138-25 68 Dr Unit 3D · New York, NY 11367

$268,000

1 bd · 1.0 ba · 700 sqft · Condo · 392 Days on market

Built 1960 ↓ 23% since listing

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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
• Schools +5.0/10.0
• Cash flow +4.7/30.0
• 1% rule +4.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Sun-splashed top-floor home in sought-after Joyce Gardens! This oversized one-bedroom is complemented by a flexible bonus room perfect for a home office, nursery, or guest space. An extra-large living/dining area flows to a windowed kitchen outfitted with stainless-steel appliances, while the king-size bedroom easily accommodates full furniture sets. Enjoy the convenience of an in-unit washer/dryer, hardwood floors throughout, and abundant closet space—all in a well-maintained, pet-friendly garden complex near shopping, parks, and multiple transit options. Subletting is permitted after residency, making this a smart choice for both end users and future investors. Move right in and sta

Key facts

• Windowed kitchen
• Flexible bonus room
• In-unit washer dryer

Tags

• TOP-FLOOR HOME
• FLEXIBLE BONUS ROOM
• WINDOWED KITCHEN
• STAINLESS-STEEL APPLIANCES
• IN-UNIT WASHER DRYER
• HARDWOOD FLOORS

Property features AI

Finance

• Other: Located in Queens County
• HOA & community: Association: Joyce Equite INC; Monthly association fee; Association fee covers common area maintenance, sewer, snow removal, and trash

Exterior

• Parking: No carport
• Utilities: Public sewer; Cable connected; Electricity connected; Natural gas connected; Phone connected; Water connected; Sewer connected
• Home design: Stock cooperative
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Kitchen: Gas range; Exhaust fan; Refrigerator; Stainless steel appliances
• Bedrooms: Home office (additional room)
• Flooring: Wood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Steam heat; Wall/window air conditioning units
• Interior features: Ceiling fan(s); Galley-style kitchen; High-speed internet
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $268k.

Deal economics

• At list price, monthly cash flow is $-668 ($-8k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (10.4% below list).
• Recommended offer: $236k (12.0% below list) — sets the bar for market timing.
• Cap rate 3.3% vs local median 2.6% in New York — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 262 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 38% 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 $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 392 days — a 12% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $31k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.
• 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 $235,840 (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 392 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 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
11. 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.
12. 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.
13. 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: 0.90% ✗
• Cap rate: 3.30%
• Cash-on-cash: -10.69%
• DSCR: 0.52
• GRM: 9.3

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: -35.3%
• Equity multiple: -0.14×
• Total profit: $-85,525
• Equity at exit: $39,960

10-year hold

• IRR: -45.3%
• Equity multiple: -0.70×
• Total profit: $-127,364
• Equity at exit: $23,172

Cash invested: $75,040 (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: 262
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,401 high
• Mortgage (P&I): −$1,405
• Tax est. 1.5%: −$335 /mo · $4,020/yr
• Insurance: −$112
• HOA est. from 2 same-building comps: −$713
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $-668

Break-even live

Break-even rent $3,247

Max offer price $171,279

Occupancy floor —

Sensitivity live

Price	-10% $-483	-5% $-576	+0% $-668	+5% $-761	+10% $-854
Rent	-10% $-858	-5% $-763	+0% $-668	+5% $-574	+10% $-479
Rate	-1.0pp $-533	-0.5pp $-600	base $-668	+0.5pp $-738	+1.0pp $-809

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: $67,000
• Closing costs: $8,040
• Reserves months: —
• Total cash needed: —

