47-22 215 Pl Unit 2C · New York, NY 11361

$248,000

1 bd · 1.0 ba · 730 sqft · Condo · 185 Days on market

Built 1950

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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 +17.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• Schools +5.0/10.0
• 1% rule +4.7/10.0
• Rent growth +3.9/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Renovated Sunny And Bright Large One Bedroom, Updated Bathroom, Updated Kitchen, Living Room& Dining Area, Lots Of Windows, Two Blocks Away Local And Express Bus. 7 Blocks Lirr, 3 Blocks Banks, Restaurants, Shopping, Few Minutes Away Major Highways. Gorgeous Interior Photos Coming Soon, So Check Back Soon!!!

Key facts

• Close to lirr
• Plenty of storage
• New appliances

Tags

• RECENTLY RENOVATED
• NEW APPLIANCES
• HARDWOOD FLOORS
• PLENTY OF STORAGE
• BATHROOM AND KITCHEN WINDOWS
• CLOSE TO LIRR

Property features AI

Exterior

• Parking: On-street parking; No carport
• Utilities: Public sewer; Electricity connected; Natural gas connected
• Home design: Stock cooperative; Entry level: 2
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Kitchen: Cooktop; Dishwasher; Refrigerator
• Bedrooms: Entry level: 2
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; Other heating; Wall/Window air conditioning
• Interior features: Other interior features
• Laundry & utility: No pets allowed

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $248k.

Deal economics

• At list price, monthly cash flow is $195 ($2k/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 $242k (2.5% below list).
• Recommended offer: $218k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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: Rents rising fast (+5.4%/yr); 168 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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

• It's been on market 185 days — a 12% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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 $167k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $218,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 185 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 1950 — 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: 0.97% ✗
• Cap rate: 7.24%
• Cash-on-cash: 3.38%
• DSCR: 1.15
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.41% rent growth · sell at horizon

5-year hold

• IRR: -8.3%
• Equity multiple: 0.69×
• Total profit: $-21,700
• Equity at exit: $36,978

10-year hold

• IRR: 4.1%
• Equity multiple: 1.33×
• Total profit: $23,155
• Equity at exit: $21,443

Cash invested: $69,440 (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 11361

• Rents YoY: 5.4%
• Active inventory: 168
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,417 high
• Mortgage (P&I): −$1,301
• Tax est. 1.5%: −$310 /mo · $3,720/yr
• Insurance: −$103
• HOA: −$0
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $195

Break-even live

Break-even rent $2,169

Max offer price $248,000

Occupancy floor 87%

Sensitivity live

Price	-10% $367	-5% $281	+0% $195	+5% $110	+10% $24
Rent	-10% $5	-5% $100	+0% $195	+5% $291	+10% $386
Rate	-1.0pp $320	-0.5pp $259	base $195	+0.5pp $131	+1.0pp $66

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: $62,000
• Closing costs: $7,440
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
40-11 214th Pl Unit 2R Bayside, NY	1.0	1.0	650	$2,800	$4.31	6d	1	0.52mi
196-42 44th Ave #2 Flushing, NY	1.0	1.0	600	$2,000	$3.33	0d	1	0.95mi
5839 196th Pl Fresh Meadows, NY	2.0	1.0	750	$2,750	$3.67	26d	1	1.18mi
4230 Douglaston Pkwy Little Neck, NY	1.0	1.0	700	$1,800	$2.57	20d	1	1.22mi
24120 Northern Blvd Unit 3K Little Neck, NY	—	1.0	500	$2,800	$5.60	16d	1	1.26mi
29-04 204th St Unit 1Floor Flushing, NY	1.0	1.0	700	$2,600	$3.71	20d	1	1.49mi

HOA detail condo

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

Listing history 22 events

1. 2026-06-21
   days on market $248,000 Active 185 DOM
2. 2026-06-18
   days on market $248,000 Active 182 DOM
3. 2026-06-17
   days on market $248,000 Active 181 DOM
4. 2026-06-15
   days on market $248,000 Active 179 DOM
5. 2026-06-13
   days on market $248,000 Active 177 DOM
6. 2026-06-10
   days on market $248,000 Active 173 DOM
7. 2026-06-08
   days on market $248,000 Active 172 DOM
8. 2026-06-04
   days on market $248,000 Active 168 DOM
9. 2026-06-03
   days on market $248,000 Active 167 DOM
10. 2026-06-01
    days on market $248,000 Active 165 DOM
11. 2026-05-31
    days on market $248,000 Active 164 DOM
12. 2026-04-02
    price $248,000
13. 2026-03-24
    price $249,000
14. 2026-02-11
    price $256,000
15. 2025-12-18
    listed $258,000 Active
16. 2015-11-09
    soldstatus $166,800 Closed 313-char remark

    Show marketing remark (387 chars)

