7221 Hillmeyer Ave · New York, NY 11692

$699,000

4 bd · 2.0 ba · 2,001 sqft · MultiFamily public records · 1 Days on market

Built 2000 3,000 sqft lot Est $734k · at est.

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Why this score? — see what drove the B- 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 +22.4/30.0
• Appreciation +10.0/10.0
• ARV discount +9.7/15.0
• DSCR +7.2/10.0
• Schools +5.0/10.0
• 1% rule +4.9/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Welcome to a fully renovated, move-in ready two-family home offering flexibility, efficiency, and immediate income potential. Both units are vacant and newly updated, making this the perfect opportunity for an end-user looking to live in one unit while generating passive income from the other — or for an investor seeking a turnkey rental property. This property features: • Two renovated units ready for immediate occupancy • Solar panels for improved energy efficiency • Tankless hot water system • Private driveway • Private backyard space • Separate entrances for added privacy Whether you're looking to offset your mortgage with rental income or expand yo

Key facts

• Renovated units
• Private driveway
• Solar panels

Tags

• RENOVATED UNITS
• SOLAR PANELS
• TANKLESS HOT WATER SYSTEM
• PRIVATE DRIVEWAY
• PRIVATE BACKYARD SPACE
• SEPARATE ENTRANCES

Property features AI

Finance

• Financial info: Financing available: bank mortgage, cash, exchange considered

Exterior

• Parking: Private drive with 2 parking spaces
• Utilities: 200 Amp electric service; Tankless hot water; Radiant heating (baseboard delivery)
• Home design: Semi-detached residential building; 2-unit building
• Construction: Block and wood frame construction; Siding exterior; Shingle roof; Slab concrete foundation
• Exterior features: Front yard; Back yard; Partially fenced

Interior

• Kitchen: Oven/Range; Refrigerator
• Bedrooms: Unit 1 (1st floor): 3 bedrooms; Unit 2 (2nd floor): 2 bedrooms
• Flooring: Carpeting; Laminate floors; Tile floors
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath; Total full baths: 2
• Heating & cooling: Radiant heating with baseboard delivery; Tankless hot water
• Interior features: Refrigerator; Stove
• Laundry & utility: No central AC units listed

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $699k.

Deal economics

• At list price, monthly cash flow is $740 ($9k/yr) — positive. Per door: $370/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $694k (0.7% below list).
• Recommended offer: $694k (0.7% below list) — sets the bar for 1% rule.
• Cap rate 8.3% vs local median 2.6% in New York — 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 75/100 on livability (#268 in NY, #4,188 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: crime F, cost of living F.
• Market conditions: 80 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $6,939/mo this rent would consume 167% of the median local household income ($50k/yr) (locally 1734% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $75k of equity ($5k loan paydown + $70k appreciation (10.0% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $196k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$120k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts; this cycle's ask has dropped $100k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $211k; list at $699k implies a 231% 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); major wind risk, 77% 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 $693,900 (0.7% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.99% ✗
• Cap rate: 8.30%
• Cash-on-cash: 7.15%
• DSCR: 1.32
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $734,367
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
618 Beach 67th St	0.29mi	4/2.0	1,946 (-3%)	12mo	$715,000	$367	72
69-43 Thursby Ave	0.21mi	5/2.0 (+1)	2,068 (+3%)	11mo	$810,000	$392	70
6235 Burchell Rd	0.50mi	5/3.0 (+1)	2,000 (-0%)	5mo	$867,347	$434	64
345 Beach 73rd St	0.35mi	5/2.0 (+1)	1,926 (-4%)	13mo	$550,000	$286	62
609 Beach 63rd St	0.47mi	5/2.0 (+1)	2,068 (+3%)	7mo	$565,000	$273	62
65-05 Beach Channel Dr	0.50mi	5/2.0 (+1)	2,024 (+1%)	21mo	$700,000	$346	53
6523 Seaspray Ave	0.72mi	4/3.0	2,258 (+13%)	8mo	$1,170,000	$518	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.6%
• Equity multiple: 3.19×
• Total profit: $427,870
• Equity at exit: $629,715

10-year hold

• IRR: 24.1%
• Equity multiple: 7.25×
• Total profit: $1,223,046
• Equity at exit: $1,358,003

Cash invested: $195,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City New York: 0 Strongly Tenant-Friendly · D+34

Rent Stabilization Code; HSTPA; 6+ months in housing court.

