41-31 51 St Unit 6E · New York, NY 11377

$388,000

1 bd · 1.0 ba · 750 sqft · Condo public records · 211 Days on market

Built 1964

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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 +11.5/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• DSCR +3.4/10.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This spacious, light-filled one-bedroom co-op offers a flexible layout with excellent potential to convert into a Junior 4. The home features a large kitchen with stainless steel appliances, ample counter and cabinet space, a generously sized primary bedroom, and a well-proportioned living room. Additional highlights include a full bathroom, four large closets, and gleaming hardwood floors throughout. Residents enjoy a large common courtyard with a dedicated BBQ area, bicycle Space, a laundry room, an elevator, and parking (waitlist). The building is well maintained, equipped with an intercom camera system, and attended by a live-in super. Ideally located, the property is just minutes from

Key facts

• Spacious bbq area
• Natural light
• Large kitchen

Tags

• NATURAL LIGHT
• LARGE KITCHEN
• SPACIOUS BBQ AREA

Property features AI

Finance

• HOA & community: Cooperative (co-op) ownership

Exterior

• Parking: 1-car garage available; No carport; Parking waitlist
• Utilities: Public sewer; Cable connected
• Home design: Stock cooperative; 7-story building; One level for the unit; Unit faces from 6th floor
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront; No additional parcels

Interior

• Kitchen: Cooktop; Refrigerator
• Bedrooms: Entry level: 6 (unit on 6th floor)
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Steam heating
• Interior features: Eat-in kitchen; Elevator; No basement (see remarks for details); Attic: see remarks; 4 total rooms
• Laundry & utility: No specific washer/dryer listed

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $388k.

Deal economics

• At list price, monthly cash flow is $-131 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $369k (4.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $323k (16.8% below list).
• Recommended offer: $323k (16.8% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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: Rents rising fast (+6.1%/yr); 351 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $3,229/mo this rent would consume 53% of the median local household income ($73k/yr) (locally 5474% 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 $3k of loan paydown is wiped out by about $12k 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 211 days — a 12% lower offer ($341k) is reasonable based on typical stale-listing flexibility.

Recommended offer $322,894 (16.8% 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 211 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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. 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: 0.83% ✗
• Cap rate: 5.89%
• Cash-on-cash: -1.44%
• DSCR: 0.94
• GRM: 10.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.09% rent growth · sell at horizon

5-year hold

• IRR: -15.3%
• Equity multiple: 0.44×
• Total profit: $-60,787
• Equity at exit: $57,852

10-year hold

• IRR: -2.2%
• Equity multiple: 0.83×
• Total profit: $-18,186
• Equity at exit: $33,547

Cash invested: $108,640 (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 11377

• Home prices YoY: -28.8%
• Rents YoY: 6.1%
• Active inventory: 351
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $3,229 medium
• Mortgage (P&I): −$2,035
• Tax est. 1.5%: −$485 /mo · $5,820/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$678
• Net cashflow: $-131

Break-even live

Break-even rent $3,394

Max offer price $369,114

Occupancy floor 99%

Sensitivity live

Price	-10% $138	-5% $4	+0% $-131	+5% $-265	+10% $-399
Rent	-10% $-386	-5% $-258	+0% $-131	+5% $-3	+10% $125
Rate	-1.0pp $65	-0.5pp $-32	base $-131	+0.5pp $-231	+1.0pp $-333

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: $97,000
• Closing costs: $11,640
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34-35 44th St Astoria, NY	1.0–2.0	1.0–2.0	613	$3,576	$5.83	0d	23	0.71mi
3705 30th St Long Island City, NY	2.0	1.0–2.0	700	$4,840	$6.91	11d	3	1.21mi

HOA detail condo

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

Listing history 11 events

1. 2026-06-21
   days on market $388,000 Active 211 DOM
2. 2026-06-18
   days on market $388,000 Active 208 DOM
3. 2026-06-17
   days on market $388,000 Active 207 DOM
4. 2026-06-15
   days on market $388,000 Active 205 DOM
5. 2026-06-13
   days on market $388,000 Active 203 DOM
6. 2026-06-10
   days on market $388,000 Active 199 DOM
7. 2026-06-08
   days on market $388,000 Active 198 DOM
8. 2026-06-04
   days on market $388,000 Active 194 DOM
9. 2026-06-03
   days on market $388,000 Active 193 DOM
10. 2026-05-31
    days on market $388,000 Active 191 DOM
11. 2025-11-21
    listed $388,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $38,747
• − Mortgage interest: −$21,734
• − Property taxes: −$5,820
• − Insurance: −$1,940
• − Repairs & maintenance: −$3,100
• − Management: −$3,100
• − Depreciation: −$11,287
• Taxable loss: −$8,234
• Est. tax savings @ 24.0%: +$1,976
• After-tax cash flow: $410/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): 81,690
• Household income: $73,073
• Rent vs Own: 70.5% rent · 29.5% own
• Severe rent burden: 5474.0

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: Hispanic / Latino 40% Asian 36% Two or more races 20% White 20% Black 2%
• Hispanic origin (detail): Mexican 12% Puerto Rican 4% Dominican 5%
• Common ancestry: Romanian 2%
• Foreign-born: 56% · Canada, China, Jamaica
• Languages at home: 27% English-only · Spanish 34% Other Indo-European 16% Chinese 6%

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: ▼ -110.83%
• Current HPI: 273.9408
• Rent YoY: ▲ 6.09%
• 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

1 event — show timeline

• 2025-11-21 Listed $388,000 OneKey® MLS as Distributed by MLS Grid