11 Hoff Ct

Hempstead, NY 11550

$350,000B+

6 bd · 2.0 ba · 1,700 sqft · Built 1954 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,594/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$939
• HOA: −$0
• Vac / Maint / Mgmt: −$1,175
• Net cashflow: $1,645/mo
• Annual: $19,742/yr
• Cap rate: 11.93%
• Cash-on-cash: 20.14%
• DSCR: 1.90
• 1% rule: 1.60%
• Cash to close: $98,000

Investor read

• This is a 6-bed/2.0-bath single-family listed at $350k.
• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $350k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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: 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) — zoned schools at 68% FRL track the district average.
• Watch-outs: property tax is 2.7% of price; built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 167 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 40% 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).
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 2y 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 57% 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 11.9% 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.
• At $5,594/mo this rent would consume 72% 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.

Questions for listing agent

• Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.