501 W 123rd St Unit 5C · New York, NY 10027

$680,000

2 bd · 1.0 ba · 970 sqft · Condo · 182 Days on market

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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
• Schools +5.0/10.0
• Appreciation +4.4/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0

Listing remarks

Apt. 5C is a two-bedroom corner apartment with north- and east-facing city views. Entering the apartment, you will be welcomed to a spacious foyer. The large master bedroom can easily accommodate a king size bed and has two separate closets: one for you, and one for your partner. The seven closets in this apartment will provide you with ample storage space. The newly installed hardwood maple flooring is uniform throughout the entire apartment. The bathroom has been reglazed with an immaculate white finish on its wall tiles, bathtub, sink, and floor tiles. UV-filtering roller shades have been installed on every window to provide a measure of privacy while still allowing abundant natural lig

Key facts

• Ample storage space
• Reglazed bathroom
• Double pane windows

Tags

• CORNER APARTMENT
• SPACIOUS FOYER
• AMPLE STORAGE SPACE
• REGLAZED BATHROOM
• UV FILTERING ROLLER SHADES
• DOUBLE PANE WINDOWS

Property features AI

Finance

• Other: Building has 168 units
• Financial info: Exchange considered; financing available by bank mortgage or cash; 15% flip tax
• HOA & community: Monthly maintenance fee of $1,557.41; Building managed by FirstService Residential; Pets allowed (cats and dogs); Handicap access available; Co-op shares: 337

Exterior

• Security: Secure lobby; Intercom door
• Utilities: Gas hot water; Gas service; Baseboard heat delivery; Sewer; Water; Septic
• Home design: Residential unit; Located on the 21st floor; Unit entry on first floor level (interior rooms described as first floor)
• Exterior features: Secure lobby; Storage rooms; Bike rooms; Exercise room; Intercom door; Sprinkler system

Interior

• Kitchen: Kitchen with hardwood floors and 9+ foot ceilings
• Bedrooms: Two bedrooms on the first floor
• Flooring: Hardwood floors; Tile floors
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: Baseboard heat; Gas heating; Wall A/C unit
• Interior features: Wall A/C unit; 9+ foot ceilings; Hardwood floors; Tile floors
• Laundry & utility: Card-operated laundry in building

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $680k.

Deal economics

• At list price, monthly cash flow is $-3k ($-42k/yr) — negative.
• To cash-flow at today's rent, offer at most $500k (26.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $437k (35.7% below list).
• Recommended offer: $437k (35.7% below list) — sets the bar for 1% rule.
• Cap rate 0.1% vs local median 2.6% in New York — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 (+2.7%/yr); 175 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $4,370/mo this rent would consume 88% of the median local household income ($60k/yr) (locally 5635% 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 (-1.3%/yr); year-one equity from $5k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• New York 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 182 days — a 12% lower offer ($598k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 51% of rent.
• 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 $436,991 (35.7% 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 182 days. Have you received any prior offers? Is the seller open to a 36% 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: 0.64% ✗
• Cap rate: 0.12%
• Cash-on-cash: -22.04%
• DSCR: 0.02
• GRM: 13.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.26% appreciation · 2.71% rent growth · sell at horizon

5-year hold

• IRR: -37.9%
• Equity multiple: -0.48×
• Total profit: $-281,690
• Equity at exit: $155,703

10-year hold

• IRR: -34.4%
• Equity multiple: -1.54×
• Total profit: $-484,091
• Equity at exit: $156,412

Cash invested: $190,400 (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 10027

• Home prices YoY: -0.3%
• Rents YoY: 2.7%
• Active inventory: 175
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $4,370 medium
• Mortgage (P&I): −$3,566
• Tax est. 1.5%: −$850 /mo · $10,200/yr
• Insurance: −$283
• HOA est. from 1 same-building comp: −$2,250
• Vacancy / Maint / Mgmt: −$918
• Net cashflow: $-3,497

