3617 Greenpoint Ave · New York, NY 11101

$1,800,000

None bd · None ba · 3,200 sqft · MultiFamily · 119 Days on market

Built 1931 1,461 sqft lot Est $1366k · 32% over ↓ 5% 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 +14.6/30.0
• Appreciation +7.8/10.0
• Schools +5.0/10.0
• DSCR +4.4/10.0
• 1% rule +4.0/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Large 3 family house with attached Storefront. All free market rent with plenty of upside. All electrical updated Steps from LIRR Station

Key facts

• Attached storefront
• Electrical updated
• 1,461 sq ft lot

Tags

• ATTACHED STOREFRONT
• ELECTRICAL UPDATED
• STEPS FROM LIRR STATION

Property features AI

Exterior

• Parking: No carport; No designated parking
• Utilities: Public sewer; Electricity available
• Home design: Triplex
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront

Interior

• Bedrooms: Includes a bedroom on the first floor
• Heating & cooling: Baseboard heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; Basement with common access

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $1.80M.

Deal economics

• At list price, monthly cash flow is $413 ($5k/yr) — positive. Per door: $138/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.63M (9.6% below list).
• Recommended offer: $1.63M (9.6% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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 (+1.1%/yr); 259 active listings in the ZIP; high-income renter base; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $16,269/mo this rent would consume 161% of the median local household income ($121k/yr) (locally 3440% 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 $114k of equity ($12k loan paydown + $101k appreciation (5.6% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (5.6% appreciation + 1.1% rent growth), your $504k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$182k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($1.64M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1931 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,626,900 (9.6% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.90% ✗
• Cap rate: 6.57%
• Cash-on-cash: 0.98%
• DSCR: 1.04
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $1,366,400
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4858 38th St	0.07mi	6/2.0	3,300 (+3%)	23mo	$1,410,000	$427	72

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.62% appreciation · 1.09% rent growth · sell at horizon

5-year hold

• IRR: 14.4%
• Equity multiple: 1.94×
• Total profit: $474,737
• Equity at exit: $1,088,110

10-year hold

• IRR: 14.2%
• Equity multiple: 3.64×
• Total profit: $1,330,417
• Equity at exit: $1,936,784

Cash invested: $504,000 (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 11101

• Home prices YoY: 1.1%
• Rents YoY: 1.1%
• Active inventory: 259
• Price-to-rent: 27.7×

Monthly cashflow live

• Estimated rent: $16,269 high
• Mortgage (P&I): −$9,439
• Tax est. 1.5%: −$2,250 /mo · $27,000/yr
• Insurance: −$750
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,416
• Net cashflow: $413

Break-even live

Break-even rent $15,746

Max offer price $1,800,000

Occupancy floor 92%

Sensitivity live

Price	-10% $1,657	-5% $1,035	+0% $413	+5% $-209	+10% $-831
Rent	-10% $-872	-5% $-230	+0% $413	+5% $1,056	+10% $1,698
Rate	-1.0pp $1,320	-0.5pp $871	base $413	+0.5pp $-53	+1.0pp $-528

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$16,269
Total (3 units)			$16,269

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: $450,000
• Closing costs: $54,000
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-03
   days on market $1,800,000 Active 119 DOM
2. 2026-06-01
   days on market $1,800,000 Active 117 DOM
3. 2026-05-31
   days on market $1,800,000 Active 116 DOM
4. 2026-02-04
   listed $1,800,000 Active
5. 2026-02-01
   historical
6. 2025-12-04
   price $1,790,000
7. 2025-10-30
   listed $1,890,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $195,228
• − Mortgage interest: −$100,828
• − Property taxes: −$27,000
• − Insurance: −$9,000
• − Repairs & maintenance: −$15,618
• − Management: −$15,618
• − Depreciation: −$52,364
• Taxable loss: −$25,200
• Est. tax savings @ 24.0%: +$6,048
• After-tax cash flow: $11,005/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): 42,219
• Household income: $121,062
• Rent vs Own: 84.8% rent · 15.2% own
• Severe rent burden: 3440.0

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 0.74)
• Race & ethnicity: White 34% Asian 31% Hispanic / Latino 19% Two or more races 11% Black 10%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 2% Lithuanian 1% Scotch-Irish 1%
• Foreign-born: 41% · Canada, China, South Korea
• Languages at home: 52% English-only · Spanish 15% Other Indo-European 11% Chinese 10%

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: ▲ 5.62%
• Current HPI: 500.0296
• Rent YoY: ▲ 1.09%
• 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

-4.8% since first listed

4 events — show timeline

• 2026-02-04 Listed $1,800,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-12-04 Price Changed $1,790,000 OneKey® MLS as Distributed by MLS Grid
• 2025-10-30 Listed $1,890,000 OneKey® MLS as Distributed by MLS Grid