61-51 Borden Ave · New York, NY 11378

$870,000

24 bd · 12.0 ba · 1,536 sqft · MultiFamily public records · 103 Days on market

Built 1925 1,767 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 6 units. estimate disagrees with records

Listing remarks

Renovated 2-family Colonial in the heart of Maspeth featuring 4 bedrooms and 2 full bathrooms. This well-maintained property offers a private entrance for the second-floor unit, making it ideal for end-users or investors seeking rental income potential. Interior highlights include a full unfinished basement with expansion possibilities and separate living spaces for added flexibility. Exterior features a private backyard, perfect for outdoor enjoyment. Built in 1925, this attached multi-family sits on a 1,767 sq ft lot and is conveniently located near shopping, schools, and transportation. Excellent opportunity for both homeowners and investors.

Key facts

• Private backyard
• Private entrance
• 1,767 sq ft lot

Tags

• PRIVATE ENTRANCE
• PRIVATE BACKYARD

Property features AI

Exterior

• Parking: No carport
• Utilities: Public sewer; Cable available
• Home design: Duplex
• Construction: Frame construction
• Exterior features: Frame construction; Back yard fencing; Above-ground private pool; Not waterfront

Interior

• Bedrooms: One 1-bedroom unit; One 3-bedroom unit
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating (natural gas); Wall/window air conditioning units
• Interior features: First-floor bedroom; Full unfinished basement

What this means for you Summary

Snapshot

• This is a 6 × 4-bed/?-bath units multifamily listed at $870k.

Deal economics

• At list price, monthly cash flow is $11k ($131k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $870k).
• Recommended offer: $792k (9.0% below list) — sets the bar for market timing.
• Cap rate 21.4% 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.
• Zoned schools: Ps 229 Emanuel Kaplan (math 63% / reading 74%, grade B+, #517 of 2,108 statewide, top 25%, 1,114 students, 75% FRL); Is 73 Frank Sansivieri Intermediate School (The) (math 48% / reading 71%, grade B, #161 of 729 statewide, top 24%, 1,799 students, 72% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: Rents rising fast (+11.9%/yr); 134 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $20,794/mo this rent would consume 291% of the median local household income ($86k/yr) (locally 1573% 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 (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $26k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $244k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($792k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y 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.
• Current owner paid $595k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $791,700 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% 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 1925 — 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. 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.
10. 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.
11. 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: 2.39% ✓
• Cap rate: 21.40%
• Cash-on-cash: 53.96%
• DSCR: 3.40
• GRM: 3.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 57.5%
• Equity multiple: 3.74×
• Total profit: $666,602
• Equity at exit: $129,720

10-year hold

• IRR: 64.2%
• Equity multiple: 9.12×
• Total profit: $1,978,961
• Equity at exit: $75,222

Cash invested: $243,600 (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 11378

• Home prices YoY: -21.9%
• Rents YoY: 11.9%
• Active inventory: 134
• Price-to-rent: 20.9×

Monthly cashflow live

• Estimated rent: $20,794 medium
• Mortgage (P&I): −$4,562
• Tax from tax record: −$548 /mo · $6,573/yr
• Insurance: −$362
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,367
• Net cashflow: $10,955

Break-even live

Break-even rent $6,927

Max offer price $870,000

Occupancy floor 42%

Sensitivity live

Price	-10% $11,447	-5% $11,201	+0% $10,955	+5% $10,708	+10% $10,462
Rent	-10% $9,312	-5% $10,133	+0% $10,955	+5% $11,776	+10% $12,597
Rate	-1.0pp $11,393	-0.5pp $11,176	base $10,955	+0.5pp $10,729	+1.0pp $10,500

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

Units	Beds	Baths	Est. rent
▸ 6× units	4	—	$20,796
Total (6 units)			$20,794

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: $217,500
• Closing costs: $26,100
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-05-11
   status Pending
2. 2026-05-01
   historical
3. 2026-03-23
   status Active
4. 2025-11-03
   status Active
5. 2025-11-03
   price $870,000
6. 2025-07-28
   listed $850,000 Active
7. 2021-04-02
   historical
8. 2020-10-16
   price $849,000
9. 2020-08-17
   listed $950,000 Active
10. 2015-09-09
    soldstatus $595,000
11. 2015-03-31
    historical
12. 2014-11-23
    listed $679,000

ⓘ 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: $6,573 · $548/mo
• Projected year-2 tax: $10,638 · $887/mo
• Expected delta: +$4,065/yr (+$339/mo · 61.8%)

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

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 · 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: $249,528
• − Mortgage interest: −$48,734
• − Property taxes: −$6,573
• − Insurance: −$4,350
• − Repairs & maintenance: −$19,962
• − Management: −$19,962
• − Depreciation: −$25,309
• Taxable income: $124,638
• Est. tax owed @ 24.0%: −$29,913
• After-tax cash flow: $101,542/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): 36,392
• Household income: $85,830
• Rent vs Own: 44.6% rent · 55.4% own
• Severe rent burden: 1573.0

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 0.63)
• Race & ethnicity: White 48% Hispanic / Latino 35% Asian 15% Two or more races 11%
• Hispanic origin (detail): Mexican 5% Puerto Rican 6% Dominican 4%
• Common ancestry: Romanian 16% Italian 1% Scotch-Irish 1%
• Foreign-born: 41% · Canada, China, Jamaica
• Languages at home: 39% English-only · Spanish 27% Russian/Polish/Slavic 16% Chinese 8%

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: ▼ -100.25%
• Current HPI: 358.595
• Rent YoY: ▲ 11.88%
• 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

+28.1% since first listed

12 events — show timeline

• 2026-05-11 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-05-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-03-23 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-11-03 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-11-03 Price Changed $870,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-28 Listed $850,000 OneKey® MLS as Distributed by MLS Grid
• 2021-04-02 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-10-16 Price Changed $849,000 OneKey® MLS as Distributed by MLS Grid
• 2020-08-17 Listed $950,000 OneKey® MLS as Distributed by MLS Grid
• 2015-09-09 Sold (Public Records) $595,000 Public Records
• 2015-03-31 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2014-11-23 Listed $679,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+13.1%/yr

Latest (2025): $6,573 · +0.2% YoY. Source: county tax records.