508 Onderdonk Ave · New York, NY 11385

$1,799,000

12 bd · 6.0 ba · 4,725 sqft · MultiFamily public records · 304 Days on market

Built 1930 2,500 sqft lot

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Why this score? — see what drove the C 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 +24.1/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Let us presents an exceptional investment opportunity in the heart of Ridgewood. This six-family building is comprised of six spacious two-bedroom, one-bathroom apartments, each designed with functional layouts that maximize living space and natural light. The property offers investors strong income potential with stable tenancy and a desirable unit mix that appeals to a wide range of renters. Each apartment features comfortable living areas, well-proportioned bedrooms, and classic finishes that provide both practicality and charm. With its solid construction and well-maintained condition, this building is ideal for long-term ownership or value-add strategies. The configuration of multiple

Key facts

• 2,500 sq ft lot
• Built 1930
• Listed 304 days

Property features AI

Finance

• Other: Estimated utility expense listed
• Financial info: Rental income reported (45240); Financing options: exchange considered, bank mortgage, or cash

Exterior

• Parking: No parking
• Security: Secure lobby
• Utilities: Hot water by gas; Heating fuel: gas; Electric: 110V
• Home design: Attached building; Residential property; Zoned R6B
• Construction: Block construction; Brick exterior; Asphalt/tar roof; Block foundation
• Exterior features: Back yard

Interior

• Kitchen: Units include microwave, refrigerator and stove
• Bedrooms: Six 2-bedroom units (two on each floor across three floors); Each unit has 2 bedrooms
• Flooring: Hardwood floors; Tile floors
• Bathrooms: Six full bathrooms total (one full bath per unit)
• Heating & cooling: Gas heating delivered by hot air; 110V electric service
• Interior features: Window A/C units; Microwave; Refrigerator; Stove; Finished basement

What this means for you Summary

Snapshot

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $1.80M.

Deal economics

• At list price, monthly cash flow is $4k ($43k/yr) — positive. Per door: $592/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.80M).
• Recommended offer: $1.58M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: Rents rising fast (+5.0%/yr); 214 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $18,900/mo this rent would consume 255% of the median local household income ($89k/yr) (locally 5525% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $12k of loan paydown is wiped out by about $54k 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.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $504k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 304 days — a 12% lower offer ($1.58M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $447k; list at $1.80M implies a 302% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 40% 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 $1,583,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 304 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.05% ✓
• Cap rate: 8.66%
• Cash-on-cash: 8.46%
• DSCR: 1.38
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.97% rent growth · sell at horizon

5-year hold

• IRR: -1.4%
• Equity multiple: 0.95×
• Total profit: $-27,545
• Equity at exit: $268,237

10-year hold

• IRR: 10.1%
• Equity multiple: 1.85×
• Total profit: $428,918
• Equity at exit: $155,545

Cash invested: $503,720 (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 11385

• Rents YoY: 5.0%
• Active inventory: 214
• Price-to-rent: 47.6×

Monthly cashflow live

• Estimated rent: $18,900 high
• Mortgage (P&I): −$9,434
• Tax from tax record: −$1,197 /mo · $14,361/yr
• Insurance: −$750
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,969
• Net cashflow: $3,551

Break-even live

Break-even rent $14,406

Max offer price $1,799,000

Occupancy floor 76%

Sensitivity live

Price	-10% $4,569	-5% $4,060	+0% $3,551	+5% $3,041	+10% $2,532
Rent	-10% $2,057	-5% $2,804	+0% $3,551	+5% $4,297	+10% $5,044
Rate	-1.0pp $4,457	-0.5pp $4,008	base $3,551	+0.5pp $3,084	+1.0pp $2,610

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$18,900
Total (6 units)			$18,900

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: $449,750
• Closing costs: $53,970
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-22
   days on market $1,799,000 Active 304 DOM
2. 2026-06-21
   days on market $1,799,000 Active 303 DOM
3. 2026-06-18
   days on market $1,799,000 Active 300 DOM
4. 2026-06-17
   days on market $1,799,000 Active 299 DOM
5. 2026-06-15
   days on market $1,799,000 Active 297 DOM
6. 2026-06-13
   days on market $1,799,000 Active 295 DOM
7. 2026-06-10
   days on market $1,799,000 Active 291 DOM
8. 2026-06-08
   days on market $1,799,000 Active 290 DOM
9. 2026-06-03
   days on market $1,799,000 Active 285 DOM
10. 2026-06-01
    days on market $1,799,000 Active 283 DOM
11. 2026-05-31
    days on market $1,799,000 Active 282 DOM
12. 2025-08-22
    listed $1,799,000 Active
13. 2025-08-17
    price $1,799,000
14. 2002-10-18
    soldstatus $447,000
15. 1989-04-27
    soldstatus $195,000
16. 1986-03-21
    soldstatus $148,000

ⓘ 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: $14,361 · $1,197/mo
• Projected year-2 tax: $22,382 · $1,865/mo
• Expected delta: +$8,021/yr (+$668/mo · 55.9%)

ⓘ 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 · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 40% 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: $226,800
• − Mortgage interest: −$100,772
• − Property taxes: −$14,361
• − Insurance: −$8,995
• − Repairs & maintenance: −$18,144
• − Management: −$18,144
• − Depreciation: −$52,335
• Taxable income: $14,050
• Est. tax owed @ 24.0%: −$3,372
• After-tax cash flow: $39,234/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): 101,704
• Household income: $88,838
• Rent vs Own: 69.3% rent · 30.7% own
• Severe rent burden: 5525.0

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Hispanic / Latino 45% White 43% Two or more races 17% Asian 7% Black 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 12% Dominican 8%
• Common ancestry: Romanian 7% Scandinavian 1% Subsaharan African 1%
• Foreign-born: 39% · Canada, Jamaica, China
• Languages at home: 42% English-only · Spanish 34% Russian/Polish/Slavic 9% Other Indo-European 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: ▼ -213.55%
• Current HPI: 300.9364
• Rent YoY: ▲ 4.97%
• 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

+1115.5% since first listed

5 events — show timeline

• 2025-08-22 Listed $1,799,000 BNYMLS
• 2025-08-17 Price Changed $1,799,000 BNYMLS
• 2002-10-18 Sold (Public Records) $447,000 Public Records
• 1989-04-27 Sold (Public Records) $195,000 Public Records
• 1986-03-21 Sold (Public Records) $148,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $14,361 · -0.9% YoY. Source: county tax records.