270-08 81st Ave Unit 220A · New York, NY 11040

$379,000

2 bd · 1.0 ba · 750 sqft · Condo · 31 Days on market

Built 1950

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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 +13.6/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +4.1/10.0
• 1% rule +3.8/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to the best location in Langdale Gardens. This well maintained corner two bedroom first floor unit includes living room, kitchen with hardwood floors. Close to shopping and transportation.

Key facts

• Corner unit
• Hardwood floors
• Built 1950

Tags

• CORNER UNIT
• HARDWOOD FLOORS

Property features AI

Exterior

• Parking: Common parking; On-street parking
• Utilities: Public sewer; Natural gas connected
• Home design: Stock cooperative; Entry level: 1
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Dishwasher; Gas range; Refrigerator
• Bedrooms: Includes a bedroom on the first floor
• Flooring: Hardwood floors
• Bathrooms: One full bathroom
• Heating & cooling: Hot water heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; Common laundry area; Total of 4 rooms
• Laundry & utility: Shared/common laundry area

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $379k.

Deal economics

• At list price, monthly cash flow is $23 ($273/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 $334k (11.8% below list).
• Recommended offer: $334k (11.8% 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: 200 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 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 $3k of loan paydown is wiped out by about $11k 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 31 days — a 3% lower offer ($368k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $334,417 (11.8% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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: 0.88% ✗
• Cap rate: 6.36%
• Cash-on-cash: 0.26%
• DSCR: 1.01
• 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: -15.9%
• Equity multiple: 0.44×
• Total profit: $-59,917
• Equity at exit: $56,510

10-year hold

• IRR: -7.5%
• Equity multiple: 0.53×
• Total profit: $-50,107
• Equity at exit: $32,769

Cash invested: $106,120 (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 11040

• Active inventory: 200
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $3,344 high
• Mortgage (P&I): −$1,988
• Tax est. 1.5%: −$474 /mo · $5,685/yr
• Insurance: −$158
• HOA: −$0
• Vacancy / Maint / Mgmt: −$702
• Net cashflow: $23

Break-even live

Break-even rent $3,315

Max offer price $379,000

Occupancy floor 94%

Sensitivity live

Price	-10% $285	-5% $154	+0% $23	+5% $-108	+10% $-239
Rent	-10% $-241	-5% $-109	+0% $23	+5% $155	+10% $287
Rate	-1.0pp $214	-0.5pp $119	base $23	+0.5pp $-75	+1.0pp $-175

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: $94,750
• Closing costs: $11,370
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
48 79th Ave New Hyde Park, NY	3.0	2.0	1109	$4,500	$4.06	45d	1	0.26mi
7608 269th St New Hyde Park, NY	3.0	2.0	1031	$4,500	$4.36	0d	1	0.61mi
85-16 Little Neck Pkwy #1 Queens, NY	2.0	1.0	865	$2,750	$3.18	17d	1	0.99mi
102 Jericho Tpke Unit 3C New Hyde Park, NY	1.0	1.0	685	$2,000	$2.92	0d	1	1.08mi
36 Lakeville Rd New Hyde Park, NY	2.0	1.0	650	$3,500	$5.38	0d	1	1.08mi
322 Jericho Tpke Floral Park, NY	2.0	1.0	700	$2,800	$4.00	13d	1	1.08mi
402 Jericho Tpke Unit 1 New Hyde Park, NY	1.0	1.0	616	$2,850	$4.63	0d	1	1.09mi
610 Jericho Tpke New Hyde Park, NY	2.0	1.0	525	$2,900	$5.52	0d	1	1.13mi
37 Ingraham Ln New Hyde Park, NY	2.0	1.0	1099	$2,800	$2.55	4d	1	1.16mi
246-17 Union Tpke Unit A Bellerose, NY	3.0	1.0	799	$3,200	$4.01	26d	1	1.19mi
245-24 77th Cres Jamaica, NY	2.0	1.0	785	$2,600	$3.31	20d	1	1.27mi
76-37 Commonwealth Blvd Unit 2 Jamaica, NY	1.0	1.0	641	$2,200	$3.43	26d	1	1.28mi
77 S Tyson Ave Floral Park, NY	1.0–2.0	1.0–2.0	807	$3,990	$4.94	0d	1	1.33mi
145 Tulip Ave Floral Park, NY	2.0	1.0	600	$2,600	$4.33	0d	1	1.41mi

HOA detail condo

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

Listing history 11 events

1. 2026-06-21
   statusdays on market $379,000 Pending 31 DOM
2. 2026-06-18
   days on market $379,000 Active 30 DOM
3. 2026-06-17
   days on market $379,000 Active 29 DOM
4. 2026-06-16
   days on market $379,000 Active 28 DOM
5. 2026-06-15
   days on market $379,000 Active 27 DOM
6. 2026-06-13
   days on market $379,000 Active 25 DOM
7. 2026-06-10
   days on market $379,000 Active 21 DOM
8. 2026-06-08
   days on market $379,000 Active 20 DOM
9. 2026-06-08
   days on market $379,000 Active 19 DOM
10. 2026-06-04
    days on market $379,000 Active 16 DOM
11. 2026-05-13
    listed $379,000 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 6/10 Major 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,130
• − Mortgage interest: −$21,230
• − Property taxes: −$5,685
• − Insurance: −$1,895
• − Repairs & maintenance: −$3,210
• − Management: −$3,210
• − Depreciation: −$11,025
• Taxable loss: −$6,126
• Est. tax savings @ 24.0%: +$1,470
• After-tax cash flow: $1,743/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): 42,344

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 0.65)
• Race & ethnicity: Asian 44% White 39% Hispanic / Latino 11% Two or more races 7% Black 1%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 2% Scotch-Irish 2% Russian 1%
• Foreign-born: 33% · China, Canada, South Korea
• Languages at home: 57% English-only · Other Indo-European 14% Chinese 8% Other Asian/Pacific 8%

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: ▼ -747.29%
• Current HPI: 308.3913
• 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

• 2026-05-13 Listed $379,000 OneKey® MLS as Distributed by MLS Grid