87-10 51st Ave Unit 7A · New York, NY 11373

$319,000

1 bd · 1.0 ba · 758 sqft · Condo · 12 Days on market

Built 1962

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Why this score? — see what drove the F 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
• Schools +5.0/10.0
• Appreciation +4.5/10.0
• Rent growth +4.3/5.0
• Livability +3.8/5.0
• 1% rule +3.0/10.0
• Cash flow +2.9/30.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks

Welcome to The Continental Park, a gated co-op in the heart of Elmhurst, Queens. This priced to sell 2-bedroom convertible is a true blank canvas. The layout offers a deep, oversized living room with flexibility to open up the galley kitchen and completely reimagine the flow. Knock down the kitchen walls for an open-concept layout. The closet next to the kitchen can hold a stackable washer/dryer unit, or your refrigerator to create more space in the kitchen. The king-sized primary bedroom easily fits a desk for a home office, and the unit is lined with generous, floor-to-ceiling closet space throughout - storage will never be a concern. A 75 sq ft private terrace adds even more breathing ro

Key facts

• Garage
• Built 1962
• Listed 11 days

Property features AI

Finance

• HOA & community: Association: Orsid; Community clubhouse; On-site fitness center; Gated community; Park; Playground

Exterior

• Parking: Attached parking; One-car garage
• Utilities: Public sewer; Cable available; Electricity connected; Natural gas connected; Phone available; Sewer connected; Water connected
• Home design: Stock cooperative; Entry level: 7; Actual property condition
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Dishwasher; Freezer; Gas cooktop; Gas oven; Refrigerator; Trash compactor
• Bedrooms: Bedroom on first floor
• Flooring: Hardwood
• Bathrooms: One full bathroom
• Heating & cooling: Hot water heating; Natural gas heating; Wall/window air conditioning unit(s)
• Interior features: First-floor bedroom; First-floor full bath; Elevator; Entrance foyer; Galley-style kitchen; Natural woodwork; Walk-through kitchen
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $319k.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $291k (8.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $254k (20.3% below list).
• Recommended offer: $254k (20.3% below list) — sets the bar for 1% rule.

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 7 Louis F Simeone (math 49% / reading 54%, grade C-, #1,041 of 2,108 statewide, top 50%, 1,200 students, 83% FRL); Is 227 Louis Armstrong (math 52% / reading 69%, grade B+, #153 of 729 statewide, top 21%, 1,528 students, 68% 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 (+7.2%/yr); 270 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• This rent runs 43% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-1.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $3k 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

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.
• 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 $254,239 (20.3% 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. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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. 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?
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: 0.80% ✗
• Cap rate: 2.37%
• Cash-on-cash: -14.03%
• DSCR: 0.38
• GRM: 10.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.98% appreciation · 7.15% rent growth · sell at horizon

5-year hold

• IRR: -20.2%
• Equity multiple: 0.12×
• Total profit: $-78,637
• Equity at exit: $77,279

10-year hold

• IRR: -8.3%
• Equity multiple: 0.15×
• Total profit: $-76,136
• Equity at exit: $81,383

Cash invested: $89,320 (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 11373

• Home prices YoY: -0.4%
• Rents YoY: 7.2%
• Active inventory: 270
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $2,542 high
• Mortgage (P&I): −$1,673
• Tax est. 1.5%: −$399 /mo · $4,785/yr
• Insurance: −$133
• HOA est. from 4 same-building comps: −$848
• Vacancy / Maint / Mgmt: −$534
• Net cashflow: $-1,044

Break-even live

Break-even rent $3,864

Max offer price $167,924

Occupancy floor —

Sensitivity live

Price	-10% $-824	-5% $-934	+0% $-1,044	+5% $-1,154	+10% $-1,265
Rent	-10% $-1,245	-5% $-1,144	+0% $-1,044	+5% $-944	+10% $-843
Rate	-1.0pp $-883	-0.5pp $-963	base $-1,044	+0.5pp $-1,127	+1.0pp $-1,211

