138-10 Franklin Ave Unit 5H · New York, NY 11355

$424,000

2 bd · 1.0 ba · 1,000 sqft · Condo · 162 Days on market

Built 1961 ↓ 3% since listing

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Appreciation +5.5/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Cash flow +2.0/30.0
• DSCR +0.0/10.0

Listing remarks

Welcome to Carlyle Tower's B Large two-bedroom bathroom unit (1,000 Sqft) with eastern exposure and a balcony. Spacious Bedrooms, living room, dining room, foyer, kitchen, bathroom, and closets. It is located in downtown Flushing. Near shops, transportation (LIRR, #7 subway, buses), restaurants, schools, and all. Parking is on the waiting list. The laundry room is in the basement. A doorman and superintendent are on site. A small Pet (smaller than 30 pounds) is ok.

Key facts

• Eastern exposure
• Balcony
• Downtown flushing

Tags

• EASTERN EXPOSURE
• BALCONY
• DOWNTOWN FLUSHING
• NEAR SHOPS
• NEAR TRANSPORTATION
• NEAR RESTAURANTS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $424k.

Deal economics

• At list price, monthly cash flow is $-2k ($-19k/yr) — negative.
• To cash-flow at today's rent, offer at most $370k (12.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $323k (23.7% below list).
• Recommended offer: $323k (23.7% below list) — sets the bar for 1% rule.
• Cap rate 1.9% vs local median 2.6% in New York — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: Ps 24 Andrew Jackson (math 81% / reading 66%, grade A, #371 of 2,108 statewide, top 18%, 1,111 students, 74% 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 (+3.9%/yr); 407 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $3,235/mo this rent would consume 70% of the median local household income ($55k/yr) (locally 6765% 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 $8k of equity ($3k loan paydown + $5k appreciation (1.1% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 162 days — a 12% lower offer ($373k) 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: HOA is 37% of rent.
• 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 $323,469 (23.7% 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 162 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.76% ✗
• Cap rate: 1.88%
• Cash-on-cash: -15.78%
• DSCR: 0.30
• GRM: 10.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.09% appreciation · 3.93% rent growth · sell at horizon

5-year hold

• IRR: -14.2%
• Equity multiple: 0.28×
• Total profit: $-85,797
• Equity at exit: $146,712

10-year hold

• IRR: -7.0%
• Equity multiple: 0.12×
• Total profit: $-104,874
• Equity at exit: $196,495

Cash invested: $118,720 (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 11355

• Home prices YoY: 0.4%
• Rents YoY: 3.9%
• Active inventory: 407
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $3,235 high
• Mortgage (P&I): −$2,224
• Tax est. 1.5%: −$530 /mo · $6,360/yr
• Insurance: −$177
• HOA est. from 2 same-building comps: −$1,186
• Vacancy / Maint / Mgmt: −$679
• Net cashflow: $-1,561

Break-even live

Break-even rent $5,210

Max offer price $198,155

Occupancy floor —

Sensitivity live

Price	-10% $-1,268	-5% $-1,414	+0% $-1,561	+5% $-1,707	+10% $-1,854
Rent	-10% $-1,816	-5% $-1,689	+0% $-1,561	+5% $-1,433	+10% $-1,305
Rate	-1.0pp $-1,347	-0.5pp $-1,453	base $-1,561	+0.5pp $-1,671	+1.0pp $-1,782

