69-11 138th St Unit 3B · New York, NY 11367

$299,000

1 bd · 1.0 ba · 750 sqft · Condo · 33 Days on market

Built 1952

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Why this score? — see what drove the D 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 +14.0/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +4.2/10.0
• 1% rule +3.9/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful Top-Floor Garden Apartment in Prime Kew Garden Hills. Rarely available and full of natural light, this very spacious top-floor garden apartment is a true gem in the heart of Kew Garden Hills. With windows on three sides and windows in every room, the home enjoys bright eastern, southern, and western exposures, along with stunning sunset views and even views of Manhattan. The apartment features a newly updated kitchen and bathroom, a split AC unit in the living room, stainless steel refrigerator and stove, and elegant granite countertops. Granite window sills throughout provide the perfect space for flowers and plants, creating a fresh and relaxing atmosphere. Conveniently located

Key facts

• Split ac unit
• Built 1952
• Listed 33 days

Tags

• TOP-FLOOR GARDEN APARTMENT
• NEWLY UPDATED KITCHEN
• NEWLY UPDATED BATHROOM
• SPLIT AC UNIT
• STAINLESS STEEL REFRIGERATOR
• STAINLESS STEEL STOVE

Property features AI

Exterior

• Parking: No carport; Parking waitlist
• Utilities: Public sewer; Electricity available and connected; Natural gas available and connected; Water available and connected; Sewer available and connected; Private trash collection
• Home design: Stock cooperative; Three stories total; One level living; Entry on level 3
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Gas range; Refrigerator; Stainless steel appliances; Exhaust fan
• Bedrooms: 3rd level entry
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Ductless cooling
• Interior features: Formal dining area; Granite counters; Washer/dryer hookup; Cats allowed (size limit)
• Laundry & utility: Washer; Dryer; Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $299k.

Deal economics

• At list price, monthly cash flow is $38 ($458/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $266k (10.9% below list).
• Recommended offer: $266k (10.9% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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.
• 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 227 Louis Armstrong (math 52% / reading 69%, grade B+, #153 of 729 statewide, top 21%, 1,528 students, 68% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: 261 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• This rent runs 43% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 33 days — a 3% lower offer ($290k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1952 — 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 $266,394 (10.9% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
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. 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?
8. 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.
9. 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.
10. 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: 0.89% ✗
• Cap rate: 6.45%
• Cash-on-cash: 0.55%
• DSCR: 1.02
• GRM: 9.4

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: -15.4%
• Equity multiple: 0.45×
• Total profit: $-45,978
• Equity at exit: $44,582

10-year hold

• IRR: -6.9%
• Equity multiple: 0.56×
• Total profit: $-36,742
• Equity at exit: $25,852

Cash invested: $83,720 (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: 261
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,664 high
• Mortgage (P&I): −$1,568
• Tax est. 1.5%: −$374 /mo · $4,485/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$559
• Net cashflow: $38

Break-even live

Break-even rent $2,616

Max offer price $299,000

Occupancy floor 94%

Sensitivity live

Price	-10% $245	-5% $142	+0% $38	+5% $-65	+10% $-168
Rent	-10% $-172	-5% $-67	+0% $38	+5% $143	+10% $249
Rate	-1.0pp $189	-0.5pp $114	base $38	+0.5pp $-39	+1.0pp $-118

