit: $-136,864
• Equity at exit: $107,904

Cash invested: $349,440 (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 10466

• Active inventory: 161
• Price-to-rent: 30.9×

Monthly cashflow live

• Estimated rent: $10,109 medium
• Mortgage (P&I): −$6,545
• Tax from tax record: −$621 /mo · $7,450/yr
• Insurance: −$520
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,123
• Net cashflow: $301

Break-even live

Break-even rent $9,728

Max offer price $1,248,000

Occupancy floor 92%

Sensitivity live

Price	-10% $1,007	-5% $654	+0% $301	+5% $-53	+10% $-406
Rent	-10% $-498	-5% $-99	+0% $301	+5% $700	+10% $1,099
Rate	-1.0pp $929	-0.5pp $618	base $301	+0.5pp $-23	+1.0pp $-352

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$10,110
Total (3 units)			$10,109

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: $312,000
• Closing costs: $37,440
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-21
   days on market $1,248,000 Active 98 DOM
2. 2026-06-18
   days on market $1,248,000 Active 95 DOM
3. 2026-06-17
   days on market $1,248,000 Active 94 DOM
4. 2026-06-15
   days on market $1,248,000 Active 92 DOM
5. 2026-06-13
   days on market $1,248,000 Active 90 DOM
6. 2026-06-10
   days on market $1,248,000 Active 86 DOM
7. 2026-06-08
   days on market $1,248,000 Active 85 DOM
8. 2026-06-08
   days on market $1,248,000 Active 84 DOM
9. 2026-06-04
   days on market $1,248,000 Active 81 DOM
10. 2026-06-03
    days on market $1,248,000 Active 80 DOM
11. 2026-06-01
    days on market $1,248,000 Active 78 DOM
12. 2026-05-31
    days on market $1,248,000 Active 77 DOM
13. 2026-04-16
    status Active
14. 2026-04-16
    historical
15. 2026-03-15
    listed $1,248,000 Active
16. 2026-01-30
    price $1,294,500
17. 2026-01-13
    status Active
18. 2025-11-03
    status Active
19. 2025-11-01
    historical
20. 2025-09-15
    price $1,298,500
21. 2025-09-12
    status Active
22. 2025-09-12
    historical
23. 2025-08-11
    status Active
24. 2025-08-11
    historical
25. 2025-08-03
    price $1,354,000
26. 2025-07-10
    listed $1,399,000 Active
27. 2022-06-16
    soldstatus $780,000 Closed 662-char remark

    Show marketing remark (662 chars)

    This solid well maintained detached 3 family offers a 3 bedroom apartment as you walk into the building. Up the stairs, you will find a 2 bedroom apartment adjacent to a 1 bedroom apartment. In the finished basement, there is a 1 bedroom accessory unit. This property is great for an investment or to enjoy with family. Public records does not count the full walkout basement of nearly an additional 1000 square feet. The backyard is fenced in and private which makes it a great place for family events. House is located close to the #2 and 5 trains, buses, shopping, parks, schools, highways and hospitals. Additional Information: HeatingFuel:Oil Above Ground,

28. 2021-08-19
    status Pending 662-char remark

    Show marketing remark (662 chars)

    This solid well maintained detached 3 family offers a 3 bedroom apartment as you walk into the building. Up the stairs, you will find a 2 bedroom apartment adjacent to a 1 bedroom apartment. In the finished basement, there is a 1 bedroom accessory unit. This property is great for an investment or to enjoy with family. Public records does not count the full walkout basement of nearly an additional 1000 square feet. The backyard is fenced in and private which makes it a great place for family events. House is located close to the #2 and 5 trains, buses, shopping, parks, schools, highways and hospitals. Additional Information: HeatingFuel:Oil Above Ground,

29. 2021-08-05
    historical 662-char remark

    Show marketing remark (662 chars)

    This solid well maintained detached 3 family offers a 3 bedroom apartment as you walk into the building. Up the stairs, you will find a 2 bedroom apartment adjacent to a 1 bedroom apartment. In the finished basement, there is a 1 bedroom accessory unit. This property is great for an investment or to enjoy with family. Public records does not count the full walkout basement of nearly an additional 1000 square feet. The backyard is fenced in and private which makes it a great place for family events. House is located close to the #2 and 5 trains, buses, shopping, parks, schools, highways and hospitals. Additional Information: HeatingFuel:Oil Above Ground,

30. 2021-07-15
    price $839,000 662-char remark

    Show marketing remark (662 chars)

