35-32 205th St #279 · New York, NY 11361

$325,000

2 bd · 1.0 ba · 800 sqft · Condo · 39 Days on market

Built 1950

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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 +12.8/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +3.9/5.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• 1% rule +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fully Renovated Kitchen And Bathroom No Flip Tax. Can Rent After 1 Year. Spacious Apt., Close To Lirr Station. Close To Shopping. Maintenance Includes Every Thing Except Electricity., Additional information: Appearance:Excellent

Key facts

• Updated appliances
• Centrally located
• Move in ready

Tags

• MOVE IN READY
• HARDWOOD FLOORS
• ABUNDANT CLOSET SPACE
• HUNTER CEILING FANS
• UPDATED APPLIANCES
• CENTRALLY LOCATED

Property features AI

Exterior

• Parking: On-street parking (waitlist)
• Utilities: Public sewer; Electricity available; Natural gas available; Phone service available; Water available
• Home design: Stock cooperative (co-op)
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Dishwasher; Gas oven; Microwave; Refrigerator; Stainless steel appliances
• Bedrooms: Entry level: 2
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; No cooling system
• Interior features: Ceiling fan(s); Formal dining area; Galley-style kitchen; No basement; 5 total rooms; One-level layout

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $325k.

Deal economics

• At list price, monthly cash flow is $-29 ($-344/yr) — negative.
• To cash-flow at today's rent, offer at most $321k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $281k (13.6% below list).
• Recommended offer: $281k (13.6% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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 (+5.4%/yr); 168 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 27d 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 32% of the median local income ($106k/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 $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 39 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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 $280k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $280,674 (13.6% 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 39 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Built in 1950 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.86% ✗
• Cap rate: 6.19%
• Cash-on-cash: -0.38%
• DSCR: 0.98
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.41% rent growth · sell at horizon

5-year hold

• IRR: -14.2%
• Equity multiple: 0.48×
• Total profit: $-47,479
• Equity at exit: $48,459

10-year hold

• IRR: -2.0%
• Equity multiple: 0.85×
• Total profit: $-13,476
• Equity at exit: $28,100

Cash invested: $91,000 (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 11361

• Rents YoY: 5.4%
• Active inventory: 168
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,807 high
• Mortgage (P&I): −$1,704
• Tax est. 1.5%: −$406 /mo · $4,875/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$589
• Net cashflow: $-29

Break-even live

Break-even rent $2,843

Max offer price $320,850

Occupancy floor 96%

Sensitivity live

Price	-10% $196	-5% $84	+0% $-29	+5% $-141	+10% $-253
Rent	-10% $-250	-5% $-140	+0% $-29	+5% $82	+10% $193
Rate	-1.0pp $135	-0.5pp $54	base $-29	+0.5pp $-113	+1.0pp $-199