    Renovated Sunny And Bright Large One Bedroom,Updated Bathroom,Updated Kitchen,Living Room&Dining Area, Lots Of Windows,Two Blocks Away Local And Express Bus.7 Blocks Lirr,3 Blocks Banks,Restaurants,Shopping,Few Minutes Away Major Highways. Gorgeous Interior Photos Coming Soon, So Check Back Soon!!!, Additional information: Appearance:Excellent,Interior Features:Efficiency Kitchen

17. 2015-11-09
    soldstatus $166,800 387-char remark

    Show marketing remark (387 chars)

    Renovated Sunny And Bright Large One Bedroom,Updated Bathroom,Updated Kitchen,Living Room&Dining Area, Lots Of Windows,Two Blocks Away Local And Express Bus.7 Blocks Lirr,3 Blocks Banks,Restaurants,Shopping,Few Minutes Away Major Highways. Gorgeous Interior Photos Coming Soon, So Check Back Soon!!!, Additional information: Appearance:Excellent,Interior Features:Efficiency Kitchen

18. 2015-09-09
    status Under Contract 313-char remark

    Show marketing remark (313 chars)

    Renovated Sunny And Bright Large One Bedroom, Updated Bathroom, Updated Kitchen, Living Room& Dining Area, Lots Of Windows, Two Blocks Away Local And Express Bus. 7 Blocks Lirr, 3 Blocks Banks, Restaurants, Shopping, Few Minutes Away Major Highways. Gorgeous Interior Photos Coming Soon, So Check Back Soon!!!

19. 2015-07-01
    status Back On Market 313-char remark

    Show marketing remark (313 chars)

    Renovated Sunny And Bright Large One Bedroom, Updated Bathroom, Updated Kitchen, Living Room& Dining Area, Lots Of Windows, Two Blocks Away Local And Express Bus. 7 Blocks Lirr, 3 Blocks Banks, Restaurants, Shopping, Few Minutes Away Major Highways. Gorgeous Interior Photos Coming Soon, So Check Back Soon!!!

20. 2015-06-04
    status Under Contract 313-char remark

    Show marketing remark (313 chars)

    Renovated Sunny And Bright Large One Bedroom, Updated Bathroom, Updated Kitchen, Living Room& Dining Area, Lots Of Windows, Two Blocks Away Local And Express Bus. 7 Blocks Lirr, 3 Blocks Banks, Restaurants, Shopping, Few Minutes Away Major Highways. Gorgeous Interior Photos Coming Soon, So Check Back Soon!!!

21. 2015-05-14
    listed $169,000 New 313-char remark

    Show marketing remark (387 chars)

    Renovated Sunny And Bright Large One Bedroom,Updated Bathroom,Updated Kitchen,Living Room&Dining Area, Lots Of Windows,Two Blocks Away Local And Express Bus.7 Blocks Lirr,3 Blocks Banks,Restaurants,Shopping,Few Minutes Away Major Highways. Gorgeous Interior Photos Coming Soon, So Check Back Soon!!!, Additional information: Appearance:Excellent,Interior Features:Efficiency Kitchen

22. 2015-05-14
    listed $169,000 387-char remark

    Show marketing remark (387 chars)

    Renovated Sunny And Bright Large One Bedroom,Updated Bathroom,Updated Kitchen,Living Room&Dining Area, Lots Of Windows,Two Blocks Away Local And Express Bus.7 Blocks Lirr,3 Blocks Banks,Restaurants,Shopping,Few Minutes Away Major Highways. Gorgeous Interior Photos Coming Soon, So Check Back Soon!!!, Additional information: Appearance:Excellent,Interior Features:Efficiency Kitchen

ⓘ 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 ≥97°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: $29,002
• − Mortgage interest: −$13,892
• − Property taxes: −$3,720
• − Insurance: −$1,240
• − Repairs & maintenance: −$2,320
• − Management: −$2,320
• − Depreciation: −$7,215
• Taxable loss: −$1,704
• Est. tax savings @ 24.0%: +$409
• After-tax cash flow: $2,755/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): 30,127
• Household income: $105,932
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 1087.0

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: Asian 42% White 37% Hispanic / Latino 15% Two or more races 7% Black 4%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 2% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 40% · China, South Korea, Canada
• Languages at home: 47% English-only · Chinese 22% Korean 11% Spanish 9%

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: ▼ -190.52%
• Current HPI: 317.8526
• Rent YoY: ▲ 5.41%
• 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

+46.7% since first listed

11 events — show timeline

• 2026-04-02 Price Changed $248,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-24 Price Changed $249,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-11 Price Changed $256,000 OneKey® MLS as Distributed by MLS Grid
• 2025-12-18 Listed $258,000 OneKey® MLS as Distributed by MLS Grid
• 2015-11-09 Sold (MLS) $166,800 OneKey® MLS as Distributed by MLS Grid
• 2015-11-09 Sold (MLS) $166,800 MLSLI
• 2015-09-09 Pending — MLSLI
• 2015-07-01 Relisted — MLSLI
• 2015-06-04 Pending — MLSLI
• 2015-05-14 Listed $169,000 MLSLI
• 2015-05-14 Listed $169,000 OneKey® MLS as Distributed by MLS Grid