1040 Neilson St Unit 6G · New York, NY 11639

$174,000

2 bd · 1.0 ba · 998 sqft · Condo · 30 Days on market

Built 1969 Good condition

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Why this score? — see what drove the B+ 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
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Schools +5.0/10.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0

Listing remarks

This Newly Renovated 2 Br Co-Op Apartment is Move-In Ready! It boasts a spacious Living Room/Dining Area, as well as a lovely Eat-In-Kitchen. Amenities include On-Site Laundry and Parking. Don't miss this one! Sorry, No Pets. Additional Information: Appearance: Excellent.

Key facts

• Move-in ready
• Renovated
• Eat-in-kitchen

Tags

• RENOVATED
• MOVE-IN READY
• LIVING ROOM DINING AREA
• EAT-IN-KITCHEN
• ON-SITE LAUNDRY
• PARKING

Property features AI

Finance

• HOA & community: One-time application fee

Exterior

• Parking: On-street parking
• Utilities: Electricity connected; Natural gas connected; Public sewer; Water connected; Sewer connected
• Home design: Stock cooperative; Entry level: 6
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Gas range; Refrigerator; Stainless steel appliances
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating; Natural gas heating; No central cooling
• Interior features: Eat-in kitchen; Quartz/Quartzite counters; Recessed lighting

🏢 Co-op / cooperative unit. The $174,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $174k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $174k).
• Recommended offer: $171k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.3% 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.
• Market conditions: 1 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($171k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $171,390 (1.5% below list)

Questions for the listing agent

1. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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 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: 1.84% ✓
• Cap rate: 15.30%
• Cash-on-cash: 32.16%
• DSCR: 2.43
• GRM: 4.5

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: 37.9%
• Equity multiple: 3.14×
• Total profit: $104,171
• Equity at exit: $78,238

10-year hold

• IRR: 38.0%
• Equity multiple: 6.22×
• Total profit: $254,418
• Equity at exit: $120,574

Cash invested: $48,720 (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 11639

• Active inventory: 1
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $3,200 medium
• Mortgage (P&I): −$912
• Tax est. 1.5%: −$218 /mo · $2,610/yr
• Insurance: −$72
• HOA est. from 1 same-building comp: −$20
• Vacancy / Maint / Mgmt: −$672
• Net cashflow: $1,306

Break-even live

Break-even rent $1,547

Max offer price $174,000

Occupancy floor 54%

Sensitivity live

Price	-10% $1,426	-5% $1,366	+0% $1,306	+5% $1,245	+10% $1,185
Rent	-10% $1,053	-5% $1,179	+0% $1,306	+5% $1,432	+10% $1,558
Rate	-1.0pp $1,393	-0.5pp $1,350	base $1,306	+0.5pp $1,260	+1.0pp $1,215

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: $43,500
• Closing costs: $5,220
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
49 Roger Ave Inwood, NY	3.0	1.0	800	$3,200	$4.00	44d	1	0.81mi

HOA detail condo

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

Listing history 14 events

1. 2026-06-18
   days on market $174,000 Active 30 DOM
2. 2026-06-17
   days on market $174,000 Active 29 DOM
3. 2026-06-16
   days on market $174,000 Active 28 DOM
4. 2026-06-15
   days on market $174,000 Active 27 DOM
5. 2026-06-13
   days on market $174,000 Active 25 DOM
6. 2026-06-10
   days on market $174,000 Active 21 DOM
7. 2026-06-08
   days on market $174,000 Active 20 DOM
8. 2026-06-08
   days on market $174,000 Active 19 DOM
9. 2026-06-04
   days on market $174,000 Active 16 DOM
10. 2026-06-03
    days on market $174,000 Active 15 DOM
11. 2026-06-02
    days on market $174,000 Active 14 DOM
12. 2026-06-01
    days on market $174,000 Active 13 DOM
13. 2026-05-31
    days on market $174,000 Active 12 DOM
14. 2026-05-17
    listed $174,000 Active

ⓘ 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 ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,400
• − Mortgage interest: −$9,747
• − Property taxes: −$2,610
• − Insurance: −$870
• − Repairs & maintenance: −$3,072
• − Management: −$3,072
• − HOA: −$240
• − Depreciation: −$5,062
• Taxable income: $13,727
• Est. tax owed @ 24.0%: −$3,295
• After-tax cash flow: $12,372/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 · 6 photos

Good 80/100 Cosmetic rehab

This newly renovated 2-bedroom co-op apartment is move-in ready with excellent condition and fresh updates.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Both New flooring in bathrooms — Fresh flooring improves aesthetics and adds value
• Both New kitchen appliances — Modern appliances enhance functionality and appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both New flooring in bathrooms — Fresh flooring improves aesthetics and adds value ↑
• Both New kitchen appliances — Modern appliances enhance functionality and appeal ↑

ⓘ 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

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

1 event — show timeline

• 2026-05-17 Listed $174,000 OneKey® MLS as Distributed by MLS Grid