51 W Hitchcock Ave · Floral Park, NY 11001

$799,000

6 bd · 2.0 ba · 1,912 sqft · MultiFamily public records · 15 Days on market

Built 1922 2,475 sqft lot Est $1092k · 27% under

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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).

• ARV discount +15.0/15.0
• Cash flow +11.8/30.0
• Schools +7.2/10.0
• Livability +4.1/5.0
• DSCR +3.5/10.0
• 1% rule +2.9/10.0
• 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 Great Opportunity to own an income home in the Village of Floral Park. This well maintained two family home property features one bedroom on the first floor, with plenty of open space for a living room, dining room and endless possibilities. Second floor boasts 2 bedrooms and lots of space and storage. The basement is full with outside entrance to a private yard and access to a detached garage. This home is convenient to all, and will be delivered vacant. Whether you are looking to live on one floor and rent the other, or rent the whole home as an investment, this property offers incredible potential.

Key facts

• Private yard
• Full basement
• Detached garage

Tags

• PRIVATE YARD
• DETACHED GARAGE
• FULL BASEMENT

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $799k.

Deal economics

• At list price, monthly cash flow is $-215 ($-3k/yr) — negative. Per door: $-107/mo.
• To cash-flow at today's rent, offer at most $761k (4.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $632k (20.8% below list).
• Recommended offer: $632k (20.8% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 2.9% in Floral Park — 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 82/100 on livability (#80 in NY, #1,231 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities D, cost of living F.
• Sewanhaka Central High School District (suburban): math 76% / reading 83% proficiency, ranked #43 of 590 in NY (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Floral Park Memorial High School (math 75% / reading 84%, grade A-, #518 of 1,100 statewide, top 51%, 1,310 students, 23% FRL) — zoned schools at 23% FRL track the district average.
• Market conditions: 121 active listings in the ZIP; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k 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 15 days — a 2% lower offer ($787k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $450k; list at $799k implies a 78% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $632,500 (20.8% 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. 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 1922 — 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 A-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?
7. 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?
8. 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.
9. 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.
10. 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: 0.79% ✗
• Cap rate: 5.97%
• Cash-on-cash: -1.15%
• DSCR: 0.95
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $1,091,752
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
520 Lakeville Rd	0.66mi	5/2.0 (-1)	2,005 (+5%)	8mo	$1,145,000	$571	49
8762 Little Neck Pkwy	0.70mi	5/3.0 (-1)	1,666 (-13%)	6mo	$785,000	$471	32

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: -18.2%
• Equity multiple: 0.36×
• Total profit: $-143,261
• Equity at exit: $119,133

10-year hold

• IRR: -10.5%
• Equity multiple: 0.36×
• Total profit: $-142,767
• Equity at exit: $69,083

Cash invested: $223,720 (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 11001

• Active inventory: 121
• Price-to-rent: 21.1×

Monthly cashflow live

• Estimated rent: $6,325 high
• Mortgage (P&I): −$4,190
• Tax from tax record: −$689 /mo · $8,265/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,328
• Net cashflow: $-215

Break-even live

Break-even rent $6,597

Max offer price $761,020

Occupancy floor 98%

Sensitivity live

Price	-10% $237	-5% $11	+0% $-215	+5% $-441	+10% $-667
Rent	-10% $-715	-5% $-465	+0% $-215	+5% $35	+10% $285
Rate	-1.0pp $187	-0.5pp $-12	base $-215	+0.5pp $-422	+1.0pp $-633

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$6,324
Total (2 units)			$6,325

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: $199,750
• Closing costs: $23,970
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-03-27
   status Pending
2. 2026-03-12
   listed $799,000 Active
3. 2004-12-27
   soldstatus $450,000
4. 2004-12-27
   soldstatus $450,000

ⓘ 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: $8,265 · $689/mo
• Projected year-2 tax: $10,884 · $907/mo
• Expected delta: +$2,619/yr (+$218/mo · 31.7%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $75,900
• − Mortgage interest: −$44,756
• − Property taxes: −$8,265
• − Insurance: −$3,995
• − Repairs & maintenance: −$6,072
• − Management: −$6,072
• − Depreciation: −$23,244
• Taxable loss: −$16,505
• Est. tax savings @ 24.0%: +$3,961
• After-tax cash flow: $1,381/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: Sewanhaka Central High School District
• NCES district ID: 3626520
• Math proficiency: 76% ▬ 0.00%
• Reading proficiency: 83% ▲ 9.00%
• Median HH income: $95,771
• Composite: 71.6/100
• National rank: #220
• State rank: #43 of 590 in NY

Livability — Floral Park

• Score: 82/100
• State rank: #80
• US rank: #1231

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Floral Park, NY
• City population: 25,714
• Population (ZIP): 25,714

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 0.65)
• Race & ethnicity: White 51% Asian 24% Hispanic / Latino 15% Two or more races 8% Black 6%
• Hispanic origin (detail): Puerto Rican 2% Dominican 2%
• Common ancestry: Romanian 4% Hispanic 1% Lithuanian 1%
• Foreign-born: 29% · Canada, China, Jamaica
• Languages at home: 65% English-only · Other Indo-European 13% Spanish 10% Chinese 4%

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: ▼ -783.47%
• Current HPI: 310.3226
• Rent YoY: —
• Metro: —
• 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

+77.6% since first listed

4 events — show timeline

• 2026-03-27 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-12 Listed $799,000 OneKey® MLS as Distributed by MLS Grid
• 2004-12-27 Sold (Public Records) $450,000 Public Records
• 2004-12-27 Sold (Public Records) $450,000 Public Records

Property tax history

+2.1%/yr

Latest (2024): $8,265 · +2.0% YoY. Source: county tax records.