135-44 78th Avenue, Apt 32 C #1 · New York, NY 11367

$230,000

1 bd · 1.0 ba · 750 sqft · Condo · 52 Days on market

Built 1937 ↓ 6% since listing

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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).

• ARV discount +7.5/15.0
• Cash flow +7.4/30.0
• 1% rule +6.5/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

garden style Cooperative units nestled in Kew Gardens Hills. Unit on First floor, every room has windows bright and spacious. Conveniently located near city bus stations, shops, park, restaurants, high ways etc. Well managed cooperative building offers beautiful courtyard and tranquil living styles.

Key facts

• Bright and spacious
• First floor
• Beautiful courtyard

Tags

• FIRST FLOOR
• BRIGHT AND SPACIOUS
• BEAUTIFUL COURTYARD

🏢 Co-op / cooperative unit. The $230,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $230k.

Deal economics

• At list price, monthly cash flow is $-296 ($-4k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $223k (3.0% below list) — sets the bar for market timing.
• Cap rate 4.7% 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: 261 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• This rent runs 42% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 52 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent; built in 1937 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $223,100 (3.0% 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 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1937 — 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. 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. 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: 1.15% ✓
• Cap rate: 4.75%
• Cash-on-cash: -5.51%
• DSCR: 0.75
• GRM: 7.3

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: -25.4%
• Equity multiple: 0.14×
• Total profit: $-55,589
• Equity at exit: $34,294

10-year hold

• IRR: -20.7%
• Equity multiple: -0.10×
• Total profit: $-70,536
• Equity at exit: $19,886

Cash invested: $64,400 (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 11367

• Active inventory: 261
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,637 high
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$288 /mo · $3,450/yr
• Insurance: −$96
• HOA est. from 1 same-building comp: −$790
• Vacancy / Maint / Mgmt: −$554
• Net cashflow: $-296

Break-even live

Break-even rent $3,012

Max offer price $187,187

Occupancy floor —

Sensitivity live

Price	-10% $-137	-5% $-216	+0% $-296	+5% $-375	+10% $-455
Rent	-10% $-504	-5% $-400	+0% $-296	+5% $-192	+10% $-88
Rate	-1.0pp $-180	-0.5pp $-237	base $-296	+0.5pp $-355	+1.0pp $-416