Break-even live

Break-even rent $8,797

Max offer price $173,964

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: $170,000
• Closing costs: $20,400
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
543 W 122nd St New York, NY	2.0	1.0–2.0	1057	$10,995	$10.40	2d	7	0.10mi
506 Manhattan Ave Unit 1A New York, NY	3.0	1.0	800	$4,699	$5.87	11d	1	0.33mi
312 W 121st St Unit 4C New York, NY	3.0	2.0	900	$4,854	$5.39	7d	1	0.33mi
508 Manhattan Ave Unit 2C New York, NY	3.0	1.0	800	$4,699	$5.87	11d	1	0.33mi
312 W 121st St Unit 5-A New York, NY	3.0	1.0	800	$4,655	$5.82	11d	1	0.35mi
230 W 126th St Unit 20C New York, NY	2.0	1.0	860	$4,555	$5.30	24d	1	0.47mi
30 Morningside Dr #2096 New York, NY	1.0–2.0	1.0–2.0	780	$9,000	$11.53	3d	2	0.54mi
300 W 135th St Unit 9G New York, NY	3.0	2.0	1032	$5,500	$5.33	5d	1	0.63mi
1 Morningside Dr New York, NY	3.0	1.0–2.0	1655	$8,145	$4.92	1d	1	0.69mi
132 W 134th St New York, NY	2.0	1.0	750	$4,500	$6.00	24d	1	0.78mi
308 W 107th St Unit 1239985P New York, NY	1.0	1.0	559	$8,500	$15.21	22d	1	0.87mi
915 W End Ave #1020 New York, NY	1.0–3.0	1.0–2.0	851	$7,375	$8.67	1d	2	0.97mi
202 W 102nd St Unit 1053014P New York, NY	2.0	2.0	538	$10,000	$18.59	22d	1	1.11mi
420 Central Park W Unit 6K New York, NY	2.0	2.0	1060	$8,000	$7.55	22d	1	1.14mi
814 Amsterdam Ave #1019 New York, NY	1.0–2.0	1.0–2.0	800	$5,270	$6.59	24d	2	1.20mi
100 River Mews Ln Edgewater, NJ	3.0	1.0–2.0	988	$4,452	$4.50	2d	1	1.23mi
77 E 110th St Unit 1322508P New York, NY	2.0	1.5	990	$6,360	$6.42	24d	1	1.27mi
788 Columbus Ave #1323 New York, NY	1.0–3.0	1.0–1.5	900	$6,320	$7.02	24d	2	1.28mi
100 Tower Dr Edgewater, NJ	1.0–3.0	1.0–2.5	1290	$5,617	$4.35	1d	9	1.28mi
808 Columbus Ave New York, NY	2.0	1.0–2.0	773	$9,876	$12.78	1d	31	1.28mi
309 W 97th St Unit 5N New York, NY	2.0	2.0	900	$5,495	$6.11	24d	1	1.35mi
160 W 97th St #1101 New York, NY	2.0	1.0	850	$6,050	$7.12	14d	1	1.36mi
50 W 97th St #1739 New York, NY	2.0	1.0	800	$6,560	$8.20	6d	1	1.39mi
2413 3rd Ave Bronx, NY	1.0–3.0	1.0–2.0	857	$3,948	$4.60	11d	23	1.41mi
105 Lighthouse Ter Edgewater, NJ	1.0–2.0	1.5–2.5	1000	$4,239	$4.24	3d	7	1.44mi
5 Lincoln Ave Bronx, NY	1.0–3.0	1.0–2.5	1011	$5,134	$5.08	1d	183	1.47mi
255 W 94th St #686 New York, NY	1.0–2.0	1.0–2.0	750	$8,690	$11.59	1d	2	1.48mi
70 W 95th St New York, NY	1.0–4.0	1.0–2.0	1095	$13,166	$12.02	17d	1	1.49mi

HOA detail condo

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

Listing history 1 events

1. 2025-11-25
   listed $680,000 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 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: $52,439
• − Mortgage interest: −$38,091
• − Property taxes: −$10,200
• − Insurance: −$3,400
• − Repairs & maintenance: −$4,195
• − Management: −$4,195
• − HOA: −$27,000
• − Depreciation: −$19,782
• Taxable loss: −$54,424
• Est. tax savings @ 24.0%: +$13,062
• After-tax cash flow: $-28,903/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): 63,885
• Household income: $59,587
• Rent vs Own: 82.6% rent · 17.4% own
• Severe rent burden: 5635.0

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: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: Black 33% White 27% Hispanic / Latino 24% Asian 10% Two or more races 9%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 10%
• Common ancestry: Lithuanian 1% Scotch-Irish 1% Romanian 1%
• Foreign-born: 26% · Canada, China, South Korea
• Languages at home: 61% English-only · Spanish 18% French/Haitian/Cajun 5% Chinese 4%

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: ▼ -1.26%
• Current HPI: 414.8385
• Rent YoY: ▲ 2.71%
• 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

1 event — show timeline

• 2025-11-25 Listed $680,000 BNYMLS