69-43 Hillmeyer Ave · New York, NY 11692

$499,900

6 bd · 2.0 ba · 1,817 sqft · MultiFamily public records · 44 Days on market

Built 1940 2,625 sqft lot Est $629k · 20% under

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Why this score? — see what drove the A 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.8/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

Semi-attached, 2-Family Duplex, with 6-bedrooms, 2 bathrooms, mid-block location, close to local shopping, transportation, water and ocean beaches. Don’t miss out on this opportunity!

Key facts

• 2,625 sq ft lot
• Built 1940
• Listed 44 days

Property features AI

Exterior

• Parking: Driveway access; No carport
• Utilities: Sewer: Other; Utilities: See remarks
• Home design: Duplex; Fixer condition
• Construction: Frame construction
• Exterior features: Front yard; Back yard; Not waterfront

Interior

• Bedrooms: Two 3-bedroom units
• Flooring: Tile flooring
• Bathrooms: Two full bathrooms
• Heating & cooling: Hot water heating; Natural gas heating; No central cooling
• Interior features: First-floor bedroom; First-floor full bathroom; Front porch

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $500k).
• Recommended offer: $485k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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 $7,400/mo this rent would consume 179% 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 $53k of equity ($3k loan paydown + $50k appreciation (10.0% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $140k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$86k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($485k) is reasonable based on typical stale-listing flexibility.
• 2 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.
• Current owner paid $315k; list at $500k implies a 59% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; major wind risk, 77% 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 $484,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.48% ✓
• Cap rate: 12.72%
• Cash-on-cash: 22.97%
• DSCR: 2.02
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $628,682
• Comps found: 6

Show comp detail 6 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 (+6%)	13mo	$550,000	$286	58
69-43 Thursby Ave	0.19mi	5/2.0 (-1)	2,068 (+14%)	11mo	$810,000	$392	54
6235 Burchell Rd	0.42mi	5/3.0 (-1)	2,000 (+10%)	5mo	$867,347	$434	51
609 Beach 63rd St	0.38mi	5/2.0 (-1)	2,068 (+14%)	7mo	$565,000	$273	48
65-05 Beach Channel Dr	0.44mi	5/2.0 (-1)	2,024 (+11%)	21mo	$700,000	$346	38
193 Beach 59th St	0.70mi	5/3.0 (-1)	2,052 (+13%)	6mo	$710,000	$346	32

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: 41.1%
• Equity multiple: 4.13×
• Total profit: $438,621
• Equity at exit: $450,350

10-year hold

• IRR: 35.4%
• Equity multiple: 9.29×
• Total profit: $1,160,773
• Equity at exit: $971,196

Cash invested: $139,972 (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: 11.3×

Monthly cashflow live

• Estimated rent: $7,400 medium
• Mortgage (P&I): −$2,622
• Tax from tax record: −$337 /mo · $4,048/yr
• Insurance: −$208
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,554
• Net cashflow: $2,612

Break-even live

Break-even rent $4,093

Max offer price $499,900

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$7,400
Total (2 units)			$7,400

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: $124,975
• Closing costs: $14,997
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-13
   statusdays on market $499,900 Pending 44 DOM
2. 2026-06-10
   days on market $499,900 Active 43 DOM
3. 2026-06-08
   days on market $499,900 Active 42 DOM
4. 2026-06-08
   days on market $499,900 Active 41 DOM
5. 2026-06-04
   days on market $499,900 Active 38 DOM
6. 2026-06-03
   days on market $499,900 Active 37 DOM
7. 2026-06-01
   days on market $499,900 Active 35 DOM
8. 2026-05-31
   days on market $499,900 Active 34 DOM
9. 2026-04-27
   listed $499,900 Active
10. 2015-12-02
    soldstatus $314,767
11. 2014-01-30
    historical
12. 2013-07-31
    listed $150,000
13. 2005-06-30
    soldstatus $390,000
14. 2003-07-17
    soldstatus $275,000
15. 2002-10-22
    soldstatus $50,000
16. 1991-04-01
    soldstatus $115,000

ⓘ 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: $4,048 · $337/mo
• Projected year-2 tax: $6,248 · $521/mo
• Expected delta: +$2,200/yr (+$183/mo · 54.4%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥96°F today · 16 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: $88,800
• − Mortgage interest: −$28,002
• − Property taxes: −$4,048
• − Insurance: −$3,297
• − Repairs & maintenance: −$7,104
• − Management: −$7,104
• − Depreciation: −$14,543
• Taxable income: $24,703
• Est. tax owed @ 24.0%: −$5,929
• After-tax cash flow: $25,420/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

+334.7% since first listed

8 events — show timeline

• 2026-04-27 Listed $499,900 OneKey® MLS as Distributed by MLS Grid
• 2015-12-02 Sold (Public Records) $314,767 Public Records
• 2014-01-30 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2013-07-31 Listed $150,000 OneKey® MLS as Distributed by MLS Grid
• 2005-06-30 Sold (Public Records) $390,000 Public Records
• 2003-07-17 Sold (Public Records) $275,000 Public Records
• 2002-10-22 Sold (Public Records) $50,000 Public Records
• 1991-04-01 Sold (Public Records) $115,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $4,048 · -2.4% YoY. Source: county tax records.