1200 Gravesend Neck Rd Unit 4C · New York, NY 11229

$460,000

3 bd · 2.0 ba · 1,250 sqft · Condo · 91 Days on market

Fair condition ↓ 2% since listing

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Why this score? — see what drove the F 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
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Cash flow +3.4/30.0
• 1% rule +3.2/10.0
• Condition / age +2.2/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

OPEN HOUSE BY APPOINTMENT ONLY!!!! CALL TODAY TO SCHEDULE!!!! Prime Gravesend — Rare Corner Opportunity! Welcome to this oversized and sun-filled 2-bedroom, 2-bath apartment that can easily be converted into a 3-bedroom. A perfect combination of size, light, and layout gives this home an incredible sense of space and potential. This bright corner unit features desirable southern and eastern exposures, filling the apartment with natural light throughout the day. The oversized living room offers seamless space for both living and dining, while two large corner bedrooms can comfortably accommodate king-size beds with room to spare. Two full bathrooms add convenience, and original hardwo

Key facts

• Multiple saunas
• Subletting permitted
• Laundry room

Tags

• NATURAL LIGHT
• ORIGINAL HARDWOOD FLOORS
• INDOOR POOL
• MULTIPLE SAUNAS
• LAUNDRY ROOM
• SUBLETTING PERMITTED

Property features AI

Finance

• Other: Building has 114 total units; Card-operated laundry and building amenities listed
• Financial info: Financing considered: bank mortgage, cash, exchange; Sub-lease permitted
• HOA & community: Monthly maintenance fee approximately $1,300.05; Managed by Vintage Real Estate Services; Pets allowed (cats and dogs); Handicap access available; Co-op shares associated with unit

Exterior

• Parking: One parking space (wait-list)
• Security: Secure lobby; Intercom entry; Card-operated door
• Utilities: Gas; Heat; Water; Sewer; Septic
• Home design: Residential unit on the 4th floor
• Exterior features: Secure lobby; Intercom entry; Card-operated door

Interior

• Kitchen: Includes stove, refrigerator, dishwasher
• Bedrooms: Three bedrooms on the first floor
• Flooring: Hardwood floors
• Bathrooms: One full bathroom (first floor); One three-quarter bathroom (first floor)
• Heating & cooling: Wall A/C units (3)
• Interior features: Wall A/C units (3); Dishwasher; Refrigerator; Stove
• Laundry & utility: Card-operated laundry in the building

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $460k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $432k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $378k (17.8% below list).
• Recommended offer: $378k (17.8% 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 fast (+15.8%/yr); 355 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $3,779/mo this rent would consume 64% of the median local household income ($71k/yr) (locally 4771% 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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($419k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.
• Climate carrying-cost: moderate flood risk; major wind risk, 72% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $377,891 (17.8% 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 91 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 0.82% ✗
• Cap rate: 2.62%
• Cash-on-cash: -13.12%
• DSCR: 0.42
• GRM: 10.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -32.3%
• Equity multiple: -0.11×
• Total profit: $-143,481
• Equity at exit: $68,587

10-year hold

• IRR: -15.6%
• Equity multiple: -0.14×
• Total profit: $-146,304
• Equity at exit: $39,772

Cash invested: $128,800 (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 11229

• Rents YoY: 15.8%
• Active inventory: 355
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $3,779 high
• Mortgage (P&I): −$2,412
• Tax est. 1.5%: −$575 /mo · $6,900/yr
• Insurance: −$192
• HOA est. from 1 same-building comp: −$1,215
• Vacancy / Maint / Mgmt: −$794
• Net cashflow: $-1,409

