91-03 32 Ave Unit E308 · New York, NY 11369

$349,000

2 bd · 1.0 ba · 950 sqft · Condo · 1 Days on market

Built 1952 Good condition

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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).

• Cash flow +13.6/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +4.1/10.0
• 1% rule +3.8/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Introducing a charming two-bedroom cooperative unit situated on the third floor within a well-maintained building, offering a perfect opportunity for first-time buyers. This property boasts a comprehensive maintenance package that includes coverage for electricity, gas, heating, water, and property taxes, ensuring a hassle-free living experience, AC is extra cost per month. Located in a Convenient area, this coop is conveniently close to public transportation, various shops, reputable schools, and major highways, providing easy access to the surrounding region. Please note that this cooperative does not allow rentals; it is intended solely as a primary residence for the buyer. The kitchen a

Key facts

• Built 1952

Property features AI

Exterior

• Parking: Waitlist for parking; Parking fee applies
• Utilities: Public sewer; Trash collection (public)
• Home design: Stock cooperative
• Construction: Brick exterior
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Entry level: 3
• Bathrooms: 1 full bathroom
• Heating & cooling: Oil heating; Steam heating; Wall/window air conditioning units
• Interior features: Entrance foyer; Common area laundry
• Laundry & utility: Shared laundry in common area

🏢 Co-op / cooperative unit. The $349,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $349k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $18 ($215/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $308k (11.9% below list).
• Recommended offer: $308k (11.9% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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: 112 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $10k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1952 — 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 $307,566 (11.9% below list)

Questions for the listing agent

1. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.88% ✗
• Cap rate: 6.35%
• Cash-on-cash: 0.22%
• DSCR: 1.01
• GRM: 9.5

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: -15.9%
• Equity multiple: 0.43×
• Total profit: $-55,366
• Equity at exit: $52,037

10-year hold

• IRR: -7.5%
• Equity multiple: 0.52×
• Total profit: $-46,554
• Equity at exit: $30,175

Cash invested: $97,720 (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 11369

• Home prices YoY: -26.6%
• Active inventory: 112
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $3,076 high
• Mortgage (P&I): −$1,830
• Tax est. 1.5%: −$436 /mo · $5,235/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$646
• Net cashflow: $18

Break-even live

Break-even rent $3,053

Max offer price $349,000

Occupancy floor 94%

Sensitivity live

Price	-10% $259	-5% $139	+0% $18	+5% $-103	+10% $-223
Rent	-10% $-225	-5% $-104	+0% $18	+5% $139	+10% $261
Rate	-1.0pp $194	-0.5pp $107	base $18	+0.5pp $-73	+1.0pp $-165

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
31-40 98th St Unit 2 Flushing, NY	1.0	1.0	800	$2,100	$2.62	9d	1	0.31mi
30-13 85th St Unit 2 Flushing, NY	3.0	1.0	1100	$3,800	$3.45	24d	1	0.36mi
25-61 99th St Unit 2nd Fl Flushing, NY	2.0	1.0	780	$3,200	$4.10	26d	1	0.45mi
8910 35th Ave Unit E1L Jackson Heights, NY	2.0	1.0	850	$3,050	$3.59	26d	1	0.47mi
31-47 102nd St Unit 2 fl Flushing, NY	2.0	1.0	650	$2,600	$4.00	26d	1	0.54mi
9707 24th Ave East Elmhurst, NY	3.0	1.5	1100	$4,500	$4.09	26d	1	0.57mi
2724 Gillmore St Unit 2 East Elmhurst, NY	1.0	1.0	576	$2,300	$3.99	26d	1	0.62mi
98-07 37th Ave Flushing, NY	3.0	1.0	750	$3,350	$4.47	26d	1	0.63mi
3260 106th St East Elmhurst, NY	1.0	1.0	600	$3,250	$5.42	1d	1	0.74mi
3716 83rd St Jackson Heights, NY	1.0	1.0	700	$1,800	$2.57	21d	1	0.76mi
40-24 Aske St Unit 1FL Flushing, NY	1.0	1.0	800	$2,800	$3.50	1d	1	0.77mi
4050 Case St Elmhurst, NY	3.0	2.0	988	$3,900	$3.95	9d	1	0.80mi
3730 103rd St Corona, NY	1.0	1.0	540	$1,800	$3.33	21d	1	0.82mi
40-85 Denman St Unit 2 Elmhurst, NY	3.0	1.5	1100	$3,200	$2.91	22d	1	0.83mi
9209 43rd Ave Unit 2 Elmhurst, NY	3.0	1.5	1100	$3,200	$2.91	26d	1	1.06mi
8360 Vietor Ave Unit 6P Elmhurst, NY	2.0	1.0	850	$2,650	$3.12	17d	1	1.08mi
91-04 43rd Ave Unit 2ND Elmhurst, NY	3.0	1.0	1100	$3,600	$3.27	26d	1	1.10mi
10302 42nd Ave Unit 4D Corona, NY	2.0	1.5	761	$3,400	$4.47	21d	1	1.10mi
4911 108th St Unit 4A Corona, NY	3.0	2.0	1027	$3,600	$3.51	19d	1	1.49mi

