1425 31st Dr · New York, NY 11106

$1,198,000

4 bd · 2.0 ba · 1,428 sqft · MultiFamily public records · 252 Days on market

Built 1930 2,283 sqft lot Est $1195k · at est.

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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 +23.4/30.0
• DSCR +7.5/10.0
• ARV discount +7.4/15.0
• Appreciation +6.0/10.0
• Schools +5.0/10.0
• 1% rule +4.9/10.0
• Rent growth +4.3/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

Beautiful Semi-Detached 2-Family House for Sale. This beautiful property offers an ideal opportunity for homeowners or investors. The house features: 1st Floor: A spacious 2-bedroom unit, 4-Rooms. 2nd Floor: A comfortable 3-bedroom, 5-Rooms. Full Finished Basement: Provides additional storage options. Vacant on Title: The property will be delivered vacant, making it move-in ready or ready for new tenants. This property is an excellent investment in a desirable location. Don't miss the chance to own this well-maintained home. Contact me for more details or to schedule a viewing!

Key facts

• 2,283 sq ft lot
• Built 1930
• Listed 252 days

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.19M (0.5% below list).
• Recommended offer: $1.05M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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 (+7.3%/yr); 109 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 14d 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 $11,920/mo this rent would consume 169% of the median local household income ($85k/yr) (locally 3679% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $33k of equity ($8k loan paydown + $25k appreciation (2.1% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.1% appreciation + 7.3% rent growth), your $335k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$84k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 252 days — a 12% lower offer ($1.05M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.
• Current owner paid $200k; list at $1.20M implies a 499% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1930 — 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 $1,054,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 252 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 0.99% ✗
• Cap rate: 8.50%
• Cash-on-cash: 7.90%
• DSCR: 1.35
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $1,195,236
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2308 31 Dr	0.18mi	4/2.0	1,566 (+10%)	5mo	$1,130,000	$722	71
26-19 14th Pl	0.53mi	3/3.0 (-1)	1,600 (+12%)	4mo	$1,339,000	$837	43

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

Projected returns pro-forma

2.06% appreciation · 7.28% rent growth · sell at horizon

5-year hold

• IRR: 14.8%
• Equity multiple: 1.82×
• Total profit: $275,560
• Equity at exit: $476,693

10-year hold

• IRR: 19.5%
• Equity multiple: 3.86×
• Total profit: $960,773
• Equity at exit: $689,662

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 11106

• Home prices YoY: 0.6%
• Rents YoY: 7.3%
• Active inventory: 109
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $11,920 high
• Mortgage (P&I): −$6,282
• Tax from tax record: −$427 /mo · $5,126/yr
• Insurance: −$499
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,503
• Net cashflow: $2,142

Break-even live

Break-even rent $9,209

Max offer price $1,198,000

Occupancy floor 77%

Sensitivity live

Price	-10% $2,820	-5% $2,481	+0% $2,142	+5% $1,803	+10% $1,463
Rent	-10% $1,200	-5% $1,671	+0% $2,142	+5% $2,612	+10% $3,083
Rate	-1.0pp $2,745	-0.5pp $2,446	base $2,142	+0.5pp $1,831	+1.0pp $1,515

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$5,636
1× unit	3	1	$6,283
Total (2 units)			$11,920

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 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
888 Main St New York, NY	3.0	1.0–2.0	908	$7,375	$8.12	0d	8	0.64mi
30-37 38th St Unit 4 Astoria, NY	3.0	2.0	1200	$5,200	$4.33	15d	1	0.86mi
509 E 87th St Apt 4B New York, NY	4.0	2.0	900	$7,150	$7.94	23d	1	0.97mi
435 E 79th St New York, NY	1.0–3.0	1.0–2.0	943	$9,500	$10.07	8d	3	1.04mi
403 E 69th St #1518 New York, NY	1.0–3.0	1.0	745	$9,507	$12.76	25d	3	1.30mi
1435 2nd Ave Unit 1021957P New York, NY	3.0	2.0	1194	$7,740	$6.48	13d	1	1.35mi
360 E 65th St #1283 New York, NY	1.0–3.0	1.0–2.0	1059	$8,790	$8.30	4d	3	1.46mi

Listing history 6 events

1. 2025-09-11
   status Pending
2. 2025-01-02
   listed $1,198,000 Active
3. 2024-12-29
   historical
4. 2024-07-05
   listed $1,379,000 Active
5. 1987-03-30
   soldstatus $200,000
6. 1985-11-27
   soldstatus $178,000

ⓘ 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: $5,126 · $427/mo
• Projected year-2 tax: $12,686 · $1,057/mo
• Expected delta: +$7,560/yr (+$630/mo · 147.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $143,040
• − Mortgage interest: −$67,107
• − Property taxes: −$5,126
• − Insurance: −$6,788
• − Repairs & maintenance: −$11,443
• − Management: −$11,443
• − Depreciation: −$34,851
• Taxable income: $6,283
• Est. tax owed @ 24.0%: −$1,508
• After-tax cash flow: $24,191/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): 40,930
• Household income: $84,867
• Rent vs Own: 83.4% rent · 16.6% own
• Severe rent burden: 3679.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 42% Hispanic / Latino 27% Asian 19% Two or more races 12% Black 7% Native American 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 6% Dominican 4%
• Common ancestry: Scotch-Irish 3% Romanian 3% Estonian 2%
• Foreign-born: 39% · Canada, Jamaica, China
• Languages at home: 48% English-only · Spanish 22% Other Indo-European 13% Russian/Polish/Slavic 4%

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: ▲ 2.06%
• Current HPI: 348.3009
• Rent YoY: ▲ 7.28%
• 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

+573.0% since first listed

6 events — show timeline

• 2025-09-11 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-01-02 Listed $1,198,000 OneKey® MLS as Distributed by MLS Grid
• 2024-12-29 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-07-05 Listed $1,379,000 OneKey® MLS as Distributed by MLS Grid
• 1987-03-30 Sold (Public Records) $200,000 Public Records
• 1985-11-27 Sold (Public Records) $178,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $5,126 · +3.4% YoY. Source: county tax records.