6923 Hessler Ave · New York, NY 11692

$890,000

8 bd · 4.0 ba · 2,021 sqft · MultiFamily public records · 299 Days on market

Built 1920 3,000 sqft lot Est $831k · 7% over

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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 +17.8/30.0
• Appreciation +10.0/10.0
• DSCR +5.6/10.0
• Schools +5.0/10.0
• ARV discount +4.3/15.0
• Livability +3.8/5.0
• 1% rule +3.7/10.0
• Rent growth +2.5/5.0
• 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

This property was completely renovated in 2018, including the sidewalk, hardwood floor, and high ceiling. It features 2 New Gas Energy-efficient boilers, a tankless Water Heater, 3 electric meters, and 2 gas meters. The second-floor rental unit consists of 3 bedrooms and 2 bathrooms, and its current rent $ 2,500. The owner-occupied first floor has 4 bedrooms, 2 full bathrooms with separate outside entrances, front and back entrances. Its location is very close to the A Train subway station, and within a short distance to the beach. The seller is highly motivated, and we invite you to submit all offers. a takless

Key facts

• Completely renovated
• 3,000 sq ft lot
• Parking

Tags

• COMPLETELY RENOVATED
• TANKLESS WATER HEATER
• SEPARATE OUTSIDE ENTRANCES
• FRONT AND BACK ENTRANCES
• WALKING DISTANCE TO THE BEACH

Property features AI

Finance

• Financial info: Financing options: bank mortgage, cash, exchange considered; Tenant currently paying $2,500/month rent

Exterior

• Parking: Private drive with space for 1 vehicle
• Utilities: 220V electrical service with circuit breakers; Tankless hot water; Natural gas for heating; Hot water delivery via hot water (boiler) system
• Home design: Detached residential building; Tile roof; Vinyl siding exterior; Wood frame construction; Poured concrete foundation; Property zoned R4A
• Construction: Wood frame construction; Tile roof; Poured concrete foundation
• Exterior features: Front and back yard

Interior

• Kitchen: Stove; Refrigerator; Dishwasher not listed
• Bedrooms: Four bedrooms on the first level; Three bedrooms on the second level
• Flooring: Hardwood floors
• Bathrooms: Four full bathrooms (two on the first level, two on the second level)
• Heating & cooling: Gas-fired hot water heating; Window A/C units (2); 220V electrical service with circuit breakers
• Interior features: Window air conditioning units (2); Dryer; Refrigerator; Stove; Washer
• Laundry & utility: Washer and dryer included; Tankless hot water

What this means for you Summary

Snapshot

• This is a 1×4bd/2.0ba + 1×3bd/2.0ba units multifamily listed at $890k.

Deal economics

• At list price, monthly cash flow is $306 ($4k/yr) — positive. Per door: $153/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 $778k (12.6% below list).
• Recommended offer: $778k (12.6% below list) — sets the bar for 1% rule.
• Cap rate 7.3% 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: 80 active listings in the ZIP; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $7,776/mo this rent would consume 188% 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 $95k of equity ($6k loan paydown + $89k 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 $249k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$153k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 299 days — a 12% lower offer ($783k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• 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 $777,600 (12.6% below list)

Questions for the listing agent

1. It's been on market 299 days. Have you received any prior offers? Is the seller open to a 13% 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 1920 — 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: 0.87% ✗
• Cap rate: 7.28%
• Cash-on-cash: 3.53%
• DSCR: 1.16
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $830,631
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
463 Beach 68th St	0.11mi	7/4.0 (-1)	2,200 (+9%)	1mo	$905,000	$411	74

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: 25.3%
• Equity multiple: 3.02×
• Total profit: $504,145
• Equity at exit: $801,783

10-year hold

• IRR: 22.3%
• Equity multiple: 6.90×
• Total profit: $1,469,137
• Equity at exit: $1,729,074

Cash invested: $249,200 (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: 18.2×

Monthly cashflow live

• Estimated rent: $7,776 medium
• Mortgage (P&I): −$4,667
• Tax from tax record: −$372 /mo · $4,466/yr
• Insurance: −$371
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,633
• Net cashflow: $306

Break-even live

Break-even rent $7,388

Max offer price $890,000

Occupancy floor 91%

Sensitivity live

Price	-10% $810	-5% $558	+0% $306	+5% $54	+10% $-198
Rent	-10% $-308	-5% $-1	+0% $306	+5% $613	+10% $921
Rate	-1.0pp $754	-0.5pp $533	base $306	+0.5pp $76	+1.0pp $-159

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

Units	Beds	Baths	Est. rent
1× unit	4	2	$4,076
1× unit	3	2	$3,699
Total (2 units)			$7,776

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: $222,500
• Closing costs: $26,700
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $890,000 Active 299 DOM
2. 2026-06-18
   days on market $890,000 Active 296 DOM
3. 2026-06-17
   days on market $890,000 Active 295 DOM
4. 2026-06-15
   days on market $890,000 Active 293 DOM
5. 2026-06-13
   days on market $890,000 Active 291 DOM
6. 2026-06-10
   days on market $890,000 Active 287 DOM
7. 2026-06-08
   days on market $890,000 Active 286 DOM
8. 2026-06-03
   days on market $890,000 Active 281 DOM
9. 2026-06-01
   days on market $890,000 Active 279 DOM
10. 2026-05-31
    days on market $890,000 Active 278 DOM
11. 2025-08-26
    listed $890,000 Active

ⓘ 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: $4,466 · $372/mo
• Projected year-2 tax: $9,754 · $813/mo
• Expected delta: +$5,287/yr (+$441/mo · 118.4%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 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: $93,312
• − Mortgage interest: −$49,854
• − Property taxes: −$4,466
• − Insurance: −$9,568
• − Repairs & maintenance: −$7,465
• − Management: −$7,465
• − Depreciation: −$25,891
• Taxable loss: −$11,397
• Est. tax savings @ 24.0%: +$2,735
• After-tax cash flow: $6,410/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): 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

• 2025-08-26 Listed $890,000 BNYMLS

Property tax history

+13.7%/yr

Latest (2025): $4,466 · +3.4% YoY. Source: county tax records.