8746 Chelsea St Unit 3J · New York, NY 11432

$295,000

2 bd · 1.0 ba · 815 sqft · Condo public records · 66 Days on market

Built 1961

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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 +17.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• Schools +5.0/10.0
• 1% rule +4.7/10.0
• Livability +3.8/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful 2 Bedroom Coop Apt on the 3rd floor of this elevator building. Close to train, bus, school etc.

Key facts

• Built 1961
• Listed 66 days

Property features AI

Exterior

• Parking: On-street parking; No carport; No parking fee
• Utilities: Public sewer; Cable available; Electricity available and connected
• Home design: Stock cooperative; 7-story building; One level unit; Entry level: 3
• Construction: Brick foundation (brick/mortar)
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Gas Range; Refrigerator
• Bedrooms: 3 total rooms (includes bedrooms and living areas)
• Flooring: Wood flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Other heating
• Interior features: Other interior features; Common basement

🏢 Co-op / cooperative unit. The $295,000 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 $295k.

Deal economics

• At list price, monthly cash flow is $231 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $287k (2.6% below list).
• Recommended offer: $277k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 $2,873/mo this rent would consume 47% of the median local household income ($74k/yr) (locally 4385% 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 $2k of loan paydown is wiped out by about $9k 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 66 days — a 6% lower offer ($277k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 17y ago; this cycle's ask has dropped $40k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 53% 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 $277,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 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 1961 — 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. 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?
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: 0.97% ✗
• Cap rate: 7.23%
• Cash-on-cash: 3.36%
• DSCR: 1.15
• GRM: 8.6

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: -13.6%
• Equity multiple: 0.52×
• Total profit: $-39,396
• Equity at exit: $43,985

10-year hold

• IRR: -8.7%
• Equity multiple: 0.51×
• Total profit: $-40,123
• Equity at exit: $25,506

Cash invested: $82,600 (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: 8.6×

Monthly cashflow live

• Estimated rent: $2,873 high
• Mortgage (P&I): −$1,547
• Tax est. 1.5%: −$369 /mo · $4,425/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$603
• Net cashflow: $231

