47-22 215th Pl Unit 2B · New York, NY 11364

$319,998

2 bd · 1.0 ba · 900 sqft · Condo · 286 Days on market

Built 1950

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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 +12.7/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.6/5.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• 1% rule +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Rocky Hill Terrace! Nestled in Beautiful Bayside, this great co-op is conveniently located close to the LIRR, highways, schools, shops, restaurants, and of course-Oakland Lake Park. This very spacious and well kept second floor 2 bedroom is calling for it's next owner. Highlights include great sun exposure, hardwood floors throughout, galley kitchen, generous bedroom sizes, fantastic closet space throughout, laundry facilities on the premises, and the list goes on...Not to mention-NO FLIP TAX! Can you see yourself living here?

Key facts

• Built 1950
• Listed 286 days

Property features AI

Finance

• HOA & community: Has association with monthly fee; Association covers common area maintenance, exterior maintenance, heat, hot water, snow removal, trash, water and other items

Exterior

• Parking: No carport
• Utilities: Con Edison electric; Public sewer; Cable connected; Electricity connected; Natural gas connected; Sewer connected; Public trash collection; Water connected
• Home design: Stock cooperative; One level; Second-floor location
• Construction: Block foundation
• Exterior features: Brick exterior; Not waterfront; Additional parcel included

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Located on the second floor
• Flooring: Wood floors
• Bathrooms: One full bathroom
• Heating & cooling: Baseboard heating; Steam heating; Other heating; Wall/window air conditioning units
• Interior features: Additional interior features noted
• Laundry & utility: Laundry room; Multiple laundry locations

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $320k.

Deal economics

• At list price, monthly cash flow is $-38 ($-456/yr) — negative.
• To cash-flow at today's rent, offer at most $315k (1.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $275k (14.0% below list).
• Recommended offer: $275k (14.0% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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: Rents rising fast (+8.5%/yr); 249 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 34% of the median local income ($98k/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 $10k 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 286 days — a 12% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $19k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• 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 $275,120 (14.0% 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 286 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
10. 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.
11. 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.
12. 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: 0.86% ✗
• Cap rate: 6.15%
• Cash-on-cash: -0.51%
• DSCR: 0.98
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -11.7%
• Equity multiple: 0.56×
• Total profit: $-39,692
• Equity at exit: $47,713

10-year hold

• IRR: 3.6%
• Equity multiple: 1.32×
• Total profit: $28,665
• Equity at exit: $27,668

Cash invested: $89,599 (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 11364

• Rents YoY: 8.5%
• Active inventory: 249
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,751 high
• Mortgage (P&I): −$1,678
• Tax est. 1.5%: −$400 /mo · $4,800/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$578
• Net cashflow: $-38

Break-even live

Break-even rent $2,799

Max offer price $314,501

Occupancy floor 96%

Sensitivity live

Price	-10% $183	-5% $73	+0% $-38	+5% $-149	+10% $-259
Rent	-10% $-255	-5% $-147	+0% $-38	+5% $71	+10% $179
Rate	-1.0pp $123	-0.5pp $43	base $-38	+0.5pp $-121	+1.0pp $-205

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
40-11 214th Pl Unit 2R Bayside, NY	1.0	1.0	650	$2,800	$4.31	6d	1	0.52mi
214-16 40th Ave Unit 3rd Floor Flushing, NY	2.0	1.0	900	$2,800	$3.11	26d	1	0.54mi
41-20 210th St Unit 1 Flushing, NY	1.0	1.0	1030	$2,350	$2.28	26d	1	0.60mi
56-25 226th St Unit 3 Bayside, NY	3.0	1.5	977	$3,250	$3.33	26d	1	0.67mi
203-06 53rd Ave Unit 2 Flushing, NY	1.0	1.0	850	$2,200	$2.59	26d	1	0.72mi
208-12 39th Ave Bayside, NY	3.0	1.0	950	$3,150	$3.32	9d	1	0.74mi
196-42 44th Ave #2 Flushing, NY	1.0	1.0	600	$2,000	$3.33	0d	1	0.95mi
6747 222nd St Oakland Gardens, NY	3.0	1.0	924	$2,700	$2.92	4d	1	1.11mi
42-47 194th St Unit 1FL Queens, NY	2.0	1.0	820	$2,800	$3.41	26d	1	1.13mi
194-20 39th Ave Unit A Flushing, NY	1.0	1.0	900	$2,250	$2.50	26d	1	1.17mi
5839 196th Pl Fresh Meadows, NY	2.0	1.0	750	$2,750	$3.67	26d	1	1.18mi
4230 Douglaston Pkwy Little Neck, NY	1.0	1.0	700	$1,800	$2.57	20d	1	1.22mi
4420 Douglaston Pkwy Unit 5A Little Neck, NY	2.0	1.0	900	$3,200	$3.56	0d	1	1.23mi
4334 192nd St Unit 2 Queens, NY	2.0	1.0	900	$2,650	$2.94	4d	1	1.24mi
232-15 67th Ave Unit 1FL Flushing, NY	2.0	2.0	900	$2,900	$3.22	6d	1	1.27mi
36-26 192nd St #2 Flushing, NY	2.0	1.0	875	$3,000	$3.43	9d	1	1.34mi
3321 Jordan St Flushing, NY	3.0	2.0	1080	$3,900	$3.61	26d	1	1.39mi
01 194th St Unit Main Fresh Meadows, NY	1.0	1.0	895	$2,400	$2.68	16d	1	1.41mi
33-08 Francis Lewis Blvd Unit 2FL Queens, NY	3.0	1.0	1050	$3,050	$2.90	26d	1	1.44mi
29-04 204th St Unit 1Floor Flushing, NY	1.0	1.0	700	$2,600	$3.71	20d	1	1.49mi

