12222 Nellis St · New York, NY 11413

$549,999

4 bd · 2.0 ba · 1,440 sqft · MultiFamily public records · 95 Days on market

Built 1930 780 sqft lot Est $821k · 33% under

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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 +22.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +5.1/10.0
• 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

Welcome to 122-22 Nellis Street, Springfield Gardens, Queens. This classic 1930 brick two-family residence offers exceptional versatility, strong long-term value, and the opportunity to create the ideal living or investment scenario. The legal two-family layout presents a compelling opportunity for investors or buyers seeking a spacious multi-generational living arrangement with meaningful upside potential. Situated on a quiet residential block in the heart of Springfield Gardens, the property offers the perfect blend of neighborhood charm and city convenience, just moments from the LIRR and major transit routes providing easy connectivity throughout NYC and Long Island. Both units are curr

Key facts

• Built 1930
• Listed 95 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public sewer; Cable connected; Electricity connected; Natural gas connected
• Home design: Duplex
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Bedrooms: Contains two 2-bedroom units
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; First-floor full bath

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $550k.

Deal economics

• At list price, monthly cash flow is $874 ($10k/yr) — positive. Per door: $437/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $550k).
• Recommended offer: $500k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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.
• Market conditions: 193 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $4k of loan paydown is wiped out by about $16k 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 95 days — a 9% lower offer ($500k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $100k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $195k; list at $550k implies a 182% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 54% 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 $500,499 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
10. 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.
11. 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: 1.01% ✓
• Cap rate: 8.20%
• Cash-on-cash: 6.81%
• DSCR: 1.30
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $820,800
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
116-42 193rd St	0.72mi	3/3.0 (-1)	1,480 (+3%)	11mo	$750,000	$507	44
22039 136th Ave	0.68mi	3/2.0 (-1)	1,650 (+15%)	1mo	$940,000	$570	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -5.9%
• Equity multiple: 0.78×
• Total profit: $-33,531
• Equity at exit: $82,007

10-year hold

• IRR: 3.8%
• Equity multiple: 1.27×
• Total profit: $42,112
• Equity at exit: $47,554

Cash invested: $154,000 (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 11413

• Active inventory: 193
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $5,543 medium
• Mortgage (P&I): −$2,884
• Tax from tax record: −$391 /mo · $4,694/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,164
• Net cashflow: $874

Break-even live

Break-even rent $4,436

Max offer price $549,999

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$5,544
Total (2 units)			$5,543

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: $137,500
• Closing costs: $16,500
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12054 194th St Saint Albans, NY	3.0	1.0	1099	$3,200	$2.91	25d	1	0.40mi
21707 134th Rd Springfield Gardens, NY	3.0	1.0	1848	$3,800	$2.06	15d	1	0.48mi
13719 Southgate St Springfield Gardens, NY	3.0	1.0	1672	$3,400	$2.03	25d	1	0.57mi
12606 172nd St Jamaica, NY	3.0	2.0	1050	$3,200	$3.05	19d	1	0.66mi
120-06 172nd St Unit 2 Jamaica, NY	3.0	2.0	900	$3,000	$3.33	25d	1	0.71mi
17203 119th Ave Jamaica, NY	3.0	2.0	1090	$3,300	$3.03	25d	1	0.75mi
20120 120th Ave Saint Albans, NY	3.0	2.0	1040	$3,500	$3.37	19d	1	0.79mi
13525 223rd St Laurelton, NY	3.0	2.0	1200	$3,400	$2.83	25d	1	0.82mi
11542 175th St Unit 2 Queens, NY	4.0	2.0	1650	$4,200	$2.55	25d	1	0.88mi
219-16 141st Ave Unit 2 Jamaica, NY	4.0	2.0	1050	$4,400	$4.19	25d	1	0.90mi
191-28 114th Dr Unit 1 St. Albans, NY	3.0	2.0	1767	$3,150	$1.78	25d	1	0.95mi
20207 Linden Blvd Saint Albans, NY	3.0	1.0	1584	$3,400	$2.15	25d	1	0.99mi
11516 199th St Saint Albans, NY	3.0	2.0	1000	$3,800	$3.80	25d	1	1.02mi
170-16 143rd Rd Unit 2 Jamaica, NY	3.0	2.0	1125	$3,600	$3.20	25d	1	1.06mi
120-23 Guy R Brewer Blvd Unit 1 Jamaica, NY	3.0	1.5	1200	$3,250	$2.71	19d	1	1.09mi
14519 220th St Springfield Gardens, NY	3.0	2.0	1200	$3,800	$3.17	25d	1	1.33mi
18334 Fonda Ave Saint Albans, NY	4.0	1.0	1080	$4,000	$3.70	18d	1	1.33mi
115-32 158th St Unit 2 Jamaica, NY	3.0	1.0	1600	$2,800	$1.75	6d	1	1.42mi
11141 202nd St Saint Albans, NY	3.0	1.0	900	$2,750	$3.06	25d	1	1.45mi
10940 175th St Jamaica, NY	3.0	1.5	1300	$4,000	$3.08	19d	1	1.47mi

