3020 Lewmay Rd · New York, NY 11691

$660,000

6 bd · 2.0 ba · 1,800 sqft · MultiFamily public records · 21 Days on market

Built 2004 2,000 sqft lot Est $686k · at est.

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Why this score? — see what drove the C 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 +23.9/30.0
• ARV discount +9.2/15.0
• DSCR +7.7/10.0
• 1% rule +5.4/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• 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: 2 units. confirmed

Listing remarks

Amazing two-family property in Rockaway NY near the beach. If you blink it will be Sold. AS-IS SALE property. The Buyer's due diligence needs to be conducted prior to bidding, as the high bidder will receive an AS-IS only contract. Buyer will need to sign Hold Harmless Agreement (HHA) for Code Violations buyer to take as-is

Key facts

• 2,000 sq ft lot
• Built 2004
• Listed 21 days

Property features AI

Finance

• Other:
• Financial info:
• HOA & community:

Exterior

• Parking: No carport; No dedicated parking
• Security:
• Utilities: Public sewer; Utilities: see remarks
• Home design: Duplex; Total building area approximately 1800
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront

Interior

• Kitchen:
• Bedrooms: Two 3-bedroom units
• Flooring:
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas heating; Steam heating; Other heating; No cooling
• Interior features: Other interior features
• Laundry & utility:

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $660k.

Deal economics

• At list price, monthly cash flow is $854 ($10k/yr) — positive. Per door: $427/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $660k).
• Recommended offer: $650k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.6% 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: 137 active listings in the ZIP; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $6,832/mo this rent would consume 146% of the median local household income ($56k/yr) (locally 4702% 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 $5k of loan paydown is wiped out by about $20k 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 21 days — a 2% lower offer ($650k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $650,100 (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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.04% ✓
• Cap rate: 8.62%
• Cash-on-cash: 8.31%
• DSCR: 1.37
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $685,800
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
318 Beach 42nd St	0.52mi	5/3.0 (-1)	1,764 (-2%)	1mo	$659,200	$374	63
636 Beach 22nd St	0.69mi	6/2.0	1,924 (+7%)	7mo	$680,000	$353	50
2407 Brookhaven Ave	0.40mi	6/4.0	2,040 (+13%)	7mo	$777,000	$381	46
472 Beach 43rd St	0.65mi	6/4.0	2,000 (+11%)	2mo	$800,000	$400	42
661 Grassmere Ter	0.59mi	6/5.0	2,000 (+11%)	9mo	$1,165,000	$583	35

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

Projected returns pro-forma

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

5-year hold

• IRR: -7.7%
• Equity multiple: 0.72×
• Total profit: $-52,491
• Equity at exit: $98,408

10-year hold

• IRR: 1.9%
• Equity multiple: 1.13×
• Total profit: $24,671
• Equity at exit: $57,065

Cash invested: $184,800 (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 11691

• Active inventory: 137
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $6,832 medium
• Mortgage (P&I): −$3,461
• Tax from tax record: −$381 /mo · $4,573/yr
• Insurance: −$275
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,435
• Net cashflow: $854

Break-even live

Break-even rent $5,752

Max offer price $660,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$6,832
Total (2 units)			$6,832

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: $165,000
• Closing costs: $19,800
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   status $660,000 Pending 21 DOM
2. 2026-06-17
   days on market $660,000 Active 21 DOM
3. 2026-06-16
   days on market $660,000 Active 20 DOM
4. 2026-06-15
   days on market $660,000 Active 19 DOM
5. 2026-06-13
   days on market $660,000 Active 17 DOM
6. 2026-06-10
   days on market $660,000 Active 13 DOM
7. 2026-06-08
   days on market $660,000 Active 12 DOM
8. 2026-06-08
   days on market $660,000 Active 11 DOM
9. 2026-06-04
   days on market $660,000 Active 8 DOM
10. 2026-06-03
    days on market $660,000 Active 7 DOM
11. 2026-06-02
    days on market $660,000 Active 6 DOM
12. 2026-06-01
    days on market $660,000 Active 5 DOM
13. 2026-05-31
    days on market $660,000 Active 4 DOM
14. 2026-05-27
    listed $660,000 Active

ⓘ 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: $4,573 · $381/mo
• Projected year-2 tax: $7,863 · $655/mo
• Expected delta: +$3,291/yr (+$274/mo · 72.0%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 97% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $81,984
• − Mortgage interest: −$36,970
• − Property taxes: −$4,573
• − Insurance: −$8,418
• − Repairs & maintenance: −$6,559
• − Management: −$6,559
• − Depreciation: −$19,200
• Taxable loss: −$295
• Est. tax savings @ 24.0%: +$71
• After-tax cash flow: $10,314/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): 69,359
• Household income: $56,135
• Rent vs Own: 72.3% rent · 27.7% own
• Severe rent burden: 4702.0

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 0.71)
• Race & ethnicity: Black 40% Hispanic / Latino 26% White 24% Two or more races 12% Asian 4%
• Hispanic origin (detail): Puerto Rican 4% Dominican 5%
• Common ancestry: Hispanic 3% Italian 2% Romanian 2%
• Foreign-born: 35% · Canada, China, Jamaica
• Languages at home: 66% English-only · Spanish 21% French/Haitian/Cajun 2% Russian/Polish/Slavic 2%

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: ▼ -397.66%
• Current HPI: 281.4044
• 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

1 event — show timeline

• 2026-05-27 Listed $660,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+11.0%/yr

Latest (2025): $4,573 · -2.4% YoY. Source: county tax records.