14574 222nd St · New York, NY 11413

$650,000

6 bd · 4.0 ba · 2,175 sqft · MultiFamily public records · 4 Days on market

Built 1950 3,800 sqft lot Est $1124k · 42% under

---

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 +24.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +5.9/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• 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

Come and take a look at this property in Springfield Gardens. Fitted with two units, both possessing 3 bedrooms and 2 bathrooms each. The property will be delivered in "as-is" condition and occupied.

Key facts

• 3,800 sq ft lot
• Built 1950
• Listed 4 days

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $636/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $650k).
• Cap rate 8.6% 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: 197 active listings in the ZIP; 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 $20k 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.
• Current owner paid $562k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 69% 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 $650,000

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 1950 — 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: 1.09% ✓
• Cap rate: 8.64%
• Cash-on-cash: 8.38%
• DSCR: 1.37
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $1,124,475
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
221-11 146th Ave	0.05mi	6/4.0	2,172 (-0%)	11mo	$1,200,000	$552	89
14746 223rd St	0.27mi	6/4.0	2,250 (+3%)	2mo	$1,100,000	$489	80
14553 221st St	0.05mi	5/3.0 (-1)	2,204 (+1%)	12mo	$995,000	$451	76
14411 223rd St	0.26mi	6/5.0	2,271 (+4%)	0mo	$1,295,000	$570	76
179-12 145 Ave	0.47mi	6/3.0	2,080 (-4%)	2mo	$1,120,000	$538	65
22820 Edgewood Ave	0.53mi	6/5.0	2,208 (+2%)	7mo	$1,150,000	$521	63
145-07 232 St	0.58mi	6/4.0	2,316 (+6%)	8mo	$854,000	$369	55
23118 145th Ave	0.56mi	6/5.0	2,000 (-8%)	8mo	$1,100,000	$550	50
14827 230th Pl	0.55mi	5/3.0 (-1)	2,304 (+6%)	8mo	$950,000	$412	49
22907 148th Ave	0.43mi	5/2.0 (-1)	2,288 (+5%)	12mo	$880,000	$385	49
181-36 144th Ave	0.45mi	6/2.0	2,328 (+7%)	22mo	$842,650	$362	41
14027 Coombs St	0.69mi	7/3.0 (+1)	1,932 (-11%)	2mo	$999,000	$517	38

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: -3.6%
• Equity multiple: 0.87×
• Total profit: $-24,316
• Equity at exit: $96,917

10-year hold

• IRR: 6.1%
• Equity multiple: 1.46×
• Total profit: $83,186
• Equity at exit: $56,200

Cash invested: $182,000 (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 11413

• Active inventory: 197
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $7,107 high
• Mortgage (P&I): −$3,409
• Tax from tax record: −$663 /mo · $7,960/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,492
• Net cashflow: $1,272

Break-even live

Break-even rent $5,497

Max offer price $650,000

Occupancy floor 77%

Sensitivity live

Price	-10% $1,640	-5% $1,456	+0% $1,272	+5% $1,088	+10% $904
Rent	-10% $710	-5% $991	+0% $1,272	+5% $1,552	+10% $1,833
Rate	-1.0pp $1,599	-0.5pp $1,437	base $1,272	+0.5pp $1,103	+1.0pp $932

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$7,108
Total (2 units)			$7,107

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-06
   status Pending
2. 2026-03-31
   listed $650,000 Active
3. 2005-05-21
   soldstatus $562,400
4. 2004-12-02
   soldstatus $350,000
5. 2004-12-02
   soldstatus $350,000

ⓘ 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: $7,960 · $663/mo
• Projected year-2 tax: $9,472 · $789/mo
• Expected delta: +$1,513/yr (+$126/mo · 19.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% 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 69% 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: $85,284
• − Mortgage interest: −$36,410
• − Property taxes: −$7,960
• − Insurance: −$3,250
• − Repairs & maintenance: −$6,823
• − Management: −$6,823
• − Depreciation: −$18,909
• Taxable income: $5,110
• Est. tax owed @ 24.0%: −$1,226
• After-tax cash flow: $14,034/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): 45,072

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 (84%)
• Race & ethnicity: Black 84% Hispanic / Latino 9% Two or more races 4% Asian 2% White 1%
• Hispanic origin (detail): Puerto Rican 3% Dominican 3%
• Common ancestry: Hispanic 6%
• Foreign-born: 39% · Canada, Mexico
• Languages at home: 84% English-only · French/Haitian/Cajun 7% Spanish 6% Other Indo-European 1%

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: ▼ -390.89%
• Current HPI: 311.5327
• 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

+85.7% since first listed

5 events — show timeline

• 2026-04-06 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-31 Listed $650,000 OneKey® MLS as Distributed by MLS Grid
• 2005-05-21 Sold (Public Records) $562,400 Public Records
• 2004-12-02 Sold (Public Records) $350,000 Public Records
• 2004-12-02 Sold (Public Records) $350,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $7,960 · -2.4% YoY. Source: county tax records.