11-51 Welling Ct · New York, NY 11102

$1,200,000

6 bd · 3.0 ba · 2,600 sqft · MultiFamily public records · 101 Days on market

Built 1920 1,500 sqft lot Est $1459k · 18% under

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Why this score? — see what drove the B+ 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 +27.2/30.0
• ARV discount +15.0/15.0
• DSCR +9.4/10.0
• 1% rule +6.2/10.0
• Appreciation +5.1/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

LUCRATIVE OPPORTUNITY 11-51 WELLING COURT, TWO FAMILY In ASTORIA. Two Duplex Apartments Totaling Approximately 2,600 Sq Feet. Front & Rear Of The First Floor Has Been Extended So The Building Can Be Significantly Expanded (R6A Zoning, Please Consult Your Architect). This Four Story Building Is Currently Set Up As A SIX ROOM DUPLEX Over FOUR BEDROOM DUPLEX. Private Backyard. There Is No Basement And A Laundry & Boiler Room Are Located On The First Floor. Property Needs Renovation & Will Be Delivered VACANT. Owner Will Consider ONLY ALL CASH OFFERS. If You Are Familiar With Astoria You Know That It Has Consistently High Rental Demand. Trendy Restaurants, Parks, Playgrounds, Excellent Transportation Links Including Ferry To Manhattan And Stunning Waterfront Views Define Quality Of Life And Astoria Remains A NYC HOT SPOT.

Key facts

• Four story building
• Waterfront views
• R6a zoning

Tags

• PRIVATE BACKYARD
• R6A ZONING
• FOUR STORY BUILDING
• WATERFRONT VIEWS
• PRIME LOCATION

Property features AI

Finance

• Other: Located in Queens

Exterior

• Parking: No carport; Other parking features (details not specified)
• Utilities: Sewer: Other (details not specified); Utilities: See remarks
• Home design: Duplex; Total building area approx. 2600
• Construction: Other construction materials (details not specified); Other foundation (details not specified)
• Exterior features: Other exterior features (details not specified); Not waterfront

Interior

• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Bathrooms: 3 full bathrooms (total)
• Heating & cooling: Other heating (details not specified); No central cooling
• Interior features: Other interior features (details not specified)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $1.20M).
• Recommended offer: $1.09M (9.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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 (+4.8%/yr); 114 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $13,413/mo this rent would consume 167% of the median local household income ($97k/yr) (locally 2407% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $10k of equity ($8k loan paydown + $2k appreciation (0.2% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.2% appreciation + 4.8% rent growth), your $336k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$69k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($1.09M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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 $970k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $1,092,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% 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 1920 — 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: 1.12% ✓
• Cap rate: 9.71%
• Cash-on-cash: 12.22%
• DSCR: 1.54
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $1,458,600
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12-21 30th Dr	0.14mi	5/2.0 (-1)	2,646 (+2%)	7mo	$1,200,000	$454	76
14-28 Astoria Park S	0.41mi	5/3.0 (-1)	2,544 (-2%)	6mo	$1,725,000	$678	67
2540 32nd St	0.74mi	6/3.0	2,565 (-1%)	6mo	$1,310,000	$511	58
1442 33rd Ave	0.47mi	5/3.0 (-1)	2,301 (-12%)	13mo	$1,290,000	$561	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.16% appreciation · 4.79% rent growth · sell at horizon

5-year hold

• IRR: 13.1%
• Equity multiple: 1.64×
• Total profit: $216,184
• Equity at exit: $358,321

10-year hold

• IRR: 18.7%
• Equity multiple: 3.20×
• Total profit: $739,503
• Equity at exit: $438,683

Cash invested: $336,000 (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 11102

• Home prices YoY: 0.1%
• Rents YoY: 4.8%
• Active inventory: 114
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $13,413 high
• Mortgage (P&I): −$6,293
• Tax from tax record: −$382 /mo · $4,585/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,817
• Net cashflow: $3,421

Break-even live

Break-even rent $9,082

Max offer price $1,200,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$13,412
Total (2 units)			$13,413

