108 W 138th St Unit 2C · New York, NY 10030

$699,000

2 bd · 2.0 ba · 1,018 sqft · SingleFamily · 21 Days on market

Built 2010 $1051/mo HOA · 20% of rent

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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).

• Appreciation +9.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.7/5.0
• Cash flow +4.6/30.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +0.0/10.0

Listing remarks

Strivers' Row Gem: Sophisticated Urban Living Discover refined living in this meticulously renovated 2-bedroom, 2-bathroom residence nestled in the heart of historic Strivers' Row. North-facing exposures flood the home with natural light throughout. This thoughtfully designed home showcases hardwood flooring, smart proportioning, and an intuitive layout that maximizes flow. The serene primary suite features a generous walk-in closet, while custom dimmers throughout create the perfect ambiance for any moment. The queen-sized guest bedroom is equally inviting-ideal for visitors or a peaceful home office retreat. The heart of this home is a chef's kitchen, appointed with premium stainless

Key facts

• Hardwood flooring
• Walk-in closet
• In-unit laundry

Tags

• METICULOUSLY RENOVATED
• HARDWOOD FLOORING
• WALK-IN CLOSET
• CHEF'S KITCHEN
• GRANITE COUNTERTOPS
• IN-UNIT LAUNDRY

Property features AI

Finance

• Other: Building has 15 total units; Pets allowed in building
• HOA & community: Monthly association fee of $1,051; Building amenities include elevator(s) and storage

Exterior

• Utilities: Central air conditioning
• Home design: Condominium (Odell Clark Place Condos); 6-story building
• Exterior features: Building courtyard; North exposure; Has a view; Entry at level 1

Interior

• Kitchen: Dishwasher
• Bedrooms: Total of 4 rooms (includes living spaces and bedrooms)
• Bathrooms: 2 full bathrooms
• Interior features: Dining area; High ceilings; Walk-in closets; Has basement (other type)
• Laundry & utility: Washer hookup; Washer/dryer allowed in unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $699k.

Deal economics

• At list price, monthly cash flow is $-2k ($-21k/yr) — negative.
• To cash-flow at today's rent, offer at most $442k (36.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $520k (25.6% below list).
• Recommended offer: $442k (36.7% below list) — sets the bar for cash-flow.
• Cap rate 3.2% vs local median 2.6% in New York — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 (+8.8%/yr); 72 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $5,198/mo this rent would consume 157% of the median local household income ($40k/yr) (locally 4110% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $61k of equity ($5k loan paydown + $56k appreciation (8.1% local appreciation)).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$98k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($689k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 15y 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: HOA is 20% of rent.
• 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 $442,146 (36.7% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.74% ✗
• Cap rate: 3.25%
• Cash-on-cash: -10.88%
• DSCR: 0.52
• GRM: 11.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.05% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 13.7%
• Equity multiple: 2.05×
• Total profit: $205,168
• Equity at exit: $533,260

10-year hold

• IRR: 15.3%
• Equity multiple: 4.83×
• Total profit: $750,058
• Equity at exit: $1,060,632

Cash invested: $195,720 (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 10030

• Home prices YoY: 2.3%
• Rents YoY: 8.8%
• Active inventory: 72
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $5,198 high
• Mortgage (P&I): −$3,666
• Tax est. 1.5%: −$874 /mo · $10,485/yr
• Insurance: −$291
• HOA: −$1,051
• Vacancy / Maint / Mgmt: −$1,092
• Net cashflow: $-1,775

