74-13 Hillmeyer Ave · New York, NY 11692

$919,000

6 bd · 2.0 ba · 1,874 sqft · MultiFamily public records · 72 Days on market

Built 2019 2,482 sqft lot Est $648k · 42% over

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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 +13.5/30.0
• Appreciation +10.0/10.0
• Schools +5.0/10.0
• DSCR +4.1/10.0
• Livability +3.8/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks MLS

Beautiful waterfront luxury 2 family house for sale. Great investment, high rental income. Projected rent $75600-$85000 per year 7.25% -8.6% cap. 2020 new build, excellent conditions, the house has an elevator. Each floor has 3 bedrooms and 1 bathroom, spacious living /dining room combo, open kitchen, beautiful water view from the living room. 1092 sqft each floor, includes washer/dryer, backyard. Close to Supermarket, YMCA, fishing charter, public beach with a lot of water activities. Transportation includes buses, A train subway, LIRR to Manhattan, ferry 30min to Manhattan. Must see., Additional information: Appearance:Excellent

Key facts

• Separate utilities
• Water views
• Newer construction

Tags

• TWO FAMILY HOME
• SEPARATE UTILITIES
• FULL WALK OUT BASEMENT
• PRIVATE PARKING
• WATER VIEWS
• NEWER CONSTRUCTION

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $919k.

Deal economics

• At list price, monthly cash flow is $-400 ($-5k/yr) — negative. Per door: $-200/mo.
• To cash-flow at today's rent, offer at most $848k (7.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $736k (19.9% below list).
• Recommended offer: $736k (19.9% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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.
• Market conditions: 80 active listings in the ZIP; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $7,357/mo this rent would consume 178% of the median local household income ($50k/yr) (locally 1734% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $98k of equity ($6k loan paydown + $92k appreciation (10.0% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$158k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($864k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 77% 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 $735,700 (19.9% 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. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.80% ✗
• Cap rate: 6.33%
• Cash-on-cash: 0.12%
• DSCR: 1.01
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $648,404
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
345 Beach 73rd St	0.36mi	5/2.0 (-1)	1,926 (+3%)	13mo	$550,000	$286	63
69-43 Thursby Ave	0.28mi	5/2.0 (-1)	2,068 (+10%)	11mo	$810,000	$392	55
6235 Burchell Rd	0.61mi	5/3.0 (-1)	2,000 (+7%)	5mo	$867,347	$434	47
609 Beach 63rd St	0.58mi	5/2.0 (-1)	2,068 (+10%)	7mo	$565,000	$273	45
65-05 Beach Channel Dr	0.59mi	5/2.0 (-1)	2,024 (+8%)	21mo	$700,000	$346	37

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.9%
• Equity multiple: 2.85×
• Total profit: $475,057
• Equity at exit: $827,908

10-year hold

• IRR: 20.5%
• Equity multiple: 6.51×
• Total profit: $1,419,054
• Equity at exit: $1,785,415

Cash invested: $257,320 (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 11692

• Home prices YoY: 14.4%
• Active inventory: 80
• Price-to-rent: 20.8×

Monthly cashflow live

• Estimated rent: $7,357 medium
• Mortgage (P&I): −$4,819
• Tax from tax record: −$583 /mo · $7,000/yr
• Insurance: −$383
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,545
• Net cashflow: $-400

Break-even live

Break-even rent $7,863

Max offer price $848,328

Occupancy floor —

Sensitivity live

Price	-10% $120	-5% $-140	+0% $-400	+5% $-660	+10% $-920
Rent	-10% $-981	-5% $-691	+0% $-400	+5% $-109	+10% $181
Rate	-1.0pp $63	-0.5pp $-166	base $-400	+0.5pp $-638	+1.0pp $-880

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$7,356
Total (2 units)			$7,357

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: $229,750
• Closing costs: $27,570
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-03-20
   status Pending
2. 2026-01-07
   listed $919,000 Active
3. 2023-08-11
   historical
4. 2023-08-03
   listed
5. 2022-07-21
   soldstatus $975,000
6. 2022-07-05
   soldstatus $975,000 Closed 638-char remark

   Show marketing remark (638 chars)