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
135-26 78th Ave Unit 2FL Flushing, NY	2.0	1.0	900	$2,800	$3.11	3d	1	0.04mi
14112 78th Rd Unit 1G Flushing, NY	1.0	1.0	700	$2,200	$3.14	26d	1	0.24mi
7837 Main St Unit 2G Queens, NY	1.0	1.0	700	$2,300	$3.29	26d	1	0.38mi
7835 147th St Unit 2E Flushing, NY	1.0	1.0	700	$2,200	$3.14	7d	1	0.43mi
13915 83rd Ave #717 Jamaica, NY	1.0	1.0	800	$2,400	$3.00	6d	1	0.52mi
123-40 83rd Ave Unit 2107 Jamaica, NY	1.0	1.0	750	$2,573	$3.43	26d	1	0.62mi
123-40 83rd Ave Unit 8B Queens, NY	1.0	1.0	800	$2,450	$3.06	26d	1	0.62mi
84-03 Lander St Unit 2B Jamaica, NY	2.0	2.0	850	$3,250	$3.82	26d	1	0.62mi
14160 84th Rd Unit 2G Jamaica, NY	1.0	1.0	700	$2,200	$3.14	15d	1	0.66mi
141-35 Pershing Cres Unit 1B Jamaica, NY	1.0	1.5	1100	$2,800	$2.55	22d	1	0.67mi
150-25 72nd Rd Flushing, NY	1.0	1.0	700	$2,300	$3.29	26d	1	0.71mi
7540 Austin St Unit 4HR Forest Hills, NY	1.0	1.0	841	$2,600	$3.09	0d	1	0.75mi
8455 Daniels St Unit 5H Jamaica, NY	1.0	1.0	750	$2,300	$3.07	20d	1	0.77mi
11007 73rd Rd Forest Hills, NY	1.0	1.0	950	$1,800	$1.89	20d	1	0.84mi
11019 72nd Rd Unit 1B Forest Hills, NY	1.0	1.0	750	$3,200	$4.27	15d	1	0.85mi
8340 Austin St Unit 7N Kew Gardens, NY	—	1.0	550	$2,000	$3.64	26d	1	0.85mi
71-82 Parsons Blvd Unit 503 Kew Gardens Hills, NY	2.0	1.5	900	$4,000	$4.44	26d	1	0.86mi
71-82 Parsons Blvd Unit 303 Kew Gardens Hills, NY	2.0	1.5	900	$4,000	$4.44	15d	1	0.86mi
71-82 Parsons Blvd Unit 516 Kew Gardens Hills, NY	2.0	1.5	900	$3,500	$3.89	4d	1	0.86mi
71-82 Parsons Blvd Unit 702 Kew Gardens Hills, NY	1.0	1.0	1000	$2,900	$2.90	22d	1	0.86mi
138-28 Queens Blvd Unit 5G Briarwood, NY	1.0	1.0	650	$2,750	$4.23	26d	1	0.89mi
13828 Queens Blvd Unit 2E Briarwood, NY	1.0	1.0	700	$2,600	$3.71	9d	1	0.89mi
13828 Queens Blvd Unit 7A Briarwood, NY	2.0	1.0	810	$3,600	$4.44	26d	1	0.89mi
13828 Queens Blvd Jamaica, NY	1.0	1.0	640	$2,700	$4.22	20d	1	0.89mi
10919 72nd Rd Unit 6F Forest Hills, NY	1.0	1.0	696	$3,485	$5.01	12d	1	0.92mi
10825 72nd Ave Forest Hills, NY	1.0–2.0	1.0	700	$3,500	$5.00	6d	2	0.97mi
108-25 72nd Ave Unit 6B Flushing, NY	2.0	1.0	800	$3,900	$4.88	0d	1	0.97mi
7157 161 St Apt 5B Flushing, NY	2.0	2.0	1100	$2,600	$2.36	26d	1	1.04mi
150 Greenway Ter Forest Hills, NY	1.0–2.0	1.0	937	$3,825	$4.08	22d	2	1.06mi
150 Greenway Ter Forest Hills, NY	1.0–2.0	1.0	937	$3,825	$4.08	0d	2	1.06mi
124-14 Metropolitan Ave Unit 2F Kew Gardens, NY	2.0	1.0	850	$2,900	$3.41	26d	1	1.07mi
11624 Grosvenor Ln Unit 11D Richmond Hill, NY	2.0	2.0	950	$3,200	$3.37	26d	1	1.09mi
8321 Lefferts Blvd Kew Gardens, NY	—	1.0	550	$2,100	$3.82	26d	1	1.09mi
7133 162nd St Unit 3F Fresh Meadows, NY	2.0	2.0	850	$2,700	$3.18	26d	1	1.10mi
80-12 165th St Unit 3 Jamaica, NY	2.0	1.5	960	$2,800	$2.92	26d	1	1.12mi
10740 70th Rd Unit 7F Forest Hills, NY	1.0	1.0	750	$2,650	$3.53	26d	1	1.12mi
163-07 72nd Ave Unit 3G Flushing, NY	2.0	2.0	716	$2,900	$4.05	26d	1	1.12mi
6945 108th St Unit 3F Forest Hills, NY	2.0	1.0	900	$3,600	$4.00	7d	1	1.13mi
16525 Union Tpke Fresh Meadows, NY	2.0	1.0	1000	$2,900	$2.90	26d	1	1.14mi
83-60 118th St Unit 4F Kew Gardens, NY	2.0	1.0	800	$2,500	$3.12	26d	1	1.15mi

HOA detail condo

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

Listing history 3 events

1. 2025-11-21
   status Pending
2. 2025-11-05
   price $230,000
3. 2025-09-30
   listed $245,000 Active

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

Taxation est. · year 1

• Rental income: $31,650
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,532
• − Management: −$2,532
• − HOA: −$9,480
• − Depreciation: −$6,691
• Taxable loss: −$7,069
• Est. tax savings @ 24.0%: +$1,696
• After-tax cash flow: $-1,854/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): 40,923
• Household income: $75,061
• Rent vs Own: 49.5% rent · 50.5% own
• Severe rent burden: 2010.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 42% Asian 25% Hispanic / Latino 19% Black 7% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 3% Dominican 6%
• Common ancestry: Scotch-Irish 5% Romanian 3% Hispanic 1%
• Foreign-born: 41% · China, Canada, Jamaica
• Languages at home: 41% English-only · Chinese 16% Spanish 15% Russian/Polish/Slavic 9%

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: ▼ -211.36%
• Current HPI: 220.6177
• 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

-6.1% since first listed

3 events — show timeline

• 2025-11-21 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-11-05 Price Changed $230,000 OneKey® MLS as Distributed by MLS Grid
• 2025-09-30 Listed $245,000 OneKey® MLS as Distributed by MLS Grid