96-11 65 Rd #1 · New York, NY 11374

$399,000

2 bd · 1.0 ba · 1,250 sqft · Condo · 118 Days on market

Built 1939

---

Why this score? — see what drove the D+ 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 +17.2/30.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• Schools +5.0/10.0
• 1% rule +4.6/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Norwich Hall — a rare opportunity to own an extra-large, true two-bedroom home in the heart of Rego Park. This nearly 1,250 sq ft residence lives like a house, offering soaring ceilings, abundant natural light, and the timeless character of a pre-war building. This true 2 bedroom features a huge living room, formal dining area, kitchen with windows and a granite countertops. oversized bathroom and oversized king primary bedroom and secondary bedroom. Norwich Hall offers residents amenities such as two elevators, laundry facilities, potential extra storage lockers and an on-site super. Located just moments from shops, cafes, and everyday conveniences, this is a pet-friendly

Key facts

• Laundry facilities
• Two elevators
• Pet-friendly home

Tags

• TWO ELEVATORS
• LAUNDRY FACILITIES
• ON-SITE SUPER
• PET-FRIENDLY HOME

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $399k.

Deal economics

• At list price, monthly cash flow is $283 ($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 $385k (3.6% below list).
• Recommended offer: $363k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.1% 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 (+1.7%/yr); 346 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); solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $3,848/mo this rent would consume 51% of the median local household income ($91k/yr) (locally 3149% 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 $3k of loan paydown is wiped out by about $12k 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 118 days — a 9% lower offer ($363k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• 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 $363,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.96% ✗
• Cap rate: 7.14%
• Cash-on-cash: 3.04%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.74% rent growth · sell at horizon

5-year hold

• IRR: -12.9%
• Equity multiple: 0.54×
• Total profit: $-51,411
• Equity at exit: $59,492

10-year hold

• IRR: -6.0%
• Equity multiple: 0.64×
• Total profit: $-40,624
• Equity at exit: $34,498

Cash invested: $111,720 (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 11374

• Rents YoY: 1.7%
• Active inventory: 346
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $3,848 high
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$808
• Net cashflow: $283

Break-even live

Break-even rent $3,490

Max offer price $399,000

Occupancy floor 88%

Sensitivity live

Price	-10% $558	-5% $421	+0% $283	+5% $145	+10% $7
Rent	-10% $-21	-5% $131	+0% $283	+5% $435	+10% $587
Rate	-1.0pp $484	-0.5pp $384	base $283	+0.5pp $179	+1.0pp $74

