31-72 44th St · New York, NY 11103

$1,240,000

60 bd · 36.0 ba · 4,458 sqft · MultiFamily public records · 19 Days on market

Built 1928 Fair condition 2,500 sqft lot $278/sqft · 52% below area

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Why this score? — see what drove the A- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.5/10.0
• ARV discount +7.5/15.0
• Schools +6.0/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Welcome to 31-72 44th & Street, Astoria. This is an exceptional investment opportunity in the heart of vibrant Astoria! This well-maintained legal 6 family building features six two-bedroom apartments, offering a desirable unit mix in one of Queens’ most sought-after neighborhoods. All units are rent stabilized and consist of four currently occupied units, providing immediate rental income, while the two top-floor apartments adjoining each other will be delivered vacant. No rent-controlled apartments.

Key facts

• Rent stabilized
• Full basement
• Private rear yard

Tags

• LEGAL 6 FAMILY BUILDING
• RENT STABILIZED
• CURRENTLY OCCUPIED UNITS
• TOP-FLOOR APARTMENTS
• FULL BASEMENT
• PRIVATE REAR YARD

What this means for you Summary

Snapshot

• This is a 6 × 2-bed/1-bath units multifamily listed at $1.24M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $12k ($145k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($26k rent vs $1.24M).
• Recommended offer: $1.22M (1.5% below list) — sets the bar for market timing.
• Cap rate 18.0% 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 fast (+6.6%/yr); 85 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $4,360/mo per unit this rent would consume 56% of the median local household income ($93k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $96k of equity ($9k loan paydown + $87k appreciation (7.0% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (7.0% appreciation + 6.6% rent growth), your $347k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$153k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($1.22M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,221,400 (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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 2.11% ✓
• Cap rate: 18.01%
• Cash-on-cash: 41.85%
• DSCR: 2.86
• GRM: 3.9

CMA / ARV

• ARV (median comp): $2,606,248
• List price: $1,240,000
• Delta: -52.42%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

7.02% appreciation · 6.61% rent growth · sell at horizon

5-year hold

• IRR: 55.4%
• Equity multiple: 4.75×
• Total profit: $1,300,724
• Equity at exit: $861,247

10-year hold

• IRR: 52.9%
• Equity multiple: 10.91×
• Total profit: $3,442,348
• Equity at exit: $1,637,757

Cash invested: $347,200 (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 11103

• Home prices YoY: 2.0%
• Rents YoY: 6.6%
• Active inventory: 85
• Price-to-rent: 23.7×

Monthly cashflow live

• Estimated rent: $26,162 medium
• Mortgage (P&I): −$6,503
• Tax from tax record: −$1,540 /mo · $18,478/yr
• Insurance: −$517
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,494
• Net cashflow: $12,042

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$26,160
Total (6 units)			$26,162

Break-even live

Break-even rent $10,919

Max offer price $1,240,000

Occupancy floor 49%

Sensitivity live

Price	-10% $12,744	-5% $12,393	+0% $12,042	+5% $11,691	+10% $11,340
Rent	-10% $9,976	-5% $11,009	+0% $12,042	+5% $13,076	+10% $14,109
Rate	-1.0pp $12,667	-0.5pp $12,358	base $12,042	+0.5pp $11,721	+1.0pp $11,394