HOA detail condo

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

Listing history 18 events

1. 2026-06-21
   days on market $319,998 Active 286 DOM
2. 2026-06-18
   days on market $319,998 Active 283 DOM
3. 2026-06-17
   days on market $319,998 Active 282 DOM
4. 2026-06-15
   days on market $319,998 Active 280 DOM
5. 2026-06-13
   days on market $319,998 Active 278 DOM
6. 2026-06-10
   days on market $319,998 Active 274 DOM
7. 2026-06-08
   days on market $319,998 Active 273 DOM
8. 2026-06-03
   days on market $319,998 Active 268 DOM
9. 2026-06-01
   days on market $319,998 Active 266 DOM
10. 2026-05-31
    days on market $319,998 Active 265 DOM
11. 2026-02-26
    price $319,998
12. 2026-01-12
    price $319,999
13. 2025-11-05
    price $329,999
14. 2025-09-03
    listed $339,000 Active
15. 2022-08-03
    soldstatus $292,000 Closed 543-char remark

    Show marketing remark (543 chars)

    Welcome to Rocky Hill Terrace! Nestled in Beautiful Bayside, this great co-op is conveniently located close to the LIRR, highways, schools, shops, restaurants, and of course-Oakland Lake Park. This very spacious and well kept second floor 2 bedroom is calling for it's next owner. Highlights include great sun exposure, hardwood floors throughout, galley kitchen, generous bedroom sizes, fantastic closet space throughout, laundry facilities on the premises, and the list goes on...Not to mention-NO FLIP TAX! Can you see yourself living here?

16. 2022-05-05
    status Pending 543-char remark

    Show marketing remark (543 chars)

    Welcome to Rocky Hill Terrace! Nestled in Beautiful Bayside, this great co-op is conveniently located close to the LIRR, highways, schools, shops, restaurants, and of course-Oakland Lake Park. This very spacious and well kept second floor 2 bedroom is calling for it's next owner. Highlights include great sun exposure, hardwood floors throughout, galley kitchen, generous bedroom sizes, fantastic closet space throughout, laundry facilities on the premises, and the list goes on...Not to mention-NO FLIP TAX! Can you see yourself living here?

17. 2022-04-06
    listed $300,000 Active 543-char remark

    Show marketing remark (543 chars)

    Welcome to Rocky Hill Terrace! Nestled in Beautiful Bayside, this great co-op is conveniently located close to the LIRR, highways, schools, shops, restaurants, and of course-Oakland Lake Park. This very spacious and well kept second floor 2 bedroom is calling for it's next owner. Highlights include great sun exposure, hardwood floors throughout, galley kitchen, generous bedroom sizes, fantastic closet space throughout, laundry facilities on the premises, and the list goes on...Not to mention-NO FLIP TAX! Can you see yourself living here?

18. 2022-03-31
    historical $300,000 543-char remark

    Show marketing remark (543 chars)

    Welcome to Rocky Hill Terrace! Nestled in Beautiful Bayside, this great co-op is conveniently located close to the LIRR, highways, schools, shops, restaurants, and of course-Oakland Lake Park. This very spacious and well kept second floor 2 bedroom is calling for it's next owner. Highlights include great sun exposure, hardwood floors throughout, galley kitchen, generous bedroom sizes, fantastic closet space throughout, laundry facilities on the premises, and the list goes on...Not to mention-NO FLIP TAX! Can you see yourself living here?

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥97°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 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,014
• − Mortgage interest: −$17,925
• − Property taxes: −$4,800
• − Insurance: −$1,600
• − Repairs & maintenance: −$2,641
• − Management: −$2,641
• − Depreciation: −$9,309
• Taxable loss: −$5,902
• Est. tax savings @ 24.0%: +$1,416
• After-tax cash flow: $961/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): 35,276
• Household income: $98,359
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 1288.0

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 0.64)
• Race & ethnicity: Asian 50% White 29% Hispanic / Latino 15% Two or more races 7% Black 2%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 2% Scotch-Irish 2% Lithuanian 1%
• Foreign-born: 44% · China, South Korea, Canada
• Languages at home: 41% English-only · Chinese 30% Spanish 9% Korean 8%

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: ▼ -179.50%
• Current HPI: 242.5386
• Rent YoY: ▲ 8.47%
• 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

+6.7% since first listed

8 events — show timeline

• 2026-02-26 Price Changed $319,998 OneKey® MLS as Distributed by MLS Grid
• 2026-01-12 Price Changed $319,999 OneKey® MLS as Distributed by MLS Grid
• 2025-11-05 Price Changed $329,999 OneKey® MLS as Distributed by MLS Grid
• 2025-09-03 Listed $339,000 OneKey® MLS as Distributed by MLS Grid
• 2022-08-03 Sold (MLS) $292,000 OneKey® MLS as Distributed by MLS Grid
• 2022-05-05 Pending — OneKey® MLS as Distributed by MLS Grid
• 2022-04-06 Listed $300,000 OneKey® MLS as Distributed by MLS Grid
• 2022-03-31 Coming Soon $300,000 OneKey® MLS as Distributed by MLS Grid