31-65 138th St Unit 1J · New York, NY 11354

$280,000

1 bd · 1.0 ba · 880 sqft · Condo public records · 6 Days on market

Built 1960

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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 +18.5/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• 1% rule +5.0/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Rare opportunity to own the largest one-bedroom layout in Linden Towers! This move-in ready J-line apartment features a sought-after eat-in kitchen with stainless steel appliances, updated flooring, a walk-in closet, and an expansive floor plan. Generous room sizes and a comfortable, functional layout provide exceptional space for everyday living and entertaining. Situated in a well-kept elevator building, residents benefit from landscaped grounds, on-site laundry, a live-in super, and available indoor/outdoor parking (short waitlist). The low monthly maintenance—which covers gas, electricity, heat, hot water, and property taxes—adds to the exceptional value. Ideally located in

Key facts

• Landscaped grounds
• Walk-in closet
• Expansive floor plan

Tags

• EAT-IN KITCHEN
• STAINLESS STEEL APPLIANCES
• WALK-IN CLOSET
• EXPANSIVE FLOOR PLAN
• LANDSCAPED GROUNDS
• ON-SITE LAUNDRY

Property features AI

Exterior

• Parking: Garage; Parking lot; Waitlist for parking
• Utilities: Public sewer; Cable available; Electricity connected; Natural gas connected; Water connected; Sewer connected
• Home design: Stock cooperative; Entry level: 1
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Gas cooktop; Gas oven; Microwave; Refrigerator; Stainless steel appliances
• Bedrooms: 3 total rooms (includes one first-floor bedroom)
• Bathrooms: 1 full bathroom
• Heating & cooling: Oil heating; Steam heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; First-floor full bath; Eat-in kitchen; Elevator access; No pets allowed
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $280k.

Deal economics

• At list price, monthly cash flow is $268 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $279k (0.4% below list).
• Recommended offer: $279k (0.4% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% 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 (+2.8%/yr); 661 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $2,789/mo this rent would consume 51% of the median local household income ($66k/yr) (locally 4119% 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 $2k of loan paydown is wiped out by about $8k 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 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 14y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• 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 $278,868 (0.4% below list)

Questions for the listing agent

1. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.00% ✗
• Cap rate: 7.44%
• Cash-on-cash: 4.10%
• DSCR: 1.18
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.78% rent growth · sell at horizon

5-year hold

• IRR: -10.1%
• Equity multiple: 0.63×
• Total profit: $-28,874
• Equity at exit: $41,749

10-year hold

• IRR: -1.0%
• Equity multiple: 0.93×
• Total profit: $-5,506
• Equity at exit: $24,209

Cash invested: $78,400 (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 11354

• Home prices YoY: -33.9%
• Rents YoY: 2.8%
• Active inventory: 661
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,789 high
• Mortgage (P&I): −$1,468
• Tax est. 1.5%: −$350 /mo · $4,200/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$586
• Net cashflow: $268

Break-even live

Break-even rent $2,449

Max offer price $280,000

Occupancy floor 85%

Sensitivity live

Price	-10% $462	-5% $365	+0% $268	+5% $171	+10% $75
Rent	-10% $48	-5% $158	+0% $268	+5% $378	+10% $488
Rate	-1.0pp $409	-0.5pp $339	base $268	+0.5pp $195	+1.0pp $122

