360 Beach 59th Unit A2 · New York, NY 11692

$125,000

2 bd · 1.0 ba · 700 sqft · SingleFamily · 13 Days on market

Built 1968 Excellent condition $1100/mo HOA · 35% of rent

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Why this score? — see what drove the A- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Condition / age +4.8/5.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0

Listing remarks

Welcome home to one of New York's most distinctive escapes, The Margolies Houseboat, a beautifully rebuilt houseboat floating at Marina 59 in the heart of Arverne's waterfront community. Thoughtfully and extensively reimagined over 2025–2026 with nearly 1,100 documented hours of skilled craftsmanship, the Margolies Houseboat feels as close to new as a floating home can get. What makes this offering truly special is the combination of total-gut renovation with an unbeatable location. Major improvements include extensive hull reconstruction and reinforcement using modern composite materials, rebuilt decks and cabin structures, new gelcoat finishes, upgraded electrical systems, multiple

Key facts

• Total gut renovation
• New gelcoat finishes
• Rebuilt decks

Tags

• TOTAL GUT RENOVATION
• EXTENSIVE HULL RECONSTRUCTION
• UPGRADED ELECTRICAL SYSTEMS
• ENHANCED SAFETY FEATURES
• REBUILT DECKS
• NEW GELCOAT FINISHES

Property features AI

Finance

• HOA & community: Has association (Marina 59); Association amenities include boat dock and parking; Monthly association fee of $1,100; Association fee covers common area maintenance, grounds care, trash, and water

Exterior

• Parking: Parking lot
• Utilities: Electricity connected; Water connected; Sewer: Other
• Home design: Updated/remodeled property; Two-story layout
• Construction: Fiberglass siding construction; Foam insulation
• Exterior features: Waterfront location; Fiberglass siding; Foam insulation

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: 4 rooms total (includes bedrooms and living spaces)
• Flooring: Wood flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Heating: Other; Cooling: Wall/Window unit(s)
• Interior features: Built-in features and storage; Pellet stove fireplace; Updated/remodeled condition; Two levels
• Laundry & utility: No basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $128 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• Cap rate 11.6% 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: 80 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $3,188/mo this rent would consume 77% of the median local household income ($50k/yr) (locally 1734% 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 $13k of equity ($864 loan paydown + $12k appreciation (10.0% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 35% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 77% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,000

Questions for the listing agent

1. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.55% ✓
• Cap rate: 11.62%
• Cash-on-cash: 19.02%
• DSCR: 1.85
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $396,200
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
494 Beach 44th St	0.73mi	2/1.0	768 (+10%)	18mo	$435,000	$566	34

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.8%
• Equity multiple: 3.21×
• Total profit: $77,235
• Equity at exit: $112,610

10-year hold

• IRR: 24.4%
• Equity multiple: 7.37×
• Total profit: $222,981
• Equity at exit: $242,848

Cash invested: $35,000 (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 11692

• Home prices YoY: 14.4%
• Active inventory: 80
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $3,188 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,100
• Vacancy / Maint / Mgmt: −$670
• Net cashflow: $128

Break-even live

Break-even rent $3,026

Max offer price $125,000

Occupancy floor 91%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
190 Beach 69th St Arverne, NY	1.0	1.0	557	$3,400	$6.10	24d	3	0.56mi
7914 Rockaway Beach Blvd Unit 3L Rockaway Beach, NY	1.0	1.0	658	$2,200	$3.34	4d	1	0.99mi

HOA detail

• Monthly dues: $1,100 · $13,200/yr
• Likely covers: waterelectric

Listing history 9 events

1. 2026-06-18
   days on market $125,000 Active 13 DOM
2. 2026-06-17
   days on market $125,000 Active 12 DOM
3. 2026-06-16
   days on market $125,000 Active 11 DOM
4. 2026-06-15
   days on market $125,000 Active 10 DOM
5. 2026-06-13
   days on market $125,000 Active 8 DOM
6. 2026-06-09
   days on market $125,000 Active 4 DOM
7. 2026-06-08
   days on market $125,000 Active 3 DOM
8. 2026-06-07
   remarks 693-char remark
9. 2026-06-07
   listed $125,000 Active 2 DOM

ⓘ 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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 77% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,258
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$5,744
• − Repairs & maintenance: −$3,061
• − Management: −$3,061
• − HOA: −$13,200
• − Depreciation: −$3,636
• Taxable income: $680
• Est. tax owed @ 24.0%: −$163
• After-tax cash flow: $1,376/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.

Condition & rehab AI · 14 photos

Excellent 95/100 None rehab

This houseboat is in excellent condition with no visible signs of damage or wear. It has been extensively renovated and is move-in ready, making it an attractive investment for both buyers and renters.

Value-add opportunities

• Both Painting the exterior and interior — Painting the exterior and interior can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters.
• Both Updating the kitchen appliances — Updating the kitchen appliances can improve the functionality and aesthetics of the kitchen, making it more appealing to potential buyers and renters.
• Both Upgrading the HVAC system — Upgrading the HVAC system can improve the comfort and energy efficiency of the property, making it more attractive to potential buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior — Painting the exterior and interior can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters. ↑
• Both Updating the kitchen appliances — Updating the kitchen appliances can improve the functionality and aesthetics of the kitchen, making it more appealing to potential buyers and renters. ↑
• Both Upgrading the HVAC system — Upgrading the HVAC system can improve the comfort and energy efficiency of the property, making it more attractive to potential buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 22,734
• Household income: $49,720
• Rent vs Own: 66.9% rent · 33.1% own
• Severe rent burden: 1734.0

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: Black 53% Hispanic / Latino 24% Two or more races 15% White 13% Asian 6%
• Hispanic origin (detail): Puerto Rican 10% Dominican 5%
• Common ancestry: Romanian 1%
• Foreign-born: 31% · Canada, China, Jamaica
• Languages at home: 67% English-only · Spanish 18% Other Indo-European 3% Russian/Polish/Slavic 3%

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: ▲ 44.49%
• Current HPI: 354.2007
• Rent YoY: —
• 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

1 event — show timeline

• 2026-06-05 Listed $125,000 OneKey® MLS as Distributed by MLS Grid