2928 W 5th St Unit 2C · New York, NY 11224

$389,000

2 bd · 1.5 ba · 1,150 sqft · Condo · 311 Days on market

Built 1964 ↓ 7% since listing

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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).

• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• Cash flow +7.1/30.0
• 1% rule +5.5/10.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +1.2/10.0

Listing remarks MLS

Amazing deal for 2 bed 1.5 bath, the biggest corner unit in one of the most sought-after complexes in South Brooklyn, Trump Village West! The unit needs TLC, but the price reflects it. Absolutely bright and quiet. The building is situated just minutes from beautiful beaches, boardwalk, and historical Astroland with its unlimited fun. Big chain supermarkets like Key Food and Netcoast are right at your door! The complex offers full-time live security, maintenance staff, recreation rooms, modern laundromats, beautiful lawns, children’s playgrounds, etc. Parking can be purchased from day one or waiting list. Pet friendly complex. Maintenance includes real estate taxes and all utilities (supplemental fee for AC). Vacant unit. Ready for a new owner!

Key facts

• Built 1964
• Listed 310 days

Property features AI

Exterior

• Parking: No carport
• Utilities: Shared sewer; Utilities: see remarks
• Home design: Stock cooperative; Three or more stories
• Construction: Foundation details: other
• Exterior features: Non-waterfront property; Construction materials: other

Interior

• Kitchen: Other appliances
• Bedrooms: 4 total rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air; Heating details: see remarks
• Interior features: Elevator; Pets allowed; Three or more levels
• Laundry & utility: See remarks for utilities

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $389k.

Deal economics

• At list price, monthly cash flow is $-988 ($-12k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $389k).
• Recommended offer: $342k (12.0% below list) — sets the bar for market timing.
• Cap rate 4.6% 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 (+7.0%/yr); 114 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $4,068/mo this rent would consume 112% of the median local household income ($44k/yr) (locally 4426% 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 $22k of equity ($3k loan paydown + $19k appreciation (5.0% 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 ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 311 days — a 12% lower offer ($342k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 27% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $342,320 (12.0% 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 311 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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?
12. 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.
13. 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.
14. 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: 1.05% ✓
• Cap rate: 4.56%
• Cash-on-cash: -6.19%
• DSCR: 0.72
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.98% appreciation · 7.03% rent growth · sell at horizon

5-year hold

• IRR: 6.2%
• Equity multiple: 1.41×
• Total profit: $44,489
• Equity at exit: $220,016

10-year hold

• IRR: 10.7%
• Equity multiple: 3.12×
• Total profit: $230,654
• Equity at exit: $379,366

Cash invested: $108,920 (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 11224

• Home prices YoY: 1.0%
• Rents YoY: 7.0%
• Active inventory: 114
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $4,068 high
• Mortgage (P&I): −$2,040
• Tax est. 1.5%: −$486 /mo · $5,835/yr
• Insurance: −$162
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA est. from 2 same-building comps: −$1,087
• Vacancy / Maint / Mgmt: −$854
• Net cashflow: $-988

Break-even live

Break-even rent $5,319

Max offer price $246,036

Occupancy floor —

Sensitivity live

Price	-10% $-719	-5% $-854	+0% $-988	+5% $-1,122	+10% $-1,257
Rent	-10% $-1,309	-5% $-1,149	+0% $-988	+5% $-827	+10% $-667
Rate	-1.0pp $-792	-0.5pp $-889	base $-988	+0.5pp $-1,089	+1.0pp $-1,191

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: $97,250
• Closing costs: $11,670
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$4,550	$4.80	0d	8	0.12mi
2971 Shell Rd Unit 602 Brooklyn, NY	3.0	2.0	1301	$5,299	$4.07	25d	1	0.21mi
2971 Shell Rd Unit 720 Brooklyn, NY	2.0	2.0	920	$4,100	$4.46	25d	1	0.21mi
2971 Shell Rd Unit 704 Brooklyn, NY	2.0	1.0	826	$3,950	$4.78	25d	1	0.21mi
2971 Shell Rd Unit 711 Brooklyn, NY	2.0	2.0	907	$4,200	$4.63	25d	1	0.21mi
2971 Shell Rd Unit 612 Brooklyn, NY	2.0	2.0	907	$4,150	$4.58	25d	1	0.21mi
2971 Shell Rd Unit 508 Brooklyn, NY	2.0	2.0	930	$4,099	$4.41	25d	1	0.21mi
2971 Shell Rd Unit 406 Brooklyn, NY	2.0	2.0	920	$3,550	$3.86	25d	1	0.21mi
2957 Shell Rd Brooklyn, NY	3.0	2.0	1292	$5,550	$4.30	25d	1	0.22mi
3000 Ocean Pkwy Brooklyn, NY	2.0	2.0	1130	$3,775	$3.34	19d	2	0.22mi
1515 Surf Ave Brooklyn, NY	1.0–2.0	1.0	706	$5,195	$7.35	0d	14	0.53mi
2538 E 2nd St Unit 2 Brooklyn, NY	3.0	1.0	1100	$2,600	$2.36	25d	1	0.71mi
2483 W 16th St Brooklyn, NY	1.0	1.0	800	$1,800	$2.25	21d	1	0.86mi
8642 26th Ave Unit 3 Brooklyn, NY	3.0	1.0	1100	$3,100	$2.82	15d	1	1.41mi

