87-70 173 St Unit 4D · New York, NY 11432

$229,000

2 bd · 1.0 ba · 715 sqft · Condo public records · 88 Days on market

Built 1900

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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 +24.8/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious 2 bedroom coop unit, beautiful wood floor, updated large kitchen + bathroom, lots of closets and huge living room with dining area

Key facts

• Lots of closets
• Updated kitchen
• Updated bathroom

Tags

• UPDATED KITCHEN
• UPDATED BATHROOM
• LOTS OF CLOSETS

Property features AI

Finance

• HOA & community: Association covers exterior maintenance, sewer, snow removal and water

Exterior

• Parking: Attached garage; 1 parking space (garage); Parking fee required
• Security: Security system installed
• Utilities: Con Edison electric; Natural gas available; Public sewer; Water available; Sewer available
• Home design: Stock cooperative; One level; Entry at level 1; Located between 3rd and 5th floors (building has 7 stories)
• Construction: Brick exterior
• Exterior features: Brick construction; Security system; Not waterfront

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Bedroom on first floor
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Wall/window air conditioning unit(s)
• Interior features: First-floor bedroom; Elevator access; No pets allowed
• Laundry & utility: Common area laundry

🏢 Co-op / cooperative unit. The $229,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $229k.

Deal economics

• At list price, monthly cash flow is $482 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $229k).
• Recommended offer: $215k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 flat; 197 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• This rent runs 42% of the median local income ($74k/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 $7k 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 88 days — a 6% lower offer ($215k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 50% 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 $215,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.14% ✓
• Cap rate: 8.82%
• Cash-on-cash: 9.02%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.75% rent growth · sell at horizon

5-year hold

• IRR: -5.2%
• Equity multiple: 0.81×
• Total profit: $-12,162
• Equity at exit: $34,145

10-year hold

• IRR: 1.6%
• Equity multiple: 1.10×
• Total profit: $6,396
• Equity at exit: $19,800

Cash invested: $64,120 (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 11432

• Rents YoY: 0.8%
• Active inventory: 197
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,613 high
• Mortgage (P&I): −$1,201
• Tax est. 1.5%: −$286 /mo · $3,435/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$549
• Net cashflow: $482

Break-even live

Break-even rent $2,003

Max offer price $229,000

Occupancy floor 77%

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
177-16 Wexford Ter Unit 401 Jamaica, NY	1.0	1.0	700	$2,600	$3.71	14d	1	0.18mi
177-18 Wexford Ter Unit 601 Jamaica, NY	1.0	1.0	400	$2,600	$6.50	12d	1	0.19mi
177-30 Wexford Ter Unit 404 Jamaica, NY	1.0	1.0	700	$2,600	$3.71	3d	1	0.21mi
177-30 Wexford Ter Unit 201 Jamaica, NY	1.0	1.0	730	$2,700	$3.70	3d	1	0.21mi
177-30 Wexford Ter Unit 311 Jamaica, NY	1.0	1.0	700	$2,600	$3.71	14d	1	0.21mi
17218 Jamaica Ave Unit 3D Jamaica, NY	1.0	1.0	638	$2,900	$4.55	18d	1	0.25mi
17218 Jamaica Ave Unit 4D Jamaica, NY	1.0	1.0	638	$2,900	$4.55	24d	1	0.25mi
89-15 Parsons Blvd Unit W6B Jamaica, NY	1.0	1.0	725	$2,100	$2.90	19d	1	0.73mi
190-11 Hillside Ave Unit 304 Hollis, NY	1.0	1.0	700	$2,600	$3.71	15d	1	0.98mi
190-11 Hillside Ave Apt 202 Hollis, NY	1.0	1.0	700	$2,700	$3.86	24d	1	0.98mi
14836 89th Ave Unit 3C Jamaica, NY	1.0	1.0	673	$2,900	$4.31	24d	1	1.01mi
148-16 87th Ave Unit 2 Jamaica, NY	2.0	1.0	700	$2,300	$3.29	17d	1	1.09mi
14725 94th Ave Jamaica, NY	1.0	1.0	525	$2,825	$5.38	4d	3	1.19mi
8455 Daniels St Unit 5H Jamaica, NY	1.0	1.0	750	$2,300	$3.07	19d	1	1.30mi
8737 Marengo St #1 Hollis, NY	1.0	1.0	720	$1,950	$2.71	11d	1	1.38mi
178-05 69th Ave Unit 2 Flushing, NY	2.0	1.0	750	$2,700	$3.60	24d	1	1.39mi
139-11 87th Dr Unit 1 Jamaica, NY	3.0	1.5	500	$3,500	$7.00	24d	1	1.40mi
14160 84th Rd Unit 2G Jamaica, NY	1.0	1.0	700	$2,200	$3.14	14d	1	1.43mi
73-49 188th St Unit 2 Flushing, NY	1.0	1.0	650	$2,000	$3.08	24d	1	1.48mi

HOA detail condo

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

Listing history 10 events

1. 2026-06-08
   statusdays on market $229,000 Pending 88 DOM
2. 2026-06-04
   days on market $229,000 Active 86 DOM
3. 2026-06-03
   days on market $229,000 Active 85 DOM
4. 2026-06-01
   days on market $229,000 Active 83 DOM
5. 2026-05-31
   days on market $229,000 Active 82 DOM
6. 2026-03-10
   listed $229,000 Active
7. 2024-11-21
   status Pending
8. 2024-08-16
   status Active
9. 2024-07-16
   status Pending
10. 2024-06-17
    listed $225,000 Active

ⓘ 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 6/10 Major 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 50% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,359
• − Mortgage interest: −$12,828
• − Property taxes: −$3,435
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,509
• − Management: −$2,509
• − Depreciation: −$6,662
• Taxable income: $2,272
• Est. tax owed @ 24.0%: −$545
• After-tax cash flow: $5,238/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): 62,892
• Household income: $74,096
• Rent vs Own: 64.2% rent · 35.8% own
• Severe rent burden: 4385.0

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 0.73)
• Race & ethnicity: Asian 42% Hispanic / Latino 21% Black 17% White 12% Two or more races 8%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Dominican 2%
• Common ancestry: Hispanic 3% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 57% · Canada, Jamaica, China
• Languages at home: 34% English-only · Other Indo-European 30% Spanish 19% Tagalog/Filipino 4%

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: ▼ -457.06%
• Current HPI: 282.1513
• Rent YoY: ▲ 0.75%
• 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

+1.8% since first listed

5 events — show timeline

• 2026-03-10 Listed $229,000 OneKey® MLS as Distributed by MLS Grid
• 2024-11-21 Pending — OneKey® MLS as Distributed by MLS Grid
• 2024-08-16 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2024-07-16 Pending — OneKey® MLS as Distributed by MLS Grid
• 2024-06-17 Listed $225,000 OneKey® MLS as Distributed by MLS Grid