11219 34th Ave Unit F

New York, NY 11368

$258,000B-

2 bd · 1.0 ba · 725 sqft · Built 1950 · Condo · Active · 112 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,850/mo
• Mortgage (P&I): −$1,353
• Tax + insurance: −$430
• HOA: −$0
• Vac / Maint / Mgmt: −$599
• Net cashflow: $469/mo
• Annual: $5,624/yr
• Cap rate: 8.47%
• Cash-on-cash: 7.79%
• DSCR: 1.35
• 1% rule: 1.10%
• Cash to close: $72,240

Investor read

• This is a 2-bed/1.0-bath condo listed at $258k.
• At list price, monthly cash flow is $469 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $258k).
• It's been on market 112 days — a 9% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $235k (9.0% below list) — sets the bar for market timing.
• In year one you build about $21k of equity ($2k loan paydown + $19k appreciation (7.4% local appreciation)).
• 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 61 Leonardo Da Vinci (math 37% / reading 44%, grade F, #407 of 729 statewide, top 56%, 2,079 students, 94% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 244 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 8y 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.
• Current owner paid $155k; list at $258k implies a 66% gain — meaningful room to come down on a strong offer.
• At projected returns (7.4% appreciation + 3.0% rent growth), your $72k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.
• Cap rate 8.5% 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.

Questions for listing agent

• It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.