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: $310,000
• Closing costs: $37,200
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3263 45th St Astoria, NY	3.0	2.0	—	$4,800	—	120d	1	0.18mi
34-35 44th St Astoria, NY	1.0–2.0	1.0–2.0	690	$5,887	$8.53	0d	11	0.26mi
30-68 38th St Astoria, NY	2.0	2.0	—	$5,000	—	6d	1	0.33mi
30-37 38th St Unit 4 Astoria, NY	3.0	2.0	1200	$5,200	$4.33	109d	1	0.36mi
2812 37th St Astoria, NY	3.0	1.5	2200	$4,700	$2.14	114d	1	0.55mi
36-20 Steinway St Unit 231 Astoria, NY	2.0	2.0	—	$5,219	—	120d	1	0.56mi
3139 56th St Woodside, NY	3.0	1.5	1728	$4,500	$2.60	20d	1	0.58mi
39-12 48th St Apt 2 Sunnyside, NY	2.0	2.0	—	$4,300	—	7d	1	0.64mi
3945 48th St Sunnyside, NY	2.0	2.0	—	$4,300	—	6d	1	0.69mi
25-70 32nd St Astoria, NY	1.0	1.0	—	$5,500	—	120d	1	0.73mi
3991 48th St Sunnyside, NY	2.0	2.5	—	$5,800	—	112d	1	0.73mi
3991 48th St Sunnyside, NY	2.0	2.5	—	$5,800	—	111d	1	0.73mi
3991 48th St Sunnyside, NY	2.0	2.5	—	$5,800	—	103d	1	0.73mi
31-18 Crescent St Unit 4K Astoria, NY	3.0	1.5	—	$4,395	—	26d	1	0.77mi
2503 32nd St Unit 4C Astoria, NY	2.0	1.0	—	$4,999	—	117d	1	0.81mi
2503 32nd St Astoria, NY	1.0–2.0	1.0	—	$4,999	—	120d	2	0.81mi
39-14 57th St Apt 3 Flushing, NY	3.0	2.0	1200	$4,500	$3.75	20d	1	0.86mi
3705 30th St Long Island City, NY	2.0	1.0–2.0	700	$6,440	$9.20	12d	3	0.87mi
2605 28th St unit Ph -B Astoria, NY	2.0	2.0	—	$5,500	—	120d	1	0.90mi
2305 30th Ave Astoria, NY	3.0	2.0	—	$4,500	—	60d	1	0.95mi
14-42 33rd Ave #1 Astoria, NY	3.0	1.5	1300	$5,350	$4.12	90d	1	1.01mi
37-08 62nd St Unit 1 Flushing, NY	3.0	1.5	2052	$4,400	$2.14	19d	1	1.01mi
14-7 31st Ave Astoria, NY	3.0	2.0	—	$4,650	—	39d	1	1.08mi
26-38 21st St Unit 4J Queens, NY	2.0	1.0	—	$4,300	—	12d	1	1.13mi
1214 31st Ave #4 Astoria, NY	3.0	2.0	—	$4,650	—	18d	1	1.15mi
1214 31st Ave #4 Astoria, NY	3.0	2.0	—	$4,650	—	40d	1	1.15mi
2172 43rd St Astoria, NY	3.0	1.0	3439	$4,999	$1.45	84d	1	1.15mi
2181 38th St Astoria, NY	3.0–4.0	2.0–3.0	—	$4,895	—	120d	2	1.18mi
2181 38th St Astoria, NY	3.0–4.0	2.0–3.0	—	$4,795	—	86d	2	1.18mi
21-80 38th St Apt C6 Astoria, NY	3.0	2.0	—	$4,500	—	20d	1	1.19mi
21-80 38th St Astoria, NY	3.0	2.0	—	$4,500	—	10d	1	1.19mi
21-80 38th St Astoria, NY	3.0	2.0	—	$4,500	—	2d	1	1.19mi
21-80 38th St Astoria, NY	3.0	2.0	—	$4,500	—	18d	1	1.19mi
21-80 38th St Astoria, NY	3.0	2.0	—	$4,500	—	6d	1	1.19mi
29-18 41st Ave Long Island City, NY	2.0	2.0	—	$5,950	—	106d	1	1.20mi
29-18 41st Ave Long Island City, NY	2.0	2.0	—	$5,950	—	107d	1	1.20mi
29-18 41st Ave Long Island City, NY	2.0	2.0	—	$5,950	—	101d	1	1.20mi
94-18 34th Ave Jackson Heights, NY	2.0	1.0–2.0	—	$4,700	—	5d	6	1.21mi
1420 27th Ave Astoria, NY	1.0–2.0	1.0–2.0	—	$4,627	—	6d	4	1.22mi
2266 29th St Astoria, NY	3.0	3.0	—	$5,000	—	120d	1	1.22mi

Listing history 5 events

1. 2026-06-03
   days on market $1,240,000 Active 19 DOM
2. 2026-06-02
   days on market $1,240,000 Active 18 DOM
3. 2026-06-01
   days on market $1,240,000 Active 17 DOM
4. 2026-05-31
   days on market $1,240,000 Active 16 DOM
5. 2026-05-15
   listed $1,240,000 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: $18,478 · $1,540/mo
• Projected year-2 tax: $19,717 · $1,643/mo
• Expected delta: +$1,239/yr (+$103/mo · 6.7%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $313,944
• − Mortgage interest: −$69,459
• − Property taxes: −$18,478
• − Insurance: −$6,998
• − Repairs & maintenance: −$25,116
• − Management: −$25,116
• − Depreciation: −$36,073
• Taxable income: $132,706
• Est. tax owed @ 24.0%: −$31,849
• After-tax cash flow: $112,659/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.

Condition & rehab AI · 9 photos

Fair 45/100 Moderate rehab Est. rehab $111,450–$200,610 screening

This multi-family property requires moderate renovations to its kitchens and bathrooms, which would significantly enhance its resale and rental value.

Repairs flagged

• Moderate Kitchen cabinets — Dated and in need of replacement
• Major Bathroom fixtures — Outdated and in poor condition

Value-add opportunities

• Both Kitchen renovation — Modernizing the kitchen can significantly increase both resale and rental value ↑
• Both Bathroom renovation — Updating the bathrooms will improve both the aesthetic appeal and functionality of the property ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 60/100

Zoned Schools

Elementary Ps 70 B- NY #745/2,108 Nat'l #7,252/41,679 Middle Is 10 Horace Greeley D+ NY #315/729 Nat'l #4,159/14,009 High New World High School B+ NY #665/1,100 Nat'l #1,809/17,239

Schools (NCES district)

No district data.

B Composite livability gradescore 75/100

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 · 2,546,320 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 35,163
• Household income: $93,324
• Rent vs Own: 83.8% rent · 16.2% own
• Severe rent burden: 8% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 54% Hispanic / Latino 26% Two or more races 13% Asian 13% Black 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 4% Dominican 1%
• Common ancestry: Romanian 3% Estonian 2% Scotch-Irish 1%
• Foreign-born: 38% · Canada, Jamaica, China
• Languages at home: 48% English-only · Spanish 21% Other Indo-European 15% Russian/Polish/Slavic 7%

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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: ▲ 7.02%
• Current HPI: 363.2787
• Rent YoY: ▲ 6.61%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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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

Property tax history

+4.9%/yr

Latest (2025): $18,478 · -1.0% YoY. Source: county tax records.