    This solid well maintained detached 3 family offers a 3 bedroom apartment as you walk into the building. Up the stairs, you will find a 2 bedroom apartment adjacent to a 1 bedroom apartment. In the finished basement, there is a 1 bedroom accessory unit. This property is great for an investment or to enjoy with family. Public records does not count the full walkout basement of nearly an additional 1000 square feet. The backyard is fenced in and private which makes it a great place for family events. House is located close to the #2 and 5 trains, buses, shopping, parks, schools, highways and hospitals. Additional Information: HeatingFuel:Oil Above Ground,

31. 2021-06-30
    status Active 662-char remark

    Show marketing remark (662 chars)

    This solid well maintained detached 3 family offers a 3 bedroom apartment as you walk into the building. Up the stairs, you will find a 2 bedroom apartment adjacent to a 1 bedroom apartment. In the finished basement, there is a 1 bedroom accessory unit. This property is great for an investment or to enjoy with family. Public records does not count the full walkout basement of nearly an additional 1000 square feet. The backyard is fenced in and private which makes it a great place for family events. House is located close to the #2 and 5 trains, buses, shopping, parks, schools, highways and hospitals. Additional Information: HeatingFuel:Oil Above Ground,

32. 2021-06-24
    historical 662-char remark

    Show marketing remark (662 chars)

    This solid well maintained detached 3 family offers a 3 bedroom apartment as you walk into the building. Up the stairs, you will find a 2 bedroom apartment adjacent to a 1 bedroom apartment. In the finished basement, there is a 1 bedroom accessory unit. This property is great for an investment or to enjoy with family. Public records does not count the full walkout basement of nearly an additional 1000 square feet. The backyard is fenced in and private which makes it a great place for family events. House is located close to the #2 and 5 trains, buses, shopping, parks, schools, highways and hospitals. Additional Information: HeatingFuel:Oil Above Ground,

33. 2021-06-24
    listed $850,000 Active 662-char remark

    Show marketing remark (662 chars)

    This solid well maintained detached 3 family offers a 3 bedroom apartment as you walk into the building. Up the stairs, you will find a 2 bedroom apartment adjacent to a 1 bedroom apartment. In the finished basement, there is a 1 bedroom accessory unit. This property is great for an investment or to enjoy with family. Public records does not count the full walkout basement of nearly an additional 1000 square feet. The backyard is fenced in and private which makes it a great place for family events. House is located close to the #2 and 5 trains, buses, shopping, parks, schools, highways and hospitals. Additional Information: HeatingFuel:Oil Above Ground,

34. 2021-06-20
    historical $850,000 662-char remark

    Show marketing remark (662 chars)

    This solid well maintained detached 3 family offers a 3 bedroom apartment as you walk into the building. Up the stairs, you will find a 2 bedroom apartment adjacent to a 1 bedroom apartment. In the finished basement, there is a 1 bedroom accessory unit. This property is great for an investment or to enjoy with family. Public records does not count the full walkout basement of nearly an additional 1000 square feet. The backyard is fenced in and private which makes it a great place for family events. House is located close to the #2 and 5 trains, buses, shopping, parks, schools, highways and hospitals. Additional Information: HeatingFuel:Oil Above Ground,

ⓘ 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: $7,450 · $621/mo
• Projected year-2 tax: $14,271 · $1,189/mo
• Expected delta: +$6,821/yr (+$568/mo · 91.6%)

ⓘ 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: $121,308
• − Mortgage interest: −$69,907
• − Property taxes: −$7,450
• − Insurance: −$6,240
• − Repairs & maintenance: −$9,705
• − Management: −$9,705
• − Depreciation: −$36,305
• Taxable loss: −$18,004
• Est. tax savings @ 24.0%: +$4,321
• After-tax cash flow: $7,929/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

+46.8% since first listed

22 events — show timeline

• 2026-04-16 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-04-16 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-03-15 Listed $1,248,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-30 Price Changed $1,294,500 OneKey® MLS as Distributed by MLS Grid
• 2026-01-13 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-11-03 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-11-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-09-15 Price Changed $1,298,500 OneKey® MLS as Distributed by MLS Grid
• 2025-09-12 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-09-12 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-08-11 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-08-11 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-08-03 Price Changed $1,354,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-10 Listed $1,399,000 OneKey® MLS as Distributed by MLS Grid
• 2022-06-16 Sold (MLS) $780,000 OneKey® MLS as Distributed by MLS Grid
• 2021-08-19 Pending — OneKey® MLS as Distributed by MLS Grid
• 2021-08-05 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2021-07-15 Price Changed $839,000 OneKey® MLS as Distributed by MLS Grid
• 2021-06-30 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2021-06-24 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2021-06-24 Listed $850,000 OneKey® MLS as Distributed by MLS Grid
• 2021-06-20 Coming Soon $850,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+5.0%/yr

Latest (2025): $7,450 · +6.0% YoY. Source: county tax records.