138-10 Franklin Ave Unit 10G · New York, NY 11355

$280,000

1 bd · 1.0 ba · 620 sqft · Condo · 164 Days on market

Built 1962 ↓ 11% since listing

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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).

• ARV discount +7.5/15.0
• Cash flow +5.5/30.0
• Appreciation +5.5/10.0
• Schools +5.0/10.0
• 1% rule +4.4/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks

Sunny 1 Bedroom Coop located in the heart of Flushing! Full size one bedroom apartment with 4 closets. Well maintained high rise building with unit on high floor (10) and laundry in the building. Part time security/doorman. Pets are allowed under 30lbs. Needs some tlc. Very convenient to Transportation, Shopping and Restaurants. Owner occupy only No Subletting. 25% DTI needs Coop board approval.

Key facts

• Part time security
• Laundry in building
• Pets allowed

Tags

• HIGH FLOOR
• LAUNDRY IN BUILDING
• PART TIME SECURITY
• PETS ALLOWED
• CONVENIENT TO TRANSPORTATION
• CONVENIENT TO SHOPPING

Property features AI

Exterior

• Parking: Has garage; Carport: none; Parking waitlist
• Utilities: Public sewer; Sewer available; Natural gas available
• Home design: Stock cooperative
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Bedroom on the first floor
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: First-floor bedroom; First-floor full bathroom; No basement; 4 total rooms
• Laundry & utility: Natural gas available

🏢 Co-op / cooperative unit. The $280,000 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 1-bed/1.0-bath condo listed at $280k.

Deal economics

• At list price, monthly cash flow is $-600 ($-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 $262k (6.4% below list).
• Recommended offer: $246k (12.0% below list) — sets the bar for market timing.
• Cap rate 3.7% 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.
• Market conditions: Rents rising (+3.9%/yr); 405 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $2,620/mo this rent would consume 57% of the median local household income ($55k/yr) (locally 6765% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $5k of equity ($2k loan paydown + $3k appreciation (1.1% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 164 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 28% of rent.
• 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 $246,400 (12.0% 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 164 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.94% ✗
• Cap rate: 3.72%
• Cash-on-cash: -9.19%
• DSCR: 0.59
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.09% appreciation · 3.93% rent growth · sell at horizon

5-year hold

• IRR: -7.2%
• Equity multiple: 0.63×
• Total profit: $-28,817
• Equity at exit: $96,885

10-year hold

• IRR: -0.8%
• Equity multiple: 0.90×
• Total profit: $-7,902
• Equity at exit: $129,761

Cash invested: $78,400 (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 11355

• Home prices YoY: 0.4%
• Rents YoY: 3.9%
• Active inventory: 405
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,620 high
• Mortgage (P&I): −$1,468
• Tax est. 1.5%: −$350 /mo · $4,200/yr
• Insurance: −$117
• HOA est. from 2 same-building comps: −$735
• Vacancy / Maint / Mgmt: −$550
• Net cashflow: $-600

Break-even live

Break-even rent $3,380

Max offer price $193,125

Occupancy floor —

Sensitivity live

Price	-10% $-407	-5% $-504	+0% $-600	+5% $-697	+10% $-794
Rent	-10% $-807	-5% $-704	+0% $-600	+5% $-497	+10% $-393
Rate	-1.0pp $-459	-0.5pp $-529	base $-600	+0.5pp $-673	+1.0pp $-747