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
97-12 65th Rd Apt 23D Rego Park, NY	2.0	2.0	1400	$6,750	$4.82	0d	1	0.07mi
98-81 Queens Blvd Unit 14K Rego Park, NY	2.0	2.0	950	$4,490	$4.73	13d	1	0.20mi
6336 99th St Unit 5E Rego Park, NY	2.0	2.5	1333	$4,600	$3.45	5d	1	0.29mi
9941 64th Ave Rego Park, NY	1.0–2.0	1.0	975	$3,200	$3.28	20d	2	0.33mi
9941 64th Ave Unit C16 Rego Park, NY	2.0	1.0	1100	$3,200	$2.91	0d	1	0.34mi
10025 Queens Blvd Unit 3M Forest Hills, NY	2.0	1.0	925	$2,900	$3.14	25d	1	0.35mi
6145 98th St Rego Park, NY	1.0–3.0	1.0	825	$2,775	$3.36	3d	3	0.40mi
6145 98th St Rego Park, NY	1.0–3.0	1.0	825	$2,850	$3.45	25d	3	0.40mi
10210 66th Rd Unit 17B Forest Hills, NY	2.0	1.0	1175	$3,350	$2.85	5d	1	0.43mi
102-06 63rd Ave #2 Queens, NY	2.0	1.0	1000	$3,000	$3.00	25d	1	0.44mi
102-39 66th Ave Unit 1 Flushing, NY	2.0	1.0	981	$3,000	$3.06	2d	1	0.45mi
6739 Clyde St Ph -H Forest Hills, NY	2.0	2.0	1100	$4,100	$3.73	25d	1	0.46mi
6405 Yellowstone Blvd Flushing, NY	1.0	1.0–1.5	920	$3,075	$3.34	25d	2	0.50mi
6525 Alderton St Rego Park, NY	3.0	2.5	1782	$4,500	$2.53	25d	1	0.51mi
10525 65th Ave Unit 4F Forest Hills, NY	2.0	1.0	980	$3,998	$4.08	16d	1	0.51mi
63127 Fitchett St Rego Park, NY	1.0	1.0	900	$2,800	$3.11	2d	1	0.52mi
631-27 Fitchett St Unit 1 Flushing, NY	2.0	1.0	1100	$3,800	$3.45	0d	1	0.52mi
6543 Alderton St Rego Park, NY	3.0	1.5	1782	$4,800	$2.69	25d	1	0.54mi
94-30 60th Ave Apt 1H Queens, NY	3.0	1.5	1200	$3,200	$2.67	25d	1	0.55mi
65-68 Ellwell Cres Unit 2 Flushing, NY	3.0	1.0	900	$3,800	$4.22	25d	1	0.56mi
10460 Queens Blvd Forest Hills, NY	1.0–2.0	1.0	916	$4,695	$5.12	6d	2	0.61mi
68-36 Burns St Unit B4 Flushing, NY	2.0	1.0	1250	$3,800	$3.04	25d	1	0.66mi
60-24 Wetherole St Unit 3rd Fl Elmhurst, NY	3.0	2.0	1000	$3,400	$3.40	4d	1	0.66mi
68-42 Dartmouth St Apt 1 Flushing, NY	1.0	1.0	1782	$2,100	$1.18	5d	1	0.71mi
110-55 64th Rd Unit 25 Forest Hills, NY	2.0	2.0	1300	$3,400	$2.62	8d	1	0.79mi
67-12 Juno St Unit Duplex Flushing, NY	3.0	2.0	1400	$4,500	$3.21	25d	1	0.79mi
6945 108th St Unit 3F Forest Hills, NY	2.0	1.0	900	$3,600	$4.00	7d	1	0.79mi
67-49 Juno St Unit 1 Flushing, NY	3.0	2.0	1400	$4,500	$3.21	6d	1	0.80mi
61-20 Grand Central Pkwy Unit Bb706 Forest Hills, NY	2.0	1.0	970	$2,850	$2.94	20d	1	0.92mi
58-28 84th St Unit 2 Flushing, NY	3.0	2.0	1200	$3,650	$3.04	25d	1	0.95mi
58-14 84th St Unit 2 Flushing, NY	3.0	2.0	1200	$3,650	$3.04	25d	1	0.98mi
54-01 108th St Unit 2R Flushing, NY	2.0	1.0	1000	$3,050	$3.05	25d	1	1.01mi
61-20 Grand Central Pkwy Unit A 106 Forest Hills, NY	2.0	2.0	1300	$3,100	$2.38	20d	1	1.07mi
150 Greenway Ter Forest Hills, NY	1.0–2.0	1.0	937	$4,300	$4.59	0d	2	1.14mi
150 Greenway Ter Forest Hills, NY	1.0–2.0	1.0	937	$4,300	$4.59	21d	2	1.14mi
4911 108th St Unit 4A Corona, NY	3.0	2.0	1027	$3,600	$3.51	18d	1	1.19mi
11007 73rd Rd Forest Hills, NY	1.0	1.0	950	$1,800	$1.89	20d	1	1.22mi
65-08 77th St Unit 2 Flushing, NY	3.0	1.0	900	$3,200	$3.56	23d	1	1.24mi
10869 50th Ave Corona, NY	3.0	1.0	912	$3,300	$3.62	25d	1	1.24mi
5440 80th St Elmhurst, NY	2.0	2.0	996	$3,000	$3.01	3d	1	1.27mi

HOA detail condo

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

Listing history 4 events

1. 2026-05-22
   soldstatus $410,000 Closed
2. 2026-03-25
   status Pending
3. 2026-01-21
   status Active
4. 2025-11-15
   listed $399,000 Active

ⓘ 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: $46,179
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$1,995
• − Repairs & maintenance: −$3,694
• − Management: −$3,694
• − Depreciation: −$11,607
• Taxable loss: −$3,147
• Est. tax savings @ 24.0%: +$755
• After-tax cash flow: $4,148/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): 46,989
• Household income: $90,631
• Rent vs Own: 58.2% rent · 41.8% own
• Severe rent burden: 3149.0

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 0.72)
• Race & ethnicity: White 38% Asian 29% Hispanic / Latino 22% Two or more races 13% Black 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 3%
• Common ancestry: Scotch-Irish 6% Romanian 2% Subsaharan African 1%
• Foreign-born: 54% · Canada, China, Jamaica
• Languages at home: 28% English-only · Spanish 18% Russian/Polish/Slavic 15% Chinese 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: ▼ -163.20%
• Current HPI: 207.1869
• Rent YoY: ▲ 1.74%
• 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

+2.8% since first listed

4 events — show timeline

• 2026-05-22 Sold (MLS) $410,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-25 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-01-21 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-11-15 Listed $399,000 OneKey® MLS as Distributed by MLS Grid