84-20 51 Ave Unit 6H · New York, NY 11373

$195,000

1 bd · 1.0 ba · 500 sqft · Condo · 193 Days on market

Built 1956 ↓ 7% since listing

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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 +8.6/30.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +5.0/10.0
• Appreciation +4.5/10.0
• Rent growth +4.3/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0

Listing remarks

Large studio convert to one bedroom apartment legally. Super low maintenance $498 includes everything except electricity. Close to all shopping. 5 minutes walk to subway and supermarket. Super convenience. Must see!!!!

Key facts

• Walk to subway
• Close to shopping
• Low maintenance

Tags

• STUDIO CONVERT TO ONE BEDROOM
• LOW MAINTENANCE
• CLOSE TO SHOPPING
• WALK TO SUBWAY
• WALK TO SUPERMARKET

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $195k.

Deal economics

• At list price, monthly cash flow is $-233 ($-3k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $172k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.3% 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 (+7.2%/yr); 266 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 37% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-1.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $2k 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 193 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 2 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: flood insurance adds $66/mo; HOA is 26% of rent; built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $171,600 (12.0% 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 193 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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?
12. 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.
13. 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.
14. 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: 5.27%
• Cash-on-cash: -3.65%
• DSCR: 0.84
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.98% appreciation · 7.15% rent growth · sell at horizon

5-year hold

• IRR: -7.8%
• Equity multiple: 0.65×
• Total profit: $-19,203
• Equity at exit: $47,239

10-year hold

• IRR: 4.1%
• Equity multiple: 1.47×
• Total profit: $25,404
• Equity at exit: $49,748

Cash invested: $54,600 (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 11373

• Home prices YoY: -0.4%
• Rents YoY: 7.2%
• Active inventory: 266
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,232 high
• Mortgage (P&I): −$1,023
• Tax est. 1.5%: −$244 /mo · $2,925/yr
• Insurance: −$81
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA est. from 1 same-building comp: −$582
• Vacancy / Maint / Mgmt: −$469
• Net cashflow: $-233

Break-even live

Break-even rent $2,527

Max offer price $161,329

Occupancy floor —

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
86-16 60th Ave Unit 1K Queens, NY	1.0	1.0	750	$2,300	$3.07	25d	1	0.59mi
40-38 82nd St Apt 3C Elmhurst, NY	—	1.0	350	$1,600	$4.57	24d	1	0.64mi
9430 58th Ave Unit 3A Elmhurst, NY	—	1.0	530	$1,800	$3.40	11d	1	0.71mi
37-27 86th St Unit 6N Flushing, NY	—	1.0	650	$1,900	$2.92	25d	1	0.77mi
3716 83rd St Jackson Heights, NY	1.0	1.0	700	$1,800	$2.57	19d	1	0.81mi
6125 97th St Unit 4D Rego Park, NY	—	1.0	650	$2,300	$3.54	5d	1	0.93mi
6155 98th St Unit 8B Rego Park, NY	1.0	1.0	700	$2,500	$3.57	5d	1	1.01mi
6347 Booth St Unit 3C Rego Park, NY	1.0	1.0	700	$3,400	$4.86	25d	1	1.01mi
9710 62nd Dr Unit 9F Rego Park, NY	1.0	1.0	750	$2,700	$3.60	4d	1	1.02mi
9707 63rd Rd Unit 15B Rego Park, NY	1.0	1.0	700	$2,300	$3.29	2d	1	1.06mi
6145 98th St Rego Park, NY	1.0–3.0	1.0	825	$2,350	$2.85	3d	3	1.10mi
6145 98th St Rego Park, NY	1.0–3.0	1.0	825	$2,500	$3.03	25d	3	1.10mi
3730 103rd St Corona, NY	1.0	1.0	540	$1,800	$3.33	19d	1	1.25mi
97-12 65th Rd Unit 4-C Rego Park, NY	1.0	1.0	650	$3,350	$5.15	5d	1	1.29mi
98-81 Queens Blvd Unit 15E Rego Park, NY	1.0	1.0	700	$3,335	$4.76	5d	1	1.43mi
6620 Wetherole St Rego Park, NY	1.0–2.0	1.0–2.0	700	$2,400	$3.43	25d	2	1.47mi

HOA detail condo

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

Listing history 4 events

1. 2026-04-03
   status Pending
2. 2025-09-22
   listed $195,000 Active
3. 2025-02-04
   price $195,000
4. 2024-10-24
   listed $209,995 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 7/10 Severe FEMA zone X (unshaded) · 77% 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,785
• − Mortgage interest: −$10,923
• − Property taxes: −$2,925
• − Insurance: −$1,772
• − Repairs & maintenance: −$2,143
• − Management: −$2,143
• − HOA: −$6,984
• − Depreciation: −$5,673
• Taxable loss: −$5,778
• Est. tax savings @ 24.0%: +$1,387
• After-tax cash flow: $-1,406/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): 98,403
• Household income: $71,480
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 7283.0

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 0.58)
• Race & ethnicity: Asian 48% Hispanic / Latino 43% Two or more races 8% White 5% Black 2%
• Hispanic origin (detail): Mexican 13% Puerto Rican 1% Dominican 4%
• Common ancestry: Romanian 1%
• Foreign-born: 66% · Canada, China, Jamaica
• Languages at home: 14% English-only · Spanish 40% Chinese 16% Other Indo-European 13%

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: ▼ -0.98%
• Current HPI: 244.1055
• Rent YoY: ▲ 7.15%
• 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

-7.1% since first listed

4 events — show timeline

• 2026-04-03 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-09-22 Listed $195,000 OneKey® MLS as Distributed by MLS Grid
• 2025-02-04 Price Changed $195,000 OneKey® MLS as Distributed by MLS Grid
• 2024-10-24 Listed $209,995 OneKey® MLS as Distributed by MLS Grid