3921 48th St · New York, NY 11104

$1,325,000

4 bd · 2.0 ba · 1,400 sqft · MultiFamily public records · 173 Days on market

Built 1925 2,375 sqft lot Est $914k · 45% 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 +10.9/30.0
• Schools +5.0/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Appreciation +3.6/10.0
• DSCR +3.2/10.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks

We are proud to present two two-family brick house, with a fully finished basement with a storage and full bath, and a private backyard. Located in the heart of Sunnyside Gardens. Located between Queens Blvd. and Northern Blvd. Short distance to the public transportation (subway and buses), shopping, schools, restaurants, and more. Just a few minutes from NYC. ..

Key facts

• 2,375 sq ft lot
• Built 1925
• Listed 173 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Con Edison electric service; Public sewer; Cable available; Electricity connected; Natural gas connected; Phone available; Sewer connected; Public trash collection; Water connected
• Home design: Townhouse structure; Duplex property subtype; Actual property condition
• Construction: Brick construction
• Exterior features: Balcony; Garden; Rain gutters; Back yard; Front yard; Level lot; Near public transit; Near shops; Partially wooded; Private; Back yard fenced with wood fencing

Interior

• Bedrooms: Two 2-bedroom units (multi-unit property)
• Flooring: Ceramic tile; Hardwood
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas heating; Steam heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; First-floor full bathroom; Storage space; Washer/dryer hookup; Storm door(s)
• Laundry & utility: Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $1.32M.

Deal economics

• At list price, monthly cash flow is $-588 ($-7k/yr) — negative. Per door: $-294/mo.
• To cash-flow at today's rent, offer at most $1.22M (7.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $972k (26.6% below list).
• Recommended offer: $972k (26.6% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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 (+6.3%/yr); 78 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $9,719/mo this rent would consume 145% of the median local household income ($81k/yr) (locally 1859% 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 (-2.7%/yr); year-one equity from $9k of loan paydown is wiped out by about $36k 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 173 days — a 12% lower offer ($1.17M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $174k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $215k; list at $1.32M implies a 516% gain — meaningful room to come down on a strong offer.

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 $971,900 (26.6% 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 173 days. Have you received any prior offers? Is the seller open to a 27% 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 1925 — 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: 0.73% ✗
• Cap rate: 5.76%
• Cash-on-cash: -1.90%
• DSCR: 0.92
• GRM: 11.4

CMA / ARV

• ARV (on-the-fly): $914,200
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3218 42nd St	0.66mi	4/—	1,460 (+4%)	6mo	$937,500	$642	57
3944 55th St	0.36mi	3/2.0 (-1)	1,572 (+12%)	18mo	$940,000	$598	42
47-38 46 St	0.62mi	3/3.0 (-1)	1,394 (-0%)	24mo	$1,030,000	$739	41
36-48 35 St	0.74mi	3/2.0 (-1)	1,600 (+14%)	16mo	$1,045,000	$653	23

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

Projected returns pro-forma

-2.71% appreciation · 6.31% rent growth · sell at horizon

5-year hold

• IRR: -14.5%
• Equity multiple: 0.45×
• Total profit: $-202,914
• Equity at exit: $214,773

10-year hold

• IRR: -2.2%
• Equity multiple: 0.82×
• Total profit: $-65,711
• Equity at exit: $144,346

Cash invested: $371,000 (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 11104

• Home prices YoY: -1.2%
• Rents YoY: 6.3%
• Active inventory: 78
• Price-to-rent: 22.7×

Monthly cashflow live

• Estimated rent: $9,719 medium
• Mortgage (P&I): −$6,948
• Tax from tax record: −$765 /mo · $9,181/yr
• Insurance: −$552
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,041
• Net cashflow: $-588

Break-even live

Break-even rent $10,463

Max offer price $1,221,193

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$9,720
Total (2 units)			$9,719

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: $331,250
• Closing costs: $39,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30-37 38th St Unit 4 Astoria, NY	3.0	2.0	1200	$5,200	$4.33	14d	1	1.05mi

Listing history 9 events

1. 2026-05-08
   status Pending
2. 2026-03-12
   price $1,325,000
3. 2025-12-11
   price $1,375,000
4. 2025-11-16
   listed $1,499,000 Active
5. 2025-11-10
   historical $1,499,000
6. 2024-05-01
   historical
7. 2023-10-24
   listed $1,539,000 Active
8. 2023-10-23
   historical
9. 1995-06-05
   soldstatus $215,000

ⓘ 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: $9,181 · $765/mo
• Projected year-2 tax: $15,787 · $1,316/mo
• Expected delta: +$6,606/yr (+$550/mo · 71.9%)

ⓘ 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: $116,628
• − Mortgage interest: −$74,221
• − Property taxes: −$9,181
• − Insurance: −$6,625
• − Repairs & maintenance: −$9,330
• − Management: −$9,330
• − Depreciation: −$38,545
• Taxable loss: −$30,605
• Est. tax savings @ 24.0%: +$7,345
• After-tax cash flow: $294/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): 26,132
• Household income: $80,709
• Rent vs Own: 79.6% rent · 20.4% own
• Severe rent burden: 1859.0

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 0.70)
• Race & ethnicity: White 38% Asian 28% Hispanic / Latino 27% Two or more races 16% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Dominican 2%
• Common ancestry: Scandinavian 4% Romanian 3% Lithuanian 2%
• Foreign-born: 46% · Canada, Jamaica, China
• Languages at home: 38% English-only · Spanish 24% Other Indo-European 18% Other Asian/Pacific 6%

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: ▼ -2.71%
• Current HPI: 224.0688
• Rent YoY: ▲ 6.31%
• 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

+516.3% since first listed

9 events — show timeline

• 2026-05-08 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-12 Price Changed $1,325,000 OneKey® MLS as Distributed by MLS Grid
• 2025-12-11 Price Changed $1,375,000 OneKey® MLS as Distributed by MLS Grid
• 2025-11-16 Listed $1,499,000 OneKey® MLS as Distributed by MLS Grid
• 2025-11-10 Coming Soon $1,499,000 OneKey® MLS as Distributed by MLS Grid
• 2024-05-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2023-10-24 Listed $1,539,000 OneKey® MLS as Distributed by MLS Grid
• 2023-10-23 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 1995-06-05 Sold (Public Records) $215,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $9,181 · +3.4% YoY. Source: county tax records.