56-57 61st St · New York, NY 11378

$1,399,000

16 bd · None ba · 3,100 sqft · MultiFamily public records · 373 Days on market

Built 1915 3,242 sqft lot

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Why this score? — see what drove the B- 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 +26.4/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Great income potential. Well maintained. Four family detached: large yard, gas heat, near shopping, public transportation, schools, playgrounds, restaurants and banks.

Key facts

• Near shopping
• Playgrounds
• Large yard

Tags

• LARGE YARD
• GAS HEAT
• NEAR SHOPPING
• PUBLIC TRANSPORTATION
• SCHOOLS
• PLAYGROUNDS

Property features AI

Exterior

• Parking: No carport
• Utilities: Public sewer; Cable available; Electricity connected; Natural gas connected; Phone available; Sewer connected; Public trash collection; Water connected
• Home design: Quadruplex; Total building area approximately 2500
• Construction: Aluminum siding and frame construction
• Exterior features: Aluminum siding; Frame construction; Not waterfront

Interior

• Bedrooms: Four 1-bedroom units
• Heating & cooling: Steam heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; Walk-in closet(s)

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/?-bath units multifamily listed at $1.40M.

Deal economics

• At list price, monthly cash flow is $4k ($44k/yr) — positive. Per door: $911/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.40M).
• Recommended offer: $1.23M (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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.
• Market conditions: Rents rising fast (+11.9%/yr); 134 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $15,672/mo this rent would consume 219% of the median local household income ($86k/yr) (locally 1573% 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 (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $42k 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 $392k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 373 days — a 12% lower offer ($1.23M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $151k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 39% 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 $1,231,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 373 days. Have you received any prior offers? Is the seller open to a 12% 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 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 1.12% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.17%
• DSCR: 1.50
• GRM: 7.4

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: 5.5%
• Equity multiple: 1.22×
• Total profit: $87,979
• Equity at exit: $208,595

10-year hold

• IRR: 18.8%
• Equity multiple: 2.92×
• Total profit: $751,187
• Equity at exit: $120,960

Cash invested: $391,720 (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 11378

• Home prices YoY: -21.9%
• Rents YoY: 11.9%
• Active inventory: 134
• Price-to-rent: 29.8×

Monthly cashflow live

• Estimated rent: $15,672 medium
• Mortgage (P&I): −$7,337
• Tax from tax record: −$816 /mo · $9,790/yr
• Insurance: −$583
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,291
• Net cashflow: $3,646

Break-even live

Break-even rent $11,057

Max offer price $1,399,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	—	$15,672
Total (4 units)			$15,672

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: $349,750
• Closing costs: $41,970
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $1,399,000 Active 373 DOM
2. 2026-06-17
   days on market $1,399,000 Active 372 DOM
3. 2026-06-15
   days on market $1,399,000 Active 370 DOM
4. 2026-06-13
   days on market $1,399,000 Active 368 DOM
5. 2026-06-10
   days on market $1,399,000 Active 364 DOM
6. 2026-06-08
   days on market $1,399,000 Active 363 DOM
7. 2026-06-03
   days on market $1,399,000 Active 358 DOM
8. 2026-06-01
   days on market $1,399,000 Active 356 DOM
9. 2026-05-31
   days on market $1,399,000 Active 355 DOM
10. 2026-05-05
    price $1,399,000
11. 2025-08-28
    price $1,450,000
12. 2025-06-10
    listed $1,550,000 Active
13. 2022-05-12
    historical
14. 2022-02-26
    status Pending
15. 2021-10-06
    listed $1,400,000 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: $9,790 · $816/mo
• Projected year-2 tax: $16,717 · $1,393/mo
• Expected delta: +$6,927/yr (+$577/mo · 70.8%)

ⓘ 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 39% 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: $188,064
• − Mortgage interest: −$78,366
• − Property taxes: −$9,790
• − Insurance: −$6,995
• − Repairs & maintenance: −$15,045
• − Management: −$15,045
• − Depreciation: −$40,698
• Taxable income: $22,125
• Est. tax owed @ 24.0%: −$5,310
• After-tax cash flow: $38,437/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): 36,392
• Household income: $85,830
• Rent vs Own: 44.6% rent · 55.4% own
• Severe rent burden: 1573.0

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 0.63)
• Race & ethnicity: White 48% Hispanic / Latino 35% Asian 15% Two or more races 11%
• Hispanic origin (detail): Mexican 5% Puerto Rican 6% Dominican 4%
• Common ancestry: Romanian 16% Italian 1% Scotch-Irish 1%
• Foreign-born: 41% · Canada, China, Jamaica
• Languages at home: 39% English-only · Spanish 27% Russian/Polish/Slavic 16% Chinese 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: ▼ -100.25%
• Current HPI: 358.595
• Rent YoY: ▲ 11.88%
• 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

-0.1% since first listed

6 events — show timeline

• 2026-05-05 Price Changed $1,399,000 OneKey® MLS as Distributed by MLS Grid
• 2025-08-28 Price Changed $1,450,000 OneKey® MLS as Distributed by MLS Grid
• 2025-06-10 Listed $1,550,000 OneKey® MLS as Distributed by MLS Grid
• 2022-05-12 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2022-02-26 Pending — OneKey® MLS as Distributed by MLS Grid
• 2021-10-06 Listed $1,400,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+6.1%/yr

Latest (2025): $9,790 · -1.0% YoY. Source: county tax records.