458 E Fulton · Long Beach, NY 11561

$1,299,000

6 bd · 4.0 ba · 2,778 sqft · MultiFamily public records · 27 Days on market

Built 1987 Est $1481k · 12% 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 +13.0/15.0
• Cash flow +7.5/30.0
• Schools +5.9/10.0
• Livability +4.1/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• DSCR +1.6/10.0
• 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 MLS

"JUST LISTED" Custom built legal two (2) with two identical apartments. Each unit has three bedrooms, 2 baths, living room, dining room, and an eat in kitchen. Each unit has its own washer and dryer and separate heating units. Upstairs has central air and a porch facing west. Besides a garage there is off street parking for 3-4 cars. Both units have an updated kitchen. There is a lovely backyard for entertaining. THIS IS A MUST SEE

Key facts

• Porch facing west
• Identical apartments
• Garage

Tags

• CUSTOM BUILT LEGAL TWO
• IDENTICAL APARTMENTS
• EACH UNIT HAS WASHER AND DRYER
• SEPARATE HEATING UNITS
• UPSTAIRS HAS CENTRAL AIR
• PORCH FACING WEST

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2-bath units multifamily listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $-2k ($-25k/yr) — negative. Per door: $-1k/mo.
• To cash-flow at today's rent, offer at most $937k (27.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $891k (31.4% below list).
• Recommended offer: $891k (31.4% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 2.1% in Long Beach — 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 (#84 in NY, #1,285 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: cost of living F.
• Long Beach City School District (suburban): math 66% / reading 65% proficiency, ranked #150 of 590 in NY (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.8%/yr); 352 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).
• At $8,914/mo this rent would consume 76% of the median local household income ($142k/yr) (locally 1284% 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 $9k of loan paydown is wiped out by about $39k 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 27 days — a 2% lower offer ($1.28M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $330k; list at $1.30M implies a 294% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $891,400 (31.4% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 0.69% ✗
• Cap rate: 4.80%
• Cash-on-cash: -5.34%
• DSCR: 0.76
• GRM: 12.1

CMA / ARV

• ARV (median comp): $1,480,562
• List price: $1,299,000
• Delta: -12.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
429 E Park Ave	0.18mi	5/3.0 (-1)	2,791 (+0%)	8mo	$975,000	$349	75
272 E Harrison St	0.31mi	5/3.0 (-1)	2,710 (-2%)	4mo	$950,000	$351	69
725 E Broadway	0.60mi	6/4.0	2,870 (+3%)	8mo	$1,588,000	$553	60
615 E Olive St	0.37mi	5/4.0 (-1)	2,979 (+7%)	8mo	$935,000	$314	59
318 E Olive St	0.39mi	6/4.0	3,192 (+15%)	7mo	$1,250,000	$392	51
565 E Hudson St	0.16mi	5/3.0 (-1)	2,407 (-13%)	12mo	$999,000	$415	51

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 · 4.84% rent growth · sell at horizon

5-year hold

• IRR: -25.9%
• Equity multiple: 0.11×
• Total profit: $-323,828
• Equity at exit: $193,685

10-year hold

• IRR: -17.6%
• Equity multiple: -0.04×
• Total profit: $-377,392
• Equity at exit: $112,314

Cash invested: $363,720 (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 11561

• Rents YoY: 4.8%
• Active inventory: 352
• Price-to-rent: 24.3×

Monthly cashflow live

• Estimated rent: $8,914 high
• Mortgage (P&I): −$6,812
• Tax from tax record: −$1,309 /mo · $15,704/yr
• Insurance: −$541
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,872
• Net cashflow: $-2,046

Break-even live

Break-even rent $11,504

Max offer price $937,480

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$8,914
Total (2 units)			$8,914

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: $324,750
• Closing costs: $38,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
302 W Hudson St Long Beach, NY	6.0	2.0	2000	$6,500	$3.25	19d	1	1.21mi

Listing history 3 events

1. 2026-05-11
   status Pending 446-char remark

   Show marketing remark (446 chars)

   "JUST LISTED" Custom built legal two (2) with two identical apartments. Each unit has three bedrooms, 2 baths, living room, dining room, and an eat in kitchen. Each unit has its own washer and dryer and separate heating units. Upstairs has central air and a porch facing west. Besides a garage there is off street parking for 3-4 cars. Both units have an updated kitchen. There is a lovely backyard for entertaining. THIS IS A MUST SEE

2. 2026-04-14
   listed $1,299,000 Active 446-char remark

   Show marketing remark (446 chars)

   "JUST LISTED" Custom built legal two (2) with two identical apartments. Each unit has three bedrooms, 2 baths, living room, dining room, and an eat in kitchen. Each unit has its own washer and dryer and separate heating units. Upstairs has central air and a porch facing west. Besides a garage there is off street parking for 3-4 cars. Both units have an updated kitchen. There is a lovely backyard for entertaining. THIS IS A MUST SEE

3. 1988-01-29
   soldstatus $330,000

ⓘ 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: $15,704 · $1,309/mo
• Projected year-2 tax: $18,828 · $1,569/mo
• Expected delta: +$3,125/yr (+$260/mo · 19.9%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 86% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $106,968
• − Mortgage interest: −$72,764
• − Property taxes: −$15,704
• − Insurance: −$11,614
• − Repairs & maintenance: −$8,557
• − Management: −$8,557
• − Depreciation: −$37,789
• Taxable loss: −$48,018
• Est. tax savings @ 24.0%: +$11,524
• After-tax cash flow: $-13,034/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: Long Beach City School District
• NCES district ID: 3617730
• Math proficiency: 66% ▼ -6.00%
• Reading proficiency: 65% ▼ -1.00%
• Median HH income: $86,938
• Composite: 59.18/100
• National rank: #947
• State rank: #150 of 590 in NY

Livability — Long Beach

• Score: 82/100
• State rank: #84
• US rank: #1285

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Long Beach, NY
• County: Nassau County · 653,051 people
• City population: 38,708
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 38,708
• Household income: $141,629
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 1284.0

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: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 14% Two or more races 7% Asian 5% Black 4%
• Hispanic origin (detail): Puerto Rican 2% Dominican 1%
• Common ancestry: Romanian 4% Scotch-Irish 4% Italian 2%
• Foreign-born: 14% · Canada, Jamaica, China
• Languages at home: 84% English-only · Spanish 8% Other Indo-European 3% Tagalog/Filipino 2%

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: ▼ -1067.69%
• Current HPI: 309.3598
• Rent YoY: ▲ 4.84%
• 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

+293.6% since first listed

3 events — show timeline

• 2026-05-11 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-14 Listed $1,299,000 OneKey® MLS as Distributed by MLS Grid
• 1988-01-29 Sold (Public Records) $330,000 Public Records

Property tax history

+6.1%/yr

Latest (2024): $15,704 · +1.3% YoY. Source: county tax records.