89-40 155th Ave Unit 3B · New York, NY 11414

$279,000

2 bd · 1.0 ba · 900 sqft · Condo · 40 Days on market

Built 1962 Good condition

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Why this score? — see what drove the C- 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 +19.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +5.1/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover elevated living at The Eastwood, Howard Beach’s premier cooperative high-rise. This two bedroom junior four features a spacious living room, a beautifully renovated galley kitchen with durable faux quartz countertops, custom cabinetry, pantry closets that provide excellent kitchen storage, and an updated bathroom. Gleaming refinished hardwood floors run throughout the living area, complemented by custom radiator covers and marble window sills that add a polished finish to the space. A separate dining area just off the foyer comfortably accommodates a full size dining set while keeping the living room open and spacious. The home has been meticulously maintained and offers the

Key facts

• Custom cabinetry
• Pantry closets
• Marble window sills

Tags

• RENOVATED GALLEY KITCHEN
• CUSTOM CABINETRY
• PANTRY CLOSETS
• REFINISHED HARDWOOD FLOORS
• CUSTOM RADIATOR COVERS
• MARBLE WINDOW SILLS

Property features AI

Exterior

• Parking: Assigned parking; Garage parking; Underground parking; Has garage
• Utilities: Public sewer; Electricity connected; Natural gas connected; Sewer connected
• Home design: Stock cooperative
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Dishwasher; Gas range; Microwave; Refrigerator
• Bedrooms: Total of 5 rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; Other heating; Wall/window air conditioning units
• Interior features: Other interior features; Laundry room; Entry on 3rd level; Cats allowed (contact for details)
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $279k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $301 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $279k).
• Recommended offer: $271k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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: 258 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• This rent runs 36% of the median local income ($95k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($271k) is reasonable based on typical stale-listing flexibility.

Recommended offer $270,630 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.01% ✓
• Cap rate: 7.59%
• Cash-on-cash: 4.62%
• DSCR: 1.21
• GRM: 8.2

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: -9.1%
• Equity multiple: 0.67×
• Total profit: $-26,021
• Equity at exit: $41,600

10-year hold

• IRR: 0.4%
• Equity multiple: 1.03×
• Total profit: $2,169
• Equity at exit: $24,123

Cash invested: $78,120 (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 11414

• Active inventory: 258
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,821 high
• Mortgage (P&I): −$1,463
• Tax est. 1.5%: −$349 /mo · $4,185/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$592
• Net cashflow: $301

Break-even live

Break-even rent $2,441

Max offer price $279,000

Occupancy floor 84%

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
84-29 155th Ave Unit 5J Queens, NY	1.0	1.0	800	$2,500	$3.12	24d	1	0.20mi
8439 153rd Ave Unit 5A Howard Beach, NY	1.0	1.0	800	$2,500	$3.12	24d	1	0.20mi
149-09 84th St Unit 2 Howard Beach, NY	3.0	1.5	750	$3,200	$4.27	24d	1	0.37mi
9512 108th Ave Ozone Park, NY	2.0	1.0	1000	$2,800	$2.80	11d	1	0.86mi
9105 107th Ave Ozone Park, NY	1.0	1.0	648	$2,400	$3.70	18d	1	0.88mi
10215 Dunton Ct Howard Beach, NY	3.0	2.0	1100	$3,500	$3.18	24d	1	1.13mi
97-56 105th St #2 Ozone Park, NY	3.0	2.0	1000	$3,811	$3.81	24d	1	1.47mi

HOA detail condo

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

Listing history 2 events

1. 2026-04-14
   status Pending
2. 2026-03-05
   listed $279,000 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: $33,854
• − Mortgage interest: −$15,628
• − Property taxes: −$4,185
• − Insurance: −$1,395
• − Repairs & maintenance: −$2,708
• − Management: −$2,708
• − Depreciation: −$8,116
• Taxable loss: −$887
• Est. tax savings @ 24.0%: +$213
• After-tax cash flow: $3,820/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 · 13 photos

Good 75/100 Cosmetic rehab

This two-bedroom condo is in good condition with minor updates needed, such as updating the kitchen cabinets and landscaping improvements. It offers a good investment opportunity with potential for resale and rental value increases.

Repairs flagged

• Minor kitchen cabinets — The cabinets appear dated and could be updated for a more modern look.

Value-add opportunities

• Resale Updating the kitchen cabinets — Updating the cabinets can significantly enhance the home's appeal and value.
• Rental Landscaping improvements — Well-maintained landscaping can attract more tenants and increase rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · The cabinets appear dated and could be updated for a more modern look.	Minor	$500–3,000
Total estimated repair cost · 1 items		$500–3,000

Value-add ROI direction

• Resale Updating the kitchen cabinets — Updating the cabinets can significantly enhance the home's appeal and value. ↑
• Rental Landscaping improvements — Well-maintained landscaping can attract more tenants and increase rental value. ↑

ⓘ 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): 31,308
• Household income: $95,051
• Rent vs Own: 26.9% rent · 73.1% own
• Severe rent burden: 985.0

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 0.56)
• Race & ethnicity: White 61% Hispanic / Latino 25% Two or more races 13% Black 5% Asian 5%
• Hispanic origin (detail): Puerto Rican 11% Dominican 6%
• Common ancestry: Romanian 4% Scotch-Irish 1%
• Foreign-born: 20% · Canada, Jamaica, China
• Languages at home: 63% English-only · Spanish 17% Other Indo-European 14% 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: ▼ -227.02%
• Current HPI: 206.6334
• 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

• 2026-04-14 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-05 Listed $279,000 OneKey® MLS as Distributed by MLS Grid