Rent comps 30 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	0.66mi
11131 66th Ave Unit 3C Forest Hills, NY	1.0	1.0	600	$2,000	$3.33	7d	1	0.86mi
14112 78th Rd Unit 1G Flushing, NY	1.0	1.0	700	$2,200	$3.14	26d	1	0.95mi
11019 72nd Rd Unit 1B Forest Hills, NY	1.0	1.0	750	$3,200	$4.27	16d	1	0.96mi
110-19 72nd Rd Unit 1A Forest Hills, NY	—	1.0	500	$2,395	$4.79	26d	1	0.96mi
7837 Main St Unit 2G Queens, NY	1.0	1.0	700	$2,300	$3.29	26d	1	1.00mi
7835 147th St Unit 2E Flushing, NY	1.0	1.0	700	$2,200	$3.14	8d	1	1.01mi
10825 72nd Ave Forest Hills, NY	1.0–2.0	1.0	700	$3,500	$5.00	7d	2	1.06mi
10919 72nd Rd Unit 6F Forest Hills, NY	1.0	1.0	696	$3,485	$5.01	13d	1	1.06mi
105-25 67th Rd Forest Hills, NY	1.0	1.0	750	$1,800	$2.40	21d	1	1.08mi
6771 Yellowstone Blvd Unit 2R Forest Hills, NY	1.0	1.0	700	$2,550	$3.64	26d	1	1.10mi
10740 70th Rd Unit 7F Forest Hills, NY	1.0	1.0	750	$2,650	$3.53	26d	1	1.11mi
10849 63rd Ave Unit 2C Forest Hills, NY	—	1.0	600	$1,900	$3.17	26d	1	1.15mi
102-55 67th Rd Unit 2V Forest Hills, NY	1.0	1.0	633	$2,350	$3.71	21d	1	1.17mi
163-07 72nd Ave Unit 2G Flushing, NY	1.0	1.0	402	$2,000	$4.98	26d	1	1.17mi
163-07 72nd Ave Unit 3G Flushing, NY	2.0	2.0	716	$2,900	$4.05	26d	1	1.17mi
6435 Yellowstone Blvd Unit 6G Forest Hills, NY	—	1.0	575	$1,900	$3.30	21d	1	1.18mi
102-45 67th Rd Forest Hills, NY	1.0	1.0	700	$2,350	$3.36	21d	1	1.21mi
15038 Union Tpke Unit 8L Flushing, NY	—	1.0	415	$2,100	$5.06	1d	1	1.22mi
15038 Union Tpke Unit 8L Flushing, NY	—	1.0	489	$2,100	$4.29	24d	1	1.22mi
6259 108th St Unit 3S Forest Hills, NY	—	1.0	500	$1,900	$3.80	7d	1	1.22mi
6405 Yellowstone Blvd Unit 403S Forest Hills, NY	1.0	1.0	720	$3,100	$4.31	26d	1	1.22mi
152-18 Union Tpke Unit 8S Queens, NY	—	1.0	496	$1,950	$3.93	16d	1	1.24mi
102-30 Queens Blvd Unit 1A Forest Hills, NY	—	1.0	350	$2,395	$6.84	26d	1	1.28mi
123-40 83rd Ave Unit 2107 Jamaica, NY	1.0	1.0	750	$2,573	$3.43	26d	1	1.36mi
14160 84th Rd Unit 2G Jamaica, NY	1.0	1.0	700	$2,200	$3.14	16d	1	1.42mi
98-81 Queens Blvd Unit 15E Rego Park, NY	1.0	1.0	700	$3,335	$4.76	7d	1	1.44mi
66-55 Booth St Unit 6 Rego Park, NY	—	1.0	500	$2,295	$4.59	26d	1	1.46mi
13226 Avery Ave Unit 8A Flushing, NY	2.0	2.0	725	$2,800	$3.86	6d	1	1.49mi
67-13 Austin St Unit 2A Flushing, NY	1.0	1.0	600	$2,595	$4.33	19d	1	1.50mi

HOA detail condo

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

Listing history 28 events

1. 2026-06-22
   days on market $268,000 Active 392 DOM
2. 2026-06-21
   days on market $268,000 Active 391 DOM
3. 2026-06-18
   days on market $268,000 Active 388 DOM
4. 2026-06-17
   days on market $268,000 Active 387 DOM
5. 2026-06-15
   days on market $268,000 Active 385 DOM
6. 2026-06-13
   days on market $268,000 Active 383 DOM
7. 2026-06-10
   days on market $268,000 Active 379 DOM
8. 2026-06-08
   days on market $268,000 Active 378 DOM
9. 2026-06-03
   days on market $268,000 Active 373 DOM
10. 2026-06-01
    days on market $268,000 Active 371 DOM
11. 2026-05-31
    days on market $268,000 Active 370 DOM
12. 2026-05-13
    status Active
13. 2026-04-24
    historical
14. 2026-01-24
    status Active
15. 2026-01-23
    historical
16. 2025-11-06
    price $268,000
17. 2025-10-09
    price $274,000
18. 2025-07-25
    price $283,000
19. 2025-06-06
    price $290,000
20. 2025-05-02
    listed $299,000 Active
21. 2025-04-01
    historical
22. 2025-03-19
    price $292,000
23. 2024-11-16
    listed $299,000 Active
24. 2024-11-15
    price $299,000
25. 2024-11-14
    historical
26. 2024-09-30
    historical
27. 2024-08-14
    price $299,000
28. 2024-06-30
    listed $349,000 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 ≥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: $28,810
• − Mortgage interest: −$15,012
• − Property taxes: −$4,020
• − Insurance: −$1,340
• − Repairs & maintenance: −$2,305
• − Management: −$2,305
• − HOA: −$8,556
• − Depreciation: −$7,796
• Taxable loss: −$12,524
• Est. tax savings @ 24.0%: +$3,006
• After-tax cash flow: $-5,015/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

-23.2% since first listed

17 events — show timeline

• 2026-05-13 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-04-24 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-01-24 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-01-23 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-11-06 Price Changed $268,000 OneKey® MLS as Distributed by MLS Grid
• 2025-10-09 Price Changed $274,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-25 Price Changed $283,000 OneKey® MLS as Distributed by MLS Grid
• 2025-06-06 Price Changed $290,000 OneKey® MLS as Distributed by MLS Grid
• 2025-05-02 Listed $299,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-03-19 Price Changed $292,000 OneKey® MLS as Distributed by MLS Grid
• 2024-11-16 Listed $299,000 OneKey® MLS as Distributed by MLS Grid
• 2024-11-15 Price Changed $299,000 OneKey® MLS as Distributed by MLS Grid
• 2024-11-14 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 2024-09-30 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-08-14 Price Changed $299,000 OneKey® MLS as Distributed by MLS Grid
• 2024-06-30 Listed $349,000 OneKey® MLS as Distributed by MLS Grid