51 W Hitchcock Ave

Floral Park, NY 11001

$799,000D+

6 bd · 2.0 ba · 1,912 sqft · Built 1922 · MultiFamily · Pending · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,325/mo
• Mortgage (P&I): −$4,190
• Tax + insurance: −$1,022
• HOA: −$0
• Vac / Maint / Mgmt: −$1,328
• Net cashflow: $-215/mo
• Annual: $-2,580/yr
• Cap rate: 5.97%
• Cash-on-cash: -1.15%
• DSCR: 0.95
• 1% rule: 0.79%
• Cash to close: $223,720

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $799k.
• 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).
• It's been on market 15 days — a 2% lower offer ($787k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $632k (20.8% below list) — sets the bar for 1% rule.
• 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.
• 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.
• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 121 active listings in the ZIP; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $450k; list at $799k implies a 78% gain — meaningful room to come down on a strong offer.
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.