Break-even live

Break-even rent $5,562

Max offer price $256,171

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: $115,000
• Closing costs: $13,800
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2538 E 2nd St Unit 2 Brooklyn, NY	3.0	1.0	1100	$2,600	$2.36	24d	1	0.69mi
2002 E 29th St Unit 2F Brooklyn, NY	4.0	1.5	1500	$3,600	$2.40	24d	1	0.96mi
2023 Quentin Rd Unit 3 FL Brooklyn, NY	2.0	1.0	1200	$2,700	$2.25	24d	1	1.08mi
3000 Ocean Pkwy Brooklyn, NY	2.0	2.0	1130	$3,775	$3.34	19d	2	1.26mi
2957 Shell Rd Brooklyn, NY	3.0	2.0	1292	$5,550	$4.30	24d	1	1.31mi
2971 Shell Rd Unit 406 Brooklyn, NY	2.0	2.0	920	$3,550	$3.86	24d	1	1.32mi
2971 Shell Rd Unit 508 Brooklyn, NY	2.0	2.0	930	$4,099	$4.41	24d	1	1.32mi
2971 Shell Rd Unit 602 Brooklyn, NY	3.0	2.0	1301	$5,299	$4.07	24d	1	1.32mi
2971 Shell Rd Unit 720 Brooklyn, NY	2.0	2.0	920	$4,100	$4.46	24d	1	1.32mi
2971 Shell Rd Unit 711 Brooklyn, NY	2.0	2.0	907	$4,200	$4.63	24d	1	1.32mi
2971 Shell Rd Unit 612 Brooklyn, NY	2.0	2.0	907	$4,150	$4.58	24d	1	1.32mi
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$5,725	$6.04	8d	8	1.33mi
8642 26th Ave Unit 3 Brooklyn, NY	3.0	1.0	1100	$3,100	$2.82	15d	1	1.49mi

HOA detail condo

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

Listing history 14 events

1. 2026-06-18
   days on market $460,000 Active 91 DOM
2. 2026-06-17
   days on market $460,000 Active 90 DOM
3. 2026-06-15
   days on market $460,000 Active 88 DOM
4. 2026-06-13
   pricedays on market $460,000 Active 86 DOM
5. 2026-06-10
   days on market $475,000 Active 82 DOM
6. 2026-06-08
   days on market $475,000 Active 81 DOM
7. 2026-06-08
   pricedays on market $475,000 Active 80 DOM
8. 2026-06-04
   days on market $480,000 Active 77 DOM
9. 2026-06-03
   days on market $480,000 Active 76 DOM
10. 2026-06-02
    price $480,000 Active 74 DOM
11. 2026-06-01
    days on market $489,000 Active 74 DOM
12. 2026-05-31
    days on market $489,000 Active 73 DOM
13. 2026-05-23
    price $489,000
14. 2026-03-19
    listed $499,000 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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% 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: $45,347
• − Mortgage interest: −$25,767
• − Property taxes: −$6,900
• − Insurance: −$2,300
• − Repairs & maintenance: −$3,628
• − Management: −$3,628
• − HOA: −$14,580
• − Depreciation: −$13,382
• Taxable loss: −$24,838
• Est. tax savings @ 24.0%: +$5,961
• After-tax cash flow: $-10,942/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 · 8 photos

Fair 45/100 Moderate rehab

This 2-bedroom, 2-bath apartment requires moderate repairs and maintenance, particularly to the roof and exterior. Upgrades to the exterior and flooring can significantly increase its resale and rental value.

Repairs flagged

• Major roof — Significant damage and wear
• Moderate exterior siding — Visible discoloration and possible paint peeling

Value-add opportunities

• Both paint exterior — Fresh paint can improve curb appeal and property value
• Both replace flooring — New flooring can enhance the overall look and feel of the home
• Both repair roof — A new roof will improve the home's structural integrity and increase its value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant damage and wear	Major	$15,000–50,000
exterior siding · Visible discoloration and possible paint peeling	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$18,000–65,000

Value-add ROI direction

• Both paint exterior — Fresh paint can improve curb appeal and property value ↑
• Both replace flooring — New flooring can enhance the overall look and feel of the home ↑
• Both repair roof — A new roof will improve the home's structural integrity and increase its 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: Kings County · 2,614,986 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 78,377
• Household income: $70,603
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 4771.0

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 0.60)
• Race & ethnicity: White 59% Asian 22% Hispanic / Latino 9% Black 6% Two or more races 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Scotch-Irish 6% Subsaharan African 6% Romanian 1%
• Foreign-born: 47% · China, Canada, Vietnam
• Languages at home: 40% English-only · Russian/Polish/Slavic 22% Chinese 16% Spanish 6%

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: ▼ -761.52%
• Current HPI: 361.7011
• Rent YoY: ▲ 15.81%
• 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

-2.0% since first listed

2 events — show timeline

• 2026-05-23 Price Changed $489,000 BNYMLS
• 2026-03-19 Listed $499,000 BNYMLS