Break-even live

Break-even rent $7,445

Max offer price $442,146

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: $174,750
• Closing costs: $20,970
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
132 W 134th St New York, NY	2.0	1.0	750	$4,500	$6.00	25d	1	0.34mi
2413 3rd Ave Bronx, NY	1.0–3.0	1.0–2.0	857	$3,948	$4.60	12d	23	0.52mi
300 W 135th St Unit 9G New York, NY	3.0	2.0	1032	$5,500	$5.33	5d	1	0.55mi
5 Lincoln Ave Bronx, NY	1.0–3.0	1.0–2.5	1011	$5,134	$5.08	2d	183	0.63mi
230 W 126th St Unit 20C New York, NY	2.0	1.0	860	$4,555	$5.30	25d	1	0.73mi
241 Lenox Ave #1 New York, NY	1.0	1.0	1175	$8,000	$6.81	19d	1	0.81mi
52 Convent Ave Unit 30 New York, NY	3.0	2.0	1300	$7,500	$5.77	25d	1	0.86mi
508 Manhattan Ave Unit 2C New York, NY	3.0	1.0	800	$4,699	$5.87	12d	1	1.01mi
312 W 121st St Unit 4C New York, NY	3.0	2.0	900	$4,854	$5.39	8d	1	1.02mi
312 W 121st St Unit 5-A New York, NY	3.0	1.0	800	$4,655	$5.82	12d	1	1.02mi
506 Manhattan Ave Unit 1A New York, NY	3.0	1.0	800	$4,699	$5.87	12d	1	1.03mi
543 W 122nd St New York, NY	2.0	1.0–2.0	1057	$10,995	$10.40	2d	7	1.22mi
543 W 122nd St Unit 27C New York, NY	2.0	2.0	1313	$10,995	$8.37	10d	1	1.22mi
61 Malcolm X Blvd New York, NY	2.0	2.0	1300	$4,795	$3.69	25d	1	1.26mi
77 E 110th St Unit 1322508P New York, NY	2.0	1.5	990	$6,360	$6.42	25d	1	1.41mi
30 Morningside Dr #2096 New York, NY	1.0–2.0	1.0–2.0	780	$9,000	$11.53	4d	2	1.43mi

HOA detail

• Monthly dues: $1,051 · $12,612/yr

Listing history 13 events

1. 2026-06-18
   days on market $699,000 Active 21 DOM
2. 2026-06-17
   days on market $699,000 Active 20 DOM
3. 2026-06-16
   days on market $699,000 Active 19 DOM
4. 2026-06-15
   days on market $699,000 Active 18 DOM
5. 2026-06-13
   days on market $699,000 Active 16 DOM
6. 2026-06-10
   days on market $699,000 Active 12 DOM
7. 2026-06-08
   days on market $699,000 Active 11 DOM
8. 2026-06-08
   days on market $699,000 Active 10 DOM
9. 2026-06-04
   days on market $699,000 Active 7 DOM
10. 2026-06-03
    days on market $699,000 Active 6 DOM
11. 2026-06-02
    days on market $699,000 Active 5 DOM
12. 2026-06-01
    days on market $699,000 Active 4 DOM
13. 2026-05-31
    days on market $699,000 Active 3 DOM

ⓘ 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 (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 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: $62,378
• − Mortgage interest: −$39,155
• − Property taxes: −$10,485
• − Insurance: −$3,495
• − Repairs & maintenance: −$4,990
• − Management: −$4,990
• − HOA: −$12,612
• − Depreciation: −$20,335
• Taxable loss: −$33,684
• Est. tax savings @ 24.0%: +$8,084
• After-tax cash flow: $-13,217/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): 29,297
• Household income: $39,802
• Rent vs Own: 86.4% rent · 13.6% own
• Severe rent burden: 4110.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 54% Hispanic / Latino 27% White 9% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 6% Dominican 11%
• Common ancestry: Hispanic 1% Scotch-Irish 1% Romanian 1%
• Foreign-born: 27% · Canada, China, South Korea
• Languages at home: 63% English-only · Spanish 21% French/Haitian/Cajun 5% Chinese 2%

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: ▲ 8.05%
• Current HPI: 354.2971
• Rent YoY: ▲ 8.84%
• 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

+74.8% since first listed

4 events — show timeline

• 2026-05-28 Listed $699,000 RLS at REBNY
• 2017-10-23 Listed $745,000 RLS at REBNY
• 2013-02-25 Price Changed $405,000 RLS at REBNY
• 2011-01-22 Listed $400,000 RLS at REBNY