98-22 Alstyne Ave · New York, NY 11368

$899,000

None bd · 2.0 ba · 1,317 sqft · MultiFamily public records · 109 Days on market

Built 1930 1,639 sqft lot Est $860k · at est.

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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).

• Appreciation +8.7/10.0
• Cash flow +6.4/30.0
• ARV discount +5.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.7/10.0
• 1% rule +0.6/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Welcome to this magnificent gem located in the heart of Corona. Legal Attached Two Family being used as a One Family. Hardwood Floors throughout the House. 4 Total Bedrooms. 2.5 Total Bathrooms. Low Taxes ($5440). 16 x 102.42 Lot Size. R5 Zoning. 2 Electric & 1 Gas Meters. First Floor: Porch. Large Living Room. Dining Room. Kitchen. A Spacious Bedroom. Full Bathroom. A Bonus Office Room Area. On the Second Floor: 3 Spacious Bedrooms. A Full Bathroom. Finished Basement w/ Storage Space, Laundry, Half Bathroom & a Separate Entrance. Spacious Backyard with/ 2 Car Parking Spots. Conveniently located near Big Brand Stores (Costco, Aldis, Queens Center Mall & More) Near the Subw

Key facts

• 1,639 sq ft lot
• Built 1930
• Listed 109 days

Tags

• HARDWOOD FLOORS THROUGHOUT

What this means for you Summary

Snapshot

• This is a 2 × ?-bed/1.0-bath units multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $-2k ($-19k/yr) — negative. Per door: $-782/mo.
• To cash-flow at today's rent, offer at most $623k (30.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $505k (43.8% below list).
• Recommended offer: $505k (43.8% below list) — sets the bar for 1% rule.
• Cap rate 4.2% 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: 243 active listings in the ZIP; 32 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 $5,054/mo this rent would consume 84% of the median local household income ($72k/yr) (locally 6817% 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 $73k of equity ($6k loan paydown + $67k appreciation (7.4% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$116k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 109 days — a 9% lower offer ($818k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — 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 $505,400 (43.8% 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 109 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.56% ✗
• Cap rate: 4.20%
• Cash-on-cash: -7.46%
• DSCR: 0.67
• GRM: 14.8

CMA / ARV

• ARV (on-the-fly): $860,001
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
53-16 96th St	0.28mi	5/2.0	1,272 (-3%)	9mo	$870,000	$684	74
100-30 Martense Ave	0.42mi	5/2.0	1,260 (-4%)	4mo	$820,000	$651	70
102-56 46th Ave	0.28mi	3/2.0	1,440 (+9%)	4mo	$810,000	$563	68
102-09 Martense Ave	0.41mi	6/2.0	1,440 (+9%)	1mo	$940,000	$653	64
106-09 Otis Ave	0.52mi	9/2.0	1,260 (-4%)	9mo	$1,510,000	$1,198	61

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.4% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.9%
• Equity multiple: 1.94×
• Total profit: $236,160
• Equity at exit: $646,609

10-year hold

• IRR: 13.2%
• Equity multiple: 4.01×
• Total profit: $758,653
• Equity at exit: $1,250,283

Cash invested: $251,720 (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 11368

• Home prices YoY: 2.7%
• Active inventory: 243
• Price-to-rent: 29.6×

Monthly cashflow live

• Estimated rent: $5,054 high
• Mortgage (P&I): −$4,714
• Tax from tax record: −$468 /mo · $5,618/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,061
• Net cashflow: $-1,565

Break-even live

Break-even rent $7,034

Max offer price $622,613

Occupancy floor —

Sensitivity live

Price	-10% $-1,056	-5% $-1,310	+0% $-1,565	+5% $-1,819	+10% $-2,073
Rent	-10% $-1,964	-5% $-1,764	+0% $-1,565	+5% $-1,365	+10% $-1,165
Rate	-1.0pp $-1,112	-0.5pp $-1,336	base $-1,565	+0.5pp $-1,798	+1.0pp $-2,035

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	0	1	$5,054
Total (2 units)			$5,054