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $1,200,000 Active 101 DOM
2. 2026-06-17
   days on market $1,200,000 Active 100 DOM
3. 2026-06-15
   days on market $1,200,000 Active 98 DOM
4. 2026-06-13
   days on market $1,200,000 Active 96 DOM
5. 2026-06-10
   days on market $1,200,000 Active 92 DOM
6. 2026-06-08
   days on market $1,200,000 Active 91 DOM
7. 2026-06-08
   days on market $1,200,000 Active 90 DOM
8. 2026-06-04
   days on market $1,200,000 Active 87 DOM
9. 2026-06-03
   days on market $1,200,000 Active 86 DOM
10. 2026-06-01
    days on market $1,200,000 Active 84 DOM
11. 2026-05-31
    days on market $1,200,000 Active 83 DOM
12. 2026-03-12
    soldstatus $970,000
13. 2026-03-09
    soldstatus $970,000 Closed 844-char remark

    Show marketing remark (844 chars)

    LUCRATIVE OPPORTUNITY 11-51 WELLING COURT, TWO FAMILY In ASTORIA. Two Duplex Apartments Totaling Approximately 2,600 Sq Feet. Front & Rear Of The First Floor Has Been Extended So The Building Can Be Significantly Expanded (R6A Zoning, Please Consult Your Architect). This Four Story Building Is Currently Set Up As A SIX ROOM DUPLEX Over FOUR BEDROOM DUPLEX. Private Backyard. There Is No Basement And A Laundry & Boiler Room Are Located On The First Floor. Property Needs Renovation & Will Be Delivered VACANT. Owner Will Consider ONLY ALL CASH OFFERS. If You Are Familiar With Astoria You Know That It Has Consistently High Rental Demand. Trendy Restaurants, Parks, Playgrounds, Excellent Transportation Links Including Ferry To Manhattan And Stunning Waterfront Views Define Quality Of Life And Astoria Remains A NYC HOT SPOT.

14. 2026-03-09
    listed $1,200,000 Active

    Show marketing remark (844 chars)

    LUCRATIVE OPPORTUNITY 11-51 WELLING COURT, TWO FAMILY In ASTORIA. Two Duplex Apartments Totaling Approximately 2,600 Sq Feet. Front & Rear Of The First Floor Has Been Extended So The Building Can Be Significantly Expanded (R6A Zoning, Please Consult Your Architect). This Four Story Building Is Currently Set Up As A SIX ROOM DUPLEX Over FOUR BEDROOM DUPLEX. Private Backyard. There Is No Basement And A Laundry & Boiler Room Are Located On The First Floor. Property Needs Renovation & Will Be Delivered VACANT. Owner Will Consider ONLY ALL CASH OFFERS. If You Are Familiar With Astoria You Know That It Has Consistently High Rental Demand. Trendy Restaurants, Parks, Playgrounds, Excellent Transportation Links Including Ferry To Manhattan And Stunning Waterfront Views Define Quality Of Life And Astoria Remains A NYC HOT SPOT.

15. 2025-12-16
    status Pending 844-char remark

    Show marketing remark (844 chars)

    LUCRATIVE OPPORTUNITY 11-51 WELLING COURT, TWO FAMILY In ASTORIA. Two Duplex Apartments Totaling Approximately 2,600 Sq Feet. Front & Rear Of The First Floor Has Been Extended So The Building Can Be Significantly Expanded (R6A Zoning, Please Consult Your Architect). This Four Story Building Is Currently Set Up As A SIX ROOM DUPLEX Over FOUR BEDROOM DUPLEX. Private Backyard. There Is No Basement And A Laundry & Boiler Room Are Located On The First Floor. Property Needs Renovation & Will Be Delivered VACANT. Owner Will Consider ONLY ALL CASH OFFERS. If You Are Familiar With Astoria You Know That It Has Consistently High Rental Demand. Trendy Restaurants, Parks, Playgrounds, Excellent Transportation Links Including Ferry To Manhattan And Stunning Waterfront Views Define Quality Of Life And Astoria Remains A NYC HOT SPOT.

16. 2025-10-30
    listed $1,099,000 Active 844-char remark

    Show marketing remark (844 chars)

    LUCRATIVE OPPORTUNITY 11-51 WELLING COURT, TWO FAMILY In ASTORIA. Two Duplex Apartments Totaling Approximately 2,600 Sq Feet. Front & Rear Of The First Floor Has Been Extended So The Building Can Be Significantly Expanded (R6A Zoning, Please Consult Your Architect). This Four Story Building Is Currently Set Up As A SIX ROOM DUPLEX Over FOUR BEDROOM DUPLEX. Private Backyard. There Is No Basement And A Laundry & Boiler Room Are Located On The First Floor. Property Needs Renovation & Will Be Delivered VACANT. Owner Will Consider ONLY ALL CASH OFFERS. If You Are Familiar With Astoria You Know That It Has Consistently High Rental Demand. Trendy Restaurants, Parks, Playgrounds, Excellent Transportation Links Including Ferry To Manhattan And Stunning Waterfront Views Define Quality Of Life And Astoria Remains A NYC HOT SPOT.