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13434 Franklin Ave Unit 4E Flushing, NY	1.0	1.0	477	$2,800	$5.87	2d	1	0.17mi
14065 Beech Ave Unit 6J Flushing, NY	—	1.0	366	$2,000	$5.46	6d	1	0.21mi
13680 41st Ave Unit 7D Flushing, NY	—	1.0	428	$2,650	$6.19	5d	1	0.27mi
133-08 41st Rd Flushing, NY	2.0	1.0	700	$2,300	$3.29	25d	1	0.28mi
13239 Pople Ave Unit 6D Flushing, NY	1.0	1.0	750	$2,500	$3.33	5d	1	0.29mi
132-30 Sanford Ave Unit 4Af Queens, NY	1.0	1.0	470	$2,300	$4.89	25d	1	0.31mi
13226 Avery Ave Unit 8A Flushing, NY	2.0	2.0	725	$2,800	$3.86	4d	1	0.34mi
13208 Pople Ave Unit 4A Flushing, NY	1.0	1.0	650	$2,500	$3.85	25d	1	0.35mi
13203 Sanford Ave Unit 7E Flushing, NY	2.0	2.0	702	$2,800	$3.99	25d	1	0.37mi
4105 College Point Blvd Unit 5I Flushing, NY	2.0	2.0	600	$2,600	$4.33	4d	1	0.40mi
3916 Prince St Flushing, NY	1.0	1.0	530	$2,900	$5.47	16d	2	0.42mi
14427 Sanford Ave Unit 7G Flushing, NY	2.0	1.0	655	$3,500	$5.34	25d	1	0.45mi
13327 39th Ave Unit 3N Flushing, NY	1.0	1.0	720	$3,600	$5.00	25d	1	0.51mi
13675 37th Ave Unit 3H Flushing, NY	1.0	1.0	750	$3,500	$4.67	0d	1	0.52mi
13336 37th Ave Unit 3K Flushing, NY	—	1.0	500	$3,200	$6.40	25d	1	0.53mi
13105 40th Rd Flushing, NY	1.0	1.0	626	$3,350	$5.35	19d	3	0.56mi
13105 40th Rd Flushing, NY	2.0	1.0–2.0	762	$3,675	$4.82	4d	3	0.56mi
13812 Northern Blvd Unit 7F Flushing, NY	1.0	1.0	600	$2,500	$4.17	12d	1	0.62mi
14424 37th Ave Unit 5B Flushing, NY	2.0	1.0	560	$2,800	$5.00	25d	1	0.63mi
3532 Leavitt St Unit 11I Flushing, NY	—	1.0	422	$2,900	$6.87	5d	1	0.65mi
13416 35th Ave Unit 7E Flushing, NY	2.0	2.0	681	$3,300	$4.85	25d	1	0.71mi
149-08 41st Ave Unit 3rd Floor Flushing, NY	1.0	1.0	675	$1,850	$2.74	19d	1	0.74mi
3371 Prince St Unit 8J Flushing, NY	2.0	2.0	741	$4,075	$5.50	16d	1	0.77mi
3371 Prince St Unit 8F Flushing, NY	2.0	2.0	716	$4,050	$5.66	16d	1	0.77mi
3371 Prince St Unit 13L Flushing, NY	1.0	1.0	452	$2,800	$6.19	25d	1	0.77mi
140-16 34th Ave Unit 308 Flushing, NY	—	1.0	600	$2,250	$3.75	25d	1	0.78mi
140-16 34th Ave Unit 412 Flushing, NY	—	1.0	600	$2,250	$3.75	6d	1	0.78mi
145-18 34th Ave Unit 8A Flushing, NY	1.0	2.0	700	$2,400	$3.43	2d	1	0.85mi
149-35 Northern Blvd Unit 4Z Flushing, NY	—	1.0	500	$1,800	$3.60	19d	1	0.89mi
14943 35th Ave Flushing, NY	1.0	1.0	775	$2,450	$3.16	3d	2	0.96mi
14943 35th Ave Flushing, NY	1.0	1.0	750	$2,400	$3.20	2d	1	0.97mi
3132 Union St Unit 4G Flushing, NY	1.0	1.0	650	$2,400	$3.69	8d	1	0.98mi
3132 Union St Flushing, NY	1.0	1.0	625	$2,400	$3.84	19d	1	1.01mi
4531 163rd St Unit 1 Flushing, NY	1.0	1.0	600	$2,250	$3.75	8d	1	1.18mi

HOA detail condo

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

Listing history 19 events

1. 2026-06-18
   days on market $280,000 Active 164 DOM
2. 2026-06-17
   days on market $280,000 Active 163 DOM
3. 2026-06-15
   days on market $280,000 Active 161 DOM
4. 2026-06-13
   days on market $280,000 Active 159 DOM
5. 2026-06-10
   days on market $280,000 Active 155 DOM
6. 2026-06-08
   days on market $280,000 Active 154 DOM
7. 2026-06-04
   days on market $280,000 Active 150 DOM
8. 2026-06-03
   pricedays on market $280,000 Active 149 DOM
9. 2026-06-01
   days on market $285,000 Active 147 DOM
10. 2026-05-31
    days on market $285,000 Active 146 DOM
11. 2026-04-22
    price $285,000
12. 2026-01-05
    listed $290,000 Active
13. 2025-12-01
    historical
14. 2025-09-11
    price $290,000
15. 2025-07-22
    price $299,000
16. 2025-04-21
    listed $309,000 Active
17. 2025-04-15
    historical
18. 2024-08-23
    price $310,000
19. 2024-04-15
    listed $319,000 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 ≥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 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,438
• − Mortgage interest: −$15,684
• − Property taxes: −$4,200
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,515
• − Management: −$2,515
• − HOA: −$8,820
• − Depreciation: −$8,145
• Taxable loss: −$11,842
• Est. tax savings @ 24.0%: +$2,842
• After-tax cash flow: $-4,362/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): 80,801
• Household income: $55,326
• Rent vs Own: 66.6% rent · 33.4% own
• Severe rent burden: 6765.0

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: Predominantly Asian (75%)
• Race & ethnicity: Asian 75% Hispanic / Latino 14% White 7% Two or more races 4% Black 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Dominican 2%
• Common ancestry: Scotch-Irish 1%
• Foreign-born: 72% · China, Canada, South Korea
• Languages at home: 16% English-only · Chinese 58% Spanish 12% Other Indo-European 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: ▲ 1.09%
• Current HPI: 253.1482
• Rent YoY: ▲ 3.93%
• 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

-10.7% since first listed

9 events — show timeline

• 2026-04-22 Price Changed $285,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-05 Listed $290,000 OneKey® MLS as Distributed by MLS Grid
• 2025-12-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-09-11 Price Changed $290,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-22 Price Changed $299,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-21 Listed $309,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-15 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-08-23 Price Changed $310,000 OneKey® MLS as Distributed by MLS Grid
• 2024-04-15 Listed $319,000 OneKey® MLS as Distributed by MLS Grid