17-85 215th St Unit 9L · New York, NY 11360

$329,000

1 bd · 1.0 ba · 775 sqft · Condo public records · 46 Days on market

Built 1969

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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 +8.6/30.0
• ARV discount +7.5/15.0
• Appreciation +6.6/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0

Listing remarks

Welcome to The Towers at Water’s Edge! This 1-Bedroom, 1-Bath residence in the highly sought-after Americana Tower is ready to welcome its new owner. The beautifully renovated unit features hardwood floors, stainless steel appliances, and a sleek, contemporary design throughout. Wake up every day to breathtaking panoramic views of Little Neck Bay, providing a spectacular backdrop in every season. Perfectly and centrally located, this home offers convenient access to transportation, shopping, parks, dining, houses of worship, and more, imagine everything you need being right at your doorstep. The development offers resort-style amenities, including a state-of-the-art fitness center, po

Key facts

• Tennis courts
• Panoramic views
• Hardwood floors

Tags

• HARDWOOD FLOORS
• STAINLESS STEEL APPLIANCES
• PANORAMIC VIEWS
• RESORT-STYLE AMENITIES
• POOL CLUB
• TENNIS COURTS

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 $-281 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $307k (6.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $268k (18.5% below list).
• Recommended offer: $268k (18.5% below list) — sets the bar for 1% rule.
• Cap rate 5.3% 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: 222 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• This rent runs 33% of the median local income ($99k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $13k of equity ($2k loan paydown + $11k appreciation (3.3% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($319k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 14y ago; this cycle's ask has dropped $19k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• 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 $268,150 (18.5% 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 46 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Built in 1969 — 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. 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. 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?
10. 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.
11. 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.
12. 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: 0.82% ✗
• Cap rate: 5.27%
• Cash-on-cash: -3.66%
• DSCR: 0.84
• GRM: 10.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.26% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.9%
• Equity multiple: 1.29×
• Total profit: $26,378
• Equity at exit: $152,763

10-year hold

• IRR: 7.9%
• Equity multiple: 2.23×
• Total profit: $113,652
• Equity at exit: $239,253

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 11360

• Home prices YoY: 1.6%
• Active inventory: 222
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,682 high
• Mortgage (P&I): −$1,725
• Tax est. 1.5%: −$411 /mo · $4,935/yr
• Insurance: −$137
• HOA est. from 5 same-building comps: −$126
• Vacancy / Maint / Mgmt: −$563
• Net cashflow: $-281

Break-even live

Break-even rent $3,038

Max offer price $288,301

Occupancy floor —

Sensitivity live

Price	-10% $-54	-5% $-168	+0% $-281	+5% $-395	+10% $-509
Rent	-10% $-493	-5% $-387	+0% $-281	+5% $-175	+10% $-69
Rate	-1.0pp $-116	-0.5pp $-198	base $-281	+0.5pp $-367	+1.0pp $-453

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 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1785 215th St Unit 15J Bayside, NY	1.0	1.0	620	$3,500	$5.65	26d	1	0.03mi
1670 Bell Blvd Bayside, NY	2.0	1.0–1.5	600	$2,600	$4.33	1d	5	0.10mi
16-05 Bell Blvd Unit 1st Floor Flushing, NY	1.0	1.0	700	$2,400	$3.43	26d	1	0.13mi
16-66 Bell Blvd Unit 736 Bayside, NY	—	1.0	600	$2,350	$3.92	26d	1	0.13mi
1816 Bell Blvd Bayside, NY	1.0	1.0	1000	$2,500	$2.50	26d	1	0.15mi
2 Bay Club Dr Bayside, NY	1.0	1.0	780	$4,000	$5.13	26d	1	0.51mi
1 Bay Club Dr Unit 21W Bayside, NY	1.0	1.0	762	$3,100	$4.07	13d	1	0.53mi
20933 26th Ave Unit 1C Bayside, NY	1.0	1.5	800	$3,000	$3.75	26d	1	0.60mi
206-14 Emily Rd Unit 42L Bayside, NY	1.0	1.0	700	$2,700	$3.86	26d	1	0.63mi
209-21 26th Ave Unit TB Bayside, NY	1.0	1.0	955	$2,850	$2.98	21d	1	0.64mi
23-45 Corporal Kennedy St Unit 1 Flushing, NY	1.0	1.0	1000	$2,800	$2.80	26d	1	0.64mi
29-04 204th St Unit 1Floor Flushing, NY	1.0	1.0	700	$2,600	$3.71	21d	1	1.07mi
1011 162nd St Whitestone, NY	1.0	1.0	880	$1,800	$2.05	21d	1	1.35mi
214-16 40th Ave Unit 3rd Floor Flushing, NY	2.0	1.0	900	$2,800	$3.11	26d	1	1.46mi
40-11 214th Pl Unit 2R Bayside, NY	1.0	1.0	650	$2,800	$4.31	7d	1	1.48mi

