197-29 Hiawatha Ave · New York, NY 11423

$1,300,000

9 bd · 4.5 ba · 2,700 sqft · MultiFamily public records · 79 Days on market

Built 2003 2,088 sqft lot Est $994k · 31% over

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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).

• Cash flow +11.2/30.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• DSCR +3.3/10.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Great investment 3-family home, built in 2003. 1st floor: 1-bedroom, full bath, living room, formal dining room and access to the garage. 2nd floor: 3 bedrooms, 1.5 baths, spacious living room, formal dining room and a private balcony. 3rd floor: 3 bedrooms, 1.5 baths, living room, formal dining room and balcony. This home is ideally located just minutes from public transportation, shopping, LIRR, schools and places of worship.

Key facts

• Private balcony
• Access to the garage
• 2,088 sq ft lot

Tags

• PRIVATE BALCONY
• ACCESS TO THE GARAGE

Property features AI

Exterior

• Parking: One garage space; No carport; No designated parking features
• Utilities: Public sewer; Electricity available; Natural gas available
• Home design: Triplex
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: One 1-bedroom unit
• Bathrooms: One full bathroom
• Heating & cooling: Hot water heating
• Interior features: First-floor bedroom; First-floor full bathroom; Eat-in kitchen

What this means for you Summary

Snapshot

• This is a 3 × 3.0-bed/1.5-bath units multifamily listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $-492 ($-6k/yr) — negative. Per door: $-164/mo.
• To cash-flow at today's rent, offer at most $1.21M (6.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $968k (25.5% below list).
• Recommended offer: $968k (25.5% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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: 119 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $39k 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 79 days — a 6% lower offer ($1.22M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y 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

• Climate carrying-cost: major wind risk, 53% 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 $968,500 (25.5% 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 79 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.74% ✗
• Cap rate: 5.84%
• Cash-on-cash: -1.62%
• DSCR: 0.93
• GRM: 11.2

CMA / ARV

• ARV (on-the-fly): $993,600
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9317 197th St	0.08mi	9/6.0	2,993 (+11%)	6mo	$1,100,000	$368	67
202-08 100th Ave	0.26mi	8/2.5 (-1)	2,400 (-11%)	18mo	$780,000	$325	41

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

Projected returns pro-forma

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

5-year hold

• IRR: -19.0%
• Equity multiple: 0.33×
• Total profit: $-242,345
• Equity at exit: $193,834

10-year hold

• IRR: -11.7%
• Equity multiple: 0.31×
• Total profit: $-252,863
• Equity at exit: $112,400

Cash invested: $364,000 (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: 33.6×

Monthly cashflow live

• Estimated rent: $9,685 high
• Mortgage (P&I): −$6,817
• Tax from tax record: −$784 /mo · $9,406/yr
• Insurance: −$542
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,034
• Net cashflow: $-492

Break-even live

Break-even rent $10,307

Max offer price $1,213,135

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 3× units	3.0	1.5	$9,684
Total (3 units)			$9,685

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: $325,000
• Closing costs: $39,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8865 192nd St Hollis, NY	8.0	4.5	2792	$8,000	$2.87	24d	1	0.42mi

Listing history 18 events

1. 2026-06-18
   days on market $1,300,000 Active 79 DOM
2. 2026-06-17
   days on market $1,300,000 Active 78 DOM
3. 2026-06-15
   days on market $1,300,000 Active 76 DOM
4. 2026-06-13
   days on market $1,300,000 Active 74 DOM
5. 2026-06-10
   days on market $1,300,000 Active 70 DOM
6. 2026-06-08
   days on market $1,300,000 Active 69 DOM
7. 2026-06-08
   days on market $1,300,000 Active 68 DOM
8. 2026-06-04
   days on market $1,300,000 Active 65 DOM
9. 2026-06-03
   days on market $1,300,000 Active 64 DOM
10. 2026-06-01
    days on market $1,300,000 Active 62 DOM
11. 2026-05-31
    days on market $1,300,000 Active 61 DOM
12. 2026-03-31
    listed $1,300,000 Active
13. 2026-03-31
    historical
14. 2026-03-31
    listed $1,300,000 Active
15. 2025-08-27
    historical
16. 2024-11-15
    listed $1,449,000 Active
17. 2004-03-17
    historical
18. 2003-07-10
    listed $569,000

ⓘ 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: $9,406 · $784/mo
• Projected year-2 tax: $15,688 · $1,307/mo
• Expected delta: +$6,282/yr (+$523/mo · 66.8%)

ⓘ 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 7/10 Severe 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 53% 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: $116,220
• − Mortgage interest: −$72,820
• − Property taxes: −$9,406
• − Insurance: −$6,500
• − Repairs & maintenance: −$9,298
• − Management: −$9,298
• − Depreciation: −$37,818
• Taxable loss: −$28,920
• Est. tax savings @ 24.0%: +$6,941
• After-tax cash flow: $1,040/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): 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

+128.5% since first listed

7 events — show timeline

• 2026-03-31 Listed $1,300,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-31 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-03-31 Listed $1,300,000 OneKey® MLS as Distributed by MLS Grid
• 2025-08-27 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-11-15 Listed $1,449,000 OneKey® MLS as Distributed by MLS Grid
• 2004-03-17 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2003-07-10 Listed $569,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+4.4%/yr

Latest (2025): $9,406 · +3.4% YoY. Source: county tax records.