42-34 Ithaca St · New York, NY 11373

$1,258,000

None bd · None ba · 1,592 sqft · MultiFamily public records · 32 Days on market

Built 1901 Est $1210k · at est.

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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).

• Cash flow +15.2/30.0
• ARV discount +5.7/15.0
• Schools +5.0/10.0
• DSCR +4.7/10.0
• Appreciation +4.5/10.0
• Rent growth +4.3/5.0
• Livability +3.8/5.0
• 1% rule +3.4/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks

_

Key facts

• Built 1901
• Listed 32 days

Property features AI

Exterior

• Parking: No designated parking; No carport
• Utilities: Public sewer; Electricity available; Natural gas connected
• Home design: Duplex
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Heating & cooling: Natural gas heating; Other type of heating; Wall/window air conditioning units
• Interior features: Finished basement

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/?-bath units multifamily listed at $1.26M.

Deal economics

• At list price, monthly cash flow is $440 ($5k/yr) — positive. Per door: $88/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.06M (16.0% below list).
• Recommended offer: $1.06M (16.0% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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 (+7.2%/yr); 266 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $10,566/mo this rent would consume 177% of the median local household income ($71k/yr) (locally 7283% 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 (-1.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $12k 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 (-1.0% appreciation + 7.2% rent growth), your $352k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($1.22M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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 $985k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• 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 $1,056,600 (16.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 16% 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 1901 — 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. 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?
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: 0.84% ✗
• Cap rate: 6.71%
• Cash-on-cash: 1.50%
• DSCR: 1.07
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $1,209,920
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
42-78 Hampton St	0.10mi	6/3.0	1,776 (+12%)	10mo	$1,350,000	$760	68
42-24 76 St	0.59mi	5/2.0	1,504 (-6%)	13mo	$1,155,000	$768	53
86-41 55th Ave	0.61mi	4/2.0	1,744 (+10%)	5mo	$1,133,000	$650	51
4722 98th St	0.67mi	6/2.0	1,728 (+8%)	6mo	$1,075,000	$622	49

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

Projected returns pro-forma

-0.98% appreciation · 7.15% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.94×
• Total profit: $-20,024
• Equity at exit: $304,754

10-year hold

• IRR: 8.5%
• Equity multiple: 1.93×
• Total profit: $326,345
• Equity at exit: $320,941

Cash invested: $352,240 (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 11373

• Home prices YoY: -0.4%
• Rents YoY: 7.2%
• Active inventory: 266
• Price-to-rent: 49.6×

Monthly cashflow live

• Estimated rent: $10,566 medium
• Mortgage (P&I): −$6,597
• Tax from tax record: −$786 /mo · $9,428/yr
• Insurance: −$524
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,219
• Net cashflow: $440

Break-even live

Break-even rent $10,009

Max offer price $1,258,000

Occupancy floor 91%

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	—	$10,565
Total (5 units)			$10,566

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: $314,500
• Closing costs: $37,740
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
91-04 43rd Ave Unit 2ND Elmhurst, NY	3.0	1.0	1100	$3,600	$3.27	24d	1	0.20mi
9209 43rd Ave Unit 2 Elmhurst, NY	3.0	1.5	1100	$3,200	$2.91	24d	1	0.25mi
40-85 Denman St Unit 2 Elmhurst, NY	3.0	1.5	1100	$3,200	$2.91	20d	1	0.25mi
94-30 60th Ave Apt 1H Queens, NY	3.0	1.5	1200	$3,200	$2.67	24d	1	0.95mi
58-14 84th St Unit 2 Flushing, NY	3.0	2.0	1200	$3,650	$3.04	24d	1	1.03mi
58-28 84th St Unit 2 Flushing, NY	3.0	2.0	1200	$3,650	$3.04	24d	1	1.06mi
30-13 85th St Unit 2 Flushing, NY	3.0	1.0	1100	$3,800	$3.45	22d	1	1.21mi
25-45 97th St Unit 2 Flushing, NY	2.0	1.0	1260	$2,800	$2.22	8d	1	1.36mi
6336 99th St Unit 5E Rego Park, NY	2.0	2.5	1333	$4,600	$3.45	5d	1	1.37mi
9941 64th Ave Rego Park, NY	1.0–2.0	1.0	975	$3,200	$3.28	19d	2	1.49mi

Listing history 10 events

1. 2026-04-10
   status Pending
2. 2026-03-09
   listed $1,258,000 Active
3. 2016-02-12
   soldstatus $985,000
4. 2016-01-08
   soldstatus $985,000
5. 2016-01-08
   soldstatus $985,000 Closed
6. 2015-10-23
   status Under Contract
7. 2015-09-25
   listed $999,999 New
8. 2015-09-25
   listed $999,999
9. 2005-08-15
   soldstatus $568,000
10. 1987-05-14
    soldstatus $200,000

ⓘ 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: $9,428 · $786/mo
• Projected year-2 tax: $15,344 · $1,279/mo
• Expected delta: +$5,916/yr (+$493/mo · 62.8%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $126,792
• − Mortgage interest: −$70,468
• − Property taxes: −$9,428
• − Insurance: −$6,290
• − Repairs & maintenance: −$10,143
• − Management: −$10,143
• − Depreciation: −$36,596
• Taxable loss: −$16,276
• Est. tax savings @ 24.0%: +$3,906
• After-tax cash flow: $9,189/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): 98,403
• Household income: $71,480
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 7283.0

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 0.58)
• Race & ethnicity: Asian 48% Hispanic / Latino 43% Two or more races 8% White 5% Black 2%
• Hispanic origin (detail): Mexican 13% Puerto Rican 1% Dominican 4%
• Common ancestry: Romanian 1%
• Foreign-born: 66% · Canada, China, Jamaica
• Languages at home: 14% English-only · Spanish 40% Chinese 16% Other Indo-European 13%

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: ▼ -0.98%
• Current HPI: 244.1055
• Rent YoY: ▲ 7.15%
• 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

+529.0% since first listed

10 events — show timeline

• 2026-04-10 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-09 Listed $1,258,000 OneKey® MLS as Distributed by MLS Grid
• 2016-02-12 Sold (Public Records) $985,000 Public Records
• 2016-01-08 Sold (MLS) $985,000 OneKey® MLS as Distributed by MLS Grid
• 2016-01-08 Sold (MLS) $985,000 MLSLI
• 2015-10-23 Pending — MLSLI
• 2015-09-25 Listed $999,999 MLSLI
• 2015-09-25 Listed $999,999 OneKey® MLS as Distributed by MLS Grid
• 2005-08-15 Sold (Public Records) $568,000 Public Records
• 1987-05-14 Sold (Public Records) $200,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $9,428 · +2.2% YoY. Source: county tax records.