215-43 48th Ave Unit 3B · New York, NY 11364

$219,800

1 bd · 1.0 ba · 640 sqft · Condo public records · 355 Days on market

Built 1950

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Why this score? — see what drove the C+ 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 +23.8/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Schools +5.0/10.0
• Rent growth +4.6/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Homey 1 Bedroom Unit On The Top Floor. Bright With A Large Living Room And Bedroom. New Bathroom. Lots Of Closets! Wood Floor. Close To Transportation (Buses Q27, Q12 N20 & Lirr), Shops, Restaurants And Oakland Park. No Flip Tax! School District 26. Separate Storage Space Available., Additional information: Business Located At:,Interior Features:Efficiency Kitchen,Rental Income:

Key facts

• Built 1950
• Listed 355 days

Property features AI

Exterior

• Parking: No carport
• Utilities: Public sewer; Public trash collection
• Home design: Stock cooperative
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Range; Refrigerator
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating; Oil heating; Wall/window air conditioning units
• Interior features: Entrance foyer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $220k.

Deal economics

• At list price, monthly cash flow is $422 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $193k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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.
• Market conditions: Rents rising fast (+8.5%/yr); 248 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $62k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 355 days — a 12% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $70k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $178k; 23% 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 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 $193,424 (12.0% below list)

Questions for the listing agent

1. It's been on market 355 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 1.12% ✓
• Cap rate: 8.60%
• Cash-on-cash: 8.23%
• DSCR: 1.37
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 1.7%
• Equity multiple: 1.07×
• Total profit: $4,273
• Equity at exit: $32,773

10-year hold

• IRR: 15.8%
• Equity multiple: 2.59×
• Total profit: $97,564
• Equity at exit: $19,004

Cash invested: $61,544 (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 11364

• Rents YoY: 8.5%
• Active inventory: 248
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,457 high
• Mortgage (P&I): −$1,153
• Tax est. 1.5%: −$275 /mo · $3,297/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$516
• Net cashflow: $422

Break-even live

Break-even rent $1,923

Max offer price $219,800

Occupancy floor 78%

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: $54,950
• Closing costs: $6,594
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
40-11 214th Pl Unit 2R Bayside, NY	1.0	1.0	650	$2,800	$4.31	5d	1	0.61mi
196-42 44th Ave #2 Flushing, NY	1.0	1.0	600	$2,200	$3.67	5d	1	1.00mi
5839 196th Pl Fresh Meadows, NY	2.0	1.0	750	$2,750	$3.67	24d	1	1.16mi
4230 Douglaston Pkwy Little Neck, NY	1.0	1.0	700	$1,800	$2.57	19d	1	1.23mi
24120 Northern Blvd Unit 3K Little Neck, NY	—	1.0	500	$2,800	$5.60	15d	1	1.24mi

HOA detail condo

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

Listing history 13 events

1. 2026-04-14
   status Pending
2. 2026-03-02
   price $219,800
3. 2025-11-07
   price $229,800
4. 2025-10-31
   price $235,000
5. 2025-05-21
   price $260,000
6. 2025-04-25
   listed $290,000 Active
7. 2025-04-24
   historical $290,000
8. 2025-01-08
   listed $250,000 Active
9. 2025-01-03
   historical
10. 2017-01-25
    soldstatus $178,000 385-char remark

    Show marketing remark (385 chars)

    Homey 1 Bedroom Unit On The Top Floor. Bright With A Large Living Room And Bedroom. New Bathroom. Lots Of Closets! Wood Floor. Close To Transportation (Buses Q27, Q12 N20 & Lirr), Shops, Restaurants And Oakland Park. No Flip Tax! School District 26. Separate Storage Space Available., Additional information: Business Located At:,Interior Features:Efficiency Kitchen,Rental Income:

11. 2016-11-16
    listed $159,900 385-char remark

    Show marketing remark (385 chars)

    Homey 1 Bedroom Unit On The Top Floor. Bright With A Large Living Room And Bedroom. New Bathroom. Lots Of Closets! Wood Floor. Close To Transportation (Buses Q27, Q12 N20 & Lirr), Shops, Restaurants And Oakland Park. No Flip Tax! School District 26. Separate Storage Space Available., Additional information: Business Located At:,Interior Features:Efficiency Kitchen,Rental Income:

12. 2015-09-27
    historical
13. 2015-04-28
    listed $165,000

ⓘ 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 ≥97°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: $29,481
• − Mortgage interest: −$12,312
• − Property taxes: −$3,297
• − Insurance: −$1,099
• − Repairs & maintenance: −$2,359
• − Management: −$2,359
• − Depreciation: −$6,394
• Taxable income: $1,662
• Est. tax owed @ 24.0%: −$399
• After-tax cash flow: $4,664/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): 35,276
• Household income: $98,359
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 1288.0

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 0.64)
• Race & ethnicity: Asian 50% White 29% Hispanic / Latino 15% Two or more races 7% Black 2%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 2% Scotch-Irish 2% Lithuanian 1%
• Foreign-born: 44% · China, South Korea, Canada
• Languages at home: 41% English-only · Chinese 30% Spanish 9% Korean 8%

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: ▼ -179.50%
• Current HPI: 242.5386
• Rent YoY: ▲ 8.47%
• 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

+33.2% since first listed

13 events — show timeline

• 2026-04-14 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-02 Price Changed $219,800 OneKey® MLS as Distributed by MLS Grid
• 2025-11-07 Price Changed $229,800 OneKey® MLS as Distributed by MLS Grid
• 2025-10-31 Price Changed $235,000 OneKey® MLS as Distributed by MLS Grid
• 2025-05-21 Price Changed $260,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-25 Listed $290,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-24 Coming Soon $290,000 OneKey® MLS as Distributed by MLS Grid
• 2025-01-08 Listed $250,000 OneKey® MLS as Distributed by MLS Grid
• 2025-01-03 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 2017-01-25 Sold (MLS) $178,000 OneKey® MLS as Distributed by MLS Grid
• 2016-11-16 Listed $159,900 OneKey® MLS as Distributed by MLS Grid
• 2015-09-27 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2015-04-28 Listed $165,000 OneKey® MLS as Distributed by MLS Grid