87-19 204th St Unit A68 · New York, NY 11423

$228,000

2 bd · 1.0 ba · 700 sqft · Condo · 65 Days on market

Built 1950 Fair condition ↓ 5% since listing

---

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
• 1% rule +4.9/10.0
• Cash flow +4.3/30.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful 2 bedroom co-op now available! Maintenance includes gas, electric, and hot water for added value and convenience. Located in a wheelchair-accessible building with on-site laundry. Ideally situated near shopping and public transportation making everyday living easy and accessible. A great opportunity you don’t want to miss!

Key facts

• Near shopping
• On-site laundry
• Built 1950

Tags

• WHEELCHAIR-ACCESSIBLE BUILDING
• ON-SITE LAUNDRY
• NEAR SHOPPING
• NEAR PUBLIC TRANSPORTATION

Property features AI

Finance

• Other: Living area reported as 700 (source: Other); Property condition listed as Actual; County: Queens
• HOA & community: Association fee includes electricity, gas, heat, hot water, sewer, snow removal, trash, and water

Exterior

• Parking: On-street parking; No carport
• Utilities: Con-Edison electric service; Public sewer; Cable available; Electricity available; Natural gas available
• Home design: Stock cooperative; 6 total stories; Entry level on first floor
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: 1 bedroom (first floor)
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating; Natural gas heating; No central cooling
• Interior features: First-floor bedroom; First-floor full bathroom; No attic; No basement (common basement access)
• Laundry & utility: Common basement utilities

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $228k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-610 ($-7k/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 $227k (0.5% below list).
• Recommended offer: $214k (6.0% below list) — sets the bar for market timing.

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: 119 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 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 $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 65 days — a 6% lower offer ($214k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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.

Risks & watch-outs

• Watch-outs: HOA is 36% of rent; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 54% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $214,320 (6.0% 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 65 days. Have you received any prior offers? Is the seller open to a 6% 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 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.99% ✗
• Cap rate: 3.08%
• Cash-on-cash: -11.47%
• DSCR: 0.49
• GRM: 8.4

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: -36.8%
• Equity multiple: -0.18×
• Total profit: $-75,273
• Equity at exit: $33,996

10-year hold

• IRR: -49.5%
• Equity multiple: -0.78×
• Total profit: $-113,396
• Equity at exit: $19,713

Cash invested: $63,840 (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 11423

• Active inventory: 119
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,268 high
• Mortgage (P&I): −$1,196
• Tax est. 1.5%: −$285 /mo · $3,420/yr
• Insurance: −$95
• HOA est. from 1 same-building comp: −$826
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $-610

Break-even live

Break-even rent $3,040

Max offer price $139,691

Occupancy floor —

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: $57,000
• Closing costs: $6,840
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8737 Marengo St #1 Hollis, NY	1.0	1.0	720	$1,950	$2.71	10d	1	0.26mi
8827 208th St Queens Village, NY	1.0	1.0	640	$1,900	$2.97	24d	1	0.27mi
190-11 Hillside Ave Unit 304 Hollis, NY	1.0	1.0	700	$2,600	$3.71	14d	1	0.69mi
190-11 Hillside Ave Apt 202 Hollis, NY	1.0	1.0	700	$2,700	$3.86	24d	1	0.69mi
206-03 Jamaica Ave Unit 2ND Queens Village, NY	1.0	1.0	630	$2,696	$4.28	24d	1	0.74mi
214-83 Jamaica Ave Unit 2R Queens Village, NY	1.0	1.0	650	$2,100	$3.23	24d	1	1.17mi
73-49 188th St Unit 2 Flushing, NY	1.0	1.0	650	$2,000	$3.08	24d	1	1.22mi
177-30 Wexford Ter Unit 311 Jamaica, NY	1.0	1.0	700	$2,600	$3.71	13d	1	1.44mi
177-30 Wexford Ter Unit 404 Jamaica, NY	1.0	1.0	700	$2,600	$3.71	2d	1	1.44mi
177-30 Wexford Ter Unit 201 Jamaica, NY	1.0	1.0	730	$2,700	$3.70	2d	1	1.44mi
177-18 Wexford Ter Unit 601 Jamaica, NY	1.0	1.0	400	$2,600	$6.50	11d	1	1.45mi
177-16 Wexford Ter Unit 401 Jamaica, NY	1.0	1.0	700	$2,600	$3.71	13d	1	1.46mi

