With the area’s growing popularity, house hackers can have half of their mortgage paid by tenants in just a few years.In this article, I will examine market trends to show how the two-family market in this landmark section of Northern Queens has fared over the last three years.2-family Property Values in AstoriaThus far in 2024, Astoria sellers seem to be anticipating a bit of a standstill on property value increases.

@Jordan D'Silva very difficult to anticipate/predict changes in national and local economies, politics, etc.Detroit has been on a 10 year run, that just seems to be getting better & better overall - but, there have been multiple potholes in the journey and there will be more.

We anticipate more vacanies on the horizon, but we do not anticipating lowering rents. 

If the landlord is paying any utilities that are based on usage such as water, then I might discuss a rent bump to compensate for the anticipated increase in usage and address that with the lease update adding the person as an occupant. 

However there are some reputable new construction builders in the area.There is, as you likely know, a housing shortage and, once Caesars Casino opens at the end of 2024, they anticipate 2 million visitors a year. 

(New roof, paint, etc) and proceeds even if we paid capital gains taxes could pay down other properties debt including adjustable HELOCS which would double our annual income but of course we would lose a door. 1 property is currently vacant and I anticipate at least $10k to refresh including new gutters.

For those using a LLC to acquire fix-and-flips, wholesale, or deals you don't anticipate holding long term:Are you utilizing your home address or a virtual business address?

While rates overall have been up from what we see there has been a need to lower rates in the past 2 months and based on historic data we anticipate the same for the winter season as well to attract the top residents to properties. 

The property might not sell for the anticipated price, renovations can end up costing more than planned, and the project might take longer to complete.

Navigating the zoning requirements, dealing with Maryland Historical Trust limitations on what can and can’t be done to the property, and the financial burden of renovating the property to meet these standards have left us trying to figure out the best strategy so the property doesn’t just sit unused.If we decide to sell, we anticipate pricing it at around $70-$80 per square foot, which is an incredible deal for a property of this nature.We’re reaching out to see if anyone here might know of potential buyers interested in this unique opportunity.