21-78 35 St Unit 5F · New York, NY 11105

$259,000

2 bd · 1.0 ba · 700 sqft · Condo · 132 Days on market

Built 1940 ↓ 4% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

LOWEST price TWO BEDROOM in ASTORIA is the Best indication of SELLER MOTIVATION!!! The unit is being sold with an established existing tenant paying $2,000 per month on a "No Lease" basis. One of the "Hot Spots" in Astoria on the "quiet top floor". .. No noise above you and views! Washer, dryer, and dishwasher are allowed in the unit. An exceptional 2-bedroom co-op in the desirable Acropolis Astoria. Natural light streams in through large windows in every room, creating a bright and airy ambiance. The Acropolis offers amenities such as a laundry room, a serene private garden, and convenient bike storage. This co-op allows for subletting and co-purchasing, maki

Key facts

• Built 1940
• Listed 132 days

Property features AI

Finance

• HOA & community: Association fee includes grounds care, heat, hot water, sewer and water

Exterior

• Parking: On-street parking available; No carport
• Utilities: Public sewer; Public trash collection
• Home design: Stock cooperative; Entry level: 5; One level listed
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront; No additional parcels

Interior

• Kitchen: Oil water heater
• Bedrooms: Pets allowed: cats and dogs
• Bathrooms: One full bathroom
• Heating & cooling: Oil heating; Steam heating; No air conditioning
• Interior features: Other interior features; Five total stories; No basement
• Laundry & utility: Oil water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $259k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $259k).
• Recommended offer: $228k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.7% 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 (+6.7%/yr); 112 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $5,685/mo this rent would consume 67% of the median local household income ($102k/yr) (locally 2291% 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 $2k of loan paydown is wiped out by about $8k 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 + 6.7% rent growth), your $73k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 132 days — a 12% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $227,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 132 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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. 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: 2.19% ✓
• Cap rate: 15.68%
• Cash-on-cash: 33.51%
• DSCR: 2.49
• GRM: 3.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.66% rent growth · sell at horizon

5-year hold

• IRR: 33.7%
• Equity multiple: 2.51×
• Total profit: $109,224
• Equity at exit: $38,618

10-year hold

• IRR: 42.8%
• Equity multiple: 5.95×
• Total profit: $359,276
• Equity at exit: $22,394

Cash invested: $72,520 (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 11105

• Home prices YoY: -11.2%
• Rents YoY: 6.7%
• Active inventory: 112
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $5,685 high
• Mortgage (P&I): −$1,358
• Tax est. 1.5%: −$324 /mo · $3,885/yr
• Insurance: −$108
• HOA est. from 1 same-building comp: −$676
• Vacancy / Maint / Mgmt: −$1,194
• Net cashflow: $2,025

Break-even live

Break-even rent $3,121

Max offer price $259,000

Occupancy floor 59%

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2719 44th Dr Long Island City, NY	1.0	1.0	628	$4,945	$7.87	7d	2	0.19mi
475 48th Ave Long Island City, NY	3.0	1.0–3.0	1293	$7,173	$5.55	1d	1	0.77mi
3705 30th St Long Island City, NY	2.0	1.0–2.0	700	$6,180	$8.83	10d	3	0.92mi
1 Bell Slip Brooklyn, NY	2.0	1.0–2.0	766	$7,462	$9.74	1d	7	0.99mi
1 Blue Slip Brooklyn, NY	2.0	1.0–2.0	834	$7,548	$9.04	1d	13	1.04mi
2 Blue Slip Brooklyn, NY	2.0	1.0–2.0	819	$8,221	$10.04	1d	7	1.07mi
285 Kingsland Ave #2078 Brooklyn, NY	1.0–2.0	1.0–2.0	725	$6,380	$8.80	24d	2	1.22mi
599 E 56th St Unit 1817 New York, NY	1.0	1.0	625	$4,850	$7.76	24d	1	1.32mi
420 E 54th St New York, NY	3.0	1.0–2.5	1104	$10,299	$9.32	1d	14	1.39mi
940 1st Ave Unit 2040 New York, NY	2.0	1.5	600	$7,500	$12.50	2d	1	1.43mi
400 E 57th St #2106 New York, NY	2.0	1.0–2.0	903	$8,590	$9.51	3d	3	1.46mi
34-35 44th St Astoria, NY	1.0–2.0	1.0–2.0	613	$5,794	$9.45	1d	26	1.46mi
959 1st Ave Unit 6X New York, NY	1.0	1.0	739	$6,000	$8.12	24d	1	1.46mi
340 E 52nd St #1527 New York, NY	1.0	1.0	575	$8,080	$14.05	1d	2	1.49mi

HOA detail condo

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

Listing history 15 events

1. 2026-06-18
   days on market $259,000 Active 132 DOM
2. 2026-06-17
   days on market $259,000 Active 131 DOM
3. 2026-06-15
   days on market $259,000 Active 129 DOM
4. 2026-06-13
   days on market $259,000 Active 127 DOM
5. 2026-06-10
   days on market $259,000 Active 123 DOM
6. 2026-06-08
   days on market $259,000 Active 122 DOM
7. 2026-06-04
   days on market $259,000 Active 118 DOM
8. 2026-06-03
   days on market $259,000 Active 117 DOM
9. 2026-06-01
   days on market $259,000 Active 115 DOM
10. 2026-05-31
    days on market $259,000 Active 114 DOM
11. 2026-02-06
    listed $259,000 Active
12. 2026-01-01
    historical
13. 2024-05-30
    listed $270,000 Active
14. 2024-04-27
    historical
15. 2023-10-28
    listed $270,000 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 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,220
• − Mortgage interest: −$14,508
• − Property taxes: −$3,885
• − Insurance: −$1,295
• − Repairs & maintenance: −$5,458
• − Management: −$5,458
• − HOA: −$8,112
• − Depreciation: −$7,535
• Taxable income: $21,970
• Est. tax owed @ 24.0%: −$5,273
• After-tax cash flow: $19,030/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): 37,936
• Household income: $102,012
• Rent vs Own: 74.5% rent · 25.5% own
• Severe rent burden: 2291.0

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 0.58)
• Race & ethnicity: White 60% Hispanic / Latino 22% Two or more races 11% Asian 10% Black 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 2%
• Common ancestry: Romanian 3% Italian 1% Scotch-Irish 1%
• Foreign-born: 32% · Canada, Jamaica, Vietnam
• Languages at home: 53% English-only · Other Indo-European 17% Spanish 16% Arabic 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: ▼ -62.96%
• Current HPI: 501.1392
• Rent YoY: ▲ 6.66%
• 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

-4.1% since first listed

5 events — show timeline

• 2026-02-06 Listed $259,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-05-30 Listed $270,000 OneKey® MLS as Distributed by MLS Grid
• 2024-04-27 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2023-10-28 Listed $270,000 OneKey® MLS as Distributed by MLS Grid