1040 Neilson St Unit 4F · New York, NY 11691

$179,000

1 bd · 1.0 ba · 834 sqft · Condo · 22 Days on market

Built 1960 Good condition

---

Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Why rent when you can own? Sponsor unit with no board approval required. This large, spacious, fully renovated one-bedroom co-op is bright, inviting, and move-in ready, featuring an open and airy layout, beautiful parquet flooring, neutral tones, and customized closet space throughout. The expansive living and dining area offers flexibility for entertaining, relaxing, or working from home. The brand-new kitchen is tastefully finished with white shaker cabinets, quartz countertops, and stainless-steel appliances, including a refrigerator and gas stove, creating a clean and modern coastal feel. The oversized bedroom offers excellent closet space and comfortably accommodates a full bedroom set

Key facts

• Fully renovated
• Open and airy layout
• Brand-new kitchen

Tags

• FULLY RENOVATED
• OPEN AND AIRY LAYOUT
• BEAUTIFUL PARQUET FLOORING
• CUSTOMIZED CLOSET SPACE
• BRAND-NEW KITCHEN
• WHITE SHAKER CABINETS

Property features AI

Finance

• HOA & community: Cooperative ownership (Stock cooperative)

Exterior

• Parking: Has garage; Carport: none; Parking features: waitlist
• Security: Security system; Video cameras
• Utilities: Con-Edison electric service; Public sewer; Cable available; Electricity available; Natural gas available; Sewer connected; Public trash collection; Water available
• Home design: Stock cooperative; Entry level 1; Seven-story building; Three or more levels
• Construction: Brick construction
• Exterior features: Brick construction; No waterfront

Interior

• Kitchen: Cooktop; Gas cooktop; Oven; Refrigerator; ENERGY STAR qualified appliances; Stainless steel appliances
• Bedrooms: 3 rooms total (configuration not specified)
• Flooring: Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Wall/window air conditioning units
• Interior features: Eat-in kitchen; Elevator; Entrance foyer; Casement windows; No basement; Pet policy: contact management
• Laundry & utility: Laundry room

🏢 Co-op / cooperative unit. The $179,000 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 $179k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $844 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $179k).
• Recommended offer: $176k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.0% 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: 137 active listings in the ZIP; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $2,656/mo this rent would consume 57% of the median local household income ($56k/yr) (locally 4702% 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 $1k of loan paydown is wiped out by about $5k 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 + 3.0% rent growth), your $50k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($176k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $176,315 (1.5% below list)

Questions for the listing agent

1. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.48% ✓
• Cap rate: 11.95%
• Cash-on-cash: 20.21%
• DSCR: 1.90
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 12.4%
• Equity multiple: 1.49×
• Total profit: $24,795
• Equity at exit: $26,689

10-year hold

• IRR: 21.4%
• Equity multiple: 2.82×
• Total profit: $91,008
• Equity at exit: $15,477

Cash invested: $50,120 (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 11691

• Active inventory: 137
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,656 medium
• Mortgage (P&I): −$939
• Tax est. 1.5%: −$224 /mo · $2,685/yr
• Insurance: −$75
• HOA est. from 1 same-building comp: −$17
• Vacancy / Maint / Mgmt: −$558
• Net cashflow: $844

Break-even live

Break-even rent $1,587

Max offer price $179,000

Occupancy floor 63%

Sensitivity live

Price	-10% $968	-5% $906	+0% $844	+5% $782	+10% $720
Rent	-10% $634	-5% $739	+0% $844	+5% $949	+10% $1,054
Rate	-1.0pp $934	-0.5pp $889	base $844	+0.5pp $798	+1.0pp $750

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

HOA detail condo

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

Listing history 15 events

1. 2026-06-18
   days on market $179,000 Active 22 DOM
2. 2026-06-17
   days on market $179,000 Active 21 DOM
3. 2026-06-16
   days on market $179,000 Active 20 DOM
4. 2026-06-15
   days on market $179,000 Active 19 DOM
5. 2026-06-13
   days on market $179,000 Active 17 DOM
6. 2026-06-10
   days on market $179,000 Active 13 DOM
7. 2026-06-08
   days on market $179,000 Active 12 DOM
8. 2026-06-08
   days on market $179,000 Active 11 DOM
9. 2026-06-04
   days on market $179,000 Active 8 DOM
10. 2026-06-03
    days on market $179,000 Active 7 DOM
11. 2026-06-02
    days on market $179,000 Active 6 DOM
12. 2026-06-01
    days on market $179,000 Active 5 DOM
13. 2026-05-31
    days on market $179,000 Active 4 DOM
14. 2026-05-27
    listed $179,000 Active
15. 2026-02-17
    soldstatus $3,229,485

ⓘ 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 ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,868
• − Mortgage interest: −$10,027
• − Property taxes: −$2,685
• − Insurance: −$895
• − Repairs & maintenance: −$2,549
• − Management: −$2,549
• − HOA: −$204
• − Depreciation: −$5,207
• Taxable income: $7,751
• Est. tax owed @ 24.0%: −$1,860
• After-tax cash flow: $8,267/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This fully renovated one-bedroom co-op is move-in ready with an open and airy layout, beautiful parquet flooring, and modern kitchen. Minor touch-ups and cleaning would further enhance its appeal.

Value-add opportunities

• Both Paint walls — Enhances curb appeal and interior aesthetics
• Both Clean windows — Improves natural light and overall appearance

Renovation cost estimate screening

Value-add ROI direction

• Both Paint walls — Enhances curb appeal and interior aesthetics ↑
• Both Clean windows — Improves natural light and overall appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 69,359
• Household income: $56,135
• Rent vs Own: 72.3% rent · 27.7% own
• Severe rent burden: 4702.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Black 40% Hispanic / Latino 26% White 24% Two or more races 12% Asian 4%
• Hispanic origin (detail): Puerto Rican 4% Dominican 5%
• Common ancestry: Hispanic 3% Italian 2% Romanian 2%
• Foreign-born: 35% · Canada, China, Jamaica
• Languages at home: 66% English-only · Spanish 21% French/Haitian/Cajun 2% Russian/Polish/Slavic 2%

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: ▼ -397.66%
• Current HPI: 281.4044
• 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

-94.5% since first listed

2 events — show timeline

• 2026-05-27 Listed $179,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-17 Sold (Public Records) $3,229,485 Public Records