264-15 Langston Ave Unit E-2 · New York, NY 11004

$389,900

2 bd · 1.0 ba · 766 sqft · Condo · 62 Days on market

Built 1950 Fair condition

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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 +13.1/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +3.9/10.0
• Livability +3.8/5.0
• 1% rule +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Location, Location!! Large 2 Bedroom "E" upper, Full corner with east, south and west exposures, Lots of natural light, Large terrace with retractable awning overlooks beautiful courtyard and NST golf course, Well maintained basic interior offers great potential, 3 wall air conditioners. Located at the very end of Langston.

Key facts

• Built 1950
• Listed 62 days

Property features AI

Exterior

• Parking: Off-street private parking lot
• Utilities: Electricity connected (Con-Edison); Natural gas connected; Water connected; Public sewer; Private trash collection
• Home design: Stock cooperative; Living area reported from plans
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: 4 total rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating; Wall/window air conditioning units
• Interior features: Other interior features; Full attic with pull-down stairs; 2 total stories; Entry on first level; Cats and dogs allowed
• Laundry & utility: No basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $390k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-17 ($-208/yr) — negative.
• To cash-flow at today's rent, offer at most $387k (0.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $339k (13.1% below list).
• Recommended offer: $339k (13.1% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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: 82 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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 62 days — a 6% lower offer ($367k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• 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 $338,888 (13.1% 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 62 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.87% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.19%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.6%
• Equity multiple: 0.41×
• Total profit: $-64,231
• Equity at exit: $58,135

10-year hold

• IRR: -8.4%
• Equity multiple: 0.48×
• Total profit: $-57,142
• Equity at exit: $33,711

Cash invested: $109,172 (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 11004

• Active inventory: 82
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $3,389 high
• Mortgage (P&I): −$2,045
• Tax est. 1.5%: −$487 /mo · $5,848/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$712
• Net cashflow: $-17

Break-even live

Break-even rent $3,411

Max offer price $387,397

Occupancy floor 96%

Sensitivity live

Price	-10% $252	-5% $117	+0% $-17	+5% $-152	+10% $-287
Rent	-10% $-285	-5% $-151	+0% $-17	+5% $117	+10% $250
Rate	-1.0pp $179	-0.5pp $82	base $-17	+0.5pp $-118	+1.0pp $-221

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: $97,475
• Closing costs: $11,697
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7608 269th St New Hyde Park, NY	3.0	2.0	1031	$4,500	$4.36	0d	1	0.37mi
253-15 60th Ave Unit 2nd Floor Flushing, NY	3.0	2.0	1100	$3,500	$3.18	3d	1	0.76mi
48 79th Ave New Hyde Park, NY	3.0	2.0	1109	$4,500	$4.06	44d	1	0.77mi
245-63 61st Ave Unit 1FL Flushing, NY	3.0	2.0	1000	$3,000	$3.00	24d	1	0.93mi
245-24 77th Cres Jamaica, NY	2.0	1.0	785	$2,600	$3.31	19d	1	0.95mi
246-17 Union Tpke Unit A Bellerose, NY	3.0	1.0	799	$3,200	$4.01	25d	1	0.95mi
76-37 Commonwealth Blvd Unit 2 Jamaica, NY	1.0	1.0	641	$2,200	$3.43	25d	1	0.98mi
240-53 68th Ave Unit 1st Floor Douglaston, NY	2.0	1.0	900	$2,500	$2.78	25d	1	1.24mi
85-16 Little Neck Pkwy #1 Queens, NY	2.0	1.0	865	$2,750	$3.18	15d	1	1.41mi

HOA detail condo

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

Listing history 15 events

1. 2026-06-18
   days on market $389,900 Active 62 DOM
2. 2026-06-17
   days on market $389,900 Active 61 DOM
3. 2026-06-15
   days on market $389,900 Active 59 DOM
4. 2026-06-13
   days on market $389,900 Active 57 DOM
5. 2026-06-10
   days on market $389,900 Active 53 DOM
6. 2026-06-08
   days on market $389,900 Active 52 DOM
7. 2026-06-08
   days on market $389,900 Active 51 DOM
8. 2026-06-04
   days on market $389,900 Active 48 DOM
9. 2026-06-03
   days on market $389,900 Active 47 DOM
10. 2026-06-01
    days on market $389,900 Active 45 DOM
11. 2026-05-31
    days on market $389,900 Active 44 DOM
12. 2026-05-14
    status Active
13. 2026-05-06
    status Pending
14. 2026-04-10
    listed $389,900 Active
15. 2026-04-01
    historical $389,900

ⓘ 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 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥97°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 · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,667
• − Mortgage interest: −$21,840
• − Property taxes: −$5,848
• − Insurance: −$1,950
• − Repairs & maintenance: −$3,253
• − Management: −$3,253
• − Depreciation: −$11,343
• Taxable loss: −$6,821
• Est. tax savings @ 24.0%: +$1,637
• After-tax cash flow: $1,430/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 · 10 photos

Fair 45/100 Moderate rehab

This townhouse requires moderate repairs and maintenance to improve its condition and value. Painting the exterior and interior, and replacing the carpet would significantly enhance its curb appeal and interior comfort.

Repairs flagged

• Minor exterior paint — Some discoloration
• Minor interior paint — Some wear
• Minor kitchen cabinets — Some wear

Value-add opportunities

• Resale Paint exterior — Enhances curb appeal
• Both Replace carpet — Improves comfort and value
• Both Paint interior walls — Enhances interior appearance and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Some discoloration	Minor	$500–3,000
interior paint · Some wear	Minor	$500–3,000
kitchen cabinets · Some wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Resale Paint exterior — Enhances curb appeal ↑
• Both Replace carpet — Improves comfort and value ↑
• Both Paint interior walls — Enhances interior appearance and 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
• City population: 7,731,280
• Population (ZIP): 14,296

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 0.65)
• Race & ethnicity: Asian 52% White 27% Hispanic / Latino 10% Two or more races 6% Black 6%
• Hispanic origin (detail): Puerto Rican 4% Salvadoran 1%
• Common ancestry: Romanian 2% Scotch-Irish 1% Danish 1%
• Foreign-born: 47% · Canada, China, South Korea
• Languages at home: 45% English-only · Other Indo-European 25% Other Asian/Pacific 10% Spanish 7%

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: ▼ -218.37%
• Current HPI: 162.6149
• Rent YoY: —
• Metro: —
• 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

+0.0% since first listed

4 events — show timeline

• 2026-05-14 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-05-06 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-10 Listed $389,900 OneKey® MLS as Distributed by MLS Grid
• 2026-04-01 Coming Soon $389,900 OneKey® MLS as Distributed by MLS Grid