22 Mulford Pl Unit 2D · Hempstead, NY 11550

$315,000

2 bd · 1.0 ba · 850 sqft · Condo · 47 Days on market

Built 1957 Good condition ↓ 9% since listing

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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 +19.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +5.3/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Standout 2-bedroom co-op featuring a rare oversized eat-in kitchen, separate dining area, and a recently renovated spa-like bathroom—offering more space and comfort. This bright second-floor home includes a quiet courtyard-facing exposure, bringing in natural light while maintaining a peaceful, tucked-away feel. The space feels both functional and inviting. The spacious eat-in kitchen is designed for everyday living, with generous cabinetry, built-in organizational pull-outs, and a recently updated stove—ideal for both cooking and casual dining. The bathroom, recently renovated offers a clean, spa-like feel with serene finishes that create a calm, refreshing space. Set within

Key facts

• Garden-style setting
• Separate dining area
• Garage

Tags

• OVERSIZED EAT-IN KITCHEN
• SEPARATE DINING AREA
• RECENTLY RENOVATED BATHROOM
• LANDSCAPED PARK-LIKE GROUNDS
• GARDEN-STYLE SETTING

Property features AI

Finance

• Other: Building amenities include bicycle room and outdoor space
• HOA & community: Association: Cathedral Gardens; Monthly maintenance fee of $1,033; Gated community; Sidewalks

Exterior

• Parking: Has garage; Carport: none; Parking waitlist
• Security: Building security; Fire alarm; Fire escape; Fire sprinkler system; Security lights; Smoke detectors; Video cameras
• Utilities: PSEG electric; Public sewer; Cable available; Electricity connected; Natural gas connected; Sewer connected; Trash collection (public); Water connected
• Home design: Stock cooperative; Updated/remodeled condition; 6-story building; Single-level unit; Entry level 1
• Construction: Block and brick construction; Brick/mortar foundation
• Exterior features: Courtyard; Garden; Outdoor space; Fenced

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Located on the second floor
• Flooring: Carpet; Ceramic tile; Combination of materials; Hardwood; Tile; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating; Wall/window air conditioning units
• Interior features: Elevator; Entrance foyer; Formal dining area; Galley-style kitchen; High ceilings; Open floor plan; Primary bathroom; Storage; Double-pane, ENERGY STAR qualified windows; Patio
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $315k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $380 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $315k).
• Recommended offer: $306k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 5.1% in 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.

Location & tenants

• Location reads 79/100 on livability (#123 in NY, #2,002 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: crime C-, schools D, cost of living F.
• Hempstead Union Free School District (suburban): math 27% / reading 38% proficiency, ranked #567 of 590 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 170 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).
• This rent runs 42% of the median local income ($93k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($306k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; major wind risk, 51% 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.

Recommended offer $305,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1957 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 1.03% ✓
• Cap rate: 7.74%
• Cash-on-cash: 5.17%
• DSCR: 1.23
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -8.3%
• Equity multiple: 0.70×
• Total profit: $-26,798
• Equity at exit: $46,968

10-year hold

• IRR: 1.3%
• Equity multiple: 1.09×
• Total profit: $8,020
• Equity at exit: $27,235

Cash invested: $88,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 11550

• Active inventory: 170
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $3,236 high
• Mortgage (P&I): −$1,652
• Tax est. 1.5%: −$394 /mo · $4,725/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$680
• Net cashflow: $380

Break-even live

Break-even rent $2,756

Max offer price $315,000

Occupancy floor 83%

Sensitivity live

Price	-10% $598	-5% $489	+0% $380	+5% $271	+10% $162
Rent	-10% $124	-5% $252	+0% $380	+5% $508	+10% $636
Rate	-1.0pp $539	-0.5pp $460	base $380	+0.5pp $298	+1.0pp $215

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36 Hilton Ave Unit 306 Hempstead, NY	1.0	1.0	1003	$2,350	$2.34	16d	1	0.11mi
20 Wendell St Apt 11A Hempstead, NY	2.0	1.0	800	$2,950	$3.69	14d	1	0.43mi
111 Hempstead Tpke West Hempstead, NY	3.0	1.0–2.5	1226	$5,539	$4.52	0d	89	0.59mi
130 Hempstead Ave West Hempstead, NY	1.0–3.0	1.0–2.0	1113	$4,134	$3.71	0d	7	0.61mi
303 Main St Hempstead, NY	1.0–2.0	1.0–2.0	963	$4,326	$4.49	0d	7	0.61mi
31-33 Burr Ave Hempstead, NY	3.0	1.0	700	$3,500	$5.00	45d	1	0.66mi
23 Maple Ave Hempstead, NY	2.0	1.0	650	$3,000	$4.62	21d	1	0.69mi
343 Jackson St Unit 1 Hempstead, NY	2.0	2.0	1000	$3,300	$3.30	45d	1	0.78mi
343 Jackson St Unit 3 Hempstead, NY	2.0	1.5	1000	$3,300	$3.30	26d	1	0.78mi
196 S Franklin St Hempstead, NY	2.0	1.0	600	$3,200	$5.33	45d	1	0.79mi
12 Elm Ave Unit 1 Hempstead, NY	3.0	1.0	970	$3,500	$3.61	20d	1	0.80mi
457 Front St Hempstead, NY	1.0	1.0	725	$2,360	$3.26	0d	1	0.89mi
34 Elizabeth Ave Hempstead, NY	1.0	1.0	900	$2,300	$2.56	19d	1	0.90mi
539 Front St Hempstead, NY	2.0	1.0	850	$3,200	$3.76	23d	1	1.05mi
20 Ingraham Ln Hempstead, NY	3.0	1.0	950	$3,150	$3.32	45d	1	1.12mi
254 Stewart Ave Unit 2C Hempstead, NY	1.0	1.0	800	$2,350	$2.94	4d	1	1.22mi
365 Stewart Ave Garden City, NY	1.0–2.0	1.0–2.0	1034	$4,985	$4.82	0d	1	1.35mi
2 Vanata Ct Hempstead, NY	3.0	1.0	1024	$3,800	$3.71	26d	1	1.40mi

