10229 184th St · New York, NY 11423

$750,000

4 bd · 3.0 ba · 1,800 sqft · MultiFamily public records · 6 Days on market

Built 1935 3,400 sqft lot Est $952k · 21% 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 +15.0/15.0
• Cash flow +13.0/30.0
• Schools +5.0/10.0
• DSCR +3.9/10.0
• Livability +3.8/5.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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

Two-family home with private driveway parking • fenced backyard with garden space • finished basement with exterior access Two-family home in Hollis, Queens featuring a 2-bedroom, 1-bath unit over a 2-bedroom, 1-bath unit. Property includes a finished basement with a bathroom, storage areas, and exterior access. Large private driveway accommodates multiple vehicles. Fenced backyard includes garden space and an enclosed patio/BBQ area. Interior layout provides separate living areas, dining space, and kitchens for each unit. Hardwood floors are present in portions of the home as shown in the photos. The basement offers additional usable space for recreation, storage, or utility nee

Key facts

• Finished basement
• Dining space
• Fenced backyard

Tags

• PRIVATE DRIVEWAY PARKING
• FENCED BACKYARD
• GARDEN SPACE
• FINISHED BASEMENT
• SEPARATE LIVING AREAS
• DINING SPACE

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $750k.

Deal economics

• At list price, monthly cash flow is $-47 ($-566/yr) — negative. Per door: $-24/mo.
• To cash-flow at today's rent, offer at most $742k (1.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $592k (21.1% below list).
• Recommended offer: $592k (21.1% 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.
• Market conditions: 119 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $5k of loan paydown is wiped out by about $22k 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $196k; list at $750k implies a 283% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 53% 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 $591,700 (21.1% 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. 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 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.79% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.27%
• DSCR: 0.99
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $952,200
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
90-44 184th Pl	0.30mi	4/3.0	1,932 (+7%)	9mo	$1,110,000	$575	67
8908 182nd St	0.53mi	4/2.0	1,831 (+2%)	4mo	$850,000	$464	65
19511 Woodhull Ave	0.57mi	4/3.0	1,700 (-6%)	3mo	$910,000	$535	62
19515 Woodhull Ave	0.57mi	4/2.0	1,700 (-6%)	4mo	$900,000	$529	57
91-14 182nd St	0.40mi	5/3.0 (+1)	1,590 (-12%)	4mo	$970,000	$610	54
188-25 Mangin Ave	0.57mi	5/4.0 (+1)	1,680 (-7%)	2mo	$835,000	$497	52
8819 178th St	0.68mi	4/2.0	1,929 (+7%)	0mo	$1,220,000	$632	52
10445 198th St	0.70mi	5/4.0 (+1)	1,740 (-3%)	4mo	$943,500	$542	50
17757 106th Ave	0.36mi	5/2.0 (+1)	1,600 (-11%)	12mo	$630,000	$394	45
195-02 Hollis Ave	0.54mi	3/3.0 (-1)	1,932 (+7%)	18mo	$665,000	$344	43
92-24 175th St	0.67mi	5/2.0 (+1)	1,916 (+6%)	18mo	$655,000	$342	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.41×
• Total profit: $-124,728
• Equity at exit: $111,827

10-year hold

• IRR: -8.7%
• Equity multiple: 0.46×
• Total profit: $-113,266
• Equity at exit: $64,846

Cash invested: $210,000 (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 11423

• Active inventory: 119
• Price-to-rent: 21.1×

Monthly cashflow live

• Estimated rent: $5,917 high
• Mortgage (P&I): −$3,933
• Tax from tax record: −$476 /mo · $5,712/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,243
• Net cashflow: $-47

Break-even live

Break-even rent $5,977

Max offer price $741,674

Occupancy floor 96%

Sensitivity live

Price	-10% $377	-5% $165	+0% $-47	+5% $-259	+10% $-472
Rent	-10% $-515	-5% $-281	+0% $-47	+5% $187	+10% $420
Rate	-1.0pp $331	-0.5pp $144	base $-47	+0.5pp $-241	+1.0pp $-439

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$5,918
Total (2 units)			$5,917