HOA detail condo

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

Listing history 8 events

1. 2026-06-16
   statusdays on market $349,000 Active 1 DOM
2. 2026-06-15
   days on market $349,000 Coming Soon 12 DOM
3. 2026-06-13
   days on market $349,000 Coming Soon 10 DOM
4. 2026-06-09
   days on market $349,000 Coming Soon 6 DOM
5. 2026-06-08
   days on market $349,000 Coming Soon 5 DOM
6. 2026-06-07
   days on market $349,000 Coming Soon 4 DOM
7. 2026-06-04
   remarks 699-char remark
8. 2026-06-04
   listed $349,000 Coming Soon 1 DOM

ⓘ 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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,908
• − Mortgage interest: −$19,549
• − Property taxes: −$5,235
• − Insurance: −$1,745
• − Repairs & maintenance: −$2,953
• − Management: −$2,953
• − Depreciation: −$10,153
• Taxable loss: −$5,680
• Est. tax savings @ 24.0%: +$1,363
• After-tax cash flow: $1,578/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 · 7 photos

Good 75/100 Cosmetic rehab

This two-bedroom cooperative unit is in good condition with no major repairs needed. It has a good curb appeal and is located in a convenient area with easy access to public transportation and amenities.

Value-add opportunities

• Resale Painting the exterior — Painting the exterior can enhance the curb appeal and make the property more attractive to potential buyers.
• Rental Upgrading the HVAC system — Upgrading the HVAC system can improve the comfort of the tenants and make the property more attractive to potential renters.
• Both Landscaping improvements — Landscaping improvements can enhance the curb appeal and make the property more attractive to potential buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Resale Painting the exterior — Painting the exterior can enhance the curb appeal and make the property more attractive to potential buyers. ↑
• Rental Upgrading the HVAC system — Upgrading the HVAC system can improve the comfort of the tenants and make the property more attractive to potential renters. ↑
• Both Landscaping improvements — Landscaping improvements can enhance the curb appeal and make the property more 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): 33,354

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 0.60)
• Race & ethnicity: Hispanic / Latino 59% Black 17% Two or more races 14% Asian 14% White 7%
• Hispanic origin (detail): Mexican 11% Puerto Rican 4% Dominican 12%
• Common ancestry: Hispanic 1% Lithuanian 1% Estonian 1%
• Foreign-born: 53% · Canada, Jamaica, China
• Languages at home: 28% English-only · Spanish 56% Other Indo-European 6% Chinese 4%

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: ▼ -134.70%
• Current HPI: 371.5179
• 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

1 event — show timeline

• 2026-06-03 Coming Soon $349,000 OneKey® MLS as Distributed by MLS Grid