3018 Hobart St · New York, NY 11377

$1,198,000

4 bd · 3.0 ba · 1,572 sqft · MultiFamily public records · 148 Days on market

Built 1945 1,602 sqft lot Est $1025k · 17% over

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Why this score? — see what drove the F 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 +12.6/30.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Charming Two Family Home in the Heart of Woodside Welcome to this beautifully maintained two-family residence nestled right in the heart of Woodside. This property is in excellent condition and offers a versatile layout perfect for both homeowners and investors alike. On the first floor, you'll find high ceilings that create a sense of openness, along with a spacious living room and an open kitchen that makes entertaining a breeze. This level also has convenient access to the backyard and a full bathroom. The second floor features three comfortable bedrooms and another full bath, providing plenty of space for family or guests. Additionally, the ground floor boasts a legal one-bedroom apartm

Key facts

• 1,602 sq ft lot
• Built 1945
• Listed 148 days

Property features AI

Exterior

• Parking: Driveway
• Utilities: Public sewer; Natural gas available
• Home design: Duplex
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Bedrooms: One 3‑bedroom unit included
• Bathrooms: Three full bathrooms
• Heating & cooling: Steam heating; Ductless cooling
• Interior features: First-floor bedroom; No basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $-160 ($-2k/yr) — negative. Per door: $-80/mo.
• To cash-flow at today's rent, offer at most $1.17M (2.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $920k (23.2% below list).
• Recommended offer: $920k (23.2% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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); 349 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $9,195/mo this rent would consume 151% 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 $8k of loan paydown is wiped out by about $36k 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 148 days — a 12% lower offer ($1.05M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $545k; list at $1.20M implies a 120% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $919,500 (23.2% 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 148 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.77% ✗
• Cap rate: 6.13%
• Cash-on-cash: -0.57%
• DSCR: 0.97
• GRM: 10.9

CMA / ARV

• ARV (on-the-fly): $1,024,944
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3018 Hobart St	0.00mi	4/3.0	1,572 (0%)	1mo	$1,125,000	$716	100
3005 48th St	0.12mi	5/— (+1)	1,650 (+5%)	3mo	$1,300,000	$788	78
32-16 54 St	0.31mi	4/2.0	1,640 (+4%)	11mo	$1,185,000	$723	66
32-32 60th St	0.38mi	4/—	1,720 (+9%)	3mo	$1,137,000	$661	64
32-13 46th St	0.45mi	5/3.0 (+1)	1,628 (+4%)	11mo	$1,250,000	$768	59
3218 42nd St	0.59mi	4/—	1,460 (-7%)	6mo	$937,500	$642	56
2541 72nd St	0.60mi	4/2.0	1,632 (+4%)	11mo	$900,000	$551	52
3034 69th St	0.43mi	3/2.0 (-1)	1,692 (+8%)	8mo	$1,035,000	$612	51
24-21 42nd St #1	0.60mi	4/2.0	1,686 (+7%)	23mo	$765,000	$454	37
24-41 43 St	0.55mi	3/2.0 (-1)	1,758 (+12%)	10mo	$1,100,000	$626	37
30-29 74th St	0.71mi	3/3.0 (-1)	1,764 (+12%)	14mo	$1,150,000	$652	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -14.2%
• Equity multiple: 0.48×
• Total profit: $-175,230
• Equity at exit: $178,626

10-year hold

• IRR: -1.5%
• Equity multiple: 0.89×
• Total profit: $-38,410
• Equity at exit: $103,581

Cash invested: $335,440 (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: 349
• Price-to-rent: 21.7×

Monthly cashflow live

• Estimated rent: $9,195 medium
• Mortgage (P&I): −$6,282
• Tax from tax record: −$642 /mo · $7,709/yr
• Insurance: −$499
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,931
• Net cashflow: $-160

Break-even live

Break-even rent $9,397

Max offer price $1,169,745

Occupancy floor 97%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$9,196
Total (2 units)			$9,195

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: $299,500
• Closing costs: $35,940
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30-37 38th St Unit 4 Astoria, NY	3.0	2.0	1200	$5,200	$4.33	13d	1	0.57mi
2812 37th St Astoria, NY	3.0	1.5	2200	$4,700	$2.14	18d	1	0.67mi
3439 75th St Jackson Heights, NY	4.0	2.5	1876	$6,900	$3.68	18d	1	0.97mi
30-13 85th St Unit 2 Flushing, NY	3.0	1.0	1100	$3,800	$3.45	22d	1	1.25mi

Listing history 8 events

1. 2026-04-11
   status Pending
2. 2025-11-14
   listed $1,198,000 Active
3. 2025-11-10
   historical $1,198,000
4. 2012-01-30
   soldstatus $545,000
5. 2004-09-02
   soldstatus $540,000
6. 1998-10-15
   soldstatus $191,000
7. 1986-06-06
   soldstatus $183,000
8. 1985-08-13
   soldstatus $120,000

ⓘ 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: $7,709 · $642/mo
• Projected year-2 tax: $13,977 · $1,165/mo
• Expected delta: +$6,269/yr (+$522/mo · 81.3%)

ⓘ 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 · 14 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: $110,340
• − Mortgage interest: −$67,107
• − Property taxes: −$7,709
• − Insurance: −$5,990
• − Repairs & maintenance: −$8,827
• − Management: −$8,827
• − Depreciation: −$34,851
• Taxable loss: −$22,971
• Est. tax savings @ 24.0%: +$5,513
• After-tax cash flow: $3,594/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

+898.3% since first listed

8 events — show timeline

• 2026-04-11 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-11-14 Listed $1,198,000 OneKey® MLS as Distributed by MLS Grid
• 2025-11-10 Coming Soon $1,198,000 OneKey® MLS as Distributed by MLS Grid
• 2012-01-30 Sold (Public Records) $545,000 Public Records
• 2004-09-02 Sold (Public Records) $540,000 Public Records
• 1998-10-15 Sold (Public Records) $191,000 Public Records
• 1986-06-06 Sold (Public Records) $183,000 Public Records
• 1985-08-13 Sold (Public Records) $120,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $7,709 · +3.6% YoY. Source: county tax records.