25-34 Crescent St Unit 2K · New York, NY 11102

$675,000

2 bd · 1.0 ba · 865 sqft · Condo · 6 Days on market

Built 1965

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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 +9.3/30.0
• ARV discount +7.5/15.0
• Appreciation +5.1/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• 1% rule +2.8/10.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0

Listing remarks

Unicorn Astoria Co-op with Unlimited Immediate Subletting. A rare Astoria find, this spacious two-bedroom co-op allows unlimited and immediate subletting, offering exceptional flexibility for both homeowners and investors. Set away from street noise, this sunny corner unit enjoys southern and western exposures, filling the home with natural light throughout the day. Every room, including the kitchen and bathroom, has a window, allowing for excellent cross ventilation. The home features a refreshed kitchen with bar seating, a beautifully renovated windowed bathroom with a floating vanity and glass shower enclosure, and a king-sized bedroom with a double closet. Hardwood floors complete the a

Key facts

• Double closet
• King-sized bedroom
• Sunny corner unit

Tags

• SUNNY CORNER UNIT
• REFRESHED KITCHEN
• RENOVATED WINDOWED BATHROOM
• KING-SIZED BEDROOM
• DOUBLE CLOSET
• HARDWOOD FLOORS

Property features AI

Finance

• HOA & community: Monthly association fee

Exterior

• Parking: Garage; Off-street parking; No carport
• Utilities: Public sewer; Cable connected; Electricity connected; Sewer connected; Water connected
• Home design: Stock cooperative; Six-story building; One level unit; Entry on level 2
• Construction: Brick construction
• Exterior features: Front yard fencing; Not waterfront

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: Located on entry level 2
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Steam heating; Wall/window air conditioning units
• Interior features: Recessed lighting; No basement; No attic
• Laundry & utility: Common area laundry; On-site laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $675k.

Deal economics

• At list price, monthly cash flow is $-496 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $603k (10.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $528k (21.8% below list).
• Recommended offer: $528k (21.8% below list) — sets the bar for 1% rule.
• Cap rate 5.4% 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: Rents rising fast (+4.8%/yr); 114 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $5,277/mo this rent would consume 66% of the median local household income ($97k/yr) (locally 2407% 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 $6k of equity ($5k loan paydown + $1k appreciation (0.2% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 6, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• 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 $527,667 (21.8% 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. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
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: 0.78% ✗
• Cap rate: 5.41%
• Cash-on-cash: -3.15%
• DSCR: 0.86
• GRM: 10.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.16% appreciation · 4.79% rent growth · sell at horizon

5-year hold

• IRR: -4.0%
• Equity multiple: 0.81×
• Total profit: $-36,374
• Equity at exit: $201,556

10-year hold

• IRR: 2.9%
• Equity multiple: 1.34×
• Total profit: $63,620
• Equity at exit: $246,759

Cash invested: $189,000 (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 11102

• Home prices YoY: 0.1%
• Rents YoY: 4.8%
• Active inventory: 114
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $5,277 high
• Mortgage (P&I): −$3,540
• Tax est. 1.5%: −$844 /mo · $10,125/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,108
• Net cashflow: $-496

Break-even live

Break-even rent $5,905

Max offer price $603,198

Occupancy floor —

Sensitivity live

Price	-10% $-30	-5% $-263	+0% $-496	+5% $-729	+10% $-963
Rent	-10% $-913	-5% $-705	+0% $-496	+5% $-288	+10% $-79
Rate	-1.0pp $-156	-0.5pp $-325	base $-496	+0.5pp $-671	+1.0pp $-849

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1420 27th Ave Astoria, NY	1.0–2.0	1.0–2.0	887	$4,899	$5.52	5d	9	0.30mi
888 Main St New York, NY	3.0	1.0–2.0	908	$6,151	$6.77	1d	8	1.12mi
34-35 44th St Astoria, NY	1.0–2.0	1.0–2.0	613	$5,794	$9.45	0d	23	1.23mi
515 E 86th St Unit 589 New York, NY	1.0	1.0	695	$6,070	$8.73	21d	1	1.26mi
501 E 87th St #2094 New York, NY	1.0	1.0	618	$7,050	$11.41	1d	2	1.26mi
3705 30th St Long Island City, NY	2.0	1.0–2.0	700	$6,180	$8.83	12d	3	1.27mi
501 1/2 E 83rd St #1998 New York, NY	2.0	1.0	525	$5,580	$10.63	26d	2	1.32mi
1567 York Ave Unit 1021866P New York, NY	2.0	1.0	742	$5,910	$7.96	24d	1	1.36mi
435 E 86th St Unit 2001 New York, NY	1.0	1.0	800	$5,480	$6.85	26d	1	1.36mi
345 E 94th St #1470 New York, NY	2.0	1.0–2.0	710	$7,570	$10.65	5d	3	1.40mi
354 E 91st St #648 New York, NY	1.0–2.0	1.0	692	$6,850	$9.89	1d	2	1.40mi
435 E 79th St New York, NY	1.0–3.0	1.0–2.0	943	$7,500	$7.95	9d	3	1.46mi
420 E 80th St #198 New York, NY	1.0	1.0	623	$4,760	$7.64	20d	1	1.47mi

HOA detail condo

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

Listing history 5 events

1. 2026-06-21
   days on market $675,000 Active 6 DOM
2. 2026-06-18
   days on market $675,000 Active 3 DOM
3. 2026-06-17
   days on market $675,000 Active 2 DOM
4. 2026-06-15
   remarks 699-char remark
5. 2026-06-15
   listed $675,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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: $63,320
• − Mortgage interest: −$37,810
• − Property taxes: −$10,125
• − Insurance: −$3,375
• − Repairs & maintenance: −$5,066
• − Management: −$5,066
• − Depreciation: −$19,636
• Taxable loss: −$17,758
• Est. tax savings @ 24.0%: +$4,262
• After-tax cash flow: $-1,693/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): 28,503
• Household income: $96,617
• Rent vs Own: 86.6% rent · 13.4% own
• Severe rent burden: 2407.0

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 0.69)
• Race & ethnicity: White 47% Hispanic / Latino 26% Asian 15% Two or more races 12% Black 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 3%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 34% · Canada, China, Jamaica
• Languages at home: 55% English-only · Spanish 21% Other Indo-European 14% Russian/Polish/Slavic 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: ▲ 0.16%
• Current HPI: 144.3118
• Rent YoY: ▲ 4.79%
• 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

1 event — show timeline

• 2026-06-15 Listed $675,000 OneKey® MLS as Distributed by MLS Grid