48-20 44th St Unit 4C · New York, NY 11377

$329,000

1 bd · 1.0 ba · 700 sqft · Condo · 182 Days on market

Built 1931 ↓ 12% since listing

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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 +6.5/10.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome all to view this one-bedroom unit, located in the Celtic Park Cooperative on the Sunnyside/Woodside border. This beautifully maintained unit receives an abundance of natural light, hardwood floors, excellent closet space, and a spacious bedroom. The layout of the unit creates an orangic flow from the front door to a living room, perfect for entertaining a party of guests. Celtic Park is has onsite management, a live-in superintendent, strong maintenance staff, evening and weekend security, a gym, laundry rooms, and landscaped courtyards. Maintenance includes gas, electricity, heat, hot water, and real estate taxes. Additional perks include bike and storage options (waitlist), outdoo

Key facts

• Built 1931
• Listed 181 days

Property features AI

Finance

• HOA & community: Association: Celtic Park Owners

Exterior

• Parking: Other parking (no carport)
• Utilities: Sewer: Other; Utilities: See remarks
• Home design: Stock cooperative; Entry level: 4
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Kitchen: Cooktop; Dishwasher
• Bedrooms: 3 rooms total (includes bedrooms and living areas)
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: Other interior features
• Laundry & utility: Pets allowed — contact management

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $329k.

Deal economics

• At list price, monthly cash flow is $724 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $329k).
• Recommended offer: $290k (12.0% below list) — sets the bar for market timing.
• 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: Rents rising fast (+6.1%/yr); 349 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $3,794/mo this rent would consume 62% of the median local household income ($73k/yr) (locally 5474% 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 $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.
• At projected returns (-3.0% appreciation + 6.1% rent growth), your $92k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 182 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1931 — 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 $289,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 182 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.15% ✓
• Cap rate: 8.93%
• Cash-on-cash: 9.43%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.09% rent growth · sell at horizon

5-year hold

• IRR: 1.4%
• Equity multiple: 1.05×
• Total profit: $5,014
• Equity at exit: $49,055

10-year hold

• IRR: 13.9%
• Equity multiple: 2.27×
• Total profit: $117,147
• Equity at exit: $28,446

Cash invested: $92,120 (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 11377

• Home prices YoY: -28.8%
• Rents YoY: 6.1%
• Active inventory: 349
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $3,794 medium
• Mortgage (P&I): −$1,725
• Tax est. 1.5%: −$411 /mo · $4,935/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$797
• Net cashflow: $724

Break-even live

Break-even rent $2,878

Max offer price $329,000

Occupancy floor 76%

Sensitivity live

Price	-10% $951	-5% $838	+0% $724	+5% $610	+10% $497
Rent	-10% $424	-5% $574	+0% $724	+5% $874	+10% $1,024
Rate	-1.0pp $890	-0.5pp $808	base $724	+0.5pp $639	+1.0pp $552

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34-35 44th St Astoria, NY	1.0–2.0	1.0–2.0	613	$3,576	$5.83	2d	26	1.09mi
2719 44th Dr Long Island City, NY	1.0	1.0	628	$4,945	$7.87	8d	2	1.17mi
3705 30th St Long Island City, NY	2.0	1.0–2.0	700	$4,840	$6.91	11d	3	1.22mi
285 Kingsland Ave #2078 Brooklyn, NY	1.0–2.0	1.0–2.0	725	$4,240	$5.85	25d	2	1.37mi

HOA detail condo

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

Listing history 11 events

1. 2026-06-15
   days on market $329,000 Active 182 DOM
2. 2026-06-13
   days on market $329,000 Active 180 DOM
3. 2026-06-10
   days on market $329,000 Active 176 DOM
4. 2026-06-08
   days on market $329,000 Active 175 DOM
5. 2026-06-04
   days on market $329,000 Active 171 DOM
6. 2026-06-03
   days on market $329,000 Active 170 DOM
7. 2026-06-01
   days on market $329,000 Active 168 DOM
8. 2026-05-31
   days on market $329,000 Active 167 DOM
9. 2026-03-28
   price $329,000
10. 2026-01-22
    price $355,800
11. 2025-12-15
    listed $375,800 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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,533
• − Mortgage interest: −$18,429
• − Property taxes: −$4,935
• − Insurance: −$1,645
• − Repairs & maintenance: −$3,643
• − Management: −$3,643
• − Depreciation: −$9,571
• Taxable income: $3,668
• Est. tax owed @ 24.0%: −$880
• After-tax cash flow: $7,807/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): 81,690
• Household income: $73,073
• Rent vs Own: 70.5% rent · 29.5% own
• Severe rent burden: 5474.0

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 0.67)
• Race & ethnicity: Hispanic / Latino 40% Asian 36% Two or more races 20% White 20% Black 2%
• Hispanic origin (detail): Mexican 12% Puerto Rican 4% Dominican 5%
• Common ancestry: Romanian 2%
• Foreign-born: 56% · Canada, China, Jamaica
• Languages at home: 27% English-only · Spanish 34% Other Indo-European 16% Chinese 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: ▼ -110.83%
• Current HPI: 273.9408
• Rent YoY: ▲ 6.09%
• 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

-12.5% since first listed

3 events — show timeline

• 2026-03-28 Price Changed $329,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-22 Price Changed $355,800 OneKey® MLS as Distributed by MLS Grid
• 2025-12-15 Listed $375,800 OneKey® MLS as Distributed by MLS Grid