144-55 Melbourne Ave Unit 2E · New York, NY 11367

$215,000

2 bd · 1.0 ba · 1,000 sqft · Condo · 45 Days on market

Built 1954 Fair condition ↓ 31% since listing

---

Why this score? — see what drove the F 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).

• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Cash flow +4.7/30.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Owner Occupied (No Sublets) This is the largest 2BR/1BA Coop Unit In The Building, Well Maintained, and has a Lot of Closets, and an Eat-in kitchen DR/LR, and All utilities are included. Eat in Kitchen, Dishwasher. Laundry, Outdoor / Indoor Parking, Bike-room, Storage Room, Outdoor Sitting Area. Close To Transportation, City-Bus, Easy Access To major highways, Close To Shopping Center, Queens Library, Post Office, Schools, Supermarket, Etc. All Information Deemed Accurate However Should Be Independently Verified

Key facts

• Indoor parking
• Bike-room
• Eat in kitchen

Tags

• EAT IN KITCHEN
• DISHWASHER
• LAUNDRY
• OUTDOOR PARKING
• INDOOR PARKING
• BIKE-ROOM

Property features AI

Finance

• Other: Living area reported from other source
• HOA & community: Monthly association fee; Association fee covers utilities, electricity, gas, heat, hot water, water, sewer, trash, common area maintenance, exterior maintenance, grounds care, snow removal and trash

Exterior

• Parking: Underground parking lot; 1 garage space; Parking fee applicable ($50)
• Utilities: Public sewer; Association-provided utilities and services (see HOA section for details)
• Home design: Stock cooperative; 6 total stories
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Dishwasher; Gas oven; Gas range; Oven; Range; Refrigerator
• Bedrooms: 4 rooms total (includes bedrooms and other living spaces); Entry level: 2
• Flooring: Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Wall/window air conditioning units
• Interior features: Eat-in kitchen; Elevator
• Laundry & utility: Dedicated laundry room

🏢 Co-op / cooperative unit. The $215,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $215k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-536 ($-6k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $209k (3.0% below list) — sets the bar for market timing.
• Cap rate 3.3% vs local median 2.6% in New York — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 259 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $2,990/mo this rent would consume 48% of the median local household income ($75k/yr) (locally 2010% 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 $1k of loan paydown is wiped out by about $6k 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 45 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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

• Watch-outs: HOA is 47% of rent; built in 1954 — 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 $208,550 (3.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.39% ✓
• Cap rate: 3.30%
• Cash-on-cash: -10.68%
• DSCR: 0.52
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -34.9%
• Equity multiple: -0.13×
• Total profit: $-68,046
• Equity at exit: $32,057

10-year hold

• IRR: -41.3%
• Equity multiple: -0.65×
• Total profit: $-99,479
• Equity at exit: $18,589

Cash invested: $60,200 (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 11367

• Active inventory: 259
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,990 high
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• HOA est. from 1 same-building comp: −$1,412
• Vacancy / Maint / Mgmt: −$628
• Net cashflow: $-536

