113-16 204 St · New York, NY 11412

$600,000

None bd · None ba · 1,360 sqft · MultiFamily public records · 4 Days on market

Built 1935 Est $849k · 29% 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).

• ARV discount +15.0/15.0
• Cash flow +14.2/30.0
• Schools +5.0/10.0
• DSCR +4.3/10.0
• Livability +3.8/5.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• 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: 2 units. confirmed

Listing remarks

2 family needs TLC . 2 bedroom apartment over a one bedroom over a basement with its own entrance.

Key facts

• Parking
• Built 1935
• Listed 3 days

Property features AI

Exterior

• Parking: Carport with 1 space; Alley access
• Utilities: Public sewer; Electricity connected; Natural gas connected
• Home design: Duplex
• Construction: Block and brick construction
• Exterior features: No waterfront; No additional parcels

Interior

• Bedrooms: Bedroom on the first floor
• Heating & cooling: Natural gas heating; No cooling
• Interior features: First-floor bedroom; Full unfinished walk-out basement

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $104 ($1k/yr) — positive. Per door: $52/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 $471k (21.5% below list).
• Recommended offer: $471k (21.5% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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: 145 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 54% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $471,200 (21.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.79% ✗
• Cap rate: 6.50%
• Cash-on-cash: 0.74%
• DSCR: 1.03
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $848,640
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
112-02 204 St	0.12mi	4/3.0	1,530 (+12%)	10mo	$954,000	$624	65
118-32 200th St	0.64mi	6/4.0	1,368 (+1%)	6mo	$1,310,000	$958	64
194-56 Murdock Ave	0.41mi	4/2.0	1,516 (+12%)	2mo	$896,700	$591	61
118-27 201st St	0.61mi	6/3.0	1,248 (-8%)	3mo	$1,240,000	$994	56
19124 Murdock Ave	0.57mi	6/4.0	1,509 (+11%)	2mo	$980,000	$649	53
189-18 114 Dr	0.71mi	4/2.0	1,473 (+8%)	8mo	$880,000	$597	47
117-33 219th St	0.75mi	3/2.0	1,296 (-5%)	16mo	$620,000	$478	44
116-42 193rd St	0.71mi	3/3.0	1,480 (+9%)	11mo	$750,000	$507	43

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -15.2%
• Equity multiple: 0.46×
• Total profit: $-90,872
• Equity at exit: $89,462

10-year hold

• IRR: -6.7%
• Equity multiple: 0.57×
• Total profit: $-71,650
• Equity at exit: $51,877

Cash invested: $168,000 (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 11412

• Active inventory: 145
• Price-to-rent: 21.2×

Monthly cashflow live

• Estimated rent: $4,712 high
• Mortgage (P&I): −$3,146
• Tax from tax record: −$222 /mo · $2,667/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$990
• Net cashflow: $104

Break-even live

Break-even rent $4,581

Max offer price $600,000

Occupancy floor 93%

Sensitivity live

Price	-10% $443	-5% $274	+0% $104	+5% $-66	+10% $-236
Rent	-10% $-269	-5% $-82	+0% $104	+5% $290	+10% $476
Rate	-1.0pp $406	-0.5pp $256	base $104	+0.5pp $-52	+1.0pp $-210

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$2,356
1× unit	1	1	$2,356
Total (2 units)			$4,712

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: $150,000
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11141 202nd St Saint Albans, NY	3.0	1.0	900	$2,750	$3.06	25d	1	0.14mi
11516 199th St Saint Albans, NY	3.0	2.0	1000	$3,800	$3.80	25d	1	0.36mi
10933 Francis Lewis Blvd Queens Village, NY	3.0	1.5	1492	$4,000	$2.68	25d	1	0.41mi
20207 Linden Blvd Saint Albans, NY	3.0	1.0	1584	$3,400	$2.15	25d	1	0.48mi
200-03 109th Ave Unit 2nd flr Jamaica, NY	3.0	2.0	1300	$3,200	$2.46	5d	1	0.50mi
104-23 203rd St Unit 1 Jamaica, NY	2.0	1.0	900	$2,975	$3.31	12d	1	0.50mi
191-28 114th Dr Unit 1 St. Albans, NY	3.0	2.0	1767	$3,150	$1.78	25d	1	0.59mi
21511 111th Rd Queens Village, NY	2.0	1.0	1812	$3,100	$1.71	25d	1	0.66mi
20120 120th Ave Saint Albans, NY	3.0	2.0	1040	$3,500	$3.37	19d	1	0.80mi
12033 200th St Saint Albans, NY	1.0	1.0	1099	$2,000	$1.82	14d	1	0.86mi
11521 222nd St Cambria Heights, NY	3.0	1.5	1250	$3,500	$2.80	25d	1	0.87mi
190-24 102nd Ave Unit First floor Jamaica, NY	3.0	1.5	1000	$3,000	$3.00	25d	1	0.88mi
12054 194th St Saint Albans, NY	3.0	1.0	1099	$3,200	$2.91	25d	1	1.04mi
104-18 220th St Unit 2nd flr Queens Village, NY	3.0	2.0	1150	$3,200	$2.78	19d	1	1.09mi
193-14 Jamaica Ave Unit 2 Floor Jamaica, NY	3.0	2.0	1000	$3,195	$3.19	12d	1	1.09mi
22518 112th Ave Queens Village, NY	3.0	1.0	1452	$3,500	$2.41	19d	1	1.09mi
197-10 Foothill Ave Unit 1st floor Jamaica, NY	3.0	2.0	1100	$3,600	$3.27	7d	1	1.36mi
8789 191st St Hollis, NY	3.0	2.0	1374	$3,600	$2.62	25d	1	1.40mi
177-47 106th Ave Unit First floor Jamaica, NY	3.0	1.0	1600	$3,300	$2.06	15d	1	1.44mi
17724 106th Ave Jamaica, NY	3.0	1.0	1600	$3,500	$2.19	25d	1	1.47mi
10940 175th St Jamaica, NY	3.0	1.5	1300	$4,000	$3.08	19d	1	1.48mi

Listing history 4 events

1. 2026-06-09
   days on market $600,000 Active 4 DOM
2. 2026-06-08
   days on market $600,000 Active 3 DOM
3. 2026-06-07
   remarks 98-char remark
4. 2026-06-07
   listed $600,000 Active 2 DOM

ⓘ 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: $2,667 · $222/mo
• Projected year-2 tax: $6,404 · $534/mo
• Expected delta: +$3,736/yr (+$311/mo · 140.1%)

ⓘ 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 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 54% 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: $56,544
• − Mortgage interest: −$33,609
• − Property taxes: −$2,667
• − Insurance: −$3,000
• − Repairs & maintenance: −$4,524
• − Management: −$4,524
• − Depreciation: −$17,455
• Taxable loss: −$9,234
• Est. tax savings @ 24.0%: +$2,216
• After-tax cash flow: $3,461/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
• City population: 7,731,280
• Population (ZIP): 41,350

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: Predominantly Black (78%)
• Race & ethnicity: Black 78% Hispanic / Latino 9% Two or more races 5% Asian 4% White 1%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Hispanic 7%
• Foreign-born: 42% · Canada
• Languages at home: 82% English-only · French/Haitian/Cajun 6% Spanish 6% Other Indo-European 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: ▼ -413.59%
• Current HPI: 302.063
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-06-05 Listed $600,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+1.7%/yr

Latest (2025): $2,667 · -49.6% YoY. Source: county tax records.