138-46 68th Dr Unit A · New York, NY 11367

$339,999

2 bd · 1.0 ba · 900 sqft · Condo · 187 Days on market

Built 1952

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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).

• Cash flow +12.2/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• DSCR +3.6/10.0
• 1% rule +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful Garden Apartment In The Middle Of The Block. Walk To Shops, School, Restaurant, Supermarket And Transportation. 2 Mins To Lie 495. Q64 To 71st Continental Forest Hills E, F Train. X-Bus To Manhattan. Facing South And West. Won't Last Long.

Key facts

• Walk to shops
• Garden apartment
• Private entrance

Tags

• GARDEN APARTMENT
• PRIVATE ENTRANCE
• ONE BLOCK TO MAIN STREET
• ONE BLOCK TO JEWEL AVE
• 2 MINS TO MAJOR HIGHWAYS
• WALK TO SHOPS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $340k.

Deal economics

• At list price, monthly cash flow is $-68 ($-811/yr) — negative.
• To cash-flow at today's rent, offer at most $330k (2.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $289k (15.0% below list).
• Recommended offer: $289k (15.0% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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: 260 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 $2,889/mo this rent would consume 46% of the median local household income ($75k/yr) (locally 2010% 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 $2k of loan paydown is wiped out by about $10k 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 187 days — a 12% lower offer ($299k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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 $195k; list at $340k implies a 74% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $288,868 (15.0% 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 187 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.85% ✗
• Cap rate: 6.05%
• Cash-on-cash: -0.85%
• DSCR: 0.96
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -17.7%
• Equity multiple: 0.38×
• Total profit: $-59,356
• Equity at exit: $50,695

10-year hold

• IRR: -9.8%
• Equity multiple: 0.40×
• Total profit: $-57,053
• Equity at exit: $29,397

Cash invested: $95,200 (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 11367

• Active inventory: 260
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,889 high
• Mortgage (P&I): −$1,783
• Tax est. 1.5%: −$425 /mo · $5,100/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$607
• Net cashflow: $-68

Break-even live

Break-even rent $2,974

Max offer price $330,217

Occupancy floor 97%

Sensitivity live

Price	-10% $167	-5% $50	+0% $-68	+5% $-185	+10% $-303
Rent	-10% $-296	-5% $-182	+0% $-68	+5% $47	+10% $161
Rate	-1.0pp $104	-0.5pp $19	base $-68	+0.5pp $-156	+1.0pp $-245

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: $85,000
• Closing costs: $10,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
63-39 136th St Unit 2 Flushing, NY	3.0	2.0	800	$3,200	$4.00	25d	1	0.58mi
150-25 72nd Rd Flushing, NY	1.0	1.0	700	$2,300	$3.29	25d	1	0.61mi
135-26 78th Ave Unit 2FL Flushing, NY	2.0	1.0	900	$2,800	$3.11	3d	1	0.80mi
71-82 Parsons Blvd Unit 516 Kew Gardens Hills, NY	2.0	1.5	900	$3,500	$3.89	4d	1	0.85mi
71-82 Parsons Blvd Unit 303 Kew Gardens Hills, NY	2.0	1.5	900	$4,000	$4.44	15d	1	0.85mi
71-82 Parsons Blvd Unit 503 Kew Gardens Hills, NY	2.0	1.5	900	$4,000	$4.44	25d	1	0.85mi
71-82 Parsons Blvd Unit 702 Kew Gardens Hills, NY	1.0	1.0	1000	$2,900	$2.90	22d	1	0.85mi
144-41 78th Ave Unit 3 Flushing, NY	3.0	2.0	750	$3,500	$4.67	25d	1	0.89mi
144-41 78th Ave Unit 3 Flushing, NY	3.0	2.0	750	$3,300	$4.40	5d	1	0.89mi
11131 66th Ave Unit 3C Forest Hills, NY	1.0	1.0	600	$2,000	$3.33	6d	1	0.91mi
14112 78th Rd Unit 1G Flushing, NY	1.0	1.0	700	$2,200	$3.14	25d	1	0.93mi
7837 Main St Unit 2G Queens, NY	1.0	1.0	700	$2,300	$3.29	25d	1	0.97mi
7835 147th St Unit 2E Flushing, NY	1.0	1.0	700	$2,200	$3.14	7d	1	0.98mi
11105 66th Ave Unit 2B Forest Hills, NY	1.0	1.0	850	$2,600	$3.06	16d	1	0.98mi
11019 72nd Rd Unit 1B Forest Hills, NY	1.0	1.0	750	$3,200	$4.27	15d	1	0.99mi
150-32 Booth Memorial Ave Unit 1st FL Flushing, NY	3.0	2.0	1080	$3,350	$3.10	18d	1	1.01mi
7157 161 St Apt 5B Flushing, NY	2.0	2.0	1100	$2,600	$2.36	25d	1	1.01mi
142-23 Booth Memorial Ave Unit 1 Flushing, NY	3.0	1.0	1064	$3,200	$3.01	6d	1	1.05mi
6945 108th St Unit 3F Forest Hills, NY	2.0	1.0	900	$3,600	$4.00	7d	1	1.05mi
7133 162nd St Unit 3F Fresh Meadows, NY	2.0	2.0	850	$2,700	$3.18	25d	1	1.06mi
10919 72nd Rd Unit 6F Forest Hills, NY	1.0	1.0	696	$3,485	$5.01	12d	1	1.10mi
10825 72nd Ave Forest Hills, NY	1.0–2.0	1.0	700	$3,900	$5.57	6d	2	1.10mi
11007 73rd Rd Forest Hills, NY	1.0	1.0	950	$1,800	$1.89	20d	1	1.11mi
108-25 72nd Ave Unit 6B Flushing, NY	2.0	1.0	800	$3,900	$4.88	0d	1	1.11mi
163-07 72nd Ave Unit 3G Flushing, NY	2.0	2.0	716	$2,900	$4.05	25d	1	1.12mi
105-25 67th Rd Forest Hills, NY	1.0	1.0	750	$1,800	$2.40	20d	1	1.14mi
10740 70th Rd Unit 7F Forest Hills, NY	1.0	1.0	750	$2,650	$3.53	25d	1	1.15mi
81-18 138th St Unit 3 Jamaica, NY	3.0	2.0	1000	$3,900	$3.90	25d	1	1.15mi
10530 66th Ave Unit 3F Forest Hills, NY	1.0	1.0	800	$2,200	$2.75	25d	1	1.15mi
6771 Yellowstone Blvd Unit 2R Forest Hills, NY	1.0	1.0	700	$2,550	$3.64	25d	1	1.16mi
7540 Austin St Unit 4HR Forest Hills, NY	1.0	1.0	841	$2,600	$3.09	0d	1	1.17mi
10533 66th Ave Unit 3F Forest Hills, NY	1.0	1.0	775	$2,200	$2.84	5d	1	1.17mi
61-20 Grand Central Pkwy Unit Bb706 Forest Hills, NY	2.0	1.0	970	$2,850	$2.94	20d	1	1.17mi
10523 65th Rd Forest Hills, NY	2.0	2.0	760	$3,200	$4.21	25d	1	1.21mi
10620 70th Ave Unit 6B Forest Hills, NY	1.0	1.0	765	$3,600	$4.71	25d	1	1.22mi
102-55 67th Rd Unit 2V Forest Hills, NY	1.0	1.0	633	$2,350	$3.71	20d	1	1.22mi
10525 65th Ave Unit 4F Forest Hills, NY	2.0	1.0	980	$3,998	$4.08	16d	1	1.22mi
10240 67th Dr Unit 1C Forest Hills, NY	1.0	1.5	780	$2,500	$3.21	25d	1	1.24mi
102-39 66th Ave Unit 1 Flushing, NY	2.0	1.0	981	$3,000	$3.06	2d	1	1.25mi
102-45 67th Rd Forest Hills, NY	1.0	1.0	700	$2,350	$3.36	20d	1	1.26mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-01-24
   status Pending
2. 2025-09-22
   price $339,999
3. 2025-07-21
   listed $350,000 Active
4. 2015-02-04
   soldstatus $195,000 Closed 249-char remark