Listing history 17 events

1. 2026-06-18
   days on market $549,999 Active 95 DOM
2. 2026-06-17
   days on market $549,999 Active 94 DOM
3. 2026-06-15
   days on market $549,999 Active 92 DOM
4. 2026-06-13
   days on market $549,999 Active 90 DOM
5. 2026-06-10
   pricedays on market $549,999 Active 86 DOM
6. 2026-06-08
   days on market $599,999 Active 85 DOM
7. 2026-06-08
   days on market $599,999 Active 84 DOM
8. 2026-06-04
   days on market $599,999 Active 81 DOM
9. 2026-06-03
   statusdays on market $599,999 Active 80 DOM
10. 2026-05-19
    status Pending
11. 2026-04-20
    price $599,999
12. 2026-03-01
    listed $649,999 Active
13. 2026-02-26
    historical $649,999
14. 2026-02-01
    historical
15. 2025-10-31
    listed $699,000 Active
16. 2003-04-16
    soldstatus $195,000
17. 1998-01-26
    soldstatus $69,000

ⓘ 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: $4,694 · $391/mo
• Projected year-2 tax: $6,994 · $583/mo
• Expected delta: +$2,301/yr (+$192/mo · 49.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 54% 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: $66,516
• − Mortgage interest: −$30,808
• − Property taxes: −$4,694
• − Insurance: −$2,750
• − Repairs & maintenance: −$5,321
• − Management: −$5,321
• − Depreciation: −$16,000
• Taxable income: $1,621
• Est. tax owed @ 24.0%: −$389
• After-tax cash flow: $10,104/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
• City population: 7,731,280
• Population (ZIP): 45,072

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 Black (84%)
• Race & ethnicity: Black 84% Hispanic / Latino 9% Two or more races 4% Asian 2% White 1%
• Hispanic origin (detail): Puerto Rican 3% Dominican 3%
• Common ancestry: Hispanic 6%
• Foreign-born: 39% · Canada, Mexico
• Languages at home: 84% English-only · French/Haitian/Cajun 7% Spanish 6% Other Indo-European 1%

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: ▼ -390.89%
• Current HPI: 311.5327
• Rent YoY: —
• Metro: —
• 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

+769.6% since first listed

8 events — show timeline

• 2026-05-19 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-20 Price Changed $599,999 OneKey® MLS as Distributed by MLS Grid
• 2026-03-01 Listed $649,999 OneKey® MLS as Distributed by MLS Grid
• 2026-02-26 Coming Soon $649,999 OneKey® MLS as Distributed by MLS Grid
• 2026-02-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-10-31 Listed $699,000 OneKey® MLS as Distributed by MLS Grid
• 2003-04-16 Sold (Public Records) $195,000 Public Records
• 1998-01-26 Sold (Public Records) $69,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $4,694 · +3.7% YoY. Source: county tax records.