74-12 66th Dr · New York, NY 11379

$850,000

None bd · None ba · 1,708 sqft · MultiFamily public records · 36 Days on market

Built 1920 Est $936k · 9% under

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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).

• ARV discount +11.6/15.0
• Cash flow +10.5/30.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• 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

Lovely two-family property with outdoor patio and large basement in a super convenient Middle Village location. The entire building has been well-maintained and features numerous renovations and upgrades. The spacious first-floor unit has two bedrooms/one bathroom and has private access to a small backyard patio. The larger second-floor unit features two bedrooms/one bathroom and an office! Electrical service to the building (street connection) has also been upgraded. Additionally, there is plentiful storage space in the unfinished basement. This property is directly adjacent to shopping and transportation on Metropolitan Avenue, and is a fantastic opportunity to own a two-family building i

Key facts

• Built 1920
• Listed 36 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public sewer; Additional utilities: see remarks
• Home design: Duplex
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront

Interior

• Bedrooms: Bedroom on the first floor
• Bathrooms: Full bathroom on the first floor
• Heating & cooling: Natural gas heat; Wall/window air conditioning units
• Interior features: First floor bedroom; First floor full bathroom; Unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $850k.

Deal economics

• At list price, monthly cash flow is $-438 ($-5k/yr) — negative. Per door: $-219/mo.
• To cash-flow at today's rent, offer at most $773k (9.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $618k (27.3% below list).
• Recommended offer: $618k (27.3% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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 (+3.8%/yr); 135 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 27d 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).
• At $6,176/mo this rent would consume 79% of the median local household income ($94k/yr) (locally 1573% 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 $6k of loan paydown is wiped out by about $26k 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 36 days — a 3% lower offer ($824k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $180k; list at $850k implies a 372% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 39% 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 $617,600 (27.3% 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 36 days. Have you received any prior offers? Is the seller open to a 27% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.73% ✗
• Cap rate: 5.67%
• Cash-on-cash: -2.21%
• DSCR: 0.90
• GRM: 11.5

CMA / ARV

• ARV (on-the-fly): $935,984
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6417 70th St	0.39mi	4/2.0	1,694 (-1%)	5mo	$949,000	$560	76
6973 Juniper Blvd S	0.48mi	3/2.0	1,750 (+2%)	1mo	$1,120,000	$640	73
77-35 66th Dr	0.14mi	5/3.0	1,900 (+11%)	5mo	$1,164,000	$613	70
77-20 79th St	0.58mi	4/2.0	1,702 (-0%)	3mo	$860,000	$505	70
69-55 78th St	0.41mi	4/2.0	1,620 (-5%)	4mo	$830,000	$512	69
79-65 69th Rd	0.46mi	—/—	1,728 (+1%)	13mo	$925,000	$535	66
65-04 80th St	0.42mi	3/3.0	1,660 (-3%)	12mo	$1,288,888	$776	66
69-59 74th St	0.38mi	4/3.0	1,920 (+12%)	6mo	$1,030,000	$536	56
7807 74th St	0.65mi	3/3.0	1,680 (-2%)	13mo	$920,000	$548	56
71-45 70th St	0.73mi	3/2.0	1,800 (+5%)	2mo	$960,000	$533	55
69-31 61st Rd	0.75mi	4/3.0	1,944 (+14%)	1mo	$1,058,000	$544	42
61-09 69th Pl	0.75mi	4/—	1,890 (+11%)	10mo	$1,050,000	$556	39

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 · 3.75% rent growth · sell at horizon

5-year hold

• IRR: -19.3%
• Equity multiple: 0.32×
• Total profit: $-161,201
• Equity at exit: $126,738

10-year hold

• IRR: -10.6%
• Equity multiple: 0.34×
• Total profit: $-157,760
• Equity at exit: $73,492

Cash invested: $238,000 (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 11379

• Rents YoY: 3.8%
• Active inventory: 135
• Price-to-rent: 22.9×

Monthly cashflow live

• Estimated rent: $6,176 high
• Mortgage (P&I): −$4,457
• Tax from tax record: −$506 /mo · $6,067/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,297
• Net cashflow: $-438

Break-even live

Break-even rent $6,731

Max offer price $772,586

Occupancy floor —

Sensitivity live

Price	-10% $43	-5% $-198	+0% $-438	+5% $-679	+10% $-919
Rent	-10% $-926	-5% $-682	+0% $-438	+5% $-194	+10% $50
Rate	-1.0pp $-10	-0.5pp $-222	base $-438	+0.5pp $-658	+1.0pp $-883

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$6,176
Total (2 units)			$6,176

