11-46 Welling Ct · New York, NY 11102

$1,995,000

66 bd · 39.0 ba · 4,425 sqft · MultiFamily public records · 99 Days on market

Built 1990 2,794 sqft lot

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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 +28.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Appreciation +5.1/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

11-46 Welling Court Astoria, Queens Free Market Six-Family + 2 Parking Spaces + Backyard + Value-Add Upside Investment Overview: 11-46 Welling Court presents a rare opportunity to acquire a fully free-market six-family building in the heart of Old Astoria. Built in 1990 and spanning approximately 4,425 SF across three stories, the property features six residential units, two on-site parking spaces, and a large, private backyard. Investment Highlights: -All Free Market Units - No rent stabilization or control. -Delivered Vacant Unit - Includes one parking space. Perfect for live-plus-income buyers or immediate leasing. -Private Backyard - Expansive rear yard accessible to select units;

Key facts

• Private backyard
• Zoning r4-1
• Efficient layout

Tags

• PRIVATE BACKYARD
• TWO ON-SITE PARKING SPACES
• DELIVERED VACANT UNIT
• EFFICIENT LAYOUT
• ZONING R4-1

Property features AI

Finance

• Financial info: Pets: building allows pets (details vary)

Exterior

• Parking: Assigned garage; 2-car garage
• Home design: 3 stories; Entry at level 1
• Construction: Green building
• Exterior features: Private outdoor space larger than 60 sq ft; Patio; Terrace; Lot approximately 2,794 sq ft (127 x 22)

Interior

• Bedrooms: Six units total (multi-unit property)
• Bathrooms: 6 full bathrooms; 1 half bathroom
• Heating & cooling: Has cooling
• Interior features: Smoke-free building; Total of 29 rooms; Basement (other)
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 6 × 11-bed/6.5-bath units multifamily listed at $2.00M.

Deal economics

• At list price, monthly cash flow is $7k ($81k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($26k rent vs $2.00M).
• Recommended offer: $1.82M (9.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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 (+4.8%/yr); 114 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $26,122/mo this rent would consume 324% of the median local household income ($97k/yr) (locally 2407% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $17k of equity ($14k loan paydown + $3k appreciation (0.2% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.2% appreciation + 4.8% rent growth), your $559k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$115k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($1.82M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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 $329k; list at $2.00M implies a 506% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $1,815,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 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. 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: 1.31% ✓
• Cap rate: 10.34%
• Cash-on-cash: 14.46%
• DSCR: 1.64
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.16% appreciation · 4.79% rent growth · sell at horizon

5-year hold

• IRR: 15.7%
• Equity multiple: 1.78×
• Total profit: $434,002
• Equity at exit: $595,709

10-year hold

• IRR: 21.3%
• Equity multiple: 3.53×
• Total profit: $1,414,776
• Equity at exit: $729,311

Cash invested: $558,600 (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 11102

• Home prices YoY: 0.1%
• Rents YoY: 4.8%
• Active inventory: 114
• Price-to-rent: 38.2×

Monthly cashflow live

• Estimated rent: $26,122 medium
• Mortgage (P&I): −$10,462
• Tax from tax record: −$2,614 /mo · $31,370/yr
• Insurance: −$831
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,486
• Net cashflow: $6,729

Break-even live

Break-even rent $17,604

Max offer price $1,995,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 6× units	11	6.5	$26,124
Total (6 units)			$26,122

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: $498,750
• Closing costs: $59,850
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $1,995,000 Active 99 DOM
2. 2026-06-17
   days on market $1,995,000 Active 98 DOM
3. 2026-06-15
   days on market $1,995,000 Active 96 DOM
4. 2026-06-13
   days on market $1,995,000 Active 94 DOM
5. 2026-06-10
   days on market $1,995,000 Active 90 DOM
6. 2026-06-08
   days on market $1,995,000 Active 89 DOM
7. 2026-06-08
   days on market $1,995,000 Active 88 DOM
8. 2026-06-04
   days on market $1,995,000 Active 85 DOM
9. 2026-06-03
   days on market $1,995,000 Active 84 DOM
10. 2026-06-01
    days on market $1,995,000 Active 82 DOM
11. 2026-05-31
    days on market $1,995,000 Active 81 DOM
12. 2026-03-11
    listed $1,995,000 Active
13. 2025-07-29
    price $2,098,000
14. 2024-05-14
    historical $2,950
15. 2024-05-10
    listed $2,950
16. 2024-05-10
    historical $2,950
17. 2024-05-04
    historical $2,950
18. 2024-05-01
    listed $2,950
19. 2024-04-26
    listed $2,900
20. 2024-04-26
    historical $2,900
21. 2024-04-25
    listed $2,900
22. 1997-09-02
    soldstatus $329,000

ⓘ 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: $31,370 · $2,614/mo
• Projected year-2 tax: $32,543 · $2,712/mo
• Expected delta: +$1,173/yr (+$98/mo · 3.7%)

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

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 ≥99°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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $313,464
• − Mortgage interest: −$111,751
• − Property taxes: −$31,370
• − Insurance: −$9,975
• − Repairs & maintenance: −$25,077
• − Management: −$25,077
• − Depreciation: −$58,036
• Taxable income: $52,178
• Est. tax owed @ 24.0%: −$12,523
• After-tax cash flow: $68,225/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): 28,503
• Household income: $96,617
• Rent vs Own: 86.6% rent · 13.4% own
• Severe rent burden: 2407.0

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 0.69)
• Race & ethnicity: White 47% Hispanic / Latino 26% Asian 15% Two or more races 12% Black 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 3%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 34% · Canada, China, Jamaica
• Languages at home: 55% English-only · Spanish 21% Other Indo-European 14% Russian/Polish/Slavic 3%

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: ▲ 0.16%
• Current HPI: 144.3118
• Rent YoY: ▲ 4.79%
• 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

+506.4% since first listed

11 events — show timeline

• 2026-03-11 Listed $1,995,000 RLS at REBNY
• 2025-07-29 Price Changed $2,098,000 RLS at REBNY
• 2024-05-14 Rental Removed $2,950 LISTANZA
• 2024-05-10 Listed for Rent $2,950 LISTANZA
• 2024-05-10 Rental Removed $2,950 LISTANZA
• 2024-05-04 Rental Removed $2,950 LISTANZA
• 2024-05-01 Listed for Rent $2,950 LISTANZA
• 2024-04-26 Listed for Rent $2,900 LISTANZA
• 2024-04-26 Rental Removed $2,900 YOUGOTLISTINGS
• 2024-04-25 Listed for Rent $2,900 YOUGOTLISTINGS
• 1997-09-02 Sold (Public Records) $329,000 Public Records

Property tax history

+6.3%/yr

Latest (2024): $31,370 · +10.1% YoY. Source: county tax records.