196-15 69th Ave #2 · New York, NY 11365

$220,000

1 bd · 1.0 ba · 603 sqft · Condo · 46 Days on market

Built 1952 Fair condition

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Why this score? — see what drove the F 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 +7.5/15.0
• 1% rule +5.7/10.0
• Cash flow +5.4/30.0
• Schools +5.0/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Condition / age +2.2/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

* SPONSOR UNIT * One bedroom, one bathroom Sponsor sale at Meadowlark Gardens. This 2nd floor apartment has lots of sunlight, spacious living room, separate dining area, galley kitchen, large bedroom and windowed full bathroom. No Board approval is required. Low monthly maintenance $879. Close to public transportation and major highways. Needing updating/renovatioin, this is an excellent opportunity to make this apartment your own.

Key facts

• Galley kitchen
• Spacious living room
• Separate dining area

Tags

• SPACIOUS LIVING ROOM
• SEPARATE DINING AREA
• GALLEY KITCHEN
• WINDOWED FULL BATHROOM
• CLOSE TO PUBLIC TRANSPORTATION
• MAJOR HIGHWAYS

Property features AI

Finance

• Other: Living area reported from public records
• Financial info: Details not provided
• HOA & community: Cooperative ownership (Stock cooperative)

Exterior

• Parking: No carport; Parking availability managed by waitlist
• Security: Details not provided
• Utilities: Public sewer; Cable available
• Home design: Stock cooperative
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Details not provided
• Flooring: Details not provided
• Bathrooms: One full bathroom
• Heating & cooling: Steam heating; No cooling
• Interior features: Galley kitchen layout; Two total stories; Entry on the second floor; No basement; Three total rooms
• Laundry & utility: Details not provided

🏢 Co-op / cooperative unit. The $220,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $220k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-548 ($-7k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $213k (3.0% below list) — sets the bar for market timing.
• Cap rate 3.7% 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); Francis Lewis High School (math 97% / reading 92%, grade A+, #117 of 1,100 statewide, top 11%, 4,265 students, 70% FRL).
• Market conditions: Rents rising fast (+6.2%/yr); 133 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 35% of the median local income ($81k/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 $7k 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 46 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 35% of rent; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; 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 $213,400 (3.0% 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 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
7. 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?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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?
12. 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.
13. 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.
14. 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: 1.07% ✓
• Cap rate: 3.67%
• Cash-on-cash: -9.38%
• DSCR: 0.58
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.24% rent growth · sell at horizon

5-year hold

• IRR: -28.9%
• Equity multiple: -0.01×
• Total profit: $-62,046
• Equity at exit: $32,803

10-year hold

• IRR: -14.2%
• Equity multiple: -0.00×
• Total profit: $-61,883
• Equity at exit: $19,022

Cash invested: $61,600 (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 11365

• Rents YoY: 6.2%
• Active inventory: 133
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,352 high
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA est. from 1 same-building comp: −$819
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $-548

Break-even live

Break-even rent $3,045

Max offer price $140,726

Occupancy floor —

Sensitivity live

Price	-10% $-396	-5% $-472	+0% $-548	+5% $-624	+10% $-700
Rent	-10% $-734	-5% $-641	+0% $-548	+5% $-455	+10% $-362
Rate	-1.0pp $-437	-0.5pp $-492	base $-548	+0.5pp $-605	+1.0pp $-663

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
73-49 188th St Unit 2 Flushing, NY	1.0	1.0	650	$2,000	$3.08	26d	1	0.45mi
5839 196th Pl Fresh Meadows, NY	2.0	1.0	750	$2,750	$3.67	26d	1	0.47mi
67-05H 186th Ln Fresh Meadows, NY	2.0	1.0	700	$3,100	$4.43	26d	1	0.50mi
178-05 69th Ave Unit 2 Flushing, NY	2.0	1.0	750	$2,700	$3.60	26d	1	0.88mi
8737 Marengo St #1 Hollis, NY	1.0	1.0	720	$1,950	$2.71	12d	1	1.28mi
196-42 44th Ave #2 Flushing, NY	1.0	1.0	600	$2,000	$3.33	0d	1	1.42mi
190-11 Hillside Ave Apt 202 Hollis, NY	1.0	1.0	700	$2,700	$3.86	26d	1	1.47mi
190-11 Hillside Ave Unit 304 Hollis, NY	1.0	1.0	700	$2,600	$3.71	16d	1	1.47mi
8827 208th St Queens Village, NY	1.0	1.0	640	$1,900	$2.97	26d	1	1.49mi

HOA detail condo

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

Listing history 7 events

1. 2026-06-08
   statusdays on market $220,000 Pending 46 DOM
2. 2026-06-08
   days on market $220,000 Active 45 DOM
3. 2026-06-04
   days on market $220,000 Active 42 DOM
4. 2026-06-03
   days on market $220,000 Active 41 DOM
5. 2026-06-01
   days on market $220,000 Active 39 DOM
6. 2026-05-31
   days on market $220,000 Active 38 DOM
7. 2026-04-23
   listed $220,000 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 8/10 Severe FEMA zone X (unshaded) · 99% 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: $28,223
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,898
• − Repairs & maintenance: −$2,258
• − Management: −$2,258
• − HOA: −$9,828
• − Depreciation: −$6,400
• Taxable loss: −$10,042
• Est. tax savings @ 24.0%: +$2,410
• After-tax cash flow: $-4,164/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.

Condition & rehab AI · 11 photos

Fair 45/100 Moderate rehab

This 2nd floor apartment at Meadowlark Gardens requires moderate renovations to update the kitchen and paint interior walls, but the property is in good condition and has good curb appeal.

Repairs flagged

• Major kitchen cabinets — severely dated and worn
• Major kitchen countertops — worn and outdated
• Major kitchen appliances — outdated and worn

Value-add opportunities

• Both update kitchen cabinets and countertops — modernizing the kitchen will increase both resale and rental value
• Both install new kitchen appliances — new appliances will attract more buyers/renters
• Both paint interior walls — fresh paint will improve the home's appearance and appeal
• Both replace linoleum in kitchen with a more modern material — upgrading the kitchen flooring will enhance both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely dated and worn	Major	$15,000–50,000
kitchen countertops · worn and outdated	Major	$15,000–50,000
kitchen appliances · outdated and worn	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both update kitchen cabinets and countertops — modernizing the kitchen will increase both resale and rental value ↑
• Both install new kitchen appliances — new appliances will attract more buyers/renters ↑
• Both paint interior walls — fresh paint will improve the home's appearance and appeal ↑
• Both replace linoleum in kitchen with a more modern material — upgrading the kitchen flooring will enhance both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 42,322
• Household income: $81,258
• Rent vs Own: 53.6% rent · 46.4% own
• Severe rent burden: 1876.0

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 0.71)
• Race & ethnicity: Asian 43% White 23% Hispanic / Latino 21% Two or more races 11% Black 11%
• Hispanic origin (detail): Puerto Rican 7% Dominican 4%
• Common ancestry: Scotch-Irish 4% Romanian 1% Slovak 1%
• Foreign-born: 46% · China, Canada, South Korea
• Languages at home: 41% English-only · Chinese 26% Spanish 13% Korean 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: ▼ -298.48%
• Current HPI: 314.4015
• Rent YoY: ▲ 6.24%
• 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

1 event — show timeline

• 2026-04-23 Listed $220,000 OneKey® MLS as Distributed by MLS Grid