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: $106,000
• Closing costs: $12,720
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
136-19 Franklin Ave Unit 4A Flushing, NY	3.0	2.0	1300	$4,300	$3.31	20d	1	0.08mi
13618 Maple Ave Unit 5B Flushing, NY	2.0	2.0	836	$3,490	$4.17	26d	1	0.08mi
4255 Colden St Unit 16P Flushing, NY	2.0	1.5	1150	$3,500	$3.04	4d	1	0.12mi
4140 Union St Unit 10P Flushing, NY	3.0	3.0	1220	$4,200	$3.44	26d	1	0.21mi
133-38 Avery Ave Unit 3F-B Flushing, NY	2.0	2.0	884	$2,600	$2.94	25d	1	0.27mi
133-08 41st Rd Flushing, NY	2.0	1.0	700	$2,300	$3.29	26d	1	0.28mi
13239 Pople Ave Unit 6D Flushing, NY	1.0	1.0	750	$2,500	$3.33	6d	1	0.29mi
13226 Avery Ave Unit 8A Flushing, NY	2.0	2.0	725	$2,800	$3.86	5d	1	0.34mi
13222 41st Rd #501 Flushing, NY	2.0	2.0	843	$3,400	$4.03	26d	1	0.35mi
13203 Sanford Ave Unit 7E Flushing, NY	2.0	2.0	702	$2,800	$3.99	26d	1	0.37mi
4142 College Point Blvd Unit 6A Flushing, NY	2.0	2.0	868	$3,000	$3.46	3d	1	0.39mi
4229 Parsons Blvd Unit 6B Flushing, NY	3.0	2.0	860	$3,400	$3.95	26d	1	0.42mi
13835 39th Ave Flushing, NY	2.0–3.0	2.0	1000	$4,500	$4.50	3d	2	0.44mi
13835 39th Ave Flushing, NY	2.0	2.0	1014	$4,350	$4.29	26d	2	0.44mi
4022 College Point Blvd Flushing, NY	1.0–2.0	1.0–2.0	983	$4,000	$4.07	26d	2	0.48mi
13101 40th Rd Unit 2P Flushing, NY	1.0	1.0	761	$3,300	$4.34	26d	1	0.49mi
4028 College Point Blvd #912 Flushing, NY	2.0	2.0	1083	$4,200	$3.88	26d	1	0.49mi
13119 Fowler Ave Unit 7C Flushing, NY	2.0	2.0	810	$3,300	$4.07	20d	1	0.50mi
13327 39th Ave Unit 3N Flushing, NY	1.0	1.0	720	$3,600	$5.00	26d	1	0.51mi
13675 37th Ave Unit 3H Flushing, NY	1.0	1.0	750	$3,500	$4.67	1d	1	0.52mi
14238 37th Ave Unit 4C Flushing, NY	2.0	2.0	820	$2,800	$3.41	26d	1	0.52mi
3641 Union St Unit 2B Flushing, NY	2.0	1.0	968	$3,100	$3.20	26d	1	0.55mi
13105 40th Rd Flushing, NY	2.0	1.0–2.0	762	$4,500	$5.90	5d	3	0.56mi
13105 40th Rd Flushing, NY	1.0	1.0	626	$3,350	$5.35	20d	3	0.56mi
137-02 Northern Blvd Unit 2F Flushing, NY	1.0	1.0	800	$2,550	$3.19	1d	1	0.57mi
137-02 Northern Blvd Unit 6K Flushing, NY	2.0	1.0	900	$2,850	$3.17	12d	1	0.57mi
36-20 Parsons Blvd Unit 5D Flushing, NY	2.0	1.0	900	$2,600	$2.89	16d	1	0.63mi
13702 Northern Blvd Flushing, NY	1.0–2.0	1.0	850	$2,850	$3.35	9d	2	0.65mi
14731 Barclay Ave Flushing, NY	2.0	1.0	900	$2,500	$2.78	26d	1	0.65mi
142-23 Booth Memorial Ave Unit 1 Flushing, NY	3.0	1.0	1064	$3,200	$3.01	6d	1	0.66mi
4156 149th St Flushing, NY	3.0	1.0	1000	$3,000	$3.00	26d	1	0.67mi
141-25 Northern Blvd Unit A14 Flushing, NY	1.0	1.0	880	$2,350	$2.67	12d	1	0.68mi
13225 58th Ave Flushing, NY	3.0	3.0	1300	$3,500	$2.69	6d	1	0.70mi
14489 38th Ave Unit 4C Flushing, NY	1.0	1.0	790	$2,400	$3.04	26d	1	0.70mi
40-10 149th St Fl 3 Flushing, NY	3.0	2.0	1030	$2,900	$2.82	14d	1	0.73mi
40-10 149th St Fl 1 Flushing, NY	2.0	1.0	900	$2,200	$2.44	16d	1	0.73mi
3371 Prince St Unit 7C Flushing, NY	2.0	2.0	773	$4,025	$5.21	17d	1	0.77mi
3371 Prince St Unit 8J Flushing, NY	2.0	2.0	741	$4,075	$5.50	17d	1	0.77mi
3371 Prince St Unit 8F Flushing, NY	2.0	2.0	716	$4,050	$5.66	17d	1	0.77mi
3371 Prince St Unit 6K Flushing, NY	2.0	2.0	768	$4,000	$5.21	17d	1	0.77mi

HOA detail condo

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

Listing history 8 events

1. 2026-01-30
   status Pending
2. 2025-08-21
   listed $424,000 Active
3. 2025-07-31
   historical
4. 2025-02-05
   listed $429,000 Active
5. 2024-12-10
   historical
6. 2024-07-03
   price $425,000
7. 2024-02-24
   price $427,888
8. 2024-01-19
   listed $434,888 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 27% 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: $38,816
• − Mortgage interest: −$23,751
• − Property taxes: −$6,360
• − Insurance: −$2,120
• − Repairs & maintenance: −$3,105
• − Management: −$3,105
• − HOA: −$14,232
• − Depreciation: −$12,335
• Taxable loss: −$26,191
• Est. tax savings @ 24.0%: +$6,286
• After-tax cash flow: $-12,443/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): 80,801
• Household income: $55,326
• Rent vs Own: 66.6% rent · 33.4% own
• Severe rent burden: 6765.0

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: Predominantly Asian (75%)
• Race & ethnicity: Asian 75% Hispanic / Latino 14% White 7% Two or more races 4% Black 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Dominican 2%
• Common ancestry: Scotch-Irish 1%
• Foreign-born: 72% · China, Canada, South Korea
• Languages at home: 16% English-only · Chinese 58% Spanish 12% Other Indo-European 6%

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: ▲ 1.09%
• Current HPI: 253.1482
• Rent YoY: ▲ 3.93%
• 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

-2.5% since first listed

8 events — show timeline

• 2026-01-30 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-08-21 Listed $424,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-31 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-02-05 Listed $429,000 OneKey® MLS as Distributed by MLS Grid
• 2024-12-10 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-07-03 Price Changed $425,000 OneKey® MLS as Distributed by MLS Grid
• 2024-02-24 Price Changed $427,888 OneKey® MLS as Distributed by MLS Grid
• 2024-01-19 Listed $434,888 OneKey® MLS as Distributed by MLS Grid