24-11 37th Ave · New York, NY 11101

$855,600

6 bd · 4.0 ba · 2,214 sqft · MultiFamily public records · 196 Days on market

Built 1940 1,728 sqft lot Est $1242k · 31% under

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Why this score? — see what drove the A 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.8/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

This duplex-style home features three bedrooms, two full baths, an eat-in kitchen, and a one-car garage. The information provided is estimated to the best of our abilities at this time.

Key facts

• 1,728 sq ft lot
• Garage
• Built 1940

Property features AI

Exterior

• Parking: Attached garage; 1-car garage
• Utilities: Sewer: Other; Utilities: See remarks
• Home design: Duplex
• Construction: Brick exterior; Full unfinished basement
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Eat-in kitchen(s)
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas heating; Steam heating; No central cooling
• Interior features: First-floor bedroom; First-floor full bathroom; Eat-in kitchen; Full unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $856k.

Deal economics

• At list price, monthly cash flow is $5k ($59k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $856k).
• Recommended offer: $753k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.2% 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 (+1.1%/yr); 258 active listings in the ZIP; high-income renter base; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $13,281/mo this rent would consume 132% of the median local household income ($121k/yr) (locally 3440% 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 $54k of equity ($6k loan paydown + $48k appreciation (5.6% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (5.6% appreciation + 1.1% rent growth), your $240k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$86k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 196 days — a 12% lower offer ($753k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $542k; list at $856k implies a 58% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major 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 $752,928 (12.0% below list)

Questions for the listing agent

1. It's been on market 196 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
10. 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.
11. 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: 1.55% ✓
• Cap rate: 13.15%
• Cash-on-cash: 24.50%
• DSCR: 2.09
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $1,242,054
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23-19 33rd Ave	0.50mi	6/3.0	2,100 (-5%)	10mo	$1,385,000	$660	55
1442 33rd Ave	0.53mi	5/3.0 (-1)	2,301 (+4%)	13mo	$1,290,000	$561	49
38- 2 31st St Unit 2-F	0.29mi	7/3.0 (+1)	2,524 (+14%)	23mo	$830,000	$329	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.62% appreciation · 1.09% rent growth · sell at horizon

5-year hold

• IRR: 34.1%
• Equity multiple: 3.15×
• Total profit: $514,135
• Equity at exit: $517,215

10-year hold

• IRR: 31.1%
• Equity multiple: 6.12×
• Total profit: $1,226,906
• Equity at exit: $920,618

Cash invested: $239,568 (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 11101

• Home prices YoY: 1.1%
• Rents YoY: 1.1%
• Active inventory: 258
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $13,281 high
• Mortgage (P&I): −$4,487
• Tax from tax record: −$757 /mo · $9,083/yr
• Insurance: −$356
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,789
• Net cashflow: $4,892

Break-even live

Break-even rent $7,089

Max offer price $855,600

Occupancy floor 58%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$13,282
Total (2 units)			$13,281

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: $213,900
• Closing costs: $25,668
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-31
   statusdays on market $855,600 Pending 196 DOM
2. 2026-05-04
   price $855,600
3. 2026-03-17
   price $930,000
4. 2025-12-09
   price $983,250
5. 2025-11-12
   listed $1,092,500 Active
6. 2005-08-25
   soldstatus $542,000
7. 1997-07-16
   soldstatus $155,000
8. 1996-08-01
   soldstatus $144,000
9. 1986-11-05
   soldstatus $215,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $9,083 · $757/mo
• Projected year-2 tax: $11,771 · $981/mo
• Expected delta: +$2,688/yr (+$224/mo · 29.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 56% 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: $159,372
• − Mortgage interest: −$47,927
• − Property taxes: −$9,083
• − Insurance: −$4,278
• − Repairs & maintenance: −$12,750
• − Management: −$12,750
• − Depreciation: −$24,890
• Taxable income: $47,694
• Est. tax owed @ 24.0%: −$11,447
• After-tax cash flow: $47,254/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: Queens County · 1,914,869 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 42,219
• Household income: $121,062
• Rent vs Own: 84.8% rent · 15.2% own
• Severe rent burden: 3440.0

Population outlook (Queens County) Hauer SSP2

• Today (2025): 2,546,320 people
• By 2030: 2,643,059 · +3.8%
• By 2040: 2,815,563 · +10.6%
• By 2050: 2,944,423 · +15.6%
• By 2075: 3,123,338 · +22.7%
• By 2100: 3,098,688 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: White 34% Asian 31% Hispanic / Latino 19% Two or more races 11% Black 10%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 2% Lithuanian 1% Scotch-Irish 1%
• Foreign-born: 41% · Canada, China, South Korea
• Languages at home: 52% English-only · Spanish 15% Other Indo-European 11% Chinese 10%

Political lean MEDSL · Queens

• 2024 margin: Strong D (+24.6) · D 62.3% · R 37.7%
• 2008→2024 swing: -26.2pp toward R · 2008: 50.8pp · 2024: 24.6pp
• All cycles: 2024: D+24.6 2020: D+45.2 2016: D+53.4 2012: D+58.5 2008: D+50.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.62%
• Current HPI: 500.0296
• Rent YoY: ▲ 1.09%
• 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

+298.0% since first listed

8 events — show timeline

• 2026-05-04 Price Changed $855,600 OneKey® MLS as Distributed by MLS Grid
• 2026-03-17 Price Changed $930,000 OneKey® MLS as Distributed by MLS Grid
• 2025-12-09 Price Changed $983,250 OneKey® MLS as Distributed by MLS Grid
• 2025-11-12 Listed $1,092,500 OneKey® MLS as Distributed by MLS Grid
• 2005-08-25 Sold (Public Records) $542,000 Public Records
• 1997-07-16 Sold (Public Records) $155,000 Public Records
• 1996-08-01 Sold (Public Records) $144,000 Public Records
• 1986-11-05 Sold (Public Records) $215,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $9,083 · +2.9% YoY. Source: county tax records.