22424 Union Tpke Unit 2O · New York, NY 11364

$250,000

2 bd · 1.0 ba · 920 sqft · Condo · 22 Days on market

Built 1956

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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 +21.8/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.7/10.0
• Schools +5.0/10.0
• Rent growth +4.6/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

TIME TO PLAN FOR THE SUMMER POOL CLUB!!! SPACIOUS JUNIOR 4 MODEL, L-SHAPE LIVING ROOM (FOR FORMAL DINING ROOM/OFFICE OR POSSIBLE 2ND BEDROOM), STAINLESS STEEL APPLIANCES, PLENTY OF CLOSETS INCLUDES ENTRANCE WALK-IN, NEAR ALL SCHOOLS, SHOPPING, TRANSPORTATION AND CUNNINGHAM PARK, SUMMER POOL CLUB FEATURES A BBQ AREA, PARKING BY DECAL, NO DOGS..., Additional information: Appearance:GOOD

Key facts

• Separate dining room
• Laundry room
• Modern kitchen

Tags

• MODERN KITCHEN
• SEPARATE DINING ROOM
• PUBLIC TRANSPORTATION
• COMMUNITY SWIMMING POOL
• LAUNDRY ROOM
• WALKING DISTANCE TO SCHOOLS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $390 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% 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 fast (+8.5%/yr); 249 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• This rent runs 33% of the median local income ($98k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $70k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.
• Current owner paid $200k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $246,250 (1.5% below list)

Questions for the listing agent

1. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
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. 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.
7. 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.
8. 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: 1.07% ✓
• Cap rate: 8.16%
• Cash-on-cash: 6.68%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -0.5%
• Equity multiple: 0.98×
• Total profit: $-1,491
• Equity at exit: $37,276

10-year hold

• IRR: 13.8%
• Equity multiple: 2.36×
• Total profit: $95,286
• Equity at exit: $21,615

Cash invested: $70,000 (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 11364

• Rents YoY: 8.5%
• Active inventory: 249
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,680 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$563
• Net cashflow: $390

Break-even live

Break-even rent $2,187

Max offer price $250,000

Occupancy floor 80%

Sensitivity live

Price	-10% $562	-5% $476	+0% $390	+5% $303	+10% $217
Rent	-10% $178	-5% $284	+0% $390	+5% $495	+10% $601
Rate	-1.0pp $516	-0.5pp $453	base $390	+0.5pp $325	+1.0pp $259

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6747 222nd St Oakland Gardens, NY	3.0	1.0	924	$2,700	$2.92	3d	1	0.65mi
232-15 67th Ave Unit 1FL Flushing, NY	2.0	2.0	900	$2,900	$3.22	5d	1	0.86mi
222-40 92nd Rd Unit 2nd Floor Jamaica, NY	2.0	1.0	1120	$3,200	$2.86	0d	1	1.00mi
8827 208th St Queens Village, NY	1.0	1.0	640	$1,900	$2.97	25d	1	1.14mi
240-53 68th Ave Unit 1st Floor Douglaston, NY	2.0	1.0	900	$2,500	$2.78	25d	1	1.17mi
76-37 Commonwealth Blvd Unit 2 Jamaica, NY	1.0	1.0	641	$2,200	$3.43	25d	1	1.23mi
245-24 77th Cres Jamaica, NY	2.0	1.0	785	$2,600	$3.31	20d	1	1.25mi
56-25 226th St Unit 3 Bayside, NY	3.0	1.5	977	$3,250	$3.33	25d	1	1.29mi
246-17 Union Tpke Unit A Bellerose, NY	3.0	1.0	799	$3,200	$4.01	25d	1	1.31mi
214-83 Jamaica Ave Unit 2R Queens Village, NY	1.0	1.0	650	$2,100	$3.23	25d	1	1.33mi
220-13 Jamaica Ave Queens Village, NY	2.0	1.0	800	$2,400	$3.00	21d	1	1.33mi
8737 Marengo St #1 Hollis, NY	1.0	1.0	720	$1,950	$2.71	12d	1	1.46mi

HOA detail condo

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

Listing history 6 events

1. 2026-03-05
   status Pending
2. 2026-02-11
   listed $250,000 Active
3. 2023-09-12
   soldstatus $200,000 Closed 387-char remark