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4911 108th St Unit 4A Corona, NY	3.0	2.0	1027	$3,600	$3.51	18d	1	0.47mi
9209 43rd Ave Unit 2 Elmhurst, NY	3.0	1.5	1100	$3,200	$2.91	25d	1	0.49mi
54-01 108th St Unit 2R Flushing, NY	2.0	1.0	1000	$3,050	$3.05	25d	1	0.52mi
91-04 43rd Ave Unit 2ND Elmhurst, NY	3.0	1.0	1100	$3,600	$3.27	25d	1	0.54mi
10869 50th Ave Corona, NY	3.0	1.0	912	$3,300	$3.62	25d	1	0.59mi
94-30 60th Ave Apt 1H Queens, NY	3.0	1.5	1200	$3,200	$2.67	25d	1	0.60mi
40-85 Denman St Unit 2 Elmhurst, NY	3.0	1.5	1100	$3,200	$2.91	21d	1	0.65mi
4050 Case St Elmhurst, NY	3.0	2.0	988	$3,900	$3.95	8d	1	0.68mi
6145 98th St Rego Park, NY	1.0–3.0	1.0	825	$2,775	$3.36	3d	3	0.69mi
6145 98th St Rego Park, NY	1.0–3.0	1.0	825	$2,850	$3.45	25d	3	0.69mi
102-06 63rd Ave #2 Queens, NY	2.0	1.0	1000	$3,000	$3.00	25d	1	0.81mi
6336 99th St Unit 5E Rego Park, NY	2.0	2.5	1333	$4,600	$3.45	5d	1	0.84mi
9941 64th Ave Unit C16 Rego Park, NY	2.0	1.0	1100	$3,200	$2.91	0d	1	0.91mi
60-24 Wetherole St Unit 3rd Fl Elmhurst, NY	3.0	2.0	1000	$3,400	$3.40	4d	1	0.92mi
9941 64th Ave Rego Park, NY	1.0–2.0	1.0	975	$3,200	$3.28	20d	2	0.93mi
61-20 Grand Central Pkwy Unit Bb706 Forest Hills, NY	2.0	1.0	970	$2,850	$2.94	20d	1	0.94mi
61-20 Grand Central Pkwy Unit A 106 Forest Hills, NY	2.0	2.0	1300	$3,100	$2.38	20d	1	1.00mi
6405 Yellowstone Blvd Flushing, NY	1.0	1.0–1.5	920	$3,075	$3.34	25d	2	1.00mi
10525 65th Ave Unit 4F Forest Hills, NY	2.0	1.0	980	$3,998	$4.08	16d	1	1.08mi
97-12 65th Rd Apt 23D Rego Park, NY	2.0	2.0	1400	$6,750	$4.82	0d	1	1.10mi
98-81 Queens Blvd Unit 14K Rego Park, NY	2.0	2.0	950	$4,490	$4.73	14d	1	1.14mi
102-39 66th Ave Unit 1 Flushing, NY	2.0	1.0	981	$3,000	$3.06	2d	1	1.14mi
110-55 64th Rd Unit 25 Forest Hills, NY	2.0	2.0	1300	$3,400	$2.62	8d	1	1.16mi
58-14 84th St Unit 2 Flushing, NY	3.0	2.0	1200	$3,650	$3.04	25d	1	1.20mi
58-28 84th St Unit 2 Flushing, NY	3.0	2.0	1200	$3,650	$3.04	25d	1	1.20mi
10210 66th Rd Unit 17B Forest Hills, NY	2.0	1.0	1175	$3,350	$2.85	5d	1	1.22mi
10025 Queens Blvd Unit 3M Forest Hills, NY	2.0	1.0	925	$2,900	$3.14	25d	1	1.25mi
54-40 80th St Unit 1 Elmhurst, NY	2.0	2.0	956	$3,000	$3.14	25d	1	1.37mi
5440 80th St Elmhurst, NY	2.0	2.0	996	$3,000	$3.01	3d	1	1.37mi
631-27 Fitchett St Unit 1 Flushing, NY	2.0	1.0	1100	$3,800	$3.45	0d	1	1.42mi
63127 Fitchett St Rego Park, NY	1.0	1.0	900	$2,800	$3.11	3d	1	1.42mi
25-45 97th St Unit 2 Flushing, NY	2.0	1.0	1260	$2,800	$2.22	8d	1	1.47mi

Listing history 5 events

1. 2025-07-03
   soldstatus $855,000
2. 2025-02-27
   status Pending
3. 2024-11-10
   listed $899,000 Active
4. 1996-10-09
   soldstatus $145,000
5. 1996-05-10
   soldstatus $96,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $5,618 · $468/mo
• Projected year-2 tax: $10,406 · $867/mo
• Expected delta: +$4,787/yr (+$399/mo · 85.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% 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: $60,648
• − Mortgage interest: −$50,358
• − Property taxes: −$5,618
• − Insurance: −$4,495
• − Repairs & maintenance: −$4,852
• − Management: −$4,852
• − Depreciation: −$26,153
• Taxable loss: −$35,680
• Est. tax savings @ 24.0%: +$8,563
• After-tax cash flow: $-10,212/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): 105,716
• Household income: $72,270
• Rent vs Own: 76.9% rent · 23.1% own
• Severe rent burden: 6817.0

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 Hispanic (75%)
• Race & ethnicity: Hispanic / Latino 75% Two or more races 14% Asian 12% Black 8% White 4% Native American 1%
• Hispanic origin (detail): Mexican 20% Puerto Rican 2% Dominican 14%
• Foreign-born: 60% · Canada, China, Jamaica
• Languages at home: 15% English-only · Spanish 70% Chinese 6% Other Indo-European 3%

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: ▲ 7.40%
• Current HPI: 282.8276
• Rent YoY: —
• 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

+790.6% since first listed

5 events — show timeline

• 2025-07-03 Sold (Public Records) $855,000 Public Records
• 2025-02-27 Pending — OneKey® MLS as Distributed by MLS Grid
• 2024-11-10 Listed $899,000 OneKey® MLS as Distributed by MLS Grid
• 1996-10-09 Sold (Public Records) $145,000 Public Records
• 1996-05-10 Sold (Public Records) $96,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $5,618 · +3.3% YoY. Source: county tax records.