204-20 104th Ave · New York, NY 11412

$1,100,000

12 bd · 9.0 ba · 3,500 sqft · MultiFamily public records · 83 Days on market

Built 1920 Est $840k · 31% over

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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 +21.4/30.0
• DSCR +6.8/10.0
• Schools +5.0/10.0
• 1% rule +4.7/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Lovely 3 family House. Which has great potential. Tenant on 2nd floor and basement. Both tenants would love to stay if acceptable. Owner occupied. New roof has been installed. Fresh coat of paint added to unit 1.

Key facts

• Fresh coat of paint
• New roof
• Garage

Tags

• NEW ROOF
• FRESH COAT OF PAINT

Property features AI

Finance

• HOA & community: Senior community

Exterior

• Parking: Garage (1 space)
• Utilities: Public sewer; Cable connected; Electricity connected; Natural gas connected; Public trash collection; Water connected
• Home design: Triplex property
• Construction: Stone and vinyl siding construction
• Exterior features: Stone and vinyl siding exterior; Not waterfront

Interior

• Kitchen: Open kitchen
• Bedrooms: Contains at least one 4-bedroom unit
• Bathrooms: Three full bathrooms
• Heating & cooling: Natural gas heating; Steam heating; No central cooling
• Interior features: Open floorplan; Open kitchen

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $541/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.06M (3.4% below list).
• Recommended offer: $1.03M (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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: 145 active listings in the ZIP; 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 $8k of loan paydown is wiped out by about $33k 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 83 days — a 6% lower offer ($1.03M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 109999900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,033,999 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 8.06%
• Cash-on-cash: 6.33%
• DSCR: 1.28
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $840,000
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109-93 202nd St	0.31mi	11/3.5 (-1)	3,000 (-14%)	11mo	$720,000	$240	33

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

Projected returns pro-forma

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

5-year hold

• IRR: -6.6%
• Equity multiple: 0.76×
• Total profit: $-75,177
• Equity at exit: $164,014

10-year hold

• IRR: 3.0%
• Equity multiple: 1.22×
• Total profit: $66,281
• Equity at exit: $95,108

Cash invested: $308,000 (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 11412

• Active inventory: 145
• Price-to-rent: 25.9×

Monthly cashflow live

• Estimated rent: $10,624 high
• Mortgage (P&I): −$5,769
• Tax from tax record: −$542 /mo · $6,508/yr
• Insurance: −$458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,231
• Net cashflow: $1,624

Break-even live

Break-even rent $8,569

Max offer price $1,100,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$10,623
Total (3 units)			$10,624

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $1,100,000 Active 83 DOM
2. 2026-06-17
   days on market $1,100,000 Active 82 DOM
3. 2026-06-15
   days on market $1,100,000 Active 80 DOM
4. 2026-06-13
   days on market $1,100,000 Active 78 DOM
5. 2026-06-10
   days on market $1,100,000 Active 74 DOM
6. 2026-06-08
   days on market $1,100,000 Active 73 DOM
7. 2026-06-08
   days on market $1,100,000 Active 72 DOM
8. 2026-06-04
   days on market $1,100,000 Active 69 DOM
9. 2026-06-03
   days on market $1,100,000 Active 68 DOM
10. 2026-06-01
    days on market $1,100,000 Active 66 DOM
11. 2026-05-31
    days on market $1,100,000 Active 65 DOM
12. 2026-03-27
    price $1,100,000
13. 2026-03-27
    listed $1 Active
14. 2025-10-20
    price $1,100,000
15. 2025-09-23
    price $1,200,000
16. 2025-09-17
    price $1,100,000
17. 2025-09-17
    listed $11,000 Active

ⓘ 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: $6,508 · $542/mo
• Projected year-2 tax: $12,549 · $1,046/mo
• Expected delta: +$6,041/yr (+$503/mo · 92.8%)

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

Taxation est. · year 1

• Rental income: $127,488
• − Mortgage interest: −$61,617
• − Property taxes: −$6,508
• − Insurance: −$5,500
• − Repairs & maintenance: −$10,199
• − Management: −$10,199
• − Depreciation: −$32,000
• Taxable income: $1,465
• Est. tax owed @ 24.0%: −$352
• After-tax cash flow: $19,134/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
• City population: 7,731,280
• Population (ZIP): 41,350

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 Black (78%)
• Race & ethnicity: Black 78% Hispanic / Latino 9% Two or more races 5% Asian 4% White 1%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Hispanic 7%
• Foreign-born: 42% · Canada
• Languages at home: 82% English-only · French/Haitian/Cajun 6% Spanish 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: ▼ -413.59%
• Current HPI: 302.063
• 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

+9900.0% since first listed

6 events — show timeline

• 2026-03-27 Price Changed $1,100,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-27 Listed $1 OneKey® MLS as Distributed by MLS Grid
• 2025-10-20 Price Changed $1,100,000 OneKey® MLS as Distributed by MLS Grid
• 2025-09-23 Price Changed $1,200,000 OneKey® MLS as Distributed by MLS Grid
• 2025-09-17 Price Changed $1,100,000 OneKey® MLS as Distributed by MLS Grid
• 2025-09-17 Listed $11,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+3.4%/yr

Latest (2025): $6,508 · +3.4% YoY. Source: county tax records.