197 Spencer St Unit 8B · New York, NY 11205

$725,000

1 bd · 1.0 ba · 767 sqft · Condo public records · 17 Days on market

Built 2004 $592/mo HOA · 13% 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 +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.7/5.0
• Cash flow +4.4/30.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +0.0/10.0

Listing remarks

This beautifully appointed 1-bedroom condo offers a rare combination of space, flexibility, and refined design. The oversized bedroom is a true standout, easily accommodating a conversion into a second bedroom or home office while still maintaining a comfortable, airy feel. Oversized windows throughout the home invite in abundant natural light, highlighting the rich hardwood floors and creating a warm, open atmosphere. The modern kitchen is equipped with sleek stainless steel appliances and flows effortlessly into the living and dining areas, making it ideal for both everyday living and entertaining. Step outside onto your private terrace to enjoy open city views—an inviting extension

Key facts

• Private terrace
• Rooftop access
• $592 HOA

Tags

• PRIVATE TERRACE
• ROOFTOP ACCESS
• NEAR HERBERT VON KING PARK
• CLINTON HILL HISTORIC DISTRICT

Property features AI

Finance

• HOA & community: Condo association with monthly fee of $592; Association fee covers common area maintenance, grounds care, internet, sewer, snow removal, and water; Additional monthly special assessment of $347.88

Exterior

• Parking: No designated parking; No carport
• Security: Building security
• Utilities: Public sewer; Electricity available; Natural gas available; Public water available
• Home design: Condominium; 9-story building; Unit on floor 8
• Construction: Brick construction
• Exterior features: Building security

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator
• Bedrooms: Located on entry level (8)
• Flooring: Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating (natural gas); Central air conditioning
• Interior features: Elevator; Granite counters; Open floor plan; Open kitchen; Double-pane windows; Pets allowed
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $725k.

Deal economics

• At list price, monthly cash flow is $-2k ($-23k/yr) — negative.
• To cash-flow at today's rent, offer at most $449k (38.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $468k (35.5% below list).
• Recommended offer: $449k (38.1% below list) — sets the bar for cash-flow.
• Cap rate 3.1% 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 (+8.6%/yr); 88 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $4,675/mo this rent would consume 60% of the median local household income ($94k/yr) (locally 3544% 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 $78k of equity ($5k loan paydown + $72k appreciation (10.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$125k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($714k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 8y 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

• 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 $448,806 (38.1% 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. 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
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: 0.64% ✗
• Cap rate: 3.13%
• Cash-on-cash: -11.28%
• DSCR: 0.50
• GRM: 12.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 17.7%
• Equity multiple: 2.47×
• Total profit: $298,430
• Equity at exit: $653,137

10-year hold

• IRR: 17.7%
• Equity multiple: 6.11×
• Total profit: $1,036,503
• Equity at exit: $1,408,516

Cash invested: $203,000 (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 11205

• Home prices YoY: 2.1%
• Rents YoY: 8.6%
• Active inventory: 88
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $4,675 high
• Mortgage (P&I): −$3,802
• Tax est. 1.5%: −$906 /mo · $10,875/yr
• Insurance: −$302
• HOA: −$592
• Vacancy / Maint / Mgmt: −$982
• Net cashflow: $-1,909

Break-even live

Break-even rent $7,092

Max offer price $448,806

Occupancy floor —

Sensitivity live

Price	-10% $-1,408	-5% $-1,658	+0% $-1,909	+5% $-2,159	+10% $-2,410
Rent	-10% $-2,278	-5% $-2,093	+0% $-1,909	+5% $-1,724	+10% $-1,539
Rate	-1.0pp $-1,544	-0.5pp $-1,724	base $-1,909	+0.5pp $-2,097	+1.0pp $-2,288