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: $187,500
• Closing costs: $22,500
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
177-47 106th Ave Unit First floor Jamaica, NY	3.0	1.0	1600	$3,300	$2.06	15d	1	0.37mi
17724 106th Ave Jamaica, NY	3.0	1.0	1600	$3,500	$2.19	25d	1	0.41mi
9055 178th St Jamaica, NY	3.0	1.0	1664	$3,500	$2.10	25d	1	0.59mi
10940 175th St Jamaica, NY	3.0	1.5	1300	$4,000	$3.08	19d	1	0.65mi
8789 191st St Hollis, NY	3.0	2.0	1374	$3,600	$2.62	25d	1	0.72mi
175-44 88th Ave Jamaica, NY	4.0	1.5	1850	$4,550	$2.46	3d	1	0.75mi
200-03 109th Ave Unit 2nd flr Jamaica, NY	3.0	2.0	1300	$3,200	$2.46	5d	1	0.79mi
16847 93rd Ave Jamaica, NY	3.0	1.5	1948	$2,900	$1.49	25d	1	0.88mi
8679 Palo Alto St Hollis, NY	4.0	3.0	2310	$5,500	$2.38	25d	1	0.90mi
191-28 114th Dr Unit 1 St. Albans, NY	3.0	2.0	1767	$3,150	$1.78	25d	1	0.91mi
18015 Dalny Rd Jamaica, NY	3.0	3.5	2112	$5,000	$2.37	24d	1	0.92mi
205-11 Hollis Ave Unit 2nd Queens, NY	3.0	1.0	2020	$3,777	$1.87	25d	1	1.07mi
11542 175th St Unit 2 Queens, NY	4.0	2.0	1650	$4,200	$2.55	25d	1	1.12mi
10442 164th St Jamaica, NY	3.0	3.0	2000	$3,600	$1.80	25d	1	1.12mi
9050 Francis Lewis Blvd Queens Village, NY	3.0	1.5	2396	$3,000	$1.25	5d	1	1.14mi
10933 Francis Lewis Blvd Queens Village, NY	3.0	1.5	1492	$4,000	$2.68	25d	1	1.15mi
20207 Linden Blvd Saint Albans, NY	3.0	1.0	1584	$3,400	$2.15	25d	1	1.41mi
17129 119th Ave Jamaica, NY	3.0	2.0	2040	$3,700	$1.81	25d	1	1.45mi
18620 Troon Rd Jamaica, NY	4.0	3.5	2528	$6,000	$2.37	15d	1	1.48mi

Listing history 5 events

1. 2026-04-29
   status Pending
2. 2026-03-11
   listed $750,000 Active
3. 2001-11-14
   soldstatus $196,000
4. 2000-02-24
   soldstatus $149,000
5. 1985-03-20
   soldstatus $69,500

ⓘ 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: $5,712 · $476/mo
• Projected year-2 tax: $9,193 · $766/mo
• Expected delta: +$3,482/yr (+$290/mo · 61.0%)

ⓘ 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 53% 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: $71,004
• − Mortgage interest: −$42,012
• − Property taxes: −$5,712
• − Insurance: −$3,750
• − Repairs & maintenance: −$5,680
• − Management: −$5,680
• − Depreciation: −$21,818
• Taxable loss: −$13,648
• Est. tax savings @ 24.0%: +$3,276
• After-tax cash flow: $2,710/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
• City population: 7,731,280
• Population (ZIP): 29,105

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 0.76)
• Race & ethnicity: Black 34% Asian 31% Hispanic / Latino 15% White 10% Two or more races 8%
• Hispanic origin (detail): Puerto Rican 2% Dominican 4%
• Common ancestry: Hispanic 5% Danish 1% Scotch-Irish 1%
• Foreign-born: 55% · Canada, China, Jamaica
• Languages at home: 57% English-only · Other Indo-European 14% Spanish 14% French/Haitian/Cajun 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: ▼ -490.74%
• Current HPI: 273.0152
• 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

+979.1% since first listed

5 events — show timeline

• 2026-04-29 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-11 Listed $750,000 OneKey® MLS as Distributed by MLS Grid
• 2001-11-14 Sold (Public Records) $196,000 Public Records
• 2000-02-24 Sold (Public Records) $149,000 Public Records
• 1985-03-20 Sold (Public Records) $69,500 Public Records

Property tax history

+5.7%/yr

Latest (2025): $5,712 · +2.8% YoY. Source: county tax records.