26 Sycamore St

West Hempstead, NY 11552

$300,000B

None bd · 2.0 ba · 1,798 sqft · Built 1918 · MultiFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,011/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$862
• HOA: −$0
• Vac / Maint / Mgmt: −$1,682
• Net cashflow: $3,894/mo
• Annual: $46,726/yr
• Cap rate: 21.87%
• Cash-on-cash: 55.63%
• DSCR: 3.48
• 1% rule: 2.67%
• Cash to close: $84,000

Investor read

• This is a ?-bed/2.0-bath multifamily listed at $300k.
• At list price, monthly cash flow is $4k ($47k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $300k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#19 in NY, #382 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• West Hempstead Union Free School District (suburban): math 54% / reading 63% proficiency, ranked #191 of 590 in NY (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: George Washington School (math 39% / reading 54%, grade D+, #330 of 729 statewide, top 46%, 336 students, 48% FRL); West Hempstead Secondary School (math 92% / reading 92%, grade A+, #171 of 1,100 statewide, top 18%, 783 students, 50% FRL) — zoned schools average 49% FRL vs 29% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.9% of price; built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 101 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 13y 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 54% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 21.9% vs local median 3.8% in West Hempstead — 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.
• At $8,011/mo this rent would consume 62% of the median local household income ($155k/yr) (locally 208% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.
• 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.
• 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.