Methodology + full state rankings →

ZIP-level market 11692

• Home prices YoY: 14.4%
• Active inventory: 80
• Price-to-rent: 16.8×

Monthly cashflow live

• Estimated rent: $6,939 medium
• Mortgage (P&I): −$3,666
• Tax from tax record: −$358 /mo · $4,302/yr
• Insurance: −$291
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,457
• Net cashflow: $740

Break-even live

Break-even rent $6,002

Max offer price $699,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$6,938
Total (2 units)			$6,939

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: $174,750
• Closing costs: $20,970
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6935 Hessler Ave Arverne, NY	3.0	1.5	1596	$3,300	$2.07	24d	1	0.25mi
75-18 Aquatic Dr Unit B Arverne, NY	3.0	2.5	2034	$3,500	$1.72	24d	1	0.53mi
1-76 Beach 97th St Unit 3 Rockaway Beach, NY	3.0	1.0	1500	$4,000	$2.67	7d	1	1.22mi
325 Beach 46th St Far Rockaway, NY	3.0	1.5	2250	$3,100	$1.38	24d	1	1.30mi
2-27R Beach 99th St Rockaway Park, NY	3.0	1.0	2208	$3,500	$1.59	24d	1	1.31mi

Listing history 17 events

1. 2026-06-17
   pricedays on marketlisting id $699,000 Active 1 DOM
2. 2026-06-17
   days on market $799,000 Active 71 DOM
3. 2026-06-15
   days on market $799,000 Active 69 DOM
4. 2026-06-13
   days on market $799,000 Active 67 DOM
5. 2026-06-10
   days on market $799,000 Active 63 DOM
6. 2026-06-08
   days on market $799,000 Active 62 DOM
7. 2026-06-08
   days on market $799,000 Active 61 DOM
8. 2026-06-04
   days on market $799,000 Active 58 DOM
9. 2026-06-03
   days on market $799,000 Active 57 DOM
10. 2026-06-01
    days on market $799,000 Active 55 DOM
11. 2026-05-31
    days on market $799,000 Active 54 DOM
12. 2026-04-07
    listed $799,000 Active
13. 2026-04-06
    historical
14. 2026-03-03
    listed $839,000 Active
15. 2025-02-25
    historical $2,750
16. 2025-02-07
    listed $2,750
17. 2000-11-29
    soldstatus $211,000

ⓘ 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: $4,302 · $358/mo
• Projected year-2 tax: $8,057 · $671/mo
• Expected delta: +$3,756/yr (+$313/mo · 87.3%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 99% 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 77% 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: $83,268
• − Mortgage interest: −$39,155
• − Property taxes: −$4,302
• − Insurance: −$8,614
• − Repairs & maintenance: −$6,661
• − Management: −$6,661
• − Depreciation: −$20,335
• Taxable loss: −$2,459
• Est. tax savings @ 24.0%: +$590
• After-tax cash flow: $9,469/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)

No district data.

Livability — New York

• Score: 75/100
• State rank: #268
• US rank: #4188

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New York, NY
• County: Queens County · 1,914,869 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 22,734
• Household income: $49,720
• Rent vs Own: 66.9% rent · 33.1% own
• Severe rent burden: 1734.0

Population outlook (Queens County) Hauer SSP2

• Today (2025): 2,546,320 people
• By 2030: 2,643,059 · +3.8%
• By 2040: 2,815,563 · +10.6%
• By 2050: 2,944,423 · +15.6%
• By 2075: 3,123,338 · +22.7%
• By 2100: 3,098,688 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Black 53% Hispanic / Latino 24% Two or more races 15% White 13% Asian 6%
• Hispanic origin (detail): Puerto Rican 10% Dominican 5%
• Common ancestry: Romanian 1%
• Foreign-born: 31% · Canada, China, Jamaica
• Languages at home: 67% English-only · Spanish 18% Other Indo-European 3% Russian/Polish/Slavic 3%

Political lean MEDSL · Queens

• 2024 margin: Strong D (+24.6) · D 62.3% · R 37.7%
• 2008→2024 swing: -26.2pp toward R · 2008: 50.8pp · 2024: 24.6pp
• All cycles: 2024: D+24.6 2020: D+45.2 2016: D+53.4 2012: D+58.5 2008: D+50.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 44.49%
• Current HPI: 354.2007
• 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

+278.7% since first listed

6 events — show timeline

• 2026-04-07 Listed $799,000 BNYMLS
• 2026-04-06 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-03-03 Listed $839,000 OneKey® MLS as Distributed by MLS Grid
• 2025-02-25 Rental Removed $2,750 ONEKEY
• 2025-02-07 Listed for Rent $2,750 ONEKEY
• 2000-11-29 Sold (Public Records) $211,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $4,302 · +147.7% YoY. Source: county tax records.