Break-even live

Break-even rent $2,581

Max offer price $295,000

Occupancy floor 87%

Sensitivity live

Price	-10% $435	-5% $333	+0% $231	+5% $129	+10% $27
Rent	-10% $4	-5% $118	+0% $231	+5% $345	+10% $458
Rate	-1.0pp $380	-0.5pp $306	base $231	+0.5pp $155	+1.0pp $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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
190-11 Hillside Ave Apt 202 Hollis, NY	1.0	1.0	700	$2,700	$3.86	25d	1	0.25mi
190-11 Hillside Ave Unit 304 Hollis, NY	1.0	1.0	700	$2,600	$3.71	15d	1	0.25mi
193-14 Jamaica Ave Unit 2 Floor Jamaica, NY	3.0	2.0	1000	$3,195	$3.19	12d	1	0.50mi
177-30 Wexford Ter Apt 806 Jamaica, NY	2.0	1.0	1090	$3,400	$3.12	15d	1	0.54mi
177-30 Wexford Ter Unit 201 Jamaica, NY	1.0	1.0	730	$2,700	$3.70	3d	1	0.54mi
177-30 Wexford Ter Unit 603 Jamaica, NY	2.0	1.0	800	$3,300	$4.12	25d	1	0.54mi
177-30 Wexford Ter Unit 502 Jamaica, NY	2.0	1.0	1100	$3,270	$2.97	12d	1	0.54mi
177-30 Wexford Ter Unit 404 Jamaica, NY	1.0	1.0	700	$2,600	$3.71	3d	1	0.54mi
177-30 Wexford Ter Unit 311 Jamaica, NY	1.0	1.0	700	$2,600	$3.71	14d	1	0.54mi
177-30 Wexford Ter Unit 802 Jamaica, NY	2.0	1.0	900	$3,300	$3.67	3d	1	0.54mi
177-16 Wexford Ter Unit 401 Jamaica, NY	1.0	1.0	700	$2,600	$3.71	14d	1	0.57mi
197-10 Foothill Ave Unit 1st floor Jamaica, NY	3.0	2.0	1100	$3,600	$3.27	6d	1	0.59mi
175-32 Devonshire Rd Unit 1st Floor Jamaica, NY	3.0	2.0	1100	$3,300	$3.00	11d	1	0.62mi
175-32 Devonshire Rd Unit 1st Floor Jamaica, NY	3.0	2.0	1100	$3,300	$3.00	25d	1	0.62mi
8737 Marengo St #1 Hollis, NY	1.0	1.0	720	$1,950	$2.71	11d	1	0.66mi
8712 175th St Unit 6B Jamaica, NY	2.0	2.0	876	$3,000	$3.42	25d	1	0.68mi
190-24 102nd Ave Unit First floor Jamaica, NY	3.0	1.5	1000	$3,000	$3.00	25d	1	0.68mi
17218 Jamaica Ave Unit 501 Jamaica, NY	2.0	2.0	939	$3,300	$3.51	25d	1	0.78mi
17218 Jamaica Ave Unit 3D Jamaica, NY	1.0	1.0	638	$2,900	$4.55	18d	1	0.78mi
17218 Jamaica Ave Unit 4D Jamaica, NY	1.0	1.0	638	$2,900	$4.55	25d	1	0.78mi
90-48 171st St Jamaica, NY	2.0	1.0	1000	$2,750	$2.75	25d	1	0.85mi
17814 80th Dr Jamaica, NY	3.0	1.5	1100	$5,499	$5.00	4d	1	0.95mi
84-73 168th Pl Unit 2nd floor Jamaica, NY	3.0	2.0	1000	$3,200	$3.20	19d	1	1.02mi
8827 208th St Queens Village, NY	1.0	1.0	640	$1,900	$2.97	25d	1	1.08mi
105-17 170th St Unit 1 Jamaica, NY	3.0	2.0	850	$3,200	$3.76	25d	1	1.12mi
103-20 168th Pl Unit 2nd floor Jamaica, NY	3.0	1.0	1000	$2,900	$2.90	25d	1	1.15mi
104-23 203rd St Unit 1 Jamaica, NY	2.0	1.0	900	$2,975	$3.31	12d	1	1.16mi
206-03 Jamaica Ave Unit 2ND Queens Village, NY	1.0	1.0	630	$2,696	$4.28	25d	1	1.16mi
73-49 188th St Unit 2 Flushing, NY	1.0	1.0	650	$2,000	$3.08	25d	1	1.20mi
7364 196th St Fresh Meadows, NY	3.0	2.5	1000	$5,500	$5.50	25d	1	1.26mi
88-56 162nd St Apt 2D Jamaica, NY	2.0	1.0	1000	$3,000	$3.00	25d	1	1.36mi
178-05 69th Ave Unit 2 Flushing, NY	2.0	1.0	750	$2,700	$3.60	25d	1	1.38mi
76-40 170th St #1 Flushing, NY	2.0	1.0	924	$2,800	$3.03	0d	1	1.40mi
11141 202nd St Saint Albans, NY	3.0	1.0	900	$2,750	$3.06	25d	1	1.41mi
89-15 Parsons Blvd Unit W6B Jamaica, NY	1.0	1.0	725	$2,100	$2.90	19d	1	1.47mi
80-12 165th St Unit 3 Jamaica, NY	2.0	1.5	960	$2,800	$2.92	25d	1	1.48mi
16525 Union Tpke Fresh Meadows, NY	2.0	1.0	1000	$2,900	$2.90	25d	1	1.48mi
7731 166th St Fresh Meadows, NY	3.0	1.0	1000	$2,700	$2.70	8d	1	1.49mi
16020 84th Rd Jamaica, NY	3.0	1.5	900	$900	$1.00	17d	1	1.50mi

HOA detail condo

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

Listing history 17 events

1. 2026-06-18
   days on market $295,000 Active 66 DOM
2. 2026-06-17
   days on market $295,000 Active 65 DOM
3. 2026-06-15
   days on market $295,000 Active 63 DOM
4. 2026-06-13
   days on market $295,000 Active 61 DOM
5. 2026-06-10
   days on market $295,000 Active 57 DOM
6. 2026-06-08
   days on market $295,000 Active 56 DOM
7. 2026-06-08
   days on market $295,000 Active 55 DOM
8. 2026-06-04
   days on market $295,000 Active 52 DOM
9. 2026-06-03
   days on market $295,000 Active 51 DOM
10. 2026-06-01
    days on market $295,000 Active 49 DOM
11. 2026-05-31
    days on market $295,000 Active 48 DOM
12. 2026-05-21
    price $295,000
13. 2026-04-13
    listed $335,000 Active
14. 2011-05-25
    historical
15. 2010-12-21
    status
16. 2010-04-05
    historical Under Contract
17. 2009-08-03
    listed $179,900 New

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 13% 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 53% 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: $34,479
• − Mortgage interest: −$16,525
• − Property taxes: −$4,425
• − Insurance: −$1,475
• − Repairs & maintenance: −$2,758
• − Management: −$2,758
• − Depreciation: −$8,582
• Taxable loss: −$2,044
• Est. tax savings @ 24.0%: +$491
• After-tax cash flow: $3,265/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

+64.0% since first listed

6 events — show timeline

• 2026-05-21 Price Changed $295,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-13 Listed $335,000 OneKey® MLS as Distributed by MLS Grid
• 2011-05-25 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2010-12-21 Pending — OneKey® MLS as Distributed by MLS Grid
• 2010-04-05 Contingent — OneKey® MLS as Distributed by MLS Grid
• 2009-08-03 Listed $179,900 OneKey® MLS as Distributed by MLS Grid