HOA detail condo

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

Listing history 17 events

1. 2026-04-03
   status Pending
2. 2026-03-06
   price $329,000
3. 2026-02-15
   listed $348,000 Active
4. 2026-02-02
   historical
5. 2025-09-25
   price $340,000
6. 2025-08-08
   listed $350,000 Active
7. 2025-07-07
   historical
8. 2025-03-24
   price $378,000
9. 2025-01-06
   listed $399,000 Active
10. 2015-11-19
    soldstatus $310,000
11. 2015-03-08
    listed $320,000
12. 2014-03-18
    soldstatus $208,000
13. 2013-09-09
    listed $219,000
14. 2013-06-24
    historical
15. 2013-03-21
    listed $225,000
16. 2012-06-15
    historical
17. 2012-01-21
    listed $249,000

ⓘ 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) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°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: $32,178
• − Mortgage interest: −$18,429
• − Property taxes: −$4,935
• − Insurance: −$1,645
• − Repairs & maintenance: −$2,574
• − Management: −$2,574
• − HOA: −$1,512
• − Depreciation: −$9,571
• Taxable loss: −$9,063
• Est. tax savings @ 24.0%: +$2,175
• After-tax cash flow: $-1,200/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): 19,469
• Household income: $98,875
• Rent vs Own: 23.6% rent · 76.4% own
• Severe rent burden: 496.0

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 0.60)
• Race & ethnicity: White 54% Asian 29% Hispanic / Latino 12% Two or more races 6% Black 1%
• Hispanic origin (detail): Puerto Rican 3% Cuban 2% Dominican 2%
• Common ancestry: Romanian 4% Scotch-Irish 3% Estonian 1%
• Foreign-born: 33% · China, South Korea, Canada
• Languages at home: 58% English-only · Chinese 14% Other Indo-European 11% Korean 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: ▲ 3.26%
• Current HPI: 204.1422
• 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

+32.1% since first listed

17 events — show timeline

• 2026-04-03 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-06 Price Changed $329,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-15 Listed $348,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-02 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-09-25 Price Changed $340,000 OneKey® MLS as Distributed by MLS Grid
• 2025-08-08 Listed $350,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-07 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-03-24 Price Changed $378,000 OneKey® MLS as Distributed by MLS Grid
• 2025-01-06 Listed $399,000 OneKey® MLS as Distributed by MLS Grid
• 2015-11-19 Sold (MLS) $310,000 OneKey® MLS as Distributed by MLS Grid
• 2015-03-08 Listed $320,000 OneKey® MLS as Distributed by MLS Grid
• 2014-03-18 Sold (MLS) $208,000 OneKey® MLS as Distributed by MLS Grid
• 2013-09-09 Listed $219,000 OneKey® MLS as Distributed by MLS Grid
• 2013-06-24 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2013-03-21 Listed $225,000 OneKey® MLS as Distributed by MLS Grid
• 2012-06-15 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2012-01-21 Listed $249,000 OneKey® MLS as Distributed by MLS Grid