   Show marketing remark (387 chars)

   TIME TO PLAN FOR THE SUMMER POOL CLUB!!! SPACIOUS JUNIOR 4 MODEL, L-SHAPE LIVING ROOM (FOR FORMAL DINING ROOM/OFFICE OR POSSIBLE 2ND BEDROOM), STAINLESS STEEL APPLIANCES, PLENTY OF CLOSETS INCLUDES ENTRANCE WALK-IN, NEAR ALL SCHOOLS, SHOPPING, TRANSPORTATION AND CUNNINGHAM PARK, SUMMER POOL CLUB FEATURES A BBQ AREA, PARKING BY DECAL, NO DOGS..., Additional information: Appearance:GOOD

4. 2023-06-29
   status Pending 387-char remark

   Show marketing remark (387 chars)

   TIME TO PLAN FOR THE SUMMER POOL CLUB!!! SPACIOUS JUNIOR 4 MODEL, L-SHAPE LIVING ROOM (FOR FORMAL DINING ROOM/OFFICE OR POSSIBLE 2ND BEDROOM), STAINLESS STEEL APPLIANCES, PLENTY OF CLOSETS INCLUDES ENTRANCE WALK-IN, NEAR ALL SCHOOLS, SHOPPING, TRANSPORTATION AND CUNNINGHAM PARK, SUMMER POOL CLUB FEATURES A BBQ AREA, PARKING BY DECAL, NO DOGS..., Additional information: Appearance:GOOD

5. 2023-04-04
   price $209,900 387-char remark

   Show marketing remark (387 chars)

   TIME TO PLAN FOR THE SUMMER POOL CLUB!!! SPACIOUS JUNIOR 4 MODEL, L-SHAPE LIVING ROOM (FOR FORMAL DINING ROOM/OFFICE OR POSSIBLE 2ND BEDROOM), STAINLESS STEEL APPLIANCES, PLENTY OF CLOSETS INCLUDES ENTRANCE WALK-IN, NEAR ALL SCHOOLS, SHOPPING, TRANSPORTATION AND CUNNINGHAM PARK, SUMMER POOL CLUB FEATURES A BBQ AREA, PARKING BY DECAL, NO DOGS..., Additional information: Appearance:GOOD

6. 2023-03-01
   listed $224,900 Active 387-char remark

   Show marketing remark (387 chars)

   TIME TO PLAN FOR THE SUMMER POOL CLUB!!! SPACIOUS JUNIOR 4 MODEL, L-SHAPE LIVING ROOM (FOR FORMAL DINING ROOM/OFFICE OR POSSIBLE 2ND BEDROOM), STAINLESS STEEL APPLIANCES, PLENTY OF CLOSETS INCLUDES ENTRANCE WALK-IN, NEAR ALL SCHOOLS, SHOPPING, TRANSPORTATION AND CUNNINGHAM PARK, SUMMER POOL CLUB FEATURES A BBQ AREA, PARKING BY DECAL, NO DOGS..., Additional information: Appearance:GOOD

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

Taxation est. · year 1

• Rental income: $32,162
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,573
• − Management: −$2,573
• − Depreciation: −$7,273
• Taxable income: $739
• Est. tax owed @ 24.0%: −$177
• After-tax cash flow: $4,498/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): 35,276
• Household income: $98,359
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 1288.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Asian 50% White 29% Hispanic / Latino 15% Two or more races 7% Black 2%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 2% Scotch-Irish 2% Lithuanian 1%
• Foreign-born: 44% · China, South Korea, Canada
• Languages at home: 41% English-only · Chinese 30% Spanish 9% Korean 8%

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: ▼ -179.50%
• Current HPI: 242.5386
• Rent YoY: ▲ 8.47%
• 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

+11.2% since first listed

6 events — show timeline

• 2026-03-05 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-02-11 Listed $250,000 OneKey® MLS as Distributed by MLS Grid
• 2023-09-12 Sold (MLS) $200,000 OneKey® MLS as Distributed by MLS Grid
• 2023-06-29 Pending — OneKey® MLS as Distributed by MLS Grid
• 2023-04-04 Price Changed $209,900 OneKey® MLS as Distributed by MLS Grid
• 2023-03-01 Listed $224,900 OneKey® MLS as Distributed by MLS Grid