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
150-25 72nd Rd Flushing, NY	1.0	1.0	700	$2,300	$3.29	26d	1	0.64mi
135-26 78th Ave Unit 2FL Flushing, NY	2.0	1.0	900	$2,800	$3.11	3d	1	0.74mi
11131 66th Ave Unit 3C Forest Hills, NY	1.0	1.0	600	$2,000	$3.33	6d	1	0.87mi
71-82 Parsons Blvd Unit 503 Kew Gardens Hills, NY	2.0	1.5	900	$4,000	$4.44	26d	1	0.89mi
71-82 Parsons Blvd Unit 303 Kew Gardens Hills, NY	2.0	1.5	900	$4,000	$4.44	15d	1	0.89mi
71-82 Parsons Blvd Unit 516 Kew Gardens Hills, NY	2.0	1.5	900	$3,500	$3.89	4d	1	0.89mi
71-82 Parsons Blvd Unit 702 Kew Gardens Hills, NY	1.0	1.0	1000	$2,900	$2.90	22d	1	0.89mi
14112 78th Rd Unit 1G Flushing, NY	1.0	1.0	700	$2,200	$3.14	26d	1	0.89mi
11019 72nd Rd Unit 1B Forest Hills, NY	1.0	1.0	750	$3,200	$4.27	15d	1	0.91mi
11105 66th Ave Unit 2B Forest Hills, NY	1.0	1.0	850	$2,600	$3.06	17d	1	0.94mi
7837 Main St Unit 2G Queens, NY	1.0	1.0	700	$2,300	$3.29	26d	1	0.94mi
7835 147th St Unit 2E Flushing, NY	1.0	1.0	700	$2,200	$3.14	8d	1	0.96mi
6945 108th St Unit 3F Forest Hills, NY	2.0	1.0	900	$3,600	$4.00	8d	1	0.98mi
10919 72nd Rd Unit 6F Forest Hills, NY	1.0	1.0	696	$3,485	$5.01	13d	1	1.01mi
10825 72nd Ave Forest Hills, NY	1.0–2.0	1.0	700	$3,500	$5.00	6d	2	1.01mi
11007 73rd Rd Forest Hills, NY	1.0	1.0	950	$1,800	$1.89	20d	1	1.02mi
108-25 72nd Ave Unit 6B Flushing, NY	2.0	1.0	800	$3,900	$4.88	1d	1	1.02mi
7157 161 St Apt 5B Flushing, NY	2.0	2.0	1100	$2,600	$2.36	26d	1	1.06mi
10740 70th Rd Unit 7F Forest Hills, NY	1.0	1.0	750	$2,650	$3.53	26d	1	1.07mi
105-25 67th Rd Forest Hills, NY	1.0	1.0	750	$1,800	$2.40	20d	1	1.07mi
7540 Austin St Unit 4HR Forest Hills, NY	1.0	1.0	841	$2,600	$3.09	1d	1	1.08mi
6771 Yellowstone Blvd Unit 2R Forest Hills, NY	1.0	1.0	700	$2,550	$3.64	26d	1	1.09mi
10530 66th Ave Unit 3F Forest Hills, NY	1.0	1.0	800	$2,200	$2.75	26d	1	1.09mi
7133 162nd St Unit 3F Fresh Meadows, NY	2.0	2.0	850	$2,700	$3.18	26d	1	1.10mi
10533 66th Ave Unit 3F Forest Hills, NY	1.0	1.0	775	$2,200	$2.84	6d	1	1.12mi
10620 70th Ave Unit 6B Forest Hills, NY	1.0	1.0	765	$3,600	$4.71	26d	1	1.13mi
61-20 Grand Central Pkwy Unit Bb706 Forest Hills, NY	2.0	1.0	970	$2,850	$2.94	20d	1	1.16mi
10523 65th Rd Forest Hills, NY	2.0	2.0	760	$3,200	$4.21	26d	1	1.16mi
102-55 67th Rd Unit 2V Forest Hills, NY	1.0	1.0	633	$2,350	$3.71	21d	1	1.16mi
163-07 72nd Ave Unit 3G Flushing, NY	2.0	2.0	716	$2,900	$4.05	26d	1	1.16mi
10849 63rd Ave Unit 2C Forest Hills, NY	—	1.0	600	$1,900	$3.17	26d	1	1.17mi
10240 67th Dr Unit 1C Forest Hills, NY	1.0	1.5	780	$2,500	$3.21	26d	1	1.17mi
10525 65th Ave Unit 4F Forest Hills, NY	2.0	1.0	980	$3,998	$4.08	16d	1	1.17mi
6435 Yellowstone Blvd Unit 6G Forest Hills, NY	—	1.0	575	$1,900	$3.30	20d	1	1.18mi
102-45 67th Rd Forest Hills, NY	1.0	1.0	700	$2,350	$3.36	20d	1	1.19mi
102-39 66th Ave Unit 1 Flushing, NY	2.0	1.0	981	$3,000	$3.06	3d	1	1.19mi
10460 Queens Blvd Forest Hills, NY	1.0–2.0	1.0	916	$3,350	$3.66	7d	2	1.22mi
6405 Yellowstone Blvd Flushing, NY	1.0	1.0–1.5	920	$3,075	$3.34	26d	2	1.23mi
6405 Yellowstone Blvd Unit 403S Forest Hills, NY	1.0	1.0	720	$3,100	$4.31	26d	1	1.23mi
13915 83rd Ave #717 Jamaica, NY	1.0	1.0	800	$2,400	$3.00	6d	1	1.24mi

HOA detail condo

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

Listing history 2 events

1. 2026-04-25
   status Pending
2. 2026-03-22
   listed $299,000 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 7/10 Severe 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: $31,967
• − Mortgage interest: −$16,749
• − Property taxes: −$4,485
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,557
• − Management: −$2,557
• − Depreciation: −$8,698
• Taxable loss: −$4,574
• Est. tax savings @ 24.0%: +$1,098
• After-tax cash flow: $1,556/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): 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

2 events — show timeline

• 2026-04-25 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-22 Listed $299,000 OneKey® MLS as Distributed by MLS Grid