2118 Elk Dr · New York, NY 11691

$710,000

16 bd · 9.0 ba · 2,112 sqft · MultiFamily public records · 59 Days on market

Built 1950 8,143 sqft lot

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Why this score? — see what drove the C+ 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 +25.3/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Property is currently being prepared for market — more photos coming soon. Priced to sell quickly - MOTIVATED SELLER. Don’t miss this opportunity to secure a high-potential multi-family property in a growing area! Rare opportunity to own a large 2-family home in Far Rockaway featuring a total of 8 bedrooms and 4.5 bathrooms! This expansive property offers incredible space and flexibility, perfect for both end-users and investors alike. The first unit features a spacious duplex layout with basement access, offering 5 bedrooms and 2.5 baths, along with additional living space and a separate entrance. The second-floor unit includes 3 bedrooms and 2 full baths and is currently tena

Key facts

• Basement access
• Separate entrance
• Large 2-family home

Tags

• MULTI-FAMILY PROPERTY
• LARGE 2-FAMILY HOME
• SPACIOUS DUPLEX LAYOUT
• BASEMENT ACCESS
• SEPARATE ENTRANCE
• INCOME-PRODUCING PROPERTY

Property features AI

Exterior

• Parking: Driveway; Garage with 2 spaces
• Utilities: Public sewer; Utilities: see remarks
• Home design: Duplex
• Construction: Aluminum siding; Brick construction
• Exterior features: Aluminum siding and brick exterior; Not waterfront

Interior

• Bedrooms: One 3-bedroom unit and one 4-bedroom unit
• Bathrooms: Five full bathrooms
• Heating & cooling: Natural gas heating; Additional heating type listed as 'Other'; Wall/window air conditioning units
• Interior features: Finished full basement with walk-out access; Additional interior features noted as 'Other'

What this means for you Summary

Snapshot

• This is a 2 × 8.0-bed/4.5-bath units multifamily listed at $710k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $809/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $710k).
• Recommended offer: $689k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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: 137 active listings in the ZIP; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $7,747/mo this rent would consume 166% of the median local household income ($56k/yr) (locally 4702% 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 (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($689k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $465k; list at $710k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 77% 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 $688,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% 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 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.09% ✓
• Cap rate: 9.03%
• Cash-on-cash: 9.77%
• DSCR: 1.43
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-12,089
• Equity at exit: $105,863

10-year hold

• IRR: 8.1%
• Equity multiple: 1.61×
• Total profit: $121,686
• Equity at exit: $61,388

Cash invested: $198,800 (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 11691

• Active inventory: 137
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $7,747 medium
• Mortgage (P&I): −$3,723
• Tax from tax record: −$482 /mo · $5,788/yr
• Insurance: −$296
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,627
• Net cashflow: $1,619

Break-even live

Break-even rent $5,698

Max offer price $710,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 2× units	8.0	4.5	$7,748
Total (2 units)			$7,747

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: $177,500
• Closing costs: $21,300
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-13
   statusdays on market $710,000 Pending 59 DOM
2. 2026-06-10
   days on market $710,000 Active 56 DOM
3. 2026-06-08
   days on market $710,000 Active 55 DOM
4. 2026-06-08
   days on market $710,000 Active 54 DOM
5. 2026-06-04
   days on market $710,000 Active 51 DOM
6. 2026-06-03
   days on market $710,000 Active 50 DOM
7. 2026-06-01
   days on market $710,000 Active 48 DOM
8. 2026-05-31
   days on market $710,000 Active 47 DOM
9. 2026-04-14
   listed $710,000 Active
10. 2005-09-20
    soldstatus $465,000
11. 2004-01-15
    soldstatus $330,000

ⓘ 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: $5,788 · $482/mo
• Projected year-2 tax: $8,893 · $741/mo
• Expected delta: +$3,106/yr (+$259/mo · 53.7%)

ⓘ 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) · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 77% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $92,964
• − Mortgage interest: −$39,771
• − Property taxes: −$5,788
• − Insurance: −$3,550
• − Repairs & maintenance: −$7,437
• − Management: −$7,437
• − Depreciation: −$20,655
• Taxable income: $8,326
• Est. tax owed @ 24.0%: −$1,998
• After-tax cash flow: $17,426/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): 69,359
• Household income: $56,135
• Rent vs Own: 72.3% rent · 27.7% own
• Severe rent burden: 4702.0

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 0.71)
• Race & ethnicity: Black 40% Hispanic / Latino 26% White 24% Two or more races 12% Asian 4%
• Hispanic origin (detail): Puerto Rican 4% Dominican 5%
• Common ancestry: Hispanic 3% Italian 2% Romanian 2%
• Foreign-born: 35% · Canada, China, Jamaica
• Languages at home: 66% English-only · Spanish 21% French/Haitian/Cajun 2% Russian/Polish/Slavic 2%

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: ▼ -397.66%
• Current HPI: 281.4044
• Rent YoY: —
• 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

+115.2% since first listed

3 events — show timeline

• 2026-04-14 Listed $710,000 OneKey® MLS as Distributed by MLS Grid
• 2005-09-20 Sold (Public Records) $465,000 Public Records
• 2004-01-15 Sold (Public Records) $330,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $5,788 · +3.4% YoY. Source: county tax records.