HOA detail condo

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

Listing history 16 events

1. 2026-06-17
   days on market $315,000 Active 47 DOM
2. 2026-06-16
   days on market $315,000 Active 46 DOM
3. 2026-06-15
   days on market $315,000 Active 45 DOM
4. 2026-06-13
   days on market $315,000 Active 43 DOM
5. 2026-06-13
   days on market $315,000 Active 42 DOM
6. 2026-06-09
   days on market $315,000 Active 39 DOM
7. 2026-06-08
   days on market $315,000 Active 38 DOM
8. 2026-06-07
   days on market $315,000 Active 37 DOM
9. 2026-06-04
   days on market $315,000 Active 34 DOM
10. 2026-06-03
    days on market $315,000 Active 33 DOM
11. 2026-06-02
    days on market $315,000 Active 32 DOM
12. 2026-06-01
    days on market $315,000 Active 31 DOM
13. 2026-05-31
    days on market $315,000 Active 30 DOM
14. 2026-05-01
    historical
15. 2026-05-01
    listed $315,000 Active 1073-char remark
16. 2025-10-29
    listed $345,000 Active

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 51% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,838
• − Mortgage interest: −$17,645
• − Property taxes: −$4,725
• − Insurance: −$1,575
• − Repairs & maintenance: −$3,107
• − Management: −$3,107
• − Depreciation: −$9,164
• Taxable loss: −$485
• Est. tax savings @ 24.0%: +$116
• After-tax cash flow: $4,675/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This 2-bedroom co-op is in good condition with recent renovations and well-maintained landscaping, making it a great investment opportunity.

Value-add opportunities

• Both Paint touch-ups — Fresh paint enhances curb appeal and interior aesthetics.
• Both Landscaping maintenance — Well-maintained landscaping improves curb appeal and adds value to the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint touch-ups — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Landscaping maintenance — Well-maintained landscaping improves curb appeal and adds value to the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hempstead Union Free School District
• NCES district ID: 3614130
• Math proficiency: 27% ▼ -4.00%
• Reading proficiency: 38% ▲ 5.00%
• Median HH income: $48,774
• Composite: 28.12/100
• National rank: #6821
• State rank: #567 of 590 in NY

Livability — Hempstead

• Score: 79/100
• State rank: #123
• US rank: #2002

Category grades

Amenities A+ Commute A+ Cost of living F Crime C- Employment A- Housing A- Health & safety A User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hempstead, NY
• County: Nassau County · 653,051 people
• City population: 60,960
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 60,960
• Household income: $92,677
• Rent vs Own: 50.3% rent · 49.7% own
• Severe rent burden: 2535.0

Population outlook (Nassau County) Hauer SSP2

• Today (2025): 1,409,302 people
• By 2030: 1,431,482 · +1.6%
• By 2040: 1,471,607 · +4.4%
• By 2050: 1,502,845 · +6.6%
• By 2075: 1,575,403 · +11.8%
• By 2100: 1,554,356 · +10.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Hispanic / Latino 44% Black 43% Two or more races 14% White 7% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 4%
• Common ancestry: Hispanic 4%
• Foreign-born: 37% · Canada, Jamaica
• Languages at home: 53% English-only · Spanish 40% French/Haitian/Cajun 4% Other Indo-European 1%

Political lean MEDSL · Nassau

• 2024 margin: Toss-up / Even · D 47.9% · R 52.1%
• 2008→2024 swing: -12.6pp toward R · 2008: 8.4pp · 2024: -4.2pp
• All cycles: 2024: R+4.2 2020: D+9.5 2016: D+5.3 2012: D+6.7 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -297.72%
• Current HPI: 339.055
• Rent YoY: —
• 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

-8.7% since first listed

4 events — show timeline

• 2026-06-17 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-05-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-05-01 Listed $315,000 OneKey® MLS as Distributed by MLS Grid
• 2025-10-29 Listed $345,000 OneKey® MLS as Distributed by MLS Grid