138-18 28th Rd Unit 2F · New York, NY 11354

$250,000

1 bd · 1.0 ba · 612 sqft · Condo public records · 154 Days on market

Built 1952 ↓ 3% since listing

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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).

• Cash flow +20.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +5.4/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this spacious, move-in ready corner one-bedroom co-op located in desirable Northern Flushing. The apartment features a generously sized living room, a bright bedroom with dual windows, and hardwood floors throughout. The well-maintained elevator building offers on-site laundry and a convenient parking lot. QM2, QM20, and Q61 bus stops are conveniently located just around the corner. Close to supermarkets, shopping, schools, and everyday essentials—perfect for easy commuting and comfortable living.

Key facts

• Bus stops nearby
• Close to shopping
• On-site laundry

Tags

• CORNER ONE-BEDROOM CO-OP
• ON-SITE LAUNDRY
• CONVENIENT PARKING LOT
• BUS STOPS NEARBY
• CLOSE TO SUPERMARKETS
• CLOSE TO SHOPPING

Property features AI

Finance

• Other: Living area reported as 750 sq ft
• HOA & community: Managed by Highrise Property Management; Pets allowed — contact management

Exterior

• Parking: Assigned parking; Garage parking; On-street parking available; Parking lot; Parking fee ($30)
• Utilities: Electricity available and connected (Con-Edison); Natural gas available and connected; Public sewer; Water connected; Public trash collection
• Home design: Stock cooperative; One-level unit; Entry on 2nd floor; Six-story building
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Gas cooktop; Gas oven; Refrigerator
• Bedrooms: Located on 2nd floor
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Other heating; Wall/window air conditioning units
• Interior features: Entrance foyer; Other interior features

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $-100 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $236k (5.8% below list).
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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 (+2.8%/yr); 656 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $2,601/mo this rent would consume 47% of the median local household income ($66k/yr) (locally 4119% 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 $2k of loan paydown is wiped out by about $8k 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 154 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $220,000 (12.0% 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 154 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
11. 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.
12. 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: 1.04% ✓
• Cap rate: 7.86%
• Cash-on-cash: 5.60%
• DSCR: 1.25
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.78% rent growth · sell at horizon

5-year hold

• IRR: -19.3%
• Equity multiple: 0.33×
• Total profit: $-47,128
• Equity at exit: $37,276

10-year hold

• IRR: -12.2%
• Equity multiple: 0.28×
• Total profit: $-50,330
• Equity at exit: $21,615

Cash invested: $70,000 (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 11354

• Home prices YoY: -33.9%
• Rents YoY: 2.8%
• Active inventory: 656
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,601 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$546
• Net cashflow: $-100

