2515 Far Rockaway Blvd · New York, NY 11691

$619,000

6 bd · 4.0 ba · 1,098 sqft · MultiFamily public records · 7 Days on market

Built 1925 1,547 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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

JUST REDUCED !!! This price is insane for a legal 2 family home. Yes, it can be financed, Yes, you will love it. Make this your starter home with bonus rent collecting unit. This home is convenient to transportation, shops and restaurants. It is a legal 2 family dwelling, current tenant occupies the 2nd floor two bedroom unit. The first floor 1 bedroom unit and basement is empty. This home can be delivered empty or with cooperating rent paying tenant. Basement height is great with internal and external access. Back yard access is available via 1st floor bedroom and street. Fenced in front yard, new gutters. Boiler and hot water heater are new purchases. Remote controlled thermostat installe

Key facts

• Back yard access
• New gutters
• Fenced in front yard

Tags

• LEGAL 2 FAMILY DWELLING
• GREAT BASEMENT HEIGHT
• BACK YARD ACCESS
• FENCED IN FRONT YARD
• NEW GUTTERS
• REMOTE CONTROLLED THERMOSTAT

Property features AI

Exterior

• Parking: No carport; No designated parking features
• Utilities: Public sewer; Electricity connected; Natural gas connected
• Home design: Duplex; Walk-out basement
• Construction: Vinyl siding; Unfinished attic; Finished full basement with walk-out access
• Exterior features: Garden; Rain gutters; Front yard fencing; Additional parcel(s) included

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit; Basement level includes finished space (walk-out access)
• Flooring: Combination flooring
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: First-floor bedroom; First-floor full bathroom; Ceiling fans; Eat-in kitchen; Entrance foyer; Blinds on windows; Deck

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $619k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $684/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $619k).
• Cap rate 8.9% 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: 137 active listings in the ZIP; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $6,470/mo this rent would consume 138% of the median local household income ($56k/yr) (locally 4702% 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 $4k of loan paydown is wiped out by about $19k 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 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 10y 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 $306k; list at $619k implies a 102% 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, 77% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $619,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.05% ✓
• Cap rate: 8.94%
• Cash-on-cash: 9.47%
• DSCR: 1.42
• GRM: 8.0

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: -2.1%
• Equity multiple: 0.92×
• Total profit: $-13,447
• Equity at exit: $92,295

10-year hold

• IRR: 7.6%
• Equity multiple: 1.57×
• Total profit: $99,494
• Equity at exit: $53,520

Cash invested: $173,320 (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 11691

• Active inventory: 137
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $6,470 medium
• Mortgage (P&I): −$3,246
• Tax from tax record: −$240 /mo · $2,879/yr
• Insurance: −$258
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,359
• Net cashflow: $1,367

Break-even live

Break-even rent $4,739

Max offer price $619,000

Occupancy floor 74%

Sensitivity live

Price	-10% $1,718	-5% $1,543	+0% $1,367	+5% $1,192	+10% $1,017
Rent	-10% $856	-5% $1,112	+0% $1,367	+5% $1,623	+10% $1,878
Rate	-1.0pp $1,679	-0.5pp $1,525	base $1,367	+0.5pp $1,207	+1.0pp $1,044

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$6,470
Total (2 units)			$6,470

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: $154,750
• Closing costs: $18,570
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $619,000 Active 7 DOM
2. 2026-06-17
   days on market $619,000 Active 6 DOM
3. 2026-06-16
   days on market $619,000 Active 5 DOM
4. 2026-06-15
   days on market $619,000 Active 4 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $619,000 Active 2 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: $2,879 · $240/mo
• Projected year-2 tax: $6,670 · $556/mo
• Expected delta: +$3,791/yr (+$316/mo · 131.7%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 77% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $77,640
• − Mortgage interest: −$34,674
• − Property taxes: −$2,879
• − Insurance: −$3,095
• − Repairs & maintenance: −$6,211
• − Management: −$6,211
• − Depreciation: −$18,007
• Taxable income: $6,563
• Est. tax owed @ 24.0%: −$1,575
• After-tax cash flow: $14,833/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): 69,359
• Household income: $56,135
• Rent vs Own: 72.3% rent · 27.7% own
• Severe rent burden: 4702.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Black 40% Hispanic / Latino 26% White 24% Two or more races 12% Asian 4%
• Hispanic origin (detail): Puerto Rican 4% Dominican 5%
• Common ancestry: Hispanic 3% Italian 2% Romanian 2%
• Foreign-born: 35% · Canada, China, Jamaica
• Languages at home: 66% English-only · Spanish 21% French/Haitian/Cajun 2% Russian/Polish/Slavic 2%

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: ▼ -397.66%
• Current HPI: 281.4044
• 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

+125.1% since first listed

13 events — show timeline

• 2026-06-11 Listed $619,000 OneKey® MLS as Distributed by MLS Grid
• 2026-05-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-05-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-04-13 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-04-02 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-12-07 Listed $649,000 OneKey® MLS as Distributed by MLS Grid
• 2025-11-13 Listed $649,000 OneKey® MLS as Distributed by MLS Grid
• 2018-01-10 Sold (Public Records) $306,500 Public Records
• 2017-12-28 Sold (MLS) $313,600 OneKey® MLS as Distributed by MLS Grid
• 2017-10-13 Listed $310,000 OneKey® MLS as Distributed by MLS Grid
• 2017-09-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2016-08-31 Price Changed $310,000 OneKey® MLS as Distributed by MLS Grid
• 2016-03-03 Listed $275,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+2.8%/yr

Latest (2025): $2,879 · -2.4% YoY. Source: county tax records.