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3321 Jordan St Flushing, NY	3.0	2.0	1080	$3,900	$3.61	26d	1	0.32mi
208-12 39th Ave Bayside, NY	3.0	1.0	950	$3,150	$3.32	9d	1	0.34mi
194-20 39th Ave Unit A Flushing, NY	1.0	1.0	900	$2,250	$2.50	26d	1	0.36mi
33-08 Francis Lewis Blvd Unit 2FL Queens, NY	3.0	1.0	1050	$3,050	$2.90	26d	1	0.38mi
36-26 192nd St #2 Flushing, NY	2.0	1.0	875	$3,000	$3.43	9d	1	0.44mi
29-04 204th St Unit 1Floor Flushing, NY	1.0	1.0	700	$2,600	$3.71	20d	1	0.44mi
41-20 210th St Unit 1 Flushing, NY	1.0	1.0	1030	$2,350	$2.28	26d	1	0.49mi
42-47 194th St Unit 1FL Queens, NY	2.0	1.0	820	$2,800	$3.41	26d	1	0.57mi
196-42 44th Ave #2 Flushing, NY	1.0	1.0	600	$2,000	$3.33	0d	1	0.63mi
214-16 40th Ave Unit 3rd Floor Flushing, NY	2.0	1.0	900	$2,800	$3.11	26d	1	0.70mi
4334 192nd St Unit 2 Queens, NY	2.0	1.0	900	$2,650	$2.94	4d	1	0.72mi
40-11 214th Pl Unit 2R Bayside, NY	1.0	1.0	650	$2,800	$4.31	6d	1	0.73mi
209-21 26th Ave Unit TB Bayside, NY	1.0	1.0	955	$2,850	$2.98	20d	1	0.76mi
23-45 Corporal Kennedy St Unit 1 Flushing, NY	1.0	1.0	1000	$2,800	$2.80	26d	1	0.78mi
20933 26th Ave Unit 1C Bayside, NY	1.0	1.5	800	$3,000	$3.75	26d	1	0.79mi
168-10 Crocheron Ave Unit 1A Flushing, NY	1.0	1.0	750	$2,250	$3.00	20d	1	0.80mi
3620 168th St Flushing, NY	1.0	1.0	700	$2,350	$3.36	9d	2	0.82mi
16710 Crocheron Ave Unit 3L Flushing, NY	1.0	1.0	850	$2,350	$2.76	20d	1	0.85mi
1 Bay Club Dr Unit 21W Bayside, NY	1.0	1.0	762	$3,100	$4.07	13d	1	0.86mi
2 Bay Club Dr Bayside, NY	1.0	1.0	780	$4,000	$5.13	26d	1	0.87mi
165-02 Sanford Ave #204 Flushing, NY	2.0	2.0	800	$3,100	$3.88	26d	1	1.04mi
1816 Bell Blvd Bayside, NY	1.0	1.0	1000	$2,500	$2.50	26d	1	1.21mi
203-06 53rd Ave Unit 2 Flushing, NY	1.0	1.0	850	$2,200	$2.59	26d	1	1.22mi
1670 Bell Blvd Bayside, NY	2.0	1.0–1.5	600	$3,100	$5.17	0d	5	1.28mi
4531 163rd St Unit 1 Flushing, NY	1.0	1.0	600	$2,250	$3.75	9d	1	1.30mi
15719 26th Ave Flushing, NY	2.0	1.0	850	$2,850	$3.35	24d	1	1.33mi
16-05 Bell Blvd Unit 1st Floor Flushing, NY	1.0	1.0	700	$2,400	$3.43	26d	1	1.36mi
1785 215th St Unit 15J Bayside, NY	1.0	1.0	620	$3,500	$5.65	26d	1	1.38mi
43-12 157th St Unit 2 Flushing, NY	3.0	1.5	1100	$3,200	$2.91	26d	1	1.46mi

HOA detail condo

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

Listing history 6 events

1. 2026-04-30
   status Pending
2. 2026-04-16
   price $325,000
3. 2026-03-22
   listed $339,000 Active
4. 2019-01-02
   soldstatus $280,000 Closed 228-char remark

   Show marketing remark (228 chars)

   Fully Renovated Kitchen And Bathroom No Flip Tax. Can Rent After 1 Year. Spacious Apt., Close To Lirr Station. Close To Shopping. Maintenance Includes Every Thing Except Electricity., Additional information: Appearance:Excellent

5. 2018-09-11
   status Under Contract 228-char remark

   Show marketing remark (228 chars)

   Fully Renovated Kitchen And Bathroom No Flip Tax. Can Rent After 1 Year. Spacious Apt., Close To Lirr Station. Close To Shopping. Maintenance Includes Every Thing Except Electricity., Additional information: Appearance:Excellent

6. 2018-07-14
   listed $275,888 New 228-char remark

   Show marketing remark (228 chars)

   Fully Renovated Kitchen And Bathroom No Flip Tax. Can Rent After 1 Year. Spacious Apt., Close To Lirr Station. Close To Shopping. Maintenance Includes Every Thing Except Electricity., Additional information: Appearance:Excellent

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 69% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 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: $33,681
• − Mortgage interest: −$18,205
• − Property taxes: −$4,875
• − Insurance: −$1,625
• − Repairs & maintenance: −$2,694
• − Management: −$2,694
• − Depreciation: −$9,455
• Taxable loss: −$5,868
• Est. tax savings @ 24.0%: +$1,408
• After-tax cash flow: $1,064/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): 30,127
• Household income: $105,932
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 1087.0

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 0.67)
• Race & ethnicity: Asian 42% White 37% Hispanic / Latino 15% Two or more races 7% Black 4%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 2% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 40% · China, South Korea, Canada
• Languages at home: 47% English-only · Chinese 22% Korean 11% Spanish 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: ▼ -190.52%
• Current HPI: 317.8526
• Rent YoY: ▲ 5.41%
• 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

+17.8% since first listed

6 events — show timeline

• 2026-04-30 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-16 Price Changed $325,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-22 Listed $339,000 OneKey® MLS as Distributed by MLS Grid
• 2019-01-02 Sold (MLS) $280,000 OneKey® MLS as Distributed by MLS Grid
• 2018-09-11 Pending — OneKey® MLS as Distributed by MLS Grid
• 2018-07-14 Listed $275,888 OneKey® MLS as Distributed by MLS Grid