Break-even live

Break-even rent $2,727

Max offer price $235,586

Occupancy floor 99%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3132 Union St Flushing, NY	1.0	1.0	625	$2,400	$3.84	18d	1	0.24mi
3132 Union St Unit 4G Flushing, NY	1.0	1.0	650	$2,400	$3.69	7d	1	0.26mi
140-16 34th Ave Unit 412 Flushing, NY	—	1.0	600	$2,250	$3.75	6d	1	0.43mi
140-16 34th Ave Unit 308 Flushing, NY	—	1.0	600	$2,250	$3.75	24d	1	0.43mi
3371 Prince St Unit 8F Flushing, NY	2.0	2.0	716	$4,050	$5.66	15d	1	0.52mi
3371 Prince St Unit 13L Flushing, NY	1.0	1.0	452	$2,800	$6.19	24d	1	0.52mi
3371 Prince St Unit 8J Flushing, NY	2.0	2.0	741	$4,075	$5.50	15d	1	0.52mi
145-18 34th Ave Unit 8A Flushing, NY	1.0	2.0	700	$2,400	$3.43	2d	1	0.54mi
3532 Leavitt St Unit 11I Flushing, NY	—	1.0	422	$2,900	$6.87	4d	1	0.54mi
13416 35th Ave Unit 7E Flushing, NY	2.0	2.0	681	$3,300	$4.85	24d	1	0.57mi
13812 Northern Blvd Unit 7F Flushing, NY	1.0	1.0	600	$2,500	$4.17	11d	1	0.58mi
14424 37th Ave Unit 5B Flushing, NY	2.0	1.0	560	$2,800	$5.00	24d	1	0.72mi
25-05 124th St Fl 1 Flushing, NY	2.0	1.0	750	$2,300	$3.07	18d	1	0.80mi
14943 35th Ave Flushing, NY	1.0	1.0	775	$2,450	$3.16	2d	2	0.83mi
14943 35th Ave Flushing, NY	1.0	1.0	750	$2,400	$3.20	2d	1	0.84mi
149-35 Northern Blvd Unit 4Z Flushing, NY	—	1.0	500	$1,800	$3.60	18d	1	0.85mi
13336 37th Ave Unit 3K Flushing, NY	—	1.0	500	$3,200	$6.40	24d	1	0.85mi
13327 39th Ave Unit 3N Flushing, NY	1.0	1.0	720	$3,600	$5.00	24d	1	0.88mi
3916 Prince St Flushing, NY	1.0	1.0	530	$2,900	$5.47	15d	2	0.89mi
13680 41st Ave Unit 7D Flushing, NY	—	1.0	428	$2,650	$6.19	4d	1	0.92mi
14427 Sanford Ave Unit 7G Flushing, NY	2.0	1.0	655	$3,500	$5.34	24d	1	1.02mi
149-08 41st Ave Unit 3rd Floor Flushing, NY	1.0	1.0	675	$1,850	$2.74	18d	1	1.04mi
20-22 College Point Blvd Unit 3B Flushing, NY	2.0	1.0	700	$2,600	$3.71	24d	1	1.05mi
133-08 41st Rd Flushing, NY	2.0	1.0	700	$2,300	$3.29	24d	1	1.07mi
4105 College Point Blvd Unit 5I Flushing, NY	2.0	2.0	600	$2,600	$4.33	4d	1	1.09mi
13105 40th Rd Flushing, NY	2.0	1.0–2.0	762	$3,675	$4.82	3d	3	1.16mi
13105 40th Rd Flushing, NY	1.0	1.0	626	$3,350	$5.35	18d	3	1.16mi
13203 Sanford Ave Unit 7E Flushing, NY	2.0	2.0	702	$2,800	$3.99	24d	1	1.18mi
132-30 Sanford Ave Unit 4Af Queens, NY	1.0	1.0	470	$2,300	$4.89	24d	1	1.18mi
14065 Beech Ave Unit 6J Flushing, NY	—	1.0	366	$2,000	$5.46	6d	1	1.21mi
13434 Franklin Ave Unit 4E Flushing, NY	1.0	1.0	477	$2,800	$5.87	1d	1	1.27mi
13239 Pople Ave Unit 6D Flushing, NY	1.0	1.0	750	$2,500	$3.33	4d	1	1.27mi
13208 Pople Ave Unit 4A Flushing, NY	1.0	1.0	650	$2,500	$3.85	24d	1	1.32mi
13226 Avery Ave Unit 8A Flushing, NY	2.0	2.0	725	$2,800	$3.86	3d	1	1.35mi

HOA detail condo

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

Listing history 12 events

1. 2026-06-18
   days on market $250,000 Active 154 DOM
2. 2026-06-17
   days on market $250,000 Active 153 DOM
3. 2026-06-15
   days on market $250,000 Active 151 DOM
4. 2026-06-13
   days on market $250,000 Active 149 DOM
5. 2026-06-10
   days on market $250,000 Active 145 DOM
6. 2026-06-08
   days on market $250,000 Active 144 DOM
7. 2026-06-04
   days on market $250,000 Active 140 DOM
8. 2026-06-03
   days on market $250,000 Active 139 DOM
9. 2026-06-01
   days on market $250,000 Active 137 DOM
10. 2026-05-31
    days on market $250,000 Active 136 DOM
11. 2026-03-01
    price $250,000
12. 2026-01-15
    listed $258,000 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 7/10 Severe FEMA zone AE · 77% 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: $31,209
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$6,368
• − Repairs & maintenance: −$2,497
• − Management: −$2,497
• − Depreciation: −$7,273
• Taxable loss: −$5,179
• Est. tax savings @ 24.0%: +$1,243
• After-tax cash flow: $48/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): 53,028
• Household income: $66,010
• Rent vs Own: 57.6% rent · 42.4% own
• Severe rent burden: 4119.0

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: Majority Asian (64%)
• Race & ethnicity: Asian 64% White 15% Hispanic / Latino 14% Two or more races 6% Black 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Dominican 2%
• Common ancestry: Romanian 1% Italian 1%
• Foreign-born: 66% · China, Canada, South Korea
• Languages at home: 22% English-only · Chinese 43% Spanish 14% Korean 11%

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: ▼ -131.64%
• Current HPI: 257.0828
• Rent YoY: ▲ 2.78%
• 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

-3.1% since first listed

2 events — show timeline

• 2026-03-01 Price Changed $250,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-15 Listed $258,000 OneKey® MLS as Distributed by MLS Grid