   Beautiful waterfront luxury 2 family house for sale. Great investment, high rental income. Projected rent $75600-$85000 per year 7.25% -8.6% cap. 2020 new build, excellent conditions, the house has an elevator. Each floor has 3 bedrooms and 1 bathroom, spacious living /dining room combo, open kitchen, beautiful water view from the living room. 1092 sqft each floor, includes washer/dryer, backyard. Close to Supermarket, YMCA, fishing charter, public beach with a lot of water activities. Transportation includes buses, A train subway, LIRR to Manhattan, ferry 30min to Manhattan. Must see., Additional information: Appearance:Excellent

7. 2022-05-05
   status Pending 638-char remark

   Show marketing remark (638 chars)

   Beautiful waterfront luxury 2 family house for sale. Great investment, high rental income. Projected rent $75600-$85000 per year 7.25% -8.6% cap. 2020 new build, excellent conditions, the house has an elevator. Each floor has 3 bedrooms and 1 bathroom, spacious living /dining room combo, open kitchen, beautiful water view from the living room. 1092 sqft each floor, includes washer/dryer, backyard. Close to Supermarket, YMCA, fishing charter, public beach with a lot of water activities. Transportation includes buses, A train subway, LIRR to Manhattan, ferry 30min to Manhattan. Must see., Additional information: Appearance:Excellent

8. 2022-04-05
   listed $989,000 Active 638-char remark

   Show marketing remark (638 chars)

   Beautiful waterfront luxury 2 family house for sale. Great investment, high rental income. Projected rent $75600-$85000 per year 7.25% -8.6% cap. 2020 new build, excellent conditions, the house has an elevator. Each floor has 3 bedrooms and 1 bathroom, spacious living /dining room combo, open kitchen, beautiful water view from the living room. 1092 sqft each floor, includes washer/dryer, backyard. Close to Supermarket, YMCA, fishing charter, public beach with a lot of water activities. Transportation includes buses, A train subway, LIRR to Manhattan, ferry 30min to Manhattan. Must see., Additional information: Appearance:Excellent

9. 2021-03-09
   soldstatus $780,000

ⓘ 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: $7,000 · $583/mo
• Projected year-2 tax: $11,265 · $939/mo
• Expected delta: +$4,266/yr (+$355/mo · 60.9%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 77% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $88,284
• − Mortgage interest: −$51,478
• − Property taxes: −$7,000
• − Insurance: −$9,714
• − Repairs & maintenance: −$7,063
• − Management: −$7,063
• − Depreciation: −$26,735
• Taxable loss: −$20,767
• Est. tax savings @ 24.0%: +$4,984
• After-tax cash flow: $183/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: Queens County · 1,914,869 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 22,734
• Household income: $49,720
• Rent vs Own: 66.9% rent · 33.1% own
• Severe rent burden: 1734.0

Population outlook (Queens County) Hauer SSP2

• Today (2025): 2,546,320 people
• By 2030: 2,643,059 · +3.8%
• By 2040: 2,815,563 · +10.6%
• By 2050: 2,944,423 · +15.6%
• By 2075: 3,123,338 · +22.7%
• By 2100: 3,098,688 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Black 53% Hispanic / Latino 24% Two or more races 15% White 13% Asian 6%
• Hispanic origin (detail): Puerto Rican 10% Dominican 5%
• Common ancestry: Romanian 1%
• Foreign-born: 31% · Canada, China, Jamaica
• Languages at home: 67% English-only · Spanish 18% Other Indo-European 3% Russian/Polish/Slavic 3%

Political lean MEDSL · Queens

• 2024 margin: Strong D (+24.6) · D 62.3% · R 37.7%
• 2008→2024 swing: -26.2pp toward R · 2008: 50.8pp · 2024: 24.6pp
• All cycles: 2024: D+24.6 2020: D+45.2 2016: D+53.4 2012: D+58.5 2008: D+50.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 44.49%
• Current HPI: 354.2007
• 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

+17.8% since first listed

9 events — show timeline

• 2026-03-20 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-01-07 Listed $919,000 OneKey® MLS as Distributed by MLS Grid
• 2023-08-11 Rental Removed — ONEKEY
• 2023-08-03 Listed for Rent — ONEKEY
• 2022-07-21 Sold (Public Records) $975,000 Public Records
• 2022-07-05 Sold (MLS) $975,000 OneKey® MLS as Distributed by MLS Grid
• 2022-05-05 Pending — OneKey® MLS as Distributed by MLS Grid
• 2022-04-05 Listed $989,000 OneKey® MLS as Distributed by MLS Grid
• 2021-03-09 Sold (Public Records) $780,000 Public Records

Property tax history

+15.3%/yr

Latest (2025): $7,000 · -2.4% YoY. Source: county tax records.