162-40 9th Ave Unit 8B · New York, NY 11357

$429,888

3 bd · 1.0 ba · 1,088 sqft · Condo · 268 Days on market

Built 1953 ↓ 2% since listing

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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 +10.9/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• 1% rule +3.2/10.0
• DSCR +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Move In Ready - 3BR, 1BTH - Modern, Custom And Designer Renovation Recently Completed Throughout The Entire Home. Emaculate And Very Well Mainatined. High Floor With Sliver Views Of The Water And Sunrise. Washer Or Dryer On Every Floor. Le Havre Amenities: 2 Outdoor Pools, 3 Tennis Courts, A Fitness Center, Club House/Restaurant, Playgrounds And A Park Like Setting.

Key facts

• Tennis courts
• High floor
• Outdoor pools

Tags

• CUSTOM AND DESIGNER RENOVATION
• HIGH FLOOR
• SLIVER VIEWS OF THE WATER
• WASHER OR DRYER ON EVERY FLOOR
• OUTDOOR POOLS
• TENNIS COURTS

Property features AI

Finance

• Other: Community amenities include fitness center, pool, and tennis courts
• HOA & community: Monthly assessment fee; Additional monthly fee of $191.48

Exterior

• Parking: Assigned parking in a parking lot; 1 total parking space; Parking fee applies
• Utilities: Shared sewer; Utilities: see remarks
• Home design: Stock cooperative; One-level unit in a 9-story building; Entry on 8th floor
• Construction: Other construction materials; Other foundation
• Exterior features: No waterfront; Other construction materials; Other foundation

Interior

• Kitchen: Cooktop; Dishwasher; Microwave; Refrigerator
• Bedrooms: Located on the 8th floor (entry level 8)
• Bathrooms: 1 full bathroom
• Heating & cooling: Oil heating; Radiant heating; Other heating; No central cooling
• Interior features: Additional interior features not specified
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $430k.

Deal economics

• At list price, monthly cash flow is $-189 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $402k (6.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $352k (18.1% below list).
• Recommended offer: $352k (18.1% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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 (+3.4%/yr); 291 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• This rent runs 44% of the median local income ($97k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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 268 days — a 12% lower offer ($378k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1953 — 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 $352,100 (18.1% 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 268 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Built in 1953 — 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: 0.82% ✗
• Cap rate: 5.76%
• Cash-on-cash: -1.89%
• DSCR: 0.92
• GRM: 10.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.41% rent growth · sell at horizon

5-year hold

• IRR: -18.9%
• Equity multiple: 0.33×
• Total profit: $-80,203
• Equity at exit: $64,098

10-year hold

• IRR: -10.7%
• Equity multiple: 0.34×
• Total profit: $-79,112
• Equity at exit: $37,169

Cash invested: $120,369 (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 11357

• Rents YoY: 3.4%
• Active inventory: 291
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $3,521 high
• Mortgage (P&I): −$2,254
• Tax est. 1.5%: −$537 /mo · $6,448/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$739
• Net cashflow: $-189

Break-even live

Break-even rent $3,761

Max offer price $402,500

Occupancy floor —

Sensitivity live

Price	-10% $108	-5% $-41	+0% $-189	+5% $-338	+10% $-486
Rent	-10% $-467	-5% $-328	+0% $-189	+5% $-50	+10% $89
Rate	-1.0pp $27	-0.5pp $-80	base $-189	+0.5pp $-301	+1.0pp $-414

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: $107,472
• Closing costs: $12,897
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1001 154th St Whitestone, NY	2.0	1.0	900	$3,300	$3.67	26d	1	0.47mi
151-07 7th Ave Unit 2FL Flushing, NY	2.0	1.0	850	$2,900	$3.41	1d	1	0.82mi
15-47 209th St #2 Flushing, NY	3.0	2.0	1250	$3,800	$3.04	26d	1	0.98mi
14-21 Bell Blvd Unit 2 Flushing, NY	3.0	2.0	1250	$3,600	$2.88	17d	1	1.02mi
147-17 15th Ave Unit 1FL Whitestone, NY	3.0	1.0	798	$3,500	$4.39	26d	1	1.11mi
149-14 21st Ave Unit 1 Flushing, NY	3.0	2.5	1100	$4,000	$3.64	26d	1	1.33mi
15719 26th Ave Flushing, NY	2.0	1.0	850	$2,850	$3.35	23d	1	1.39mi
15115 25th Ave Whitestone, NY	3.0	2.0	1160	$4,500	$3.88	20d	1	1.40mi
15167 27th Ave Flushing, NY	3.0	1.5	1146	$3,800	$3.32	23d	1	1.50mi

HOA detail condo

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

Listing history 3 events

1. 2026-05-02
   status Pending
2. 2026-03-09
   price $429,888
3. 2025-08-06
   listed $439,888 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 ≥98°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: $42,252
• − Mortgage interest: −$24,080
• − Property taxes: −$6,448
• − Insurance: −$2,149
• − Repairs & maintenance: −$3,380
• − Management: −$3,380
• − Depreciation: −$12,506
• Taxable loss: −$9,692
• Est. tax savings @ 24.0%: +$2,326
• After-tax cash flow: $55/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): 43,346
• Household income: $96,988
• Rent vs Own: 22.4% rent · 77.6% own
• Severe rent burden: 1296.0

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 0.61)
• Race & ethnicity: White 55% Asian 25% Hispanic / Latino 14% Two or more races 8% Native American 1%
• Hispanic origin (detail): Puerto Rican 2% Dominican 3%
• Common ancestry: Romanian 2% Scotch-Irish 1% Italian 1%
• Foreign-born: 35% · China, Canada, South Korea
• Languages at home: 50% English-only · Other Indo-European 14% Chinese 14% Spanish 12%

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: ▼ -810.81%
• Current HPI: 285.5469
• Rent YoY: ▲ 3.41%
• 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

-2.3% since first listed

3 events — show timeline

• 2026-05-02 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-09 Price Changed $429,888 OneKey® MLS as Distributed by MLS Grid
• 2025-08-06 Listed $439,888 OneKey® MLS as Distributed by MLS Grid