153 Cornell St · Hempstead, NY 11550

$599,000

None bd · 2.0 ba · 1,656 sqft · MultiFamily public records · 34 Days on market

Built 1908 9,545 sqft lot $362/sqft · 39% below area Est $976k · 39% under

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Why this score? — see what drove the B 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 +29.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

This is a handyman special, the property need work. Only cash deal will be entertain need proof of funds when submitting your offer as per Nassau County public record the property is a two family house. It has an addition Building next to it. Please see Google Map for more in formation.

Key facts

• 9,545 sq ft lot
• Built 1908
• Listed 34 days

Property features AI

Exterior

• Parking: Driveway; No carport
• Utilities: Public sewer; No listed utilities
• Home design: Duplex
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront

Interior

• Heating & cooling: Other heating; No central cooling
• Interior features: Other interior features

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2-bath units multifamily listed at $599k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $599k).
• Recommended offer: $581k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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-, 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.
• Zoned schools: David Paterson School (math 29% / reading 39%, grade F, #1,628 of 2,108 statewide, top 77%, 404 students, 61% FRL); Alverta B Gray Schultz Middle School (math 11% / reading 27%, grade F, #688 of 729 statewide, top 94%, 938 students, 73% FRL); Hempstead High School (math 50% / reading 69%, grade C+, #851 of 1,100 statewide, top 80%, 1,866 students, 63% FRL).
• Market conditions: 167 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).
• At $7,855/mo this rent would consume 102% of the median local household income ($93k/yr) (locally 2535% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $168k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($581k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $72k; list at $599k implies a 726% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; major wind risk, 56% 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 $581,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 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 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.31% ✓
• Cap rate: 10.48%
• Cash-on-cash: 14.96%
• DSCR: 1.67
• GRM: 6.4

CMA / ARV

• ARV (median comp): $976,378
• List price: $599,000
• Delta: -38.65%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 Cornell St	0.13mi	4/2.0	1,472 (-11%)	14mo	$490,000	$333	64

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

Projected returns pro-forma

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

5-year hold

• IRR: 5.6%
• Equity multiple: 1.22×
• Total profit: $36,239
• Equity at exit: $89,313

10-year hold

• IRR: 15.0%
• Equity multiple: 2.21×
• Total profit: $203,489
• Equity at exit: $51,791

Cash invested: $167,720 (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: 167
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $7,855 high
• Mortgage (P&I): −$3,141
• Tax from tax record: −$723 /mo · $8,680/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,650
• Net cashflow: $2,091

Break-even live

Break-even rent $5,208

Max offer price $599,000

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$7,856
Total (2 units)			$7,855

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
303 Main St Hempstead, NY	1.0–2.0	1.0–2.0	1029	$4,326	$4.20	1d	7	0.65mi
36 Hilton Ave Unit 108 Hempstead, NY	1.0	2.0	1135	$2,850	$2.51	22d	1	1.03mi
365 Stewart Ave Garden City, NY	1.0–2.0	1.0–2.0	1034	$4,985	$4.82	1d	1	1.05mi
44 Hilton Ave Unit A3 Garden City, NY	2.0	1.0	1148	$2,954	$2.57	15d	1	1.13mi
44 Hilton Ave Unit C2 Garden City, NY	2.0	1.0	1345	$2,750	$2.04	10d	1	1.13mi
366 Greenwich St Hempstead, NY	3.0	1.5	1504	$4,000	$2.66	1d	1	1.43mi
523 Hawthorne Ave Uniondale, NY	3.0	1.0	1328	$3,300	$2.48	25d	1	1.44mi

Listing history 17 events

1. 2026-06-18
   days on market $599,000 Active 34 DOM
2. 2026-06-17
   days on market $599,000 Active 33 DOM
3. 2026-06-16
   days on market $599,000 Active 32 DOM
4. 2026-06-15
   days on market $599,000 Active 31 DOM
5. 2026-06-13
   days on market $599,000 Active 29 DOM
6. 2026-06-13
   days on market $599,000 Active 28 DOM
7. 2026-06-09
   days on market $599,000 Active 25 DOM
8. 2026-06-08
   days on market $599,000 Active 24 DOM
9. 2026-06-07
   days on market $599,000 Active 23 DOM
10. 2026-06-04
    days on market $599,000 Active 20 DOM
11. 2026-06-03
    days on market $599,000 Active 19 DOM
12. 2026-06-02
    days on market $599,000 Active 18 DOM
13. 2026-06-01
    days on market $599,000 Active 17 DOM
14. 2026-05-31
    days on market $599,000 Active 16 DOM
15. 2026-05-15
    listed $599,000 Active 288-char remark
16. 1998-10-05
    soldstatus $72,500
17. 1998-04-28
    soldstatus $87,000

ⓘ 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: $8,680 · $723/mo
• Projected year-2 tax: $9,401 · $783/mo
• Expected delta: +$722/yr (+$60/mo · 8.3%)

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

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 56% 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: $94,260
• − Mortgage interest: −$33,553
• − Property taxes: −$8,680
• − Insurance: −$2,995
• − Repairs & maintenance: −$7,541
• − Management: −$7,541
• − Depreciation: −$17,425
• Taxable income: $16,525
• Est. tax owed @ 24.0%: −$3,966
• After-tax cash flow: $21,130/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)

• 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

+588.5% since first listed

3 events — show timeline

• 2026-05-15 Listed $599,000 OneKey® MLS as Distributed by MLS Grid
• 1998-10-05 Sold (Public Records) $72,500 Public Records
• 1998-04-28 Sold (Public Records) $87,000 Public Records

Property tax history

+1.6%/yr

Latest (2024): $8,680 · -4.4% YoY. Source: county tax records.