47-40 98th Pl · New York, NY 11368

$999,000

6 bd · 2.0 ba · 1,938 sqft · MultiFamily public records · 16 Days on market

Built 1925 1,900 sqft lot Est $1089k · 8% under

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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).

• ARV discount +11.2/15.0
• Appreciation +8.7/10.0
• Cash flow +8.0/30.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• 1% rule +1.7/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

47-40 98th Place, Corona, NY — Two-family home with driveway and walk-out basement Charming two-family property in the heart of Corona. Unit 1 is a flexible 2-bedroom layout with room to create a third bedroom; Unit 2 is a spacious 3-bedroom unit. The finished walk-out basement has its own separate entrance and offers two additional rooms and two full bathrooms — ideal for extra rental income, in-law suite, or home office. Off-street driveway provides convenient private parking. Well-suited for owner-occupant or investor, located close to transit, shopping and neighborhood amenities. Don’t miss this income-producing opportunity — showings by appointment.

Key facts

• Separate entrance
• Driveway
• Finished basement

Tags

• TWO FAMILY HOME
• DRIVEWAY
• WALK OUT BASEMENT
• FINISHED BASEMENT
• SEPARATE ENTRANCE
• FULL BATHROOMS

Property features AI

Exterior

• Parking: Driveway
• Utilities: Public sewer; Electricity connected; Natural gas connected
• Home design: Duplex
• Construction: Aluminum siding construction
• Exterior features: Aluminum siding; Not waterfront

Interior

• Bedrooms: One 2-bedroom unit; One 3-bedroom unit
• Bathrooms: Two full bathrooms
• Heating & cooling: Baseboard heating; Additional heating (other); Wall/window air conditioning units
• Interior features: Finished basement with walk-out access; Other interior features

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $999k.

Deal economics

• At list price, monthly cash flow is $-1k ($-12k/yr) — negative. Per door: $-510/mo.
• To cash-flow at today's rent, offer at most $819k (18.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $667k (33.2% below list).
• Recommended offer: $667k (33.2% below list) — sets the bar for 1% rule.
• Cap rate 5.1% 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: 243 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $6,671/mo this rent would consume 111% of the median local household income ($72k/yr) (locally 6817% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $81k of equity ($7k loan paydown + $74k appreciation (7.4% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$129k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($984k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $390k; list at $999k implies a 156% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• 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 $667,100 (33.2% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.67% ✗
• Cap rate: 5.07%
• Cash-on-cash: -4.37%
• DSCR: 0.81
• GRM: 12.5

CMA / ARV

• ARV (on-the-fly): $1,089,156
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9721 Alstyne Ave	0.08mi	6/—	2,000 (+3%)	8mo	$1,208,000	$604	84
97-58 Corona Ave	0.07mi	6/3.0	2,016 (+4%)	6mo	$980,000	$486	81
9626 Corona Ave	0.17mi	5/2.0 (-1)	1,960 (+1%)	8mo	$1,480,000	$755	79
4722 98th St	0.05mi	6/2.0	1,728 (-11%)	6mo	$1,075,000	$622	74
9414 51st Ave	0.33mi	6/4.0	2,015 (+4%)	4mo	$1,230,000	$610	67
9443 46th Ave	0.26mi	6/3.0	2,131 (+10%)	2mo	$1,198,000	$562	65
57-17 Waldron St	0.62mi	6/3.0	1,948 (+0%)	4mo	$990,000	$508	64
10413 Martense Ave	0.48mi	7/3.0 (+1)	1,940 (+0%)	9mo	$996,400	$514	61
55-12 Van Cleef St	0.60mi	5/2.0 (-1)	1,964 (+1%)	7mo	$980,000	$499	59
4808 92nd St	0.46mi	6/3.0	2,129 (+10%)	4mo	$1,020,000	$479	55
10337 52nd Ave	0.38mi	7/4.0 (+1)	1,778 (-8%)	3mo	$830,000	$467	53
94-17 42 Ave	0.38mi	5/4.0 (-1)	2,120 (+9%)	7mo	$1,210,000	$571	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.4% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.3%
• Equity multiple: 2.10×
• Total profit: $308,314
• Equity at exit: $718,535

10-year hold

• IRR: 15.0%
• Equity multiple: 4.37×
• Total profit: $942,318
• Equity at exit: $1,389,358

