964 Hemlock St · New York, NY 11208

$899,000

None bd · None ba · 2,537 sqft · MultiFamily public records · 19 Days on market

Built 2005 1,800 sqft lot Est $977k · 8% under

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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 +11.1/15.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

964 Hemlock St presents a versatile legal duplex offering 6 bedrooms, 3 bathrooms, and approximately 2,537 sq ft of living space. This property provides excellent flexibility for both homeowners and investors, with the ability to configure the layout as a 3-bedroom over 3-bedroom setup or a 3-bedroom over 2-bedroom + 1-bedroom configuration, depending on your needs. The home features a garage, a private backyard, and a spacious interior footprint that allows for multiple living arrangements. Whether you're looking for multi-generational living, the opportunity to live in one unit and rent the other, or a full income-generating investment, this property offers strong potential. Located on a

Key facts

• Near schools
• Private backyard
• Flexible layout

Tags

• PRIVATE BACKYARD
• FLEXIBLE LAYOUT
• QUIET RESIDENTIAL STREET
• CLOSE TO LOCAL AMENITIES
• NEAR SCHOOLS
• NEAR PARKS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $-90 ($-1k/yr) — negative. Per door: $-45/mo.
• To cash-flow at today's rent, offer at most $883k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $701k (22.0% below list).
• Recommended offer: $701k (22.0% 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); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% 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 (+6.1%/yr); 193 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $7,014/mo this rent would consume 136% of the median local household income ($62k/yr) (locally 7574% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($886k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk; major wind risk, 65% 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 $701,400 (22.0% 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. 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
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: 0.78% ✗
• Cap rate: 6.17%
• Cash-on-cash: -0.43%
• DSCR: 0.98
• GRM: 10.7

CMA / ARV

• ARV (on-the-fly): $976,745
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
962 Hemlock St	0.00mi	6/3.0	2,537 (0%)	11mo	$900,500	$355	90
156-14 76th St	0.55mi	6/4.0	2,438 (-4%)	6mo	$1,250,000	$513	63
894 New Lots Ave	0.63mi	8/4.0	2,600 (+2%)	10mo	$744,000	$286	58
156-40 76th St	0.58mi	6/5.0	2,392 (-6%)	8mo	$1,100,000	$460	57
551 Egan St	0.63mi	5/3.0	2,460 (-3%)	11mo	$865,000	$352	56
661 Euclid Ave	0.45mi	6/2.0	2,180 (-14%)	2mo	$890,000	$408	54
654 Autumn Ave	0.54mi	5/4.0	2,340 (-8%)	10mo	$900,000	$385	53
301 Montauk Ave	0.70mi	8/3.0	2,730 (+8%)	11mo	$985,000	$361	46
306 Sheridan Ave	0.66mi	8/5.0	2,652 (+4%)	19mo	$1,000,000	$377	46
7717 156th Ave	0.61mi	7/5.0	2,184 (-14%)	6mo	$1,185,000	$543	44
304 Sheridan Ave	0.67mi	7/5.0	2,340 (-8%)	19mo	$1,100,000	$470	40

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

Projected returns pro-forma

-3.0% appreciation · 6.14% rent growth · sell at horizon

5-year hold

• IRR: -13.9%
• Equity multiple: 0.49×
• Total profit: $-128,799
• Equity at exit: $134,044

10-year hold

• IRR: -1.1%
• Equity multiple: 0.92×
• Total profit: $-20,509
• Equity at exit: $77,729

Cash invested: $251,720 (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 11208

• Rents YoY: 6.1%
• Active inventory: 193
• Price-to-rent: 21.4×

Monthly cashflow live

• Estimated rent: $7,014 high
• Mortgage (P&I): −$4,714
• Tax from tax record: −$542 /mo · $6,503/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,473
• Net cashflow: $-90

Break-even live

Break-even rent $7,128

Max offer price $883,116

Occupancy floor 96%

Sensitivity live

Price	-10% $419	-5% $165	+0% $-90	+5% $-344	+10% $-599
Rent	-10% $-644	-5% $-367	+0% $-90	+5% $187	+10% $464
Rate	-1.0pp $363	-0.5pp $139	base $-90	+0.5pp $-323	+1.0pp $-560

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$7,014
Total (2 units)			$7,014

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10124 78th St Ozone Park, NY	3.0	1.0	2299	$3,500	$1.52	26d	1	1.07mi

Listing history 2 events

1. 2026-04-01
   status Pending
2. 2026-03-13
   listed $899,000 Active

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $6,503 · $542/mo
• Projected year-2 tax: $10,848 · $904/mo
• Expected delta: +$4,345/yr (+$362/mo · 66.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $84,168
• − Mortgage interest: −$50,358
• − Property taxes: −$6,503
• − Insurance: −$4,495
• − Repairs & maintenance: −$6,733
• − Management: −$6,733
• − Depreciation: −$26,153
• Taxable loss: −$16,808
• Est. tax savings @ 24.0%: +$4,034
• After-tax cash flow: $2,955/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: Kings County · 2,614,986 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 105,428
• Household income: $62,077
• Rent vs Own: 75.1% rent · 24.9% own
• Severe rent burden: 7574.0

Population outlook (Kings County) Hauer SSP2

• Today (2025): 2,847,441 people
• By 2030: 2,937,006 · +3.1%
• By 2040: 3,095,491 · +8.7%
• By 2050: 3,228,968 · +13.4%
• By 2075: 3,321,723 · +16.7%
• By 2100: 3,111,387 · +9.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Black 42% Hispanic / Latino 39% Asian 10% Two or more races 8% White 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 9% Dominican 16%
• Common ancestry: Hispanic 1%
• Foreign-born: 40% · Canada, China, Mexico
• Languages at home: 48% English-only · Spanish 36% Other Indo-European 11% French/Haitian/Cajun 1%

Political lean MEDSL · Kings

• 2024 margin: Solid D (+44.0) · D 72.0% · R 28.0%
• 2008→2024 swing: -15.5pp toward R · 2008: 59.4pp · 2024: 44.0pp
• All cycles: 2024: D+44.0 2020: D+54.8 2016: D+61.8 2012: D+63.9 2008: D+59.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -546.38%
• Current HPI: 376.1489
• Rent YoY: ▲ 6.14%
• 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 events — show timeline

• 2026-04-01 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-13 Listed $899,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+13.5%/yr

Latest (2025): $6,503 · -0.6% YoY. Source: county tax records.