Break-even live

Break-even rent $3,668

Max offer price $137,482

Occupancy floor —

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
63-39 136th St Unit 2 Flushing, NY	3.0	2.0	800	$3,200	$4.00	24d	1	0.47mi
150-25 72nd Rd Flushing, NY	1.0	1.0	700	$2,300	$3.29	24d	1	0.59mi
15022 58th Ave Flushing, NY	3.0	1.5	1224	$3,300	$2.70	15d	1	0.61mi
150-32 Booth Memorial Ave Unit 1st FL Flushing, NY	3.0	2.0	1080	$3,350	$3.10	17d	1	0.67mi
142-23 Booth Memorial Ave Unit 1 Flushing, NY	3.0	1.0	1064	$3,200	$3.01	5d	1	0.75mi
71-82 Parsons Blvd Unit 516 Kew Gardens Hills, NY	2.0	1.5	900	$3,500	$3.89	3d	1	0.78mi
71-82 Parsons Blvd Unit 303 Kew Gardens Hills, NY	2.0	1.5	900	$4,000	$4.44	14d	1	0.78mi
71-82 Parsons Blvd Unit 702 Kew Gardens Hills, NY	1.0	1.0	1000	$2,900	$2.90	20d	1	0.78mi
71-82 Parsons Blvd Unit 503 Kew Gardens Hills, NY	2.0	1.5	900	$4,000	$4.44	24d	1	0.78mi
7157 161 St Apt 5B Flushing, NY	2.0	2.0	1100	$2,600	$2.36	24d	1	0.90mi
13225 58th Ave Flushing, NY	3.0	3.0	1300	$3,500	$2.69	4d	1	0.91mi
7133 162nd St Unit 3F Fresh Meadows, NY	2.0	2.0	850	$2,700	$3.18	24d	1	0.93mi
163-07 72nd Ave Unit 3G Flushing, NY	2.0	2.0	716	$2,900	$4.05	24d	1	1.00mi
15325 77th Rd Flushing, NY	3.0	1.0	1224	$3,200	$2.61	24d	1	1.02mi
144-41 78th Ave Unit 3 Flushing, NY	3.0	2.0	750	$3,300	$4.40	4d	1	1.04mi
144-41 78th Ave Unit 3 Flushing, NY	3.0	2.0	750	$3,500	$4.67	24d	1	1.04mi
165-23 65th Ave Unit 2 Flushing, NY	3.0	1.5	1200	$3,000	$2.50	22d	1	1.06mi
135-26 78th Ave Unit 2FL Flushing, NY	2.0	1.0	900	$2,800	$3.11	2d	1	1.07mi
7835 147th St Unit 2E Flushing, NY	1.0	1.0	700	$2,200	$3.14	6d	1	1.12mi
7837 Main St Unit 2G Queens, NY	1.0	1.0	700	$2,300	$3.29	24d	1	1.13mi
14112 78th Rd Unit 1G Flushing, NY	1.0	1.0	700	$2,200	$3.14	24d	1	1.14mi
110-55 64th Rd Unit 25 Forest Hills, NY	2.0	2.0	1300	$3,400	$2.62	7d	1	1.20mi
11105 66th Ave Unit 2B Forest Hills, NY	1.0	1.0	850	$2,600	$3.06	15d	1	1.21mi
61-20 Grand Central Pkwy Unit A 106 Forest Hills, NY	2.0	2.0	1300	$3,100	$2.38	19d	1	1.23mi
79-29 153rd St Unit 1st Floor Flushing, NY	3.0	1.0	1200	$3,000	$2.50	24d	1	1.23mi
4255 Colden St Unit 16P Flushing, NY	2.0	1.5	1150	$3,500	$3.04	3d	1	1.28mi
13226 Avery Ave Unit 8A Flushing, NY	2.0	2.0	725	$2,800	$3.86	3d	1	1.28mi
133-38 Avery Ave Unit 3F-B Flushing, NY	2.0	2.0	884	$2,600	$2.94	24d	1	1.29mi
61-20 Grand Central Pkwy Unit Bb706 Forest Hills, NY	2.0	1.0	970	$2,850	$2.94	19d	1	1.30mi
13119 Fowler Ave Unit 7C Flushing, NY	2.0	2.0	810	$3,300	$4.07	19d	1	1.30mi
8023 159th St Jamaica, NY	3.0	1.5	1392	$3,000	$2.16	5d	1	1.34mi
11019 72nd Rd Unit 1B Forest Hills, NY	1.0	1.0	750	$3,200	$4.27	14d	1	1.34mi
7731 166th St Fresh Meadows, NY	3.0	1.0	1000	$2,700	$2.70	7d	1	1.35mi
13239 Pople Ave Unit 6D Flushing, NY	1.0	1.0	750	$2,500	$3.33	4d	1	1.36mi
136-19 Franklin Ave Unit 4A Flushing, NY	3.0	2.0	1300	$4,300	$3.31	19d	1	1.37mi
6945 108th St Unit 3F Forest Hills, NY	2.0	1.0	900	$3,600	$4.00	6d	1	1.37mi
16525 Union Tpke Fresh Meadows, NY	2.0	1.0	1000	$2,900	$2.90	24d	1	1.38mi
81-18 138th St Unit 3 Jamaica, NY	3.0	2.0	1000	$3,900	$3.90	24d	1	1.39mi
10530 66th Ave Unit 3F Forest Hills, NY	1.0	1.0	800	$2,200	$2.75	24d	1	1.40mi
80-12 165th St Unit 3 Jamaica, NY	2.0	1.5	960	$2,800	$2.92	24d	1	1.41mi