HOA detail condo

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

Listing history 14 events

1. 2026-06-18
   days on market $228,000 Active 65 DOM
2. 2026-06-17
   days on market $228,000 Active 64 DOM
3. 2026-06-15
   days on market $228,000 Active 62 DOM
4. 2026-06-13
   days on market $228,000 Active 60 DOM
5. 2026-06-10
   days on market $228,000 Active 56 DOM
6. 2026-06-08
   days on market $228,000 Active 55 DOM
7. 2026-06-08
   days on market $228,000 Active 54 DOM
8. 2026-06-04
   days on market $228,000 Active 51 DOM
9. 2026-06-03
   days on market $228,000 Active 50 DOM
10. 2026-06-01
    days on market $228,000 Active 48 DOM
11. 2026-05-31
    days on market $228,000 Active 47 DOM
12. 2026-04-13
    listed $228,000 Active
13. 2020-12-29
    historical
14. 2020-08-29
    listed $239,900 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 · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 54% 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: $27,211
• − Mortgage interest: −$12,772
• − Property taxes: −$3,420
• − Insurance: −$1,140
• − Repairs & maintenance: −$2,177
• − Management: −$2,177
• − HOA: −$9,912
• − Depreciation: −$6,633
• Taxable loss: −$11,019
• Est. tax savings @ 24.0%: +$2,645
• After-tax cash flow: $-4,679/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 · 12 photos

Fair 45/100 Moderate rehab

This 2-bedroom co-op requires moderate renovations, including new kitchen appliances, bathroom tiles, and landscaping improvements, to significantly boost its resale and rental value.

Repairs flagged

• Major Kitchen appliances — Old and worn, likely not functioning optimally.
• Major Bathroom tiles — Dated and in need of replacement.
• Minor Exterior brick — Weathered but not structurally compromised.
• Major Landscaping — Overgrown and in need of maintenance and new planting.

Value-add opportunities

• Both Replace kitchen appliances — Modern appliances would significantly improve the home's appeal and functionality.
• Both Replace bathroom tiles — New tiles would enhance the bathroom's appearance and functionality.
• Both Landscaping improvements — A well-maintained and aesthetically pleasing exterior would boost both resale and rental value.
• Both Paint living room and bedrooms — Fresh paint would brighten the interior and make the space more inviting.
• Both Replace old curtains — New curtains would improve the home's curb appeal and functionality.
• Both Clean and maintain HVAC system — A well-maintained HVAC system ensures comfort and energy efficiency, which is attractive to potential buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen appliances · Old and worn, likely not functioning optimally.	Major	$15,000–50,000
Bathroom tiles · Dated and in need of replacement.	Major	$15,000–50,000
Exterior brick · Weathered but not structurally compromised.	Minor	$500–3,000
Landscaping · Overgrown and in need of maintenance and new planting.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$45,500–153,000

Value-add ROI direction

• Both Replace kitchen appliances — Modern appliances would significantly improve the home's appeal and functionality. ↑
• Both Replace bathroom tiles — New tiles would enhance the bathroom's appearance and functionality. ↑
• Both Landscaping improvements — A well-maintained and aesthetically pleasing exterior would boost both resale and rental value. ↑
• Both Paint living room and bedrooms — Fresh paint would brighten the interior and make the space more inviting. ↑
• Both Replace old curtains — New curtains would improve the home's curb appeal and functionality. ↑
• Both Clean and maintain HVAC system — A well-maintained HVAC system ensures comfort and energy efficiency, which is attractive to potential buyers and renters. ↑

ⓘ 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
• City population: 7,731,280
• Population (ZIP): 29,105

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 0.76)
• Race & ethnicity: Black 34% Asian 31% Hispanic / Latino 15% White 10% Two or more races 8%
• Hispanic origin (detail): Puerto Rican 2% Dominican 4%
• Common ancestry: Hispanic 5% Danish 1% Scotch-Irish 1%
• Foreign-born: 55% · Canada, China, Jamaica
• Languages at home: 57% English-only · Other Indo-European 14% Spanish 14% French/Haitian/Cajun 6%

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: ▼ -490.74%
• Current HPI: 273.0152
• 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

-5.0% since first listed

3 events — show timeline

• 2026-04-13 Listed $228,000 OneKey® MLS as Distributed by MLS Grid
• 2020-12-29 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-08-29 Listed $239,900 OneKey® MLS as Distributed by MLS Grid