241-20 Northern Blvd Unit 4P · New York, NY 11362

$238,000

1 bd · 1.0 ba · 820 sqft · Condo public records · 15 Days on market

Built 1964

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.6/30.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this bright and spacious 1-bedroom residence in the desirable Manor House community in Little Neck. This sun-filled corner P-Line unit showcases a functional and open layout with a generously sized bedroom and living area, ideal for both everyday comfort and entertaining. Enjoy excellent natural light with open, elevated views and enhanced privacy as a corner/end unit. The elevator building offers convenient amenities including on-site laundry facilities, storage, and dedicated maintenance staff. Located in highly regarded School District 26. Prime location with excellent accessibility: close proximity to multiple bus lines including Q12, Q13, and Q15, providing easy access to F

Key facts

• Enhanced privacy
• Open layout
• Elevated views

Tags

• SUN-FILLED CORNER UNIT
• OPEN LAYOUT
• EXCELLENT NATURAL LIGHT
• ELEVATED VIEWS
• ENHANCED PRIVACY
• ELEVATOR BUILDING

Property features AI

Finance

• HOA & community: Manor House Owners Corp

Exterior

• Parking: Assigned parking; Garage; 1-car garage; Parking fee applies
• Utilities: Public sewer; Electricity connected; Natural gas connected; Water connected
• Home design: Stock cooperative
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Cooktop; Dishwasher; Microwave; Oven; Refrigerator
• Bedrooms: Entry level: 4
• Flooring: Ceramic tile; Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating; Natural gas heating; Steam heating; Wall/window cooling unit(s)
• Interior features: Eat-in kitchen; Entrance foyer; Open floorplan

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $238k.

Deal economics

• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $238k).
• Recommended offer: $234k (1.5% below list) — sets the bar for market timing.
• Cap rate 1.1% vs local median 2.6% in New York — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: 162 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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 15 days — a 2% lower offer ($234k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 57% of rent.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $234,430 (1.5% 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. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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. 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?
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: 1.16% ✓
• Cap rate: 1.10%
• Cash-on-cash: -18.54%
• DSCR: 0.17
• GRM: 7.2

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: -52.7%
• Equity multiple: -0.55×
• Total profit: $-103,149
• Equity at exit: $35,487

10-year hold

• IRR: —
• Equity multiple: -1.55×
• Total profit: $-170,196
• Equity at exit: $20,578

Cash invested: $66,640 (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 11362

• Home prices YoY: -31.1%
• Active inventory: 162
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,761 high
• Mortgage (P&I): −$1,248
• Tax est. 1.5%: −$298 /mo · $3,570/yr
• Insurance: −$99
• HOA est. from 1 same-building comp: −$1,566
• Vacancy / Maint / Mgmt: −$580
• Net cashflow: $-1,030

Break-even live

Break-even rent $4,064

Max offer price $88,989

Occupancy floor —

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: $59,500
• Closing costs: $7,140
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4420 Douglaston Pkwy Unit 5A Little Neck, NY	2.0	1.0	900	$3,100	$3.44	4d	1	0.07mi
4230 Douglaston Pkwy Little Neck, NY	1.0	1.0	700	$1,800	$2.57	19d	1	0.23mi
4212 Marathon Pkwy Little Neck, NY	1.0	1.0	550	$2,375	$4.32	24d	1	0.49mi
240-53 68th Ave Unit 1st Floor Douglaston, NY	2.0	1.0	900	$2,500	$2.78	24d	1	1.03mi
232-15 67th Ave Unit 1FL Flushing, NY	2.0	2.0	900	$2,900	$3.22	4d	1	1.15mi
40-11 214th Pl Unit 2R Bayside, NY	1.0	1.0	650	$2,800	$4.31	5d	1	1.28mi
214-16 40th Ave Unit 3rd Floor Flushing, NY	2.0	1.0	900	$2,800	$3.11	24d	1	1.30mi
4 Chelsea Pl Apt 3F Great Neck, NY	2.0	2.0	900	$4,600	$5.11	24d	1	1.46mi

HOA detail condo

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

Listing history 2 events

1. 2026-05-19
   status Pending
2. 2026-05-01
   listed $238,000 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 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 · 14 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 · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,129
• − Mortgage interest: −$13,332
• − Property taxes: −$3,570
• − Insurance: −$1,190
• − Repairs & maintenance: −$2,650
• − Management: −$2,650
• − HOA: −$18,792
• − Depreciation: −$6,924
• Taxable loss: −$15,979
• Est. tax savings @ 24.0%: +$3,835
• After-tax cash flow: $-8,522/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): 18,492
• Household income: $122,090
• Rent vs Own: 24.9% rent · 75.1% own
• Severe rent burden: 250.0

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 0.62)
• Race & ethnicity: Asian 48% White 37% Hispanic / Latino 9% Two or more races 5% Black 3%
• Hispanic origin (detail): Puerto Rican 3% Dominican 1%
• Common ancestry: Romanian 4% Hispanic 1% Scotch-Irish 1%
• Foreign-born: 40% · China, South Korea, Canada
• Languages at home: 47% English-only · Chinese 21% Korean 12% Other Indo-European 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: ▼ -117.12%
• Current HPI: 259.773
• 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

2 events — show timeline

• 2026-05-19 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-05-01 Listed $238,000 OneKey® MLS as Distributed by MLS Grid