257 Beach 128th St Unit 2B · New York, NY 11694

$199,000

1 bd · 1.0 ba · 496 sqft · Condo · 46 Days on market

Built 1949 Good condition

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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 +15.9/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +4.9/10.0
• 1% rule +4.3/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Just two blocks from the beach, this bright and inviting L-shaped studio offers the perfect opportunity to enjoy coastal living in one of the Rockaways’ most desirable neighborhoods. Featuring beautifully refinished hardwood floors, a renovated bathroom, abundant natural light, and a spacious layout with plenty of closet space, this home is ideal as a year-round residence. Located in the heart of Belle Harbor, you’ll love being just one block from local restaurants, shopping, cafes, places of worship, and public transportation. Known for its charming small-town feel by the ocean, Belle Harbor offers a unique beach community lifestyle with easy access to the city, a vibrant board

Key facts

• Renovated bathroom
• Spacious layout
• L shaped studio

Tags

• L SHAPED STUDIO
• RENOVATED BATHROOM
• ABUNDANT NATURAL LIGHT
• SPACIOUS LAYOUT
• PLENTY OF CLOSET SPACE
• PET FRIENDLY BUILDING

Property features AI

Exterior

• Parking: No carport; No designated parking
• Utilities: Public sewer; Cable available
• Home design: Stock cooperative
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: 2nd level entry (unit on level 2)
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Other heating; Wall/window air conditioning units
• Interior features: Other interior features; Cats and dogs allowed

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $199k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $27 ($323/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $186k (6.6% below list).
• Recommended offer: $186k (6.6% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Is 227 Louis Armstrong (math 52% / reading 69%, grade B+, #153 of 729 statewide, top 21%, 1,528 students, 68% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: 89 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $6k 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 46 days — a 3% lower offer ($193k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; major wind risk, 75% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $185,903 (6.6% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 0.93% ✗
• Cap rate: 6.86%
• Cash-on-cash: 2.01%
• DSCR: 1.09
• GRM: 8.9

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: -15.3%
• Equity multiple: 0.45×
• Total profit: $-30,462
• Equity at exit: $29,672

10-year hold

• IRR: -6.7%
• Equity multiple: 0.57×
• Total profit: $-24,038
• Equity at exit: $17,206

Cash invested: $55,720 (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 11694

• Home prices YoY: -33.2%
• Active inventory: 89
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,859 medium
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $27

Break-even live

Break-even rent $1,825

Max offer price $199,000

Occupancy floor 94%

Sensitivity live

Price	-10% $164	-5% $96	+0% $27	+5% $-42	+10% $-111
Rent	-10% $-120	-5% $-47	+0% $27	+5% $100	+10% $174
Rate	-1.0pp $127	-0.5pp $78	base $27	+0.5pp $-25	+1.0pp $-77

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

HOA detail condo

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

Listing history 14 events

1. 2026-06-21
   days on market $199,000 Active 46 DOM
2. 2026-06-18
   days on market $199,000 Active 43 DOM
3. 2026-06-17
   days on market $199,000 Active 42 DOM
4. 2026-06-16
   days on market $199,000 Active 41 DOM
5. 2026-06-15
   days on market $199,000 Active 40 DOM
6. 2026-06-13
   days on market $199,000 Active 38 DOM
7. 2026-06-10
   days on market $199,000 Active 34 DOM
8. 2026-06-08
   days on market $199,000 Active 33 DOM
9. 2026-06-08
   days on market $199,000 Active 32 DOM
10. 2026-06-04
    days on market $199,000 Active 29 DOM
11. 2026-06-03
    days on market $199,000 Active 28 DOM
12. 2026-06-01
    days on market $199,000 Active 26 DOM
13. 2026-05-31
    days on market $199,000 Active 25 DOM
14. 2026-05-01
    listed $199,000 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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 75% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,308
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$1,792
• − Repairs & maintenance: −$1,785
• − Management: −$1,785
• − Depreciation: −$5,789
• Taxable loss: −$2,975
• Est. tax savings @ 24.0%: +$714
• After-tax cash flow: $1,037/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 · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained studio is in a prime location, offering a great opportunity for coastal living. Minor updates could further enhance its value.

Value-add opportunities

• Both Paint the exterior brick — Enhances curb appeal and value
• Both Replace the kitchen appliances — Modernizes the space and improves functionality
• Both Install new flooring in the kitchen — Improves aesthetics and functionality
• Both Add a smart thermostat — Enhances comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior brick — Enhances curb appeal and value ↑
• Both Replace the kitchen appliances — Modernizes the space and improves functionality ↑
• Both Install new flooring in the kitchen — Improves aesthetics and functionality ↑
• Both Add a smart thermostat — Enhances comfort and energy efficiency ↑

ⓘ 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
• City population: 7,731,280
• Population (ZIP): 21,430

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: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 17% Black 8% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 8% Dominican 2%
• Common ancestry: Romanian 4% Italian 2% Scotch-Irish 1%
• Foreign-born: 14% · Canada, China
• Languages at home: 81% English-only · Spanish 7% Russian/Polish/Slavic 4% Arabic 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: ▼ -121.01%
• Current HPI: 243.2048
• Rent YoY: —
• Metro: —
• 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

• 2026-05-01 Listed $199,000 OneKey® MLS as Distributed by MLS Grid