48-21 40th St Unit 4B · New York, NY 11104

$550,000

2 bd · 1.0 ba · 750 sqft · Condo · 14 Days on market

Built 1955 Good condition

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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 +14.5/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +4.4/10.0
• Rent growth +4.1/5.0
• 1% rule +4.0/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Appreciation +3.6/10.0

Listing remarks

Great opportunity to live in this very well-maintained and excellently located building. Bright and airy 2-Bedroom features high ceilings, hardwood floors and ample closet space. Building amenities include: live-in superintendent, laundry, parking (waitlist) and bike room (waitlist). Maintenance: $955.56 includes heat and water. 20% minimum down payment. No Flip Tax. Pet friendly and elevator building. Subletting permitted after one year, subject to Board approval. Close to Greenpoint Avenue, shopping, schools, restaurants, and major highways. Three blocks to #7 subway and bus lines. 15 minutes to midtown Manhattan.

Key facts

• Ample closet space
• High ceilings
• Hardwood floors

Tags

• HIGH CEILINGS
• HARDWOOD FLOORS
• AMPLE CLOSET SPACE
• ELEVATOR BUILDING
• CLOSE TO GREENPOINT AVENUE
• THREE BLOCKS TO SUBWAY

Property features AI

Exterior

• Parking: On-street parking available; 1-car garage; Waitlist for parking
• Utilities: Electricity connected; Natural gas connected; Public sewer; Sewer connected; Water connected; Public trash collection
• Home design: Stock cooperative; Living area measured by CubiCasa
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Dishwasher; Gas oven; Refrigerator
• Bedrooms: Entry level is 4
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: Elevator; Galley-style kitchen; Pets allowed

🏢 Co-op / cooperative unit. The $550,000 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 $550k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $124 ($1k/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 $497k (9.7% below list).
• Recommended offer: $497k (9.7% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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 (+6.3%/yr); 78 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $4,969/mo this rent would consume 74% of the median local household income ($81k/yr) (locally 1859% 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 (-2.7%/yr); year-one equity from $4k of loan paydown is wiped out by about $15k 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

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $496,857 (9.7% below list)

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.90% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.97%
• DSCR: 1.04
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.71% appreciation · 6.31% rent growth · sell at horizon

5-year hold

• IRR: -9.6%
• Equity multiple: 0.63×
• Total profit: $-57,324
• Equity at exit: $89,151

10-year hold

• IRR: 3.1%
• Equity multiple: 1.27×
• Total profit: $41,447
• Equity at exit: $59,917

Cash invested: $154,000 (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 11104

• Home prices YoY: -1.2%
• Rents YoY: 6.3%
• Active inventory: 78
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $4,969 high
• Mortgage (P&I): −$2,884
• Tax est. 1.5%: −$688 /mo · $8,250/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,043
• Net cashflow: $124

Break-even live

Break-even rent $4,811

Max offer price $550,000

Occupancy floor 92%

Sensitivity live

Price	-10% $504	-5% $314	+0% $124	+5% $-66	+10% $-256
Rent	-10% $-268	-5% $-72	+0% $124	+5% $321	+10% $517
Rate	-1.0pp $401	-0.5pp $264	base $124	+0.5pp $-18	+1.0pp $-163

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: $137,500
• Closing costs: $16,500
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2719 44th Dr Long Island City, NY	1.0	1.0	628	$4,945	$7.87	8d	2	1.03mi
34-35 44th St Astoria, NY	1.0–2.0	1.0–2.0	613	$5,794	$9.45	0d	23	1.14mi
3705 30th St Long Island City, NY	2.0	1.0–2.0	700	$6,180	$8.83	11d	3	1.16mi
3 Court Sq W #907 Long Island City, NY	2.0	2.0	930	$6,300	$6.77	25d	1	1.19mi
285 Kingsland Ave #2078 Brooklyn, NY	1.0–2.0	1.0–2.0	725	$6,380	$8.80	25d	2	1.25mi

HOA detail condo

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

Listing history 9 events

1. 2026-06-21
   days on market $550,000 Active 14 DOM
2. 2026-06-18
   days on market $550,000 Active 11 DOM
3. 2026-06-17
   days on market $550,000 Active 10 DOM
4. 2026-06-16
   days on market $550,000 Active 9 DOM
5. 2026-06-15
   days on market $550,000 Active 8 DOM
6. 2026-06-13
   days on market $550,000 Active 6 DOM
7. 2026-06-09
   days on market $550,000 Active 2 DOM
8. 2026-06-08
   remarks 623-char remark
9. 2026-06-08
   listed $550,000 Active 1 DOM

ⓘ 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 · 14 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: $59,623
• − Mortgage interest: −$30,809
• − Property taxes: −$8,250
• − Insurance: −$2,750
• − Repairs & maintenance: −$4,770
• − Management: −$4,770
• − Depreciation: −$16,000
• Taxable loss: −$7,725
• Est. tax savings @ 24.0%: +$1,854
• After-tax cash flow: $3,345/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained and well-located 2-bedroom condo is ready for immediate move-in. It offers a good return on investment with potential for further value increases through minor cosmetic updates.

Value-add opportunities

• Both Painting the exterior brick facade — Enhances curb appeal and can increase both resale and rental value.
• Both Updating the kitchen appliances — Modernizes the space and can attract more buyers or renters.
• Both Reorganizing the living room furniture — Creates a more inviting and functional living space, which can increase both resale and rental value.
• Both Upgrading the HVAC system — Improves comfort and energy efficiency, which can increase both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior brick facade — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Updating the kitchen appliances — Modernizes the space and can attract more buyers or renters. ↑
• Both Reorganizing the living room furniture — Creates a more inviting and functional living space, which can increase both resale and rental value. ↑
• Both Upgrading the HVAC system — Improves comfort and energy efficiency, which can increase both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 26,132
• Household income: $80,709
• Rent vs Own: 79.6% rent · 20.4% own
• Severe rent burden: 1859.0

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 0.70)
• Race & ethnicity: White 38% Asian 28% Hispanic / Latino 27% Two or more races 16% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Dominican 2%
• Common ancestry: Scandinavian 4% Romanian 3% Lithuanian 2%
• Foreign-born: 46% · Canada, Jamaica, China
• Languages at home: 38% English-only · Spanish 24% Other Indo-European 18% Other Asian/Pacific 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: ▼ -2.71%
• Current HPI: 224.0688
• Rent YoY: ▲ 6.31%
• 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 event — show timeline

• 2026-06-07 Listed $550,000 OneKey® MLS as Distributed by MLS Grid