24-51 38th St Unit A4 · New York, NY 11103

$650,000

2 bd · 1.0 ba · 530 sqft · Condo · 25 Days on market

Built 1929

---

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).

• Appreciation +8.5/10.0
• Cash flow +7.7/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +1.8/10.0

Listing remarks MLS

Presenting Astoria Lights four completely renovated pre-war co-op buildings that have been reimagined and reinvigorated with open, loft-style floor plans, cutting edge amenities and sophisticated modern style while maintaining the pre-war charm. Smartly designed with a focus on how we live today, the homes at Astoria Lights combine open layouts with pre-war architectural details featuring 1, 2, 3 & 4 bedrooms as well as duplex townhomes with private terraces, all with tastefully renovated modern windowed kitchens and bathrooms. This home is a gracious 2 bedroom, 1 bath featuring a spacious, modern living environment where time seems to slow down, awash in light and infused with history. The living room connects with the kitchen and flows from extra-wide foyer. The windowed, open kitchen maximizes storage. A streamlined palette of light finishes and textures amplifies space and celebrates the culinary experience. Windowed baths at Astoria Lights combine efficient plans with luxurious and modern materials. The result is a sanctuary that is both timeless and contemporary. Enjoy a vast amount of amenities:Sky deck, zen deck and private cabanas (available for purchase)Brand new Resident Lounge with Foosball and Billiards tables, communal dining and full kitchenRevamped Courtyard with BBQ stationHammock GroveBocce CourtKids PlayzoneCo-Working HubGymBike Room Private StorageNo convenience has been overlooked. Out and about, savor everything Astoria has to offer: cuisines from around the world; local boutiques and shops; and a warm, vibrant community, truly unique in every way imaginable. Visit www. astorialights.com for more information. Offering by prospectus only. The complete offering terms are in an offering plan available from the sponsor, file no. C860317

Key facts

• Open concept living
• Fitness center
• Natural light

Tags

• OPEN CONCEPT LIVING
• NATURAL LIGHT
• AMPLE CABINET STORAGE
• GENEROUS CLOSET SPACE
• LANDSCAPED COURTYARD
• FITNESS CENTER

Property features AI

Finance

• Other: Bicycle room; Intercom; Satellite dish; Living area documented from plans
• HOA & community: Association: Astoria Lights; Association fees include heat, hot water, and sewer

Exterior

• Parking: On-street parking
• Security: Fire alarm; Fire escape; Fire sprinkler system; Security system; Smoke detectors
• Utilities: Con Edison electric; Public sewer; Cable available; Electricity connected; Natural gas connected; Sewer connected; Public trash collection; Water connected
• Home design: Stock cooperative; Walk-up building; 4 stories total; Entry level: 1
• Construction: Brick construction
• Exterior features: Courtyard; Dog run / kennel; Garden; Gas grill; Landscaped grounds; Near shops; Outdoor space; Cabana

Interior

• Kitchen: Granite counters; Disposal; Freezer; Gas oven; Refrigerator
• Bedrooms: 1 bedroom (located on the first floor)
• Flooring: Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Hot water heating; Natural gas heating; Steam heating; Wall/window air conditioning unit(s)
• Interior features: First-floor bedroom; First-floor full bath; Entrance foyer; Granite counters; Open floorplan; Pantry; Recessed lighting; Double-pane windows; Updated/remodeled
• Laundry & utility: Washer; Common area laundry; On-site laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $650k.

Deal economics

• At list price, monthly cash flow is $-744 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $542k (16.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $474k (27.0% below list).
• Recommended offer: $474k (27.0% below list) — sets the bar for 1% rule.
• Cap rate 4.9% 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 fast (+6.6%/yr); 54 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $4,745/mo this rent would consume 61% of the median local household income ($93k/yr) (locally 2848% 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 $50k of equity ($4k loan paydown + $46k appreciation (7.0% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$80k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($640k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $474,484 (27.0% 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. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
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. 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?
8. 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.
9. 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.
10. 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: 4.92%
• Cash-on-cash: -4.90%
• DSCR: 0.78
• GRM: 11.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

7.02% appreciation · 6.61% rent growth · sell at horizon

5-year hold

• IRR: 15.2%
• Equity multiple: 2.09×
• Total profit: $198,513
• Equity at exit: $451,460

10-year hold

• IRR: 16.1%
• Equity multiple: 4.60×
• Total profit: $655,067
• Equity at exit: $858,501

Cash invested: $182,000 (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 11103

• Home prices YoY: 2.0%
• Rents YoY: 6.6%
• Active inventory: 54
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $4,745 medium
• Mortgage (P&I): −$3,409
• Tax est. 1.5%: −$812 /mo · $9,750/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$996
• Net cashflow: $-744

Break-even live

Break-even rent $5,686

Max offer price $542,403

Occupancy floor —

Sensitivity live

Price	-10% $-294	-5% $-519	+0% $-744	+5% $-968	+10% $-1,193
Rent	-10% $-1,118	-5% $-931	+0% $-744	+5% $-556	+10% $-369
Rate	-1.0pp $-416	-0.5pp $-578	base $-744	+0.5pp $-912	+1.0pp $-1,083

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1420 27th Ave Astoria, NY	1.0–2.0	1.0–2.0	887	$4,899	$5.52	5d	9	0.93mi
34-35 44th St Astoria, NY	1.0–2.0	1.0–2.0	613	$5,794	$9.45	1d	23	0.98mi
3705 30th St Long Island City, NY	2.0	1.0–2.0	700	$6,180	$8.83	12d	3	1.38mi