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: $212,500
• Closing costs: $25,500
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
65-21 79th St Unit 2 Middle Village, NY	1.0	1.0	2140	$2,200	$1.03	26d	1	0.34mi
69-55 78th St Unit 2 Flushing, NY	3.0	1.0	1620	$3,150	$1.94	9d	1	0.39mi
71-21 70th St Unit 2 Flushing, NY	3.0	1.0	2016	$3,500	$1.74	0d	1	0.66mi
7834 79th St Glendale, NY	2.0	1.0	2112	$3,200	$1.52	26d	1	0.73mi
6071 70th St Maspeth, NY	3.0	1.5	1152	$4,500	$3.91	12d	1	0.78mi
631-27 Fitchett St Unit 1 Flushing, NY	2.0	1.0	1100	$3,800	$3.45	1d	1	0.92mi
58-28 84th St Unit 2 Flushing, NY	3.0	2.0	1200	$3,650	$3.04	26d	1	1.09mi
58-14 84th St Unit 2 Flushing, NY	3.0	2.0	1200	$3,650	$3.04	26d	1	1.11mi
6543 Alderton St Rego Park, NY	3.0	1.5	1782	$4,800	$2.69	26d	1	1.12mi
6525 Alderton St Rego Park, NY	3.0	2.5	1782	$4,500	$2.53	26d	1	1.13mi
67-12 Juno St Unit Duplex Flushing, NY	3.0	2.0	1400	$4,500	$3.21	26d	1	1.14mi
67-49 Juno St Unit 1 Flushing, NY	3.0	2.0	1400	$4,500	$3.21	7d	1	1.20mi
88-39 82nd Ave Unit 1 Flushing, NY	3.0	1.0	1150	$3,850	$3.35	26d	1	1.26mi
6739 Clyde St Ph -H Forest Hills, NY	2.0	2.0	1100	$4,100	$3.73	26d	1	1.35mi
68-42 Dartmouth St Apt 1 Flushing, NY	1.0	1.0	1782	$2,100	$1.18	6d	1	1.46mi
97-12 65th Rd Apt 23D Rego Park, NY	2.0	2.0	1400	$6,750	$4.82	1d	1	1.48mi

Listing history 14 events

1. 2026-06-21
   days on market $850,000 Active 36 DOM
2. 2026-06-18
   days on market $850,000 Active 33 DOM
3. 2026-06-17
   days on market $850,000 Active 32 DOM
4. 2026-06-16
   days on market $850,000 Active 31 DOM
5. 2026-06-15
   days on market $850,000 Active 30 DOM
6. 2026-06-13
   days on market $850,000 Active 28 DOM
7. 2026-06-10
   pricedays on market $850,000 Active 24 DOM
8. 2026-06-04
   days on market $875,000 Active 23 DOM
9. 2026-06-03
   days on market $875,000 Active 22 DOM
10. 2026-06-02
    days on market $875,000 Active 21 DOM
11. 2026-06-01
    days on market $875,000 Active 20 DOM
12. 2026-05-31
    days on market $875,000 Active 19 DOM
13. 2026-05-01
    listed $875,000 Active
14. 1989-02-02
    soldstatus $180,000

ⓘ 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: $6,067 · $506/mo
• Projected year-2 tax: $10,216 · $851/mo
• Expected delta: +$4,149/yr (+$346/mo · 68.4%)

ⓘ 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 · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 39% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $74,112
• − Mortgage interest: −$47,613
• − Property taxes: −$6,067
• − Insurance: −$4,250
• − Repairs & maintenance: −$5,929
• − Management: −$5,929
• − Depreciation: −$24,727
• Taxable loss: −$20,404
• Est. tax savings @ 24.0%: +$4,897
• After-tax cash flow: $-362/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): 36,773
• Household income: $93,558
• Rent vs Own: 39.9% rent · 60.1% own
• Severe rent burden: 1573.0

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 23% Asian 11% Two or more races 9%
• Hispanic origin (detail): Mexican 1% Puerto Rican 6% Dominican 3%
• Common ancestry: Romanian 11% Scandinavian 2% Scotch-Irish 1%
• Foreign-born: 37% · Canada, China, Jamaica
• Languages at home: 51% English-only · Spanish 17% Russian/Polish/Slavic 11% Other Indo-European 10%

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: ▼ -176.05%
• Current HPI: 310.0656
• Rent YoY: ▲ 3.75%
• 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

+386.1% since first listed

2 events — show timeline

• 2026-05-01 Listed $875,000 OneKey® MLS as Distributed by MLS Grid
• 1989-02-02 Sold (Public Records) $180,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $6,067 · +1.8% YoY. Source: county tax records.