24 Mulford Pl Unit 6A · Hempstead, NY 11550

$319,000

2 bd · 1.0 ba · 850 sqft · Condo · 76 Days on market

Built 1957 Good condition $375/sqft · at area comps Est $323k · at est. ↓ 9% since listing

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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 +19.3/30.0
• ARV discount +8.1/15.0
• DSCR +6.1/10.0
• 1% rule +5.1/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Fully Renovated 2 Bedroom/1Bath Co-op in Cathedral Gardens, Gated Park Like Community. Don't miss out on a Great Opportunity.

Key facts

• Fully renovated
• Built 1957
• Listed 76 days

Tags

• GATED PARK LIKE COMMUNITY
• FULLY RENOVATED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $319k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $350 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $319k).
• Recommended offer: $300k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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-, schools D, 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.
• Market conditions: 167 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).
• This rent runs 42% of the median local income ($93k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 76 days — a 6% lower offer ($300k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; major wind risk, 51% 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 $299,860 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.01% ✓
• Cap rate: 7.61%
• Cash-on-cash: 4.70%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

• ARV (median comp): $323,247
• List price: $319,000
• Delta: -1.31%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.0%
• Equity multiple: 0.67×
• Total profit: $-29,343
• Equity at exit: $47,564

10-year hold

• IRR: 0.5%
• Equity multiple: 1.04×
• Total profit: $3,361
• Equity at exit: $27,581

Cash invested: $89,320 (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: 8.2×

Monthly cashflow live

• Estimated rent: $3,234 high
• Mortgage (P&I): −$1,673
• Tax est. 1.5%: −$399 /mo · $4,785/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$679
• Net cashflow: $350

Break-even live

Break-even rent $2,791

Max offer price $319,000

Occupancy floor 84%

Sensitivity live

Price	-10% $571	-5% $460	+0% $350	+5% $240	+10% $130
Rent	-10% $95	-5% $222	+0% $350	+5% $478	+10% $606
Rate	-1.0pp $511	-0.5pp $431	base $350	+0.5pp $267	+1.0pp $183

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36 Hilton Ave Unit 306 Hempstead, NY	1.0	1.0	1003	$2,350	$2.34	16d	1	0.11mi
20 Wendell St Apt 11A Hempstead, NY	2.0	1.0	800	$2,950	$3.69	13d	1	0.43mi
111 Hempstead Tpke West Hempstead, NY	3.0	1.0–2.5	1226	$5,539	$4.52	2d	87	0.59mi
130 Hempstead Ave West Hempstead, NY	1.0–3.0	1.0–2.0	1113	$4,136	$3.72	2d	6	0.61mi
303 Main St Hempstead, NY	1.0–2.0	1.0–2.0	1029	$4,326	$4.20	2d	7	0.61mi
31-33 Burr Ave Hempstead, NY	3.0	1.0	700	$3,500	$5.00	44d	1	0.66mi
23 Maple Ave Hempstead, NY	2.0	1.0	650	$3,000	$4.62	20d	1	0.69mi
343 Jackson St Unit 3 Hempstead, NY	2.0	1.5	1000	$3,300	$3.30	25d	1	0.78mi
343 Jackson St Unit 1 Hempstead, NY	2.0	2.0	1000	$3,300	$3.30	44d	1	0.78mi
196 S Franklin St Hempstead, NY	2.0	1.0	600	$3,200	$5.33	44d	1	0.79mi
12 Elm Ave Unit 1 Hempstead, NY	3.0	1.0	970	$3,500	$3.61	19d	1	0.80mi
457 Front St Hempstead, NY	1.0	1.0	700	$2,352	$3.36	44d	1	0.89mi
34 Elizabeth Ave Hempstead, NY	1.0	1.0	900	$2,300	$2.56	18d	1	0.90mi
539 Front St Hempstead, NY	2.0	1.0	850	$3,200	$3.76	22d	1	1.05mi
20 Ingraham Ln Hempstead, NY	3.0	1.0	950	$3,150	$3.32	44d	1	1.12mi
254 Stewart Ave Unit 2C Hempstead, NY	1.0	1.0	800	$2,350	$2.94	3d	1	1.22mi
365 Stewart Ave Garden City, NY	1.0–2.0	1.0–2.0	1034	$4,985	$4.82	2d	1	1.35mi
2 Vanata Ct Hempstead, NY	3.0	1.0	1024	$3,800	$3.71	25d	1	1.40mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-03-23
   price $319,000
2. 2026-03-03
   price $335,000
3. 2026-02-20
   listed $350,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 51% 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: $38,805
• − Mortgage interest: −$17,869
• − Property taxes: −$4,785
• − Insurance: −$1,595
• − Repairs & maintenance: −$3,104
• − Management: −$3,104
• − Depreciation: −$9,280
• Taxable loss: −$933
• Est. tax savings @ 24.0%: +$224
• After-tax cash flow: $4,425/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This fully renovated Co-op in Cathedral Gardens offers a move-in-ready living space with good condition and fresh curb appeal.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value
• Both Painting exterior — Fresh paint improves curb appeal and value
• Both Landscaping and exterior maintenance — Maintains and enhances curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both Painting exterior — Fresh paint improves curb appeal and value ↑
• Both Landscaping and exterior maintenance — Maintains and enhances curb appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-8.9% since first listed

3 events — show timeline

• 2026-03-23 Price Changed $319,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-03 Price Changed $335,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-20 Listed $350,000 OneKey® MLS as Distributed by MLS Grid