HOA detail condo

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

Listing history 25 events

1. 2026-06-18
   days on market $215,000 Active 45 DOM
2. 2026-06-17
   days on market $215,000 Active 44 DOM
3. 2026-06-16
   days on market $215,000 Active 43 DOM
4. 2026-06-15
   days on market $215,000 Active 42 DOM
5. 2026-06-13
   days on market $215,000 Active 40 DOM
6. 2026-06-10
   days on market $215,000 Active 36 DOM
7. 2026-06-08
   days on market $215,000 Active 35 DOM
8. 2026-06-08
   days on market $215,000 Active 34 DOM
9. 2026-06-04
   days on market $215,000 Active 31 DOM
10. 2026-06-03
    days on market $215,000 Active 30 DOM
11. 2026-06-01
    days on market $215,000 Active 28 DOM
12. 2026-05-31
    days on market $215,000 Active 27 DOM
13. 2026-05-04
    listed $215,000 Active
14. 2026-01-26
    historical
15. 2025-11-17
    price $210,000
16. 2025-07-30
    listed $220,000 Active
17. 2025-07-25
    historical
18. 2025-05-15
    historical
19. 2025-04-04
    price $215,000
20. 2025-02-04
    price $224,000
21. 2024-11-14
    listed $245,000 Active
22. 2024-10-31
    historical
23. 2024-09-17
    price $259,000
24. 2024-08-13
    price $279,000
25. 2024-07-09
    listed $310,000 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 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,880
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,870
• − Management: −$2,870
• − HOA: −$16,944
• − Depreciation: −$6,255
• Taxable loss: −$9,403
• Est. tax savings @ 24.0%: +$2,257
• After-tax cash flow: $-4,172/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 · 12 photos

Fair 45/100 Moderate rehab

The home requires moderate renovations to update the kitchen and bathroom, which would significantly increase its resale value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate kitchen countertops — dated and in need of replacement
• Moderate kitchen appliances — dated and in need of replacement
• Moderate bathroom fixtures — dated and in need of replacement
• Moderate bathroom tile — dated and in need of replacement

Value-add opportunities

• Resale paint interior walls — fresh paint can make a significant difference in the home's appearance
• Resale replace carpeted floors — new flooring can improve the home's overall appearance and value
• Resale replace kitchen cabinets, countertops, and appliances — new kitchen can significantly increase the home's value
• Resale replace bathroom fixtures and tile — new bathroom can significantly increase the home's value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
kitchen countertops · dated and in need of replacement	Moderate	$3,000–15,000
kitchen appliances · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of replacement	Moderate	$3,000–15,000
bathroom tile · dated and in need of replacement	Moderate	$3,000–15,000
Total estimated repair cost · 5 items		$15,000–75,000

Value-add ROI direction

• Resale paint interior walls — fresh paint can make a significant difference in the home's appearance ↑
• Resale replace carpeted floors — new flooring can improve the home's overall appearance and value ↑
• Resale replace kitchen cabinets, countertops, and appliances — new kitchen can significantly increase the home's value ↑
• Resale replace bathroom fixtures and tile — new bathroom can significantly increase the home's value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 40,923
• Household income: $75,061
• Rent vs Own: 49.5% rent · 50.5% own
• Severe rent burden: 2010.0

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 42% Asian 25% Hispanic / Latino 19% Black 7% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 3% Dominican 6%
• Common ancestry: Scotch-Irish 5% Romanian 3% Hispanic 1%
• Foreign-born: 41% · China, Canada, Jamaica
• Languages at home: 41% English-only · Chinese 16% Spanish 15% Russian/Polish/Slavic 9%

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: ▼ -211.36%
• Current HPI: 220.6177
• Rent YoY: —
• 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

-30.6% since first listed

13 events — show timeline

• 2026-05-04 Listed $215,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-26 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-11-17 Price Changed $210,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-30 Listed $220,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-25 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 2025-05-15 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-04-04 Price Changed $215,000 OneKey® MLS as Distributed by MLS Grid
• 2025-02-04 Price Changed $224,000 OneKey® MLS as Distributed by MLS Grid
• 2024-11-14 Listed $245,000 OneKey® MLS as Distributed by MLS Grid
• 2024-10-31 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-09-17 Price Changed $259,000 OneKey® MLS as Distributed by MLS Grid
• 2024-08-13 Price Changed $279,000 OneKey® MLS as Distributed by MLS Grid
• 2024-07-09 Listed $310,000 OneKey® MLS as Distributed by MLS Grid