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8360 Vietor Ave Unit 6P Elmhurst, NY	2.0	1.0	850	$2,650	$3.12	17d	1	0.40mi
9430 58th Ave Unit 3A Elmhurst, NY	—	1.0	530	$1,800	$3.40	13d	1	0.58mi
86-16 60th Ave Unit 1K Queens, NY	1.0	1.0	750	$2,300	$3.07	26d	1	0.60mi
40-24 Aske St Unit 1FL Flushing, NY	1.0	1.0	800	$2,800	$3.50	1d	1	0.65mi
37-27 86th St Unit 6N Flushing, NY	—	1.0	650	$1,900	$2.92	26d	1	0.73mi
54-40 80th St Unit 1 Elmhurst, NY	2.0	2.0	956	$3,000	$3.14	26d	1	0.75mi
5440 80th St Elmhurst, NY	2.0	2.0	996	$3,000	$3.01	4d	1	0.75mi
6125 97th St Unit 4D Rego Park, NY	—	1.0	650	$2,300	$3.54	6d	1	0.81mi
3716 83rd St Jackson Heights, NY	1.0	1.0	700	$1,800	$2.57	21d	1	0.81mi
62-98 Saunders St Unit 4P Flushing, NY	1.0	1.0	700	$2,400	$3.43	0d	1	0.82mi
6155 98th St Unit 8B Rego Park, NY	1.0	1.0	700	$2,500	$3.57	6d	1	0.88mi
9710 62nd Dr Unit 9F Rego Park, NY	1.0	1.0	750	$2,700	$3.60	6d	1	0.91mi
8910 35th Ave Unit E1L Jackson Heights, NY	2.0	1.0	850	$3,050	$3.59	26d	1	0.92mi
6347 Booth St Unit 3C Rego Park, NY	1.0	1.0	700	$3,400	$4.86	26d	1	0.94mi
10302 42nd Ave Unit 4D Corona, NY	2.0	1.5	761	$3,400	$4.47	21d	1	0.94mi
9707 63rd Rd Unit 15B Rego Park, NY	1.0	1.0	700	$2,300	$3.29	4d	1	0.96mi
6145 98th St Rego Park, NY	1.0–3.0	1.0	825	$2,350	$2.85	4d	3	0.98mi
6145 98th St Rego Park, NY	1.0–3.0	1.0	825	$2,500	$3.03	26d	3	0.98mi
9725 64th Ave Rego Park, NY	1.0	1.0	760	$1,800	$2.37	21d	1	1.05mi
3730 103rd St Corona, NY	1.0	1.0	540	$1,800	$3.33	21d	1	1.11mi
9810 64th Ave Rego Park, NY	1.0	1.0	825	$2,125	$2.58	19d	2	1.12mi
9810 64th Ave Rego Park, NY	1.0–2.0	1.0–2.0	850	$2,450	$2.88	1d	2	1.12mi
9825 64th Rd Unit 8F Rego Park, NY	2.0	1.0	850	$2,400	$2.82	3d	1	1.16mi
102-45 62nd Rd Unit 7J Forest Hills, NY	1.0	1.0	770	$2,950	$3.83	26d	1	1.16mi
54-01 108th St Unit 2R Flushing, NY	2.0	1.0	1000	$3,050	$3.05	26d	1	1.17mi
102-06 63rd Ave #2 Queens, NY	2.0	1.0	1000	$3,000	$3.00	26d	1	1.18mi
97-12 65th Rd Unit 4-C Rego Park, NY	1.0	1.0	650	$3,350	$5.15	7d	1	1.20mi
97-12 65th Rd Unit 18-E Rego Park, NY	1.0	1.0	600	$3,650	$6.08	1d	1	1.20mi
9941 64th Ave Unit C16 Rego Park, NY	2.0	1.0	1100	$3,200	$2.91	1d	1	1.22mi
9941 64th Ave Rego Park, NY	1.0–2.0	1.0	975	$2,400	$2.46	21d	2	1.23mi
97-12 65th Rd Apt 5D Rego Park, NY	1.0	1.0	800	$3,395	$4.24	7d	1	1.23mi
631-27 Fitchett St Unit 1 Flushing, NY	2.0	1.0	1100	$3,800	$3.45	1d	1	1.27mi
63127 Fitchett St Rego Park, NY	1.0	1.0	900	$2,800	$3.11	4d	1	1.27mi
9876 Queens Blvd Unit 3A Rego Park, NY	1.0	1.0	820	$2,900	$3.54	26d	1	1.33mi
98-81 Queens Blvd Unit 14K Rego Park, NY	2.0	2.0	950	$4,490	$4.73	15d	1	1.33mi
98-81 Queens Blvd Unit 15E Rego Park, NY	1.0	1.0	700	$3,335	$4.76	7d	1	1.33mi
6405 Yellowstone Blvd Unit 403S Forest Hills, NY	1.0	1.0	720	$3,100	$4.31	26d	1	1.38mi
6405 Yellowstone Blvd Flushing, NY	1.0	1.0–1.5	920	$3,075	$3.34	26d	2	1.38mi
66-01 Burns St Apt 3v Rego Park, NY	1.0	1.0	820	$2,300	$2.80	22d	1	1.39mi
6620 Wetherole St Rego Park, NY	1.0–2.0	1.0–2.0	700	$2,400	$3.43	26d	2	1.39mi

HOA detail condo

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

Listing history 8 events

1. 2026-06-21
   days on market $319,000 Active 12 DOM
2. 2026-06-18
   days on market $319,000 Active 9 DOM
3. 2026-06-17
   days on market $319,000 Active 8 DOM
4. 2026-06-16
   days on market $319,000 Active 7 DOM
5. 2026-06-15
   days on market $319,000 Active 6 DOM
6. 2026-06-13
   statusdays on market $319,000 Active 4 DOM
7. 2026-06-08
   remarks 699-char remark
8. 2026-06-08
   listed $319,000 Coming Soon 1 DOM

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

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: $30,509
• − Mortgage interest: −$17,869
• − Property taxes: −$4,785
• − Insurance: −$1,595
• − Repairs & maintenance: −$2,441
• − Management: −$2,441
• − HOA: −$10,176
• − Depreciation: −$9,280
• Taxable loss: −$18,078
• Est. tax savings @ 24.0%: +$4,339
• After-tax cash flow: $-8,190/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): 98,403
• Household income: $71,480
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 7283.0

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 0.58)
• Race & ethnicity: Asian 48% Hispanic / Latino 43% Two or more races 8% White 5% Black 2%
• Hispanic origin (detail): Mexican 13% Puerto Rican 1% Dominican 4%
• Common ancestry: Romanian 1%
• Foreign-born: 66% · Canada, China, Jamaica
• Languages at home: 14% English-only · Spanish 40% Chinese 16% Other Indo-European 13%

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: ▼ -0.98%
• Current HPI: 244.1055
• Rent YoY: ▲ 7.15%
• 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

• 2026-06-08 Coming Soon $319,000 OneKey® MLS as Distributed by MLS Grid