HOA detail condo

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

Listing history 17 events

1. 2026-06-18
   days on market $650,000 Active 25 DOM
2. 2026-06-17
   days on market $650,000 Active 24 DOM
3. 2026-06-16
   days on market $650,000 Active 23 DOM
4. 2026-06-15
   days on market $650,000 Active 22 DOM
5. 2026-06-13
   pricedays on market $650,000 Active 20 DOM
6. 2026-06-10
   days on market $659,000 Active 16 DOM
7. 2026-06-08
   days on market $659,000 Active 15 DOM
8. 2026-06-08
   days on market $659,000 Active 14 DOM
9. 2026-06-04
   days on market $659,000 Active 11 DOM
10. 2026-06-03
    days on market $659,000 Active 10 DOM
11. 2026-06-02
    days on market $659,000 Active 9 DOM
12. 2026-06-01
    days on market $659,000 Active 8 DOM
13. 2026-05-31
    days on market $659,000 Active 7 DOM
14. 2026-05-17
    listed $659,000 Active
15. 2019-12-12
    soldstatus $649,000 1791-char remark

    Show marketing remark (1791 chars)

    Presenting Astoria Lights four completely renovated pre-war co-op buildings that have been reimagined and reinvigorated with open, loft-style floor plans, cutting edge amenities and sophisticated modern style while maintaining the pre-war charm. Smartly designed with a focus on how we live today, the homes at Astoria Lights combine open layouts with pre-war architectural details featuring 1, 2, 3 & 4 bedrooms as well as duplex townhomes with private terraces, all with tastefully renovated modern windowed kitchens and bathrooms. This home is a gracious 2 bedroom, 1 bath featuring a spacious, modern living environment where time seems to slow down, awash in light and infused with history. The living room connects with the kitchen and flows from extra-wide foyer. The windowed, open kitchen maximizes storage. A streamlined palette of light finishes and textures amplifies space and celebrates the culinary experience. Windowed baths at Astoria Lights combine efficient plans with luxurious and modern materials. The result is a sanctuary that is both timeless and contemporary. Enjoy a vast amount of amenities:Sky deck, zen deck and private cabanas (available for purchase)Brand new Resident Lounge with Foosball and Billiards tables, communal dining and full kitchenRevamped Courtyard with BBQ stationHammock GroveBocce CourtKids PlayzoneCo-Working HubGymBike Room Private StorageNo convenience has been overlooked. Out and about, savor everything Astoria has to offer: cuisines from around the world; local boutiques and shops; and a warm, vibrant community, truly unique in every way imaginable. Visit www. astorialights.com for more information. Offering by prospectus only. The complete offering terms are in an offering plan available from the sponsor, file no. C860317

16. 2019-07-09
    listed $649,000 1791-char remark

    Show marketing remark (1791 chars)

    Presenting Astoria Lights four completely renovated pre-war co-op buildings that have been reimagined and reinvigorated with open, loft-style floor plans, cutting edge amenities and sophisticated modern style while maintaining the pre-war charm. Smartly designed with a focus on how we live today, the homes at Astoria Lights combine open layouts with pre-war architectural details featuring 1, 2, 3 & 4 bedrooms as well as duplex townhomes with private terraces, all with tastefully renovated modern windowed kitchens and bathrooms. This home is a gracious 2 bedroom, 1 bath featuring a spacious, modern living environment where time seems to slow down, awash in light and infused with history. The living room connects with the kitchen and flows from extra-wide foyer. The windowed, open kitchen maximizes storage. A streamlined palette of light finishes and textures amplifies space and celebrates the culinary experience. Windowed baths at Astoria Lights combine efficient plans with luxurious and modern materials. The result is a sanctuary that is both timeless and contemporary. Enjoy a vast amount of amenities:Sky deck, zen deck and private cabanas (available for purchase)Brand new Resident Lounge with Foosball and Billiards tables, communal dining and full kitchenRevamped Courtyard with BBQ stationHammock GroveBocce CourtKids PlayzoneCo-Working HubGymBike Room Private StorageNo convenience has been overlooked. Out and about, savor everything Astoria has to offer: cuisines from around the world; local boutiques and shops; and a warm, vibrant community, truly unique in every way imaginable. Visit www. astorialights.com for more information. Offering by prospectus only. The complete offering terms are in an offering plan available from the sponsor, file no. C860317

17. 2012-11-02
    soldstatus $15,128,766

ⓘ 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 6/10 Major 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,938
• − Mortgage interest: −$36,410
• − Property taxes: −$9,750
• − Insurance: −$3,250
• − Repairs & maintenance: −$4,555
• − Management: −$4,555
• − Depreciation: −$18,909
• Taxable loss: −$20,491
• Est. tax savings @ 24.0%: +$4,918
• After-tax cash flow: $-4,005/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): 35,163
• Household income: $93,324
• Rent vs Own: 83.8% rent · 16.2% own
• Severe rent burden: 2848.0

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 0.63)
• Race & ethnicity: White 54% Hispanic / Latino 26% Two or more races 13% Asian 13% Black 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 4% Dominican 1%
• Common ancestry: Romanian 3% Estonian 2% Scotch-Irish 1%
• Foreign-born: 38% · Canada, Jamaica, China
• Languages at home: 48% English-only · Spanish 21% Other Indo-European 15% Russian/Polish/Slavic 7%

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: ▲ 7.02%
• Current HPI: 363.2787
• Rent YoY: ▲ 6.61%
• 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

-95.6% since first listed

4 events — show timeline

• 2026-05-17 Listed $659,000 OneKey® MLS as Distributed by MLS Grid
• 2019-12-12 Sold (MLS) $649,000 RLS at REBNY
• 2019-07-09 Listed $649,000 RLS at REBNY
• 2012-11-02 Sold (Public Records) $15,128,766 Public Records