17. 2015-09-29
    soldstatus $875,800
18. 2015-09-18
    soldstatus $875,800 281-char remark

    Show marketing remark (281 chars)

    Beautiful Colonial Frame 2 Family House In A Great Location Features Duplex 1st & Second Floor A Lvng Rm, Eat In Kit, Laundry Rm & Porch On 1st Floor. 2nd Floor 3 Bdrms & Full Bath. 3rd & 4th Floor Duplex Features Lvng Rm, Dng Area, Kit, 3 Bedrooms & Full Bath.

19. 2015-09-18
    soldstatus $875,800 Closed

    Show marketing remark (281 chars)

    Beautiful Colonial Frame 2 Family House In A Great Location Features Duplex 1st & Second Floor A Lvng Rm, Eat In Kit, Laundry Rm & Porch On 1st Floor. 2nd Floor 3 Bdrms & Full Bath. 3rd & 4th Floor Duplex Features Lvng Rm, Dng Area, Kit, 3 Bedrooms & Full Bath.

20. 2015-07-02
    status Under Contract
21. 2015-05-18
    listed $879,000 New

    Show marketing remark (281 chars)

    Beautiful Colonial Frame 2 Family House In A Great Location Features Duplex 1st & Second Floor A Lvng Rm, Eat In Kit, Laundry Rm & Porch On 1st Floor. 2nd Floor 3 Bdrms & Full Bath. 3rd & 4th Floor Duplex Features Lvng Rm, Dng Area, Kit, 3 Bedrooms & Full Bath.

22. 2015-05-18
    listed $879,000 281-char remark

    Show marketing remark (281 chars)

    Beautiful Colonial Frame 2 Family House In A Great Location Features Duplex 1st & Second Floor A Lvng Rm, Eat In Kit, Laundry Rm & Porch On 1st Floor. 2nd Floor 3 Bdrms & Full Bath. 3rd & 4th Floor Duplex Features Lvng Rm, Dng Area, Kit, 3 Bedrooms & Full Bath.

23. 2001-04-20
    soldstatus $233,000

ⓘ 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: $4,585 · $382/mo
• Projected year-2 tax: $12,433 · $1,036/mo
• Expected delta: +$7,847/yr (+$654/mo · 171.1%)

ⓘ 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 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: $160,956
• − Mortgage interest: −$67,219
• − Property taxes: −$4,585
• − Insurance: −$6,000
• − Repairs & maintenance: −$12,876
• − Management: −$12,876
• − Depreciation: −$34,909
• Taxable income: $22,490
• Est. tax owed @ 24.0%: −$5,398
• After-tax cash flow: $35,657/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): 28,503
• Household income: $96,617
• Rent vs Own: 86.6% rent · 13.4% own
• Severe rent burden: 2407.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 47% Hispanic / Latino 26% Asian 15% Two or more races 12% Black 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 3%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 34% · Canada, China, Jamaica
• Languages at home: 55% English-only · Spanish 21% Other Indo-European 14% 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: ▲ 0.16%
• Current HPI: 144.3118
• Rent YoY: ▲ 4.79%
• 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

+316.3% since first listed

12 events — show timeline

• 2026-03-12 Sold (Public Records) $970,000 Public Records
• 2026-03-09 Listed $1,200,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-09 Sold (MLS) $970,000 OneKey® MLS as Distributed by MLS Grid
• 2025-12-16 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-10-30 Listed $1,099,000 OneKey® MLS as Distributed by MLS Grid
• 2015-09-29 Sold (Public Records) $875,800 Public Records
• 2015-09-18 Sold (MLS) $875,800 MLSLI
• 2015-09-18 Sold (MLS) $875,800 OneKey® MLS as Distributed by MLS Grid
• 2015-07-02 Pending — MLSLI
• 2015-05-18 Listed $879,000 MLSLI
• 2015-05-18 Listed $879,000 OneKey® MLS as Distributed by MLS Grid
• 2001-04-20 Sold (Public Records) $233,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $4,585 · +3.0% YoY. Source: county tax records.