HOA detail condo

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

Listing history 14 events

1. 2026-06-21
   days on market $389,000 Active 311 DOM
2. 2026-06-18
   days on market $389,000 Active 308 DOM
3. 2026-06-17
   days on market $389,000 Active 307 DOM
4. 2026-06-15
   days on market $389,000 Active 305 DOM
5. 2026-06-13
   days on market $389,000 Active 303 DOM
6. 2026-06-10
   days on market $389,000 Active 299 DOM
7. 2026-06-08
   days on market $389,000 Active 298 DOM
8. 2026-06-03
   days on market $389,000 Active 293 DOM
9. 2026-06-01
   days on market $389,000 Active 291 DOM
10. 2026-05-31
    days on market $389,000 Active 290 DOM
11. 2026-02-11
    price $389,000 767-char remark

    Show marketing remark (767 chars)

    Amazing deal for 2 bed 1.5 bath, the biggest corner unit in one of the most sought-after complexes in South Brooklyn, Trump Village West! The unit needs TLC, but the price reflects it. Absolutely bright and quiet. The building is situated just minutes from beautiful beaches, boardwalk, and historical Astroland with its unlimited fun. Big chain supermarkets like Key Food and Netcoast are right at your door! The complex offers full-time live security, maintenance staff, recreation rooms, modern laundromats, beautiful lawns, children’s playgrounds, etc. Parking can be purchased from day one or waiting list. Pet friendly complex. Maintenance includes real estate taxes and all utilities (supplemental fee for AC). Vacant unit. Ready for a new owner!

12. 2026-02-11
    price $389,000

    Show marketing remark (767 chars)

    Amazing deal for 2 bed 1.5 bath, the biggest corner unit in one of the most sought-after complexes in South Brooklyn, Trump Village West! The unit needs TLC, but the price reflects it. Absolutely bright and quiet. The building is situated just minutes from beautiful beaches, boardwalk, and historical Astroland with its unlimited fun. Big chain supermarkets like Key Food and Netcoast are right at your door! The complex offers full-time live security, maintenance staff, recreation rooms, modern laundromats, beautiful lawns, children’s playgrounds, etc. Parking can be purchased from day one or waiting list. Pet friendly complex. Maintenance includes real estate taxes and all utilities (supplemental fee for AC). Vacant unit. Ready for a new owner!

13. 2025-08-14
    listed $419,000 Active 767-char remark

    Show marketing remark (767 chars)

    Amazing deal for 2 bed 1.5 bath, the biggest corner unit in one of the most sought-after complexes in South Brooklyn, Trump Village West! The unit needs TLC, but the price reflects it. Absolutely bright and quiet. The building is situated just minutes from beautiful beaches, boardwalk, and historical Astroland with its unlimited fun. Big chain supermarkets like Key Food and Netcoast are right at your door! The complex offers full-time live security, maintenance staff, recreation rooms, modern laundromats, beautiful lawns, children’s playgrounds, etc. Parking can be purchased from day one or waiting list. Pet friendly complex. Maintenance includes real estate taxes and all utilities (supplemental fee for AC). Vacant unit. Ready for a new owner!

14. 2025-08-14
    listed $419,000 Active

    Show marketing remark (767 chars)

    Amazing deal for 2 bed 1.5 bath, the biggest corner unit in one of the most sought-after complexes in South Brooklyn, Trump Village West! The unit needs TLC, but the price reflects it. Absolutely bright and quiet. The building is situated just minutes from beautiful beaches, boardwalk, and historical Astroland with its unlimited fun. Big chain supermarkets like Key Food and Netcoast are right at your door! The complex offers full-time live security, maintenance staff, recreation rooms, modern laundromats, beautiful lawns, children’s playgrounds, etc. Parking can be purchased from day one or waiting list. Pet friendly complex. Maintenance includes real estate taxes and all utilities (supplemental fee for AC). Vacant unit. Ready for a new owner!

ⓘ 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 7/10 Severe FEMA zone AE · 92% 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: $48,818
• − Mortgage interest: −$21,790
• − Property taxes: −$5,835
• − Insurance: −$7,064
• − Repairs & maintenance: −$3,905
• − Management: −$3,905
• − HOA: −$13,044
• − Depreciation: −$11,316
• Taxable loss: −$18,042
• Est. tax savings @ 24.0%: +$4,330
• After-tax cash flow: $-7,526/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): 50,822
• Household income: $43,648
• Rent vs Own: 72.7% rent · 27.3% own
• Severe rent burden: 4426.0

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 0.68)
• Race & ethnicity: White 48% Black 22% Hispanic / Latino 19% Asian 8% Two or more races 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 8% Dominican 2%
• Common ancestry: Scotch-Irish 10% Subsaharan African 7% Romanian 1%
• Foreign-born: 48% · Canada, China
• Languages at home: 42% English-only · Russian/Polish/Slavic 32% Spanish 11% Chinese 5%

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: ▲ 4.98%
• Current HPI: 505.1405
• Rent YoY: ▲ 7.03%
• 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

-7.2% since first listed

4 events — show timeline

• 2026-02-11 Price Changed $389,000 BNYMLS
• 2026-02-11 Price Changed $389,000 OneKey® MLS as Distributed by MLS Grid
• 2025-08-14 Listed $419,000 OneKey® MLS as Distributed by MLS Grid
• 2025-08-14 Listed $419,000 BNYMLS