Cash invested: $279,720 (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 11368

• Home prices YoY: 2.7%
• Active inventory: 243
• Price-to-rent: 25.0×

Monthly cashflow live

• Estimated rent: $6,671 high
• Mortgage (P&I): −$5,239
• Tax from tax record: −$635 /mo · $7,614/yr
• Insurance: −$416
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,401
• Net cashflow: $-1,020

Break-even live

Break-even rent $7,962

Max offer price $818,896

Occupancy floor —

Sensitivity live

Price	-10% $-454	-5% $-737	+0% $-1,020	+5% $-1,302	+10% $-1,585
Rent	-10% $-1,547	-5% $-1,283	+0% $-1,020	+5% $-756	+10% $-493
Rate	-1.0pp $-516	-0.5pp $-765	base $-1,020	+0.5pp $-1,278	+1.0pp $-1,542

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$6,670
Total (2 units)			$6,671

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: $249,750
• Closing costs: $29,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6342 Alderton St Rego Park, NY	6.0	5.5	1804	$6,500	$3.60	25d	1	1.23mi

Listing history 11 events

1. 2026-06-18
   days on market $999,000 Active 16 DOM
2. 2026-06-17
   days on market $999,000 Active 15 DOM
3. 2026-06-16
   days on market $999,000 Active 14 DOM
4. 2026-06-15
   days on market $999,000 Active 13 DOM
5. 2026-06-13
   days on market $999,000 Active 11 DOM
6. 2026-06-09
   days on market $999,000 Active 7 DOM
7. 2026-06-08
   days on market $999,000 Active 6 DOM
8. 2026-06-08
   days on market $999,000 Active 5 DOM
9. 2026-06-04
   days on market $999,000 Active 2 DOM
10. 2026-06-02
    remarks 662-char remark
11. 2026-06-02
    listed $999,000 Active 1 DOM

ⓘ 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: $7,614 · $635/mo
• Projected year-2 tax: $12,249 · $1,021/mo
• Expected delta: +$4,635/yr (+$386/mo · 60.9%)

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

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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $80,052
• − Mortgage interest: −$55,960
• − Property taxes: −$7,614
• − Insurance: −$4,995
• − Repairs & maintenance: −$6,404
• − Management: −$6,404
• − Depreciation: −$29,062
• Taxable loss: −$30,387
• Est. tax savings @ 24.0%: +$7,293
• After-tax cash flow: $-4,942/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): 105,716
• Household income: $72,270
• Rent vs Own: 76.9% rent · 23.1% own
• Severe rent burden: 6817.0

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: Predominantly Hispanic (75%)
• Race & ethnicity: Hispanic / Latino 75% Two or more races 14% Asian 12% Black 8% White 4% Native American 1%
• Hispanic origin (detail): Mexican 20% Puerto Rican 2% Dominican 14%
• Foreign-born: 60% · Canada, China, Jamaica
• Languages at home: 15% English-only · Spanish 70% Chinese 6% Other Indo-European 3%

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: ▲ 7.40%
• Current HPI: 282.8276
• 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

+540.4% since first listed

16 events — show timeline

• 2026-06-02 Listed $999,000 OneKey® MLS as Distributed by MLS Grid
• 2025-06-11 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-01-16 Price Changed $988,000 OneKey® MLS as Distributed by MLS Grid
• 2024-11-18 Listed $920,000 OneKey® MLS as Distributed by MLS Grid
• 2014-09-29 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2014-05-23 Listed $698,000 OneKey® MLS as Distributed by MLS Grid
• 2014-03-07 Sold (Public Records) $390,000 Public Records
• 2012-08-02 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2012-08-01 Pending — OneKey® MLS as Distributed by MLS Grid
• 2011-12-28 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2010-12-21 Pending — OneKey® MLS as Distributed by MLS Grid
• 2010-06-24 Listed — OneKey® MLS as Distributed by MLS Grid
• 2005-12-19 Sold (Public Records) $625,000 Public Records
• 2005-10-06 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2005-07-05 Listed $649,000 OneKey® MLS as Distributed by MLS Grid
• 1997-06-24 Sold (Public Records) $156,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $7,614 · +3.3% YoY. Source: county tax records.