46 Peters Ave · Hempstead, NY 11550

$650,000

6 bd · 2.0 ba · 1,725 sqft · MultiFamily public records · 44 Days on market

Built 1929 5,400 sqft lot Est $735k · 12% under

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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 +25.5/30.0
• ARV discount +12.7/15.0
• DSCR +8.5/10.0
• 1% rule +6.6/10.0
• 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

Welcome to this legal two-family home located in Hempstead, NY. This versatile property offers a fantastic opportunity for owner-occupants or investors, featuring two separate units with private entrances. Each unit provides spacious living areas, well-proportioned bedrooms, and ample natural light throughout. The home sits on a lot with a private backyard, perfect for outdoor enjoyment, and offers convenient parking. Located near shopping, public transportation, schools, and major roadways, this property offers comfort, convenience, and strong income potential. Whether you’re looking to live in one unit and rent the other, or add a solid asset to your investment portfolio, this Hemps

Key facts

• Ample natural light
• Private backyard
• Private entrances

Tags

• TWO FAMILY HOME
• PRIVATE ENTRANCES
• SPACIOUS LIVING AREAS
• AMPLE NATURAL LIGHT
• PRIVATE BACKYARD
• CONVENIENT PARKING

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $760/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $650k).
• Recommended offer: $630k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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: Joseph Mcneil School (math 14% / reading 25%, grade F, #1,992 of 2,108 statewide, top 95%, 401 students, 63% 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).
• At $7,508/mo this rent would consume 97% 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 $20k 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 44 days — a 3% lower offer ($630k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y 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 $246k; list at $650k implies a 164% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 58% 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 $630,500 (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 1929 — 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: 1.16% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.02%
• DSCR: 1.45
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $734,850
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
101 Baldwin Rd	0.31mi	5/2.0 (-1)	1,741 (+1%)	2mo	$620,000	$356	78
40 Mason St	0.48mi	6/3.0	1,854 (+8%)	4mo	$790,000	$426	58
322 Baldwin Rd	0.40mi	5/3.0 (-1)	1,589 (-8%)	7mo	$780,000	$491	53
4 Duryea Pl	0.72mi	5/3.0 (-1)	1,547 (-10%)	4mo	$430,000	$278	37

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: -1.2%
• Equity multiple: 0.95×
• Total profit: $-8,451
• Equity at exit: $96,917

10-year hold

• IRR: 8.5%
• Equity multiple: 1.65×
• Total profit: $117,563
• Equity at exit: $56,200

Cash invested: $182,000 (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: 14.4×

Monthly cashflow live

• Estimated rent: $7,508 high
• Mortgage (P&I): −$3,409
• Tax from tax record: −$732 /mo · $8,781/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,577
• Net cashflow: $1,520

Break-even live

Break-even rent $5,584

Max offer price $650,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$7,508
Total (2 units)			$7,508

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
54 Kane Ave Hempstead, NY	5.0	2.0	1750	$4,800	$2.74	44d	1	0.41mi
67 W Marshall St Hempstead, NY	6.0	2.0	1400	$4,800	$3.43	11d	1	0.41mi
363 Clarendon Rd Uniondale, NY	7.0	3.0	1434	$5,500	$3.84	44d	1	1.30mi

Listing history 11 events

1. 2026-03-18
   status Pending
2. 2026-02-07
   status Active
3. 2026-01-22
   listed $650,000 Active
4. 2013-03-15
   historical
5. 2012-11-09
   listed $110,000
6. 2012-10-25
   historical
7. 2012-10-08
   listed $270,000
8. 2002-10-03
   soldstatus $245,760
9. 1998-09-11
   soldstatus $178,000
10. 1998-03-10
    soldstatus $85,000
11. 1985-11-27
    soldstatus $45,000

ⓘ 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: $8,781 · $732/mo
• Projected year-2 tax: $9,883 · $824/mo
• Expected delta: +$1,102/yr (+$92/mo · 12.5%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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 58% 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: $90,096
• − Mortgage interest: −$36,410
• − Property taxes: −$8,781
• − Insurance: −$3,250
• − Repairs & maintenance: −$7,208
• − Management: −$7,208
• − Depreciation: −$18,909
• Taxable income: $8,330
• Est. tax owed @ 24.0%: −$1,999
• After-tax cash flow: $16,241/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

+1344.4% since first listed

11 events — show timeline

• 2026-03-18 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-02-07 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-01-22 Listed $650,000 OneKey® MLS as Distributed by MLS Grid
• 2013-03-15 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2012-11-09 Listed $110,000 OneKey® MLS as Distributed by MLS Grid
• 2012-10-25 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2012-10-08 Listed $270,000 OneKey® MLS as Distributed by MLS Grid
• 2002-10-03 Sold (Public Records) $245,760 Public Records
• 1998-09-11 Sold (Public Records) $178,000 Public Records
• 1998-03-10 Sold (Public Records) $85,000 Public Records
• 1985-11-27 Sold (Public Records) $45,000 Public Records

Property tax history

+3.2%/yr

Latest (2024): $8,781 · -0.3% YoY. Source: county tax records.