6 Hendrickson Ave

Elmont, NY 11003

$549,888B-

6 bd · 3.0 ba · 1,436 sqft · Built 1926 · MultiFamily · Pending · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,918/mo
• Mortgage (P&I): −$2,884
• Tax + insurance: −$1,088
• HOA: −$0
• Vac / Maint / Mgmt: −$1,453
• Net cashflow: $1,494/mo
• Annual: $17,924/yr
• Cap rate: 9.67%
• Cash-on-cash: 12.07%
• DSCR: 1.54
• 1% rule: 1.26%
• Cash to close: $153,969

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $550k.
• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $747/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $550k).
• It's been on market 33 days — a 3% lower offer ($533k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $533k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#134 in NY, #2,127 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: cost of living F.
• Sewanhaka Central High School District (suburban): math 76% / reading 83% proficiency, ranked #43 of 590 in NY (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 19% free/reduced lunch — higher-income household profile.
• Watch-outs: flood insurance adds $56/mo; built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 141 active listings in the ZIP; 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.
• Current owner paid $52k; list at $550k implies a 963% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $154k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; major wind risk, 52% 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 9.7% vs local median 3.1% in Elmont — 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.

Questions for listing agent

• It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.