87-20 124th St · New York, NY 11418

$1,189,000

8 bd · 4.0 ba · 3,016 sqft · MultiFamily public records · 221 Days on market

Built 1910 2,470 sqft lot Est $1267k · 6% 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 +18.9/30.0
• ARV discount +10.3/15.0
• DSCR +6.0/10.0
• Schools +5.0/10.0
• 1% rule +4.2/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• 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: 4 units. confirmed

Listing remarks

Welcome to 87-20 124th St, Richmond Hill, NY 11418 - a distinguished investment opportunity and a haven for those seeking a multi-family residence in the heart of Queens. This expansive 4-family house offers a unique blend of comfort, convenience, and potential for rental income. Nestled in the vibrant community of Jamaica, this property enjoys proximity to major transportation hubs, including the E, J, and Z subway lines, providing easy access to Manhattan and surrounding areas. Additionally, it is conveniently situated near schools, parks, shopping centers, and a variety of dining options. With four separate units, each equipped with its own distinct charm, this property presents an excel

Key facts

• 2,470 sq ft lot
• Built 1910
• Listed 221 days

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $1.19M.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $306/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 $1.09M (8.0% below list).
• Recommended offer: $1.05M (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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 (+6.6%/yr); 102 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $10,935/mo this rent would consume 146% of the median local household income ($90k/yr) (locally 1757% 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 $36k 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 221 days — a 12% lower offer ($1.05M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 50% 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 $1,046,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 221 days. Have you received any prior offers? Is the seller open to a 12% 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 1910 — 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: 0.92% ✗
• Cap rate: 7.53%
• Cash-on-cash: 4.41%
• DSCR: 1.20
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $1,266,720
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
114-12 91 Ave	0.50mi	8/4.0	2,831 (-6%)	9mo	$1,188,000	$420	59

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 · 6.56% rent growth · sell at horizon

5-year hold

• IRR: -5.8%
• Equity multiple: 0.78×
• Total profit: $-74,592
• Equity at exit: $177,284

10-year hold

• IRR: 7.4%
• Equity multiple: 1.64×
• Total profit: $213,075
• Equity at exit: $102,803

Cash invested: $332,920 (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 11418

• Rents YoY: 6.6%
• Active inventory: 102
• Price-to-rent: 36.2×

Monthly cashflow live

• Estimated rent: $10,935 high
• Mortgage (P&I): −$6,235
• Tax from tax record: −$686 /mo · $8,230/yr
• Insurance: −$495
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,296
• Net cashflow: $1,222

Break-even live

Break-even rent $9,388

Max offer price $1,189,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$10,936
Total (4 units)			$10,935

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: $297,250
• Closing costs: $35,670
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2024-12-16
   soldstatus $1,125,000
2. 2024-10-15
   status Pending
3. 2024-03-29
   price $1,189,000
4. 2024-03-08
   listed $1,200,000 Active
5. 2024-01-03
   soldstatus $742,000

ⓘ 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: $8,230 · $686/mo
• Projected year-2 tax: $14,162 · $1,180/mo
• Expected delta: +$5,932/yr (+$494/mo · 72.1%)

ⓘ 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 50% 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: $131,220
• − Mortgage interest: −$66,602
• − Property taxes: −$8,230
• − Insurance: −$5,945
• − Repairs & maintenance: −$10,498
• − Management: −$10,498
• − Depreciation: −$34,589
• Taxable loss: −$5,142
• Est. tax savings @ 24.0%: +$1,234
• After-tax cash flow: $15,900/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): 35,481
• Household income: $90,156
• Rent vs Own: 51.8% rent · 48.2% own
• Severe rent burden: 1757.0

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 0.74)
• Race & ethnicity: Hispanic / Latino 41% Asian 24% White 18% Two or more races 16% Black 8% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 6% Dominican 7%
• Common ancestry: Romanian 3% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 49% · Canada, Jamaica, China
• Languages at home: 41% English-only · Spanish 35% Other Indo-European 15% Russian/Polish/Slavic 3%

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: ▼ -254.94%
• Current HPI: 300.6551
• Rent YoY: ▲ 6.56%
• 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

+51.6% since first listed

5 events — show timeline

• 2024-12-16 Sold (Public Records) $1,125,000 Public Records
• 2024-10-15 Pending — OneKey® MLS as Distributed by MLS Grid
• 2024-03-29 Price Changed $1,189,000 OneKey® MLS as Distributed by MLS Grid
• 2024-03-08 Listed $1,200,000 OneKey® MLS as Distributed by MLS Grid
• 2024-01-03 Sold (Public Records) $742,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $8,230 · -2.3% YoY. Source: county tax records.