   Show marketing remark (249 chars)

   Beautiful Garden Apartment In The Middle Of The Block. Walk To Shops, School, Restaurant, Supermarket And Transportation. 2 Mins To Lie 495. Q64 To 71st Continental Forest Hills E, F Train. X-Bus To Manhattan. Facing South And West. Won't Last Long.

5. 2015-01-12
   status Under Contract 249-char remark

   Show marketing remark (249 chars)

   Beautiful Garden Apartment In The Middle Of The Block. Walk To Shops, School, Restaurant, Supermarket And Transportation. 2 Mins To Lie 495. Q64 To 71st Continental Forest Hills E, F Train. X-Bus To Manhattan. Facing South And West. Won't Last Long.

6. 2015-01-05
   listed $210,000 New 249-char remark

   Show marketing remark (249 chars)

   Beautiful Garden Apartment In The Middle Of The Block. Walk To Shops, School, Restaurant, Supermarket And Transportation. 2 Mins To Lie 495. Q64 To 71st Continental Forest Hills E, F Train. X-Bus To Manhattan. Facing South And West. Won't Last Long.

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 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 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,664
• − Mortgage interest: −$19,045
• − Property taxes: −$5,100
• − Insurance: −$1,700
• − Repairs & maintenance: −$2,773
• − Management: −$2,773
• − Depreciation: −$9,891
• Taxable loss: −$6,618
• Est. tax savings @ 24.0%: +$1,588
• After-tax cash flow: $777/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): 40,923
• Household income: $75,061
• Rent vs Own: 49.5% rent · 50.5% own
• Severe rent burden: 2010.0

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 0.72)
• Race & ethnicity: White 42% Asian 25% Hispanic / Latino 19% Black 7% Two or more races 7%
• Hispanic origin (detail): Puerto Rican 3% Dominican 6%
• Common ancestry: Scotch-Irish 5% Romanian 3% Hispanic 1%
• Foreign-born: 41% · China, Canada, Jamaica
• Languages at home: 41% English-only · Chinese 16% Spanish 15% Russian/Polish/Slavic 9%

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: ▼ -211.36%
• Current HPI: 220.6177
• 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

+61.9% since first listed

6 events — show timeline

• 2026-01-24 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-09-22 Price Changed $339,999 OneKey® MLS as Distributed by MLS Grid
• 2025-07-21 Listed $350,000 OneKey® MLS as Distributed by MLS Grid
• 2015-02-04 Sold (MLS) $195,000 MLSLI
• 2015-01-12 Pending — MLSLI
• 2015-01-05 Listed $210,000 MLSLI