60-85 55 St · New York, NY 11378

$1,100,000

6 bd · 3.0 ba · 2,750 sqft · MultiFamily public records · 349 Days on market

Built 1915 Est $1422k · 23% under

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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 +15.6/30.0
• ARV discount +15.0/15.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• DSCR +4.8/10.0
• Livability +3.8/5.0
• 1% rule +3.3/10.0
• 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: 3 units. confirmed

Listing remarks

Legal 3 family semi-detached corner property with finished basement and separate 2 car garage. New boiler, new windows, roof is 15 years old. This home is a definite money-making property. Great for investors, good income potential.

Key facts

• Garage
• Built 1915
• Listed 349 days

Property features AI

Exterior

• Parking: Detached private parking; One garage space
• Utilities: Public sewer; Electricity connected; Water connected
• Home design: Triplex
• Construction: Frame and stucco construction; Finished full basement
• Exterior features: Frame and stucco construction; Not waterfront

Interior

• Kitchen: Eat-in kitchen(s)
• Bedrooms: Three 2-bedroom units
• Bathrooms: Three full bathrooms
• Heating & cooling: Hot water heating (natural gas); No central air
• Interior features: First-floor bedroom; Eat-in kitchen; Finished full basement

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $466 ($6k/yr) — positive. Per door: $155/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $916k (16.7% below list).
• Recommended offer: $916k (16.7% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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 (+11.9%/yr); 134 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $9,161/mo this rent would consume 128% of the median local household income ($86k/yr) (locally 1573% 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 $8k of loan paydown is wiped out by about $33k 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 349 days — a 12% lower offer ($968k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $200k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $200k; list at $1.10M implies a 450% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 39% 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 $916,100 (16.7% below list)

Questions for the listing agent

1. It's been on market 349 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 0.83% ✗
• Cap rate: 6.80%
• Cash-on-cash: 1.82%
• DSCR: 1.08
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $1,421,750
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
60-41 55th St	0.08mi	7/3.0 (+1)	2,750 (0%)	7mo	$1,161,000	$422	86
2135 Menahan St	0.39mi	7/5.0 (+1)	2,760 (+0%)	4mo	$1,450,000	$525	65
1861 Dekalb Ave	0.47mi	6/2.0	2,563 (-7%)	8mo	$1,325,000	$517	56
61-13 62nd St	0.53mi	6/3.0	2,500 (-9%)	9mo	$1,500,000	$600	53
446 Stockholm St	0.65mi	5/2.0 (-1)	2,427 (-12%)	3mo	$1,250,000	$515	38

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -8.5%
• Equity multiple: 0.67×
• Total profit: $-100,517
• Equity at exit: $164,014

10-year hold

• IRR: 6.1%
• Equity multiple: 1.55×
• Total profit: $169,538
• Equity at exit: $95,108

Cash invested: $308,000 (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 11378

• Home prices YoY: -21.9%
• Rents YoY: 11.9%
• Active inventory: 134
• Price-to-rent: 30.0×

Monthly cashflow live

• Estimated rent: $9,161 high
• Mortgage (P&I): −$5,769
• Tax from tax record: −$544 /mo · $6,530/yr
• Insurance: −$458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,924
• Net cashflow: $466

Break-even live

Break-even rent $8,571

Max offer price $1,100,000

Occupancy floor 90%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$9,162
Total (3 units)			$9,161

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-23
   status Pending
2. 2025-05-28
   price $1,100,000
3. 2025-05-09
   listed $1,300,000 Active
4. 2024-05-01
   listed $1,300,000 Active
5. 1994-07-28
   soldstatus $200,000

ⓘ 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: $6,530 · $544/mo
• Projected year-2 tax: $12,560 · $1,047/mo
• Expected delta: +$6,030/yr (+$502/mo · 92.3%)

ⓘ 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 39% 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: $109,932
• − Mortgage interest: −$61,617
• − Property taxes: −$6,530
• − Insurance: −$5,500
• − Repairs & maintenance: −$8,795
• − Management: −$8,795
• − Depreciation: −$32,000
• Taxable loss: −$13,305
• Est. tax savings @ 24.0%: +$3,193
• After-tax cash flow: $8,787/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): 36,392
• Household income: $85,830
• Rent vs Own: 44.6% rent · 55.4% own
• Severe rent burden: 1573.0

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 0.63)
• Race & ethnicity: White 48% Hispanic / Latino 35% Asian 15% Two or more races 11%
• Hispanic origin (detail): Mexican 5% Puerto Rican 6% Dominican 4%
• Common ancestry: Romanian 16% Italian 1% Scotch-Irish 1%
• Foreign-born: 41% · Canada, China, Jamaica
• Languages at home: 39% English-only · Spanish 27% Russian/Polish/Slavic 16% Chinese 8%

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: ▼ -100.25%
• Current HPI: 358.595
• Rent YoY: ▲ 11.88%
• 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

+450.0% since first listed

5 events — show timeline

• 2026-04-23 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-05-28 Price Changed $1,100,000 OneKey® MLS as Distributed by MLS Grid
• 2025-05-09 Listed $1,300,000 OneKey® MLS as Distributed by MLS Grid
• 2024-05-01 Listed $1,300,000 OneKey® MLS as Distributed by MLS Grid
• 1994-07-28 Sold (Public Records) $200,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $6,530 · -1.7% YoY. Source: county tax records.