1323 E 222nd St · New York, NY 10469

$815,000

8 bd · 5.0 ba · 3,000 sqft · MultiFamily public records · 31 Days on market

Built 1960 2,820 sqft lot Est $915k · 11% under

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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 +12.4/15.0
• Schools +5.0/10.0
• DSCR +4.4/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• 1% rule +3.5/10.0
• 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 MLS

Unlock over 2,800 square feet+ of pure potential in the heart of Wakefield. This brick, semi-attached two-family residence is the ultimate canvas, perfectly suited for a high-yield investment or a custom multi-generational home ready to customize. Generous 3-bedroom over 3-bedroom configuration on 2nd & 3rd floors, first floor, you'll find a completely open and versatile space with access to backyard. Driveway and side yard for private parking. Bring your vision and turn this powerhouse into your own. Cash Only.

Key facts

• Backyard access
• Open versatile space
• Private parking

Tags

• OPEN VERSATILE SPACE
• PRIVATE PARKING
• BACKYARD ACCESS

Property features AI

Exterior

• Parking: Two-space carport; Driveway
• Utilities: Public sewer; Cable available; Electricity connected; Natural gas connected; Public trash collection; Water connected
• Home design: Duplex
• Construction: Brick construction
• Exterior features: Non-waterfront property

Interior

• Bedrooms: Two 3-bedroom units
• Flooring: Brick flooring
• Bathrooms: Five full bathrooms
• Heating & cooling: Natural gas heating; Wall/window air conditioning units
• Interior features: Open floorplan; Open kitchen

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $815k.

Deal economics

• At list price, monthly cash flow is $189 ($2k/yr) — positive. Per door: $94/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 $691k (15.2% below list).
• Recommended offer: $691k (15.2% 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: Rents rising fast (+4.3%/yr); 203 active listings in the ZIP; solid renter incomes; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $6,909/mo this rent would consume 109% of the median local household income ($76k/yr) (locally 3706% 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 31 days — a 3% lower offer ($791k) is reasonable based on typical stale-listing flexibility.
• 2 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

• Climate carrying-cost: moderate flood risk; 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 $690,900 (15.2% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 15% 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 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.85% ✗
• Cap rate: 6.57%
• Cash-on-cash: 0.99%
• DSCR: 1.04
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $915,000
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1338 E 224th St #3	0.07mi	7/3.0 (-1)	2,968 (-1%)	14mo	$815,000	$275	70
1119 E 224th St	0.39mi	7/5.0 (-1)	3,000 (0%)	17mo	$850,000	$283	63
3512 Grace Ave	0.20mi	7/3.0 (-1)	3,150 (+5%)	9mo	$960,000	$305	62
3941 Laconia Ave	0.44mi	7/5.0 (-1)	3,387 (+13%)	2mo	$1,180,000	$348	51
3016 Bouck Ave	0.73mi	9/5.0 (+1)	3,100 (+3%)	20mo	$1,222,222	$394	39

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 · 4.33% rent growth · sell at horizon

5-year hold

• IRR: -13.3%
• Equity multiple: 0.51×
• Total profit: $-110,794
• Equity at exit: $121,519

10-year hold

• IRR: -2.6%
• Equity multiple: 0.82×
• Total profit: $-41,983
• Equity at exit: $70,466

Cash invested: $228,200 (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 10469

• Rents YoY: 4.3%
• Active inventory: 203
• Price-to-rent: 19.7×

Monthly cashflow live

• Estimated rent: $6,909 high
• Mortgage (P&I): −$4,274
• Tax from tax record: −$656 /mo · $7,870/yr
• Insurance: −$340
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,451
• Net cashflow: $189

Break-even live

Break-even rent $6,670

Max offer price $815,000

Occupancy floor 92%

Sensitivity live

Price	-10% $650	-5% $419	+0% $189	+5% $-42	+10% $-273
Rent	-10% $-357	-5% $-84	+0% $189	+5% $462	+10% $735
Rate	-1.0pp $599	-0.5pp $396	base $189	+0.5pp $-22	+1.0pp $-237

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$6,908
Total (2 units)			$6,909

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: $203,750
• Closing costs: $24,450
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-08
   statusdays on market $815,000 Pending 31 DOM
2. 2026-06-04
   days on market $815,000 Active 30 DOM
3. 2026-06-03
   days on market $815,000 Active 29 DOM
4. 2026-06-01
   days on market $815,000 Active 27 DOM
5. 2026-05-31
   days on market $815,000 Active 26 DOM
6. 2026-05-06
   listed $815,000 Active 523-char remark

   Show marketing remark (523 chars)

   Unlock over 2,800 square feet+ of pure potential in the heart of Wakefield. This brick, semi-attached two-family residence is the ultimate canvas, perfectly suited for a high-yield investment or a custom multi-generational home ready to customize. Generous 3-bedroom over 3-bedroom configuration on 2nd & 3rd floors, first floor, you'll find a completely open and versatile space with access to backyard. Driveway and side yard for private parking. Bring your vision and turn this powerhouse into your own. Cash Only.

7. 2026-05-05
   listed $815,000 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: $7,870 · $656/mo
• Projected year-2 tax: $10,822 · $902/mo
• Expected delta: +$2,952/yr (+$246/mo · 37.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $82,908
• − Mortgage interest: −$45,653
• − Property taxes: −$7,870
• − Insurance: −$4,075
• − Repairs & maintenance: −$6,633
• − Management: −$6,633
• − Depreciation: −$23,709
• Taxable loss: −$11,664
• Est. tax savings @ 24.0%: +$2,799
• After-tax cash flow: $5,064/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): 68,521
• Household income: $76,020
• Rent vs Own: 49.3% rent · 50.7% own
• Severe rent burden: 3706.0

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 0.62)
• Race & ethnicity: Black 54% Hispanic / Latino 27% White 8% Two or more races 8% Asian 6%
• Hispanic origin (detail): Mexican 1% Puerto Rican 11% Dominican 9%
• Foreign-born: 37% · Canada, Vietnam, China
• Languages at home: 62% English-only · Spanish 22% Other Indo-European 5% French/Haitian/Cajun 3%

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: ▼ -524.76%
• Current HPI: 321.9213
• Rent YoY: ▲ 4.33%
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-06 Listed $815,000 RLS at REBNY
• 2026-05-05 Listed $815,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+10.5%/yr

Latest (2025): $7,870 · +6.6% YoY. Source: county tax records.