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3132 Union St Unit 4G Flushing, NY	1.0	1.0	650	$2,400	$3.69	9d	1	0.16mi
139-31 34th Ave Unit 3rd fl Flushing, NY	2.0	1.0	900	$2,500	$2.78	26d	1	0.17mi
3132 Union St Flushing, NY	1.0	1.0	625	$2,400	$3.84	20d	1	0.18mi
140-16 34th Ave Apt 1003 Flushing, NY	2.0	2.0	1100	$3,300	$3.00	26d	1	0.24mi
14016 34th Ave Unit 1210 Flushing, NY	2.0	1.0	900	$3,000	$3.33	8d	1	0.24mi
140-16 34th Ave Unit 308 Flushing, NY	—	1.0	600	$2,250	$3.75	26d	1	0.25mi
140-16 34th Ave Unit 1113 Flushing, NY	2.0	1.0	900	$3,000	$3.33	26d	1	0.25mi
140-16 34th Ave Unit 412 Flushing, NY	—	1.0	600	$2,250	$3.75	8d	1	0.25mi
3371 Prince St Unit 7C Flushing, NY	2.0	2.0	773	$4,025	$5.21	17d	1	0.33mi
3371 Prince St Unit 6K Flushing, NY	2.0	2.0	768	$4,000	$5.21	17d	1	0.33mi
3371 Prince St Unit 8J Flushing, NY	2.0	2.0	741	$4,075	$5.50	17d	1	0.33mi
3371 Prince St Unit 8F Flushing, NY	2.0	2.0	716	$4,050	$5.66	17d	1	0.33mi
13702 Northern Blvd Flushing, NY	1.0–2.0	1.0	850	$2,600	$3.06	9d	2	0.34mi
13416 35th Ave Unit 7E Flushing, NY	2.0	2.0	681	$3,300	$4.85	26d	1	0.37mi
13812 Northern Blvd Unit 7F Flushing, NY	1.0	1.0	600	$2,500	$4.17	13d	1	0.38mi
2621 Union St Flushing, NY	1.0	1.0	800	$1,800	$2.25	20d	1	0.39mi
141-25 Northern Blvd Unit A14 Flushing, NY	1.0	1.0	880	$2,350	$2.67	12d	1	0.39mi
145-18 34th Ave Unit 8A Flushing, NY	1.0	2.0	700	$2,400	$3.43	3d	1	0.44mi
3641 Union St Unit 2B Flushing, NY	2.0	1.0	968	$3,100	$3.20	26d	1	0.44mi
137-02 Northern Blvd Unit 6K Flushing, NY	2.0	1.0	900	$2,850	$3.17	12d	1	0.45mi
137-02 Northern Blvd Unit 2F Flushing, NY	1.0	1.0	800	$2,550	$3.19	1d	1	0.45mi
13675 37th Ave Unit 3H Flushing, NY	1.0	1.0	750	$3,500	$4.67	1d	1	0.47mi
36-20 Parsons Blvd Unit 5D Flushing, NY	2.0	1.0	900	$2,600	$2.89	16d	1	0.49mi
14238 37th Ave Unit 4C Flushing, NY	2.0	2.0	820	$2,800	$3.41	26d	1	0.49mi
13835 39th Ave Flushing, NY	2.0–3.0	2.0	1000	$4,500	$4.50	3d	2	0.55mi
13835 39th Ave Flushing, NY	2.0	2.0	1014	$4,350	$4.29	26d	2	0.55mi
14424 37th Ave Unit 5B Flushing, NY	2.0	1.0	560	$2,800	$5.00	26d	1	0.57mi
14489 38th Ave Unit 4C Flushing, NY	1.0	1.0	790	$2,400	$3.04	26d	1	0.65mi
13327 39th Ave Unit 3N Flushing, NY	1.0	1.0	720	$3,600	$5.00	26d	1	0.68mi
14809 Northern Blvd Flushing, NY	2.0–3.0	2.0	1056	$3,500	$3.31	16d	2	0.68mi
3916 Prince St Flushing, NY	1.0	1.0	530	$2,900	$5.47	17d	2	0.69mi
14943 35th Ave Flushing, NY	1.0	1.0	775	$2,450	$3.16	4d	2	0.77mi
14943 35th Ave Flushing, NY	1.0	1.0	750	$2,400	$3.20	3d	1	0.77mi
13101 40th Rd Unit 2P Flushing, NY	1.0	1.0	761	$3,300	$4.34	26d	1	0.80mi
4022 College Point Blvd Flushing, NY	1.0–2.0	1.0–2.0	983	$3,200	$3.25	26d	2	0.81mi
4028 College Point Blvd #912 Flushing, NY	2.0	2.0	1083	$4,200	$3.88	26d	1	0.81mi
150-01 Northern Blvd Flushing, NY	2.0	2.0	850	$2,800	$3.29	26d	1	0.82mi
40-10 149th St Fl 1 Flushing, NY	2.0	1.0	900	$2,200	$2.44	16d	1	0.83mi
14427 Sanford Ave Unit 7G Flushing, NY	2.0	1.0	655	$3,500	$5.34	26d	1	0.85mi
133-08 41st Rd Flushing, NY	2.0	1.0	700	$2,300	$3.29	26d	1	0.87mi

HOA detail condo

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

Listing history 5 events

1. 2026-06-21
   days on market $280,000 Active 6 DOM
2. 2026-06-18
   days on market $280,000 Active 3 DOM
3. 2026-06-17
   days on market $280,000 Active 2 DOM
4. 2026-06-15
   remarks 687-char remark
5. 2026-06-15
   listed $280,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 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 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,464
• − Mortgage interest: −$15,684
• − Property taxes: −$4,200
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,677
• − Management: −$2,677
• − Depreciation: −$8,145
• Taxable loss: −$1,320
• Est. tax savings @ 24.0%: +$317
• After-tax cash flow: $3,533/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): 53,028
• Household income: $66,010
• Rent vs Own: 57.6% rent · 42.4% own
• Severe rent burden: 4119.0

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: Majority Asian (64%)
• Race & ethnicity: Asian 64% White 15% Hispanic / Latino 14% Two or more races 6% Black 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Dominican 2%
• Common ancestry: Romanian 1% Italian 1%
• Foreign-born: 66% · China, Canada, South Korea
• Languages at home: 22% English-only · Chinese 43% Spanish 14% Korean 11%

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: ▼ -131.64%
• Current HPI: 257.0828
• Rent YoY: ▲ 2.78%
• 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

+106.1% since first listed

9 events — show timeline

• 2026-06-15 Listed $280,000 OneKey® MLS as Distributed by MLS Grid
• 2015-06-10 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2014-06-04 Listed $169,000 OneKey® MLS as Distributed by MLS Grid
• 2013-07-19 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2013-04-09 Listed $138,000 OneKey® MLS as Distributed by MLS Grid
• 2013-03-04 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2012-08-15 Listed $135,888 OneKey® MLS as Distributed by MLS Grid
• 2012-08-07 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2012-05-12 Listed $135,888 OneKey® MLS as Distributed by MLS Grid