148 Beach 93rd St · New York, NY 11693

$949,000

4 bd · 3.0 ba · 1,008 sqft · MultiFamily public records · 74 Days on market

Built 1920

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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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +5.9/30.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.3/10.0
• 1% rule +0.2/10.0

Multi-family units

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

Listing remarks

* Pictures are virtually staged * Welcome to 148 Beach 93rd Street – a rare two-family opportunity in the heart of Rockaway Beach. This unique property features two fully detached homes, offering incredible flexibility for end-users, investors, or multi-generational living. The main house welcomes you with a charming front porch—perfect for morning coffee or relaxing after a day at the beach. Inside, you’ll find a spacious layout with a living room, dining room, kitchen, and full bathroom on the main level. Sliding glass doors off the dining room lead to a private deck, ideal for BBQs and outdoor entertaining. Upstairs features three bedrooms and a full bathroom. The full

Key facts

• Private deck
• Charming front porch
• Fully tiled basement

Tags

• TWO FAMILY OPPORTUNITY
• FULLY DETACHED HOMES
• CHARMING FRONT PORCH
• PRIVATE DECK
• FULLY TILED BASEMENT
• DETACHED REAR HOME

Property features AI

Exterior

• Parking: One covered carport space; On-street parking available
• Utilities: Public sewer; Electricity connected; Natural gas connected; Water connected; Public trash collection
• Home design: Duplex
• Construction: Vinyl siding construction
• Exterior features: Vinyl siding; Not waterfront; Residence as other on-site structure

Interior

• Bedrooms: One 2-bedroom unit; One 3-bedroom unit
• Bathrooms: Three full bathrooms (total)
• Heating & cooling: Natural gas heating; Wall/window air conditioning units
• Interior features: First-floor full bath; Formal dining; Washer/dryer hookup; Covered patio/porch; Deck; Finished full basement
• Laundry & utility: Washer/dryer hookup; Utilities: electricity connected, natural gas connected, water connected, public sewer, public trash collection

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $949k.

Deal economics

• At list price, monthly cash flow is $-2k ($-23k/yr) — negative. Per door: $-955/mo.
• To cash-flow at today's rent, offer at most $611k (35.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $494k (47.9% below list).
• Recommended offer: $494k (47.9% below list) — sets the bar for 1% rule.
• Cap rate 4.0% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Is 227 Louis Armstrong (math 52% / reading 69%, grade B+, #153 of 729 statewide, top 21%, 1,528 students, 68% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: 67 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).

Forward outlook

• In year one you build about $101k of equity ($7k loan paydown + $95k appreciation (10.0% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$163k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($892k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; severe wind risk, 80% 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 $494,100 (47.9% 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 74 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 0.52% ✗
• Cap rate: 3.96%
• Cash-on-cash: -8.33%
• DSCR: 0.63
• GRM: 16.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.2%
• Equity multiple: 2.49×
• Total profit: $394,785
• Equity at exit: $854,934

10-year hold

• IRR: 17.0%
• Equity multiple: 5.73×
• Total profit: $1,257,505
• Equity at exit: $1,843,698

Cash invested: $265,720 (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 11693

• Home prices YoY: 17.7%
• Active inventory: 67
• Price-to-rent: 32.0×

Monthly cashflow live

• Estimated rent: $4,941 medium
• Mortgage (P&I): −$4,977
• Tax from tax record: −$375 /mo · $4,505/yr
• Insurance: −$395
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,038
• Net cashflow: $-1,911

Break-even live

Break-even rent $7,359

Max offer price $611,496

Occupancy floor —

Sensitivity live

Price	-10% $-1,373	-5% $-1,642	+0% $-1,911	+5% $-2,179	+10% $-2,448
Rent	-10% $-2,301	-5% $-2,106	+0% $-1,911	+5% $-1,715	+10% $-1,520
Rate	-1.0pp $-1,433	-0.5pp $-1,669	base $-1,911	+0.5pp $-2,156	+1.0pp $-2,407

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$4,940
Total (2 units)			$4,941

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: $237,250
• Closing costs: $28,470
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1-76 Beach 97th St Unit 3 Rockaway Beach, NY	3.0	1.0	1500	$4,000	$2.67	9d	1	0.17mi
72-18 Elizabeth Ave Unit 2 Far Rockaway, NY	3.0	2.0	1125	$3,650	$3.24	26d	1	1.01mi
6261 De Costa Ave Arverne, NY	3.0	1.0	1117	$3,250	$2.91	5d	1	1.50mi

Listing history 4 events

1. 2026-06-02
   status $949,000 Pending 74 DOM
2. 2026-06-01
   days on market $949,000 Active 74 DOM
3. 2026-05-31
   days on market $949,000 Active 73 DOM
4. 2026-03-18
   listed $949,000 Active

ⓘ 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: $4,505 · $375/mo
• Projected year-2 tax: $10,271 · $856/mo
• Expected delta: +$5,767/yr (+$481/mo · 128.0%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 90% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $59,292
• − Mortgage interest: −$53,159
• − Property taxes: −$4,505
• − Insurance: −$5,542
• − Repairs & maintenance: −$4,743
• − Management: −$4,743
• − Depreciation: −$27,607
• Taxable loss: −$41,008
• Est. tax savings @ 24.0%: +$9,842
• After-tax cash flow: $-13,085/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
• City population: 7,731,280
• Population (ZIP): 13,066

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 0.70)
• Race & ethnicity: White 44% Black 24% Hispanic / Latino 22% Two or more races 11% Asian 5%
• Hispanic origin (detail): Puerto Rican 8% Dominican 4% Salvadoran 1%
• Common ancestry: Romanian 5% Scotch-Irish 4% Subsaharan African 2%
• Foreign-born: 25% · Canada, Jamaica, China
• Languages at home: 67% English-only · Spanish 16% Russian/Polish/Slavic 8% Other Indo-European 3%

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: ▲ 121.58%
• Current HPI: 807.44
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-03-18 Listed $949,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+5.7%/yr

Latest (2025): $4,505 · +4.5% YoY. Source: county tax records.