246 E 51st St Apt 11 · New York, NY 10022

$599,999

2 bd · 1.0 ba · 650 sqft · Condo · 72 Days on market

Built 1926

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Why this score? — see what drove the C+ 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 +19.6/30.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• DSCR +6.2/10.0
• 1% rule +5.2/10.0
• Schools +5.0/10.0
• Rent growth +4.7/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Listing remarks

A Midtown Sanctuary with Character to Spare Tucked into a classic 1926 pre-war walk-up in the heart of Turtle Bay, this true two-bedroom is the kind of apartment that feels like a real New York home. Exposed brick, new hardwood floors, and a good layout give the space an intimacy that modern buildings simply can& apos; t replicate. The layout delivers on the two-bedroom promise & mdash; both bedrooms are genuine rooms, each with well-sized closets, not converted alcoves. The apartment is move-in ready: a combination washer/dryer in-unit means no laundromat runs, and three modern Midea U-shaped air conditioners keep every room comfortable year-round. Location-wise, it& apos; s

Key facts

• Built 1926
• Listed 72 days

Property features AI

Interior

• Bathrooms: 1 full bathroom
• Interior features: One full bathroom

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $600k.

Deal economics

• At list price, monthly cash flow is $690 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $600k).
• Recommended offer: $564k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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 (+8.7%/yr); 715 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• This rent runs 43% of the median local income ($172k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $34k of equity ($4k loan paydown + $30k appreciation (5.0% local appreciation)).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (5.0% appreciation + 8.0% rent growth), your $168k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$54k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($564k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 14y 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.

Risks & watch-outs

• Watch-outs: built in 1926 — 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 $563,999 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
9. 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.
10. 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: 1.02% ✓
• Cap rate: 7.67%
• Cash-on-cash: 4.93%
• DSCR: 1.22
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.97% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 19.6%
• Equity multiple: 2.27×
• Total profit: $213,536
• Equity at exit: $338,813

10-year hold

• IRR: 21.7%
• Equity multiple: 5.08×
• Total profit: $685,993
• Equity at exit: $583,756

Cash invested: $168,000 (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 10022

• Home prices YoY: 2.4%
• Rents YoY: 8.7%
• Active inventory: 715
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $6,122 high
• Mortgage (P&I): −$3,146
• Tax est. 1.5%: −$750 /mo · $9,000/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,286
• Net cashflow: $690

Break-even live

Break-even rent $5,249

Max offer price $599,999

Occupancy floor 84%

Sensitivity live

Price	-10% $1,104	-5% $897	+0% $690	+5% $482	+10% $275
Rent	-10% $206	-5% $448	+0% $690	+5% $932	+10% $1,173
Rate	-1.0pp $992	-0.5pp $842	base $690	+0.5pp $534	+1.0pp $376

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: $150,000
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 E 51st St New York, NY	2.0	1.0–2.0	875	$7,930	$9.06	4d	3	0.08mi
220 E 49th St Unit 1021974P New York, NY	2.0	1.0	742	$5,190	$6.99	16d	1	0.12mi
340 E 51st St New York, NY	2.0	1.0–2.0	791	$7,630	$9.65	5d	3	0.14mi
333 E 52nd St Unit 2177 New York, NY	2.0	1.0	600	$4,900	$8.17	23d	1	0.15mi
340 E 52nd St #1527 New York, NY	1.0	1.0	575	$7,890	$13.72	0d	2	0.16mi
160 E 48th St New York, NY	3.0	1.0–2.0	878	$8,572	$9.76	5d	9	0.19mi
959 1st Ave Unit 6X New York, NY	1.0	1.0	739	$6,000	$8.12	26d	1	0.20mi
301 E 47th St #1737 New York, NY	2.0	1.0	600	$5,380	$8.97	22d	1	0.21mi
235 E 55th St Unit 36B New York, NY	1.0	1.0	650	$4,800	$7.38	26d	1	0.21mi
940 1st Ave Unit 2040 New York, NY	2.0	1.5	600	$6,810	$11.35	0d	1	0.22mi
135 E 47th St Unit 22F New York, NY	1.0	1.0	700	$7,500	$10.71	23d	1	0.23mi
135 E 47th St New York, NY	1.0	1.0	580	$6,350	$10.94	0d	1	0.24mi
123 E 54th St #1251 New York, NY	1.0–2.0	1.0	600	$6,090	$10.15	0d	2	0.27mi
300 E 46th St New York, NY	2.0–3.0	1.0	716	$4,300	$6.00	26d	2	0.28mi
420 E 54th St New York, NY	3.0	1.0–2.5	1018	$10,299	$10.12	0d	12	0.29mi
330 E 46th St #1794 New York, NY	1.0	1.0	489	$4,990	$10.19	26d	2	0.30mi
150 E 57th St New York, NY	5.0	1.0–7.5	2750	$15,738	$5.72	3d	5	0.30mi
400 E 57th St #2106 New York, NY	2.0	1.0–2.0	903	$8,590	$9.51	5d	3	0.36mi
230 E 44th St #2165 New York, NY	1.0–2.0	1.0	568	$5,320	$9.36	26d	2	0.37mi
117 E 57th St New York, NY	1.0	1.0	732	$5,975	$8.16	6d	2	0.38mi
329 E 58th St #807 New York, NY	2.0	1.0	650	$5,860	$9.02	9d	1	0.38mi
227 E 59th St #635 New York, NY	2.0	1.0	500	$7,500	$15.00	18d	2	0.41mi
599 E 56th St Unit 1817 New York, NY	1.0	1.0	625	$4,850	$7.76	26d	1	0.43mi
252 E 61st St #638 New York, NY	1.0	1.0	666	$5,530	$8.30	3d	2	0.48mi
18 W 48th St Unit 670 New York, NY	1.0	1.0	631	$7,730	$12.25	9d	1	0.55mi
15 W 55th St #736 New York, NY	2.0–3.0	1.0–2.0	1250	$8,210	$6.57	0d	2	0.56mi
151 E 62nd St Unit 1021834P New York, NY	1.0	1.0	398	$6,812	$17.12	9d	1	0.57mi
403 E 62nd St Unit 14C New York, NY	1.0	1.0	650	$4,900	$7.54	23d	1	0.60mi
225 E 63rd St #1675 New York, NY	1.0	1.0	627	$5,230	$8.34	26d	2	0.61mi
220 E 65th St New York, NY	1.0	1.0	700	$5,950	$8.50	3d	1	0.66mi
77 W 55th St Unit 15H New York, NY	1.0	1.0	750	$4,900	$6.53	23d	1	0.67mi
138 E 38th St New York, NY	3.0	1.0–2.0	750	$6,420	$8.56	26d	4	0.68mi
70 W 45th St #1131 New York, NY	1.0–2.0	1.0–2.0	902	$8,370	$9.27	9d	2	0.69mi
556 3rd Ave New York, NY	1.0	1.0	540	$5,635	$10.44	3d	2	0.72mi
556 3rd Ave New York, NY	1.0	1.0	580	$5,240	$9.03	21d	2	0.72mi
556 3rd Ave Unit 2244 New York, NY	1.0	1.0	500	$5,640	$11.28	0d	1	0.72mi
400 E 66th St Unit 1016404P New York, NY	1.0–2.0	1.0–2.0	791	$17,070	$21.58	5d	2	0.76mi
41 Park Ave New York, NY	2.0	1.0–2.0	815	$8,170	$10.02	9d	3	0.77mi
30 Park Ave #1347 New York, NY	2.0	1.0	950	$9,570	$10.07	3d	3	0.82mi
222 E 34th St #999 New York, NY	1.0	1.0	554	$5,490	$9.91	7d	1	0.86mi