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: $181,250
• Closing costs: $21,750
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
475 Clermont Ave Brooklyn, NY	2.0	1.0–2.0	807	$5,144	$6.37	5d	7	0.92mi
545 Vanderbilt Ave Brooklyn, NY	2.0	1.0	600	$4,910	$8.18	3d	3	0.93mi
565 Nostrand Ave Unit 1 Brooklyn, NY	—	1.0	600	$2,000	$3.33	7d	1	1.01mi
250 Union Ave #2119 Brooklyn, NY	1.0–2.0	1.0	590	$3,500	$5.93	25d	2	1.12mi
1437 Pacific St Brooklyn, NY	2.0	1.0	1000	$3,200	$3.20	25d	1	1.15mi
552 Prospect Pl Unit 3A Brooklyn, NY	1.0	1.0	676	$4,500	$6.66	25d	1	1.16mi
668 Nostrand Ave #1 Brooklyn, NY	1.0	1.0	611	$4,200	$6.87	20d	1	1.16mi
151 S Elliott Pl Brooklyn, NY	1.0–2.0	1.0–2.0	655	$4,670	$7.13	3d	2	1.16mi
461 Dean St Brooklyn, NY	1.0	1.0	781	$5,320	$6.81	6d	5	1.27mi
755 Washington Ave Brooklyn, NY	1.0	1.0	700	$1,800	$2.57	21d	1	1.30mi
482 Kent Ave Brooklyn, NY	2.0	1.0–2.0	750	$6,555	$8.74	0d	3	1.30mi
478 Kent Ave Brooklyn, NY	2.0	1.0–2.0	775	$5,920	$7.64	3d	3	1.30mi
196 Willoughby St Brooklyn, NY	2.0	1.0–2.0	717	$6,146	$8.57	0d	7	1.32mi
11 Wharf Way Brooklyn, NY	1.0	1.0	610	$4,870	$7.98	0d	2	1.32mi
540 Fulton St #1729 Brooklyn, NY	3.0	1.0–2.0	750	$5,737	$7.65	25d	4	1.40mi
333 Schermerhorn St Brooklyn, NY	1.0	1.0	585	$6,782	$11.58	0d	15	1.40mi
955 Sterling Pl Unit 415 Brooklyn, NY	2.0	1.0	680	$5,150	$7.57	25d	1	1.41mi
955 Sterling Pl #1936 Brooklyn, NY	1.0	1.0	540	$3,170	$5.87	21d	1	1.42mi
343 Gold St Brooklyn, NY	3.0	1.0–2.0	903	$5,053	$5.59	5d	1	1.47mi

HOA detail condo

• Monthly dues: $592 · $7,104/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-05-15
   status Pending
2. 2026-04-28
   listed $725,000 Active
3. 2022-11-19
   price $129,500
4. 2022-08-15
   listed $805,000 Active
5. 2020-03-21
   historical
6. 2019-04-15
   historical Temporarily Off Market
7. 2019-02-26
   price $700,000
8. 2019-01-09
   listed $700,000
9. 2019-01-09
   listed $715,000 Active
10. 2019-01-05
    historical
11. 2019-01-02
    listed $700,000
12. 2018-11-19
    price $749,000
13. 2018-11-16
    price $769,000
14. 2018-10-01
    status Listing Extended
15. 2018-10-01
    historical
16. 2018-08-13
    price $789,000
17. 2018-08-02
    listed $799,000 New
18. 2010-10-27
    price $700,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% 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 · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,105
• − Mortgage interest: −$40,611
• − Property taxes: −$10,875
• − Insurance: −$3,625
• − Repairs & maintenance: −$4,488
• − Management: −$4,488
• − HOA: −$7,104
• − Depreciation: −$21,091
• Taxable loss: −$36,178
• Est. tax savings @ 24.0%: +$8,683
• After-tax cash flow: $-14,222/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: Kings County · 2,614,986 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 51,676
• Household income: $93,887
• Rent vs Own: 71.9% rent · 28.1% own
• Severe rent burden: 3544.0

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 0.66)
• Race & ethnicity: White 52% Black 20% Hispanic / Latino 15% Two or more races 10% Asian 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 3%
• Common ancestry: Italian 4% Scandinavian 3% Romanian 2%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 57% English-only · German/W. Germanic 21% Spanish 11% Chinese 4%

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: ▲ 12.40%
• Current HPI: 605.3512
• Rent YoY: ▲ 8.61%
• 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

+3.6% since first listed

18 events — show timeline

• 2026-05-15 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-28 Listed $725,000 OneKey® MLS as Distributed by MLS Grid
• 2022-11-19 Price Changed $129,500 RLS at REBNY
• 2022-08-15 Listed $805,000 RLS at REBNY
• 2020-03-21 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2019-04-15 Delisted — RLS at REBNY
• 2019-02-26 Price Changed $700,000 RLS at REBNY
• 2019-01-09 Listed $715,000 RLS at REBNY
• 2019-01-09 Listed $700,000 RLS at REBNY
• 2019-01-05 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2019-01-02 Listed $700,000 OneKey® MLS as Distributed by MLS Grid
• 2018-11-19 Price Changed $749,000 OneKey® MLS as Distributed by MLS Grid
• 2018-11-16 Price Changed $769,000 OneKey® MLS as Distributed by MLS Grid
• 2018-10-01 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2018-10-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2018-08-13 Price Changed $789,000 OneKey® MLS as Distributed by MLS Grid
• 2018-08-02 Listed $799,000 OneKey® MLS as Distributed by MLS Grid
• 2010-10-27 Price Changed $700,000 RLS at REBNY

Property tax history

-0.4%/yr

Latest (2025): $15 · -1.0% YoY. Source: county tax records.