31-29 47th St · New York, NY 11103

$1,700,000

66 bd · 36.0 ba · 3,660 sqft · MultiFamily public records · 17 Days on market

Built 1928 $1/mo HOA

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Why this score? — see what drove the A- 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
• Appreciation +8.5/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Calling for investors or end users! A very well kept six family building for grab. 5 two bedroom renovated apartments and 1 one bedroom. Full basement for storage, 3 garages and shared driveway. One two bedroom is delivered vacant which can be an owner's residence. Excellent location! Just a block away from the 46th Street subway station on M/R train. All Broadway restaurants, cafes and shops are nearby. Call or email for the building full info.

Key facts

• Six family building
• Shared driveway
• 3 garage spots

Tags

• SIX FAMILY BUILDING
• FULL BASEMENT FOR STORAGE
• SHARED DRIVEWAY
• BLOCK AWAY FROM SUBWAY STATION

Property features AI

Finance

• Other: No pets allowed
• Financial info: Property contains a total of 6 units
• HOA & community: Association fee of $1 monthly

Exterior

• Parking: Three garage spaces
• Security: Intercom
• Utilities: Utilities information not provided
• Home design: Three-story building; Entry level on level 1
• Construction: Construction details not provided
• Exterior features: East and west exposures; Has a view; Lot dimensions approximately 25 x 100

Interior

• Kitchen: Dishwasher; Gas cooktop; Gas oven
• Bedrooms: Total of 6 residential units (bedroom details per unit not provided)
• Flooring: Hardwood
• Bathrooms: Six full bathrooms
• Interior features: Hardwood flooring; Breakfast bar; Kitchen island; Intercom; Unfurnished
• Laundry & utility: Laundry details: see remarks

What this means for you Summary

Snapshot

• This is a 6 × 2-bed/1-bath units multifamily listed at $1.70M.

Deal economics

• At list price, monthly cash flow is $12k ($142k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($29k rent vs $1.70M).
• Recommended offer: $1.67M (1.5% below list) — sets the bar for market timing.
• Cap rate 14.6% 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 (+6.6%/yr); 54 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $29,048/mo this rent would consume 374% of the median local household income ($93k/yr) (locally 2848% 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 $131k of equity ($12k loan paydown + $119k appreciation (7.0% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (7.0% appreciation + 6.6% rent growth), your $476k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$210k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($1.67M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1928 — 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 $1,674,500 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.71% ✓
• Cap rate: 14.63%
• Cash-on-cash: 29.77%
• DSCR: 2.32
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

7.02% appreciation · 6.61% rent growth · sell at horizon

5-year hold

• IRR: 44.7%
• Equity multiple: 4.06×
• Total profit: $1,457,676
• Equity at exit: $1,180,741

10-year hold

• IRR: 42.5%
• Equity multiple: 9.27×
• Total profit: $3,934,756
• Equity at exit: $2,245,312

Cash invested: $476,000 (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 11103

• Home prices YoY: 2.0%
• Rents YoY: 6.6%
• Active inventory: 54
• Price-to-rent: 29.3×

Monthly cashflow live

• Estimated rent: $29,048 medium
• Mortgage (P&I): −$8,915
• Tax from tax record: −$1,515 /mo · $18,174/yr
• Insurance: −$708
• HOA: −$1
• Vacancy / Maint / Mgmt: −$6,100
• Net cashflow: $11,809

Break-even live

Break-even rent $14,100

Max offer price $1,700,000

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$29,046
Total (6 units)			$29,048

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: $425,000
• Closing costs: $51,000
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $1 · $12/yr

Listing history 12 events

1. 2026-06-18
   days on market $1,700,000 Active 17 DOM
2. 2026-06-17
   days on market $1,700,000 Active 16 DOM
3. 2026-06-16
   days on market $1,700,000 Active 15 DOM
4. 2026-06-15
   days on market $1,700,000 Active 14 DOM
5. 2026-06-13
   days on market $1,700,000 Active 12 DOM
6. 2026-06-09
   days on market $1,700,000 Active 8 DOM
7. 2026-06-08
   days on market $1,700,000 Active 7 DOM
8. 2026-06-08
   days on market $1,700,000 Active 6 DOM
9. 2026-06-04
   days on market $1,700,000 Active 3 DOM
10. 2026-06-03
    days on market $1,700,000 Active 2 DOM
11. 2026-06-02
    remarks 449-char remark
12. 2026-06-02
    listed $1,700,000 Active 1 DOM

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $18,174 · $1,515/mo
• Projected year-2 tax: $23,452 · $1,954/mo
• Expected delta: +$5,278/yr (+$440/mo · 29.0%)

ⓘ 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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $348,576
• − Mortgage interest: −$95,226
• − Property taxes: −$18,174
• − Insurance: −$8,500
• − Repairs & maintenance: −$27,886
• − Management: −$27,886
• − HOA: −$12
• − Depreciation: −$49,455
• Taxable income: $121,437
• Est. tax owed @ 24.0%: −$29,145
• After-tax cash flow: $112,564/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): 35,163
• Household income: $93,324
• Rent vs Own: 83.8% rent · 16.2% own
• Severe rent burden: 2848.0

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 54% Hispanic / Latino 26% Two or more races 13% Asian 13% Black 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 4% Dominican 1%
• Common ancestry: Romanian 3% Estonian 2% Scotch-Irish 1%
• Foreign-born: 38% · Canada, Jamaica, China
• Languages at home: 48% English-only · Spanish 21% Other Indo-European 15% Russian/Polish/Slavic 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: ▲ 7.02%
• Current HPI: 363.2787
• Rent YoY: ▲ 6.61%
• 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

• 2026-05-22 Listed $1,700,000 RLS at REBNY

Property tax history

+5.5%/yr

Latest (2025): $18,174 · -1.0% YoY. Source: county tax records.