HOA detail condo

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

Listing history 20 events

1. 2026-06-21
   days on market $599,999 Active 72 DOM
2. 2026-06-18
   days on market $599,999 Active 69 DOM
3. 2026-06-17
   days on market $599,999 Active 68 DOM
4. 2026-06-15
   days on market $599,999 Active 66 DOM
5. 2026-06-13
   days on market $599,999 Active 64 DOM
6. 2026-06-10
   days on market $599,999 Active 60 DOM
7. 2026-06-08
   days on market $599,999 Active 59 DOM
8. 2026-06-03
   days on market $599,999 Active 54 DOM
9. 2026-06-01
   days on market $599,999 Active 52 DOM
10. 2026-05-31
    days on market $599,999 Active 51 DOM
11. 2026-04-06
    listed $599,999 Active
12. 2020-02-09
    historical
13. 2020-02-09
    historical Temporarily Off Market
14. 2020-01-08
    listed $699,000 Active
15. 2020-01-06
    listed $699,000 Active
16. 2020-01-06
    listed $699,000
17. 2015-05-30
    listed $590,000
18. 2013-02-27
    soldstatus
19. 2013-02-15
    soldstatus
20. 2012-10-11
    listed $479,000

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 13% 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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $73,461
• − Mortgage interest: −$33,609
• − Property taxes: −$9,000
• − Insurance: −$3,000
• − Repairs & maintenance: −$5,877
• − Management: −$5,877
• − Depreciation: −$17,455
• Taxable loss: −$1,357
• Est. tax savings @ 24.0%: +$326
• After-tax cash flow: $8,602/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: New York County · 1,599,927 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 34,049
• Household income: $172,026
• Rent vs Own: 48.0% rent · 52.0% own
• Severe rent burden: 2256.0

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: Predominantly White (73%)
• Race & ethnicity: White 73% Asian 12% Hispanic / Latino 8% Two or more races 7% Black 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1% Dominican 1%
• Common ancestry: Romanian 5% Scotch-Irish 5% Lithuanian 2%
• Foreign-born: 24% · Canada, China, South Korea
• Languages at home: 75% English-only · Spanish 6% Other Indo-European 6% Chinese 3%

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: ▲ 4.97%
• Current HPI: 215.7225
• Rent YoY: ▲ 8.69%
• 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

+25.3% since first listed

10 events — show timeline

• 2026-04-06 Listed $599,999 Fizber.com
• 2020-02-09 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-02-09 Delisted — RLS at REBNY
• 2020-01-08 Listed $699,000 OneKey® MLS as Distributed by MLS Grid
• 2020-01-06 Listed $699,000 RLS at REBNY
• 2020-01-06 Listed $699,000 RLS at REBNY
• 2015-05-30 Listed $590,000 RLS at REBNY
• 2013-02-27 Sold (MLS) — RLS at REBNY
• 2013-02-15 Sold (MLS) — RLS at REBNY
• 2012-10-11 Listed $479,000 RLS at REBNY