1543 Sweetman Ave · Elmont, NY 11003

$1,149,000

6 bd · 3.0 ba · 2,775 sqft · MultiFamily public records · 56 Days on market

Built 1966 6,000 sqft lot

---

Why this score? — see what drove the F 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 +7.5/15.0
• Schools +7.2/10.0
• Cash flow +6.8/30.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• DSCR +1.1/10.0
• 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

Rare opportunity to own a spacious South-Facing Legal Two-Family offering exceptional flexibility, strong income potential, and multigenerational living options. Whether you're looking to offset your mortgage with rental income, accommodate extended family, or add a valuable asset to your portfolio, this property delivers a unique combination of space, versatility, and upside rarely found in the area. The upper level is in move-in condition and features a legal expansion with an extended living area and en-suite configuration, enhancing both comfort and long-term value. The main level offers generous living space with a flexible layout ready for your personal vision and updates. The fully f

Key facts

• Flexible layout
• Extended living area
• Legal expansion

Tags

• LEGAL TWO-FAMILY PROPERTY
• THOUGHTFULLY UPDATED LAYOUT
• LEGAL EXPANSION
• EXTENDED LIVING AREA
• EN-SUITE CONFIGURATION
• FLEXIBLE LAYOUT

Property features AI

Exterior

• Parking: Covered carport (4 spaces); Detached/attached garage with 2 spaces and garage door opener; Driveway; Total parking for 6 vehicles
• Utilities: PSEG electric provider; Public sewer; Electricity available; Phone connected; Sewer connected; Trash collection (public); Water connected
• Home design: Duplex; Updated/remodeled condition
• Construction: Brick, frame, shingle siding and vinyl siding exterior; Concrete perimeter foundation; Other structures: carport(s) and garage(s); Crawl attic; Finished full basement with walk-out access
• Exterior features: Mailbox; Back yard; Front yard; Near public transit; Near shops

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Two 3-bedroom units
• Flooring: Hardwood floors; Tile floors
• Bathrooms: Three full bathrooms
• Heating & cooling: Natural gas heating; Solar heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; First-floor full bathroom; Eat-in kitchen; Primary bathroom
• Laundry & utility: Laundry in basement; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/3.0-bath units multifamily listed at $1.15M.

Deal economics

• At list price, monthly cash flow is $-2k ($-21k/yr) — negative. Per door: $-885/mo.
• To cash-flow at today's rent, offer at most $836k (27.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $770k (33.0% below list).
• Recommended offer: $770k (33.0% below list) — sets the bar for 1% rule.
• Cap rate 4.4% vs local median 3.1% in Elmont — 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 (#134 in NY, #2,127 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: 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: Sewanhaka High School (math 70% / reading 77%, grade B+, #663 of 1,100 statewide, top 60%, 1,637 students, 50% FRL) — zoned schools average 50% FRL vs 19% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 141 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $34k 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 56 days — a 3% lower offer ($1.11M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.
• Current owner paid $263k; list at $1.15M implies a 337% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; major wind risk, 54% 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 $769,500 (33.0% 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. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.67% ✗
• Cap rate: 4.44%
• Cash-on-cash: -6.60%
• DSCR: 0.71
• GRM: 12.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -27.7%
• Equity multiple: 0.07×
• Total profit: $-298,846
• Equity at exit: $171,320

10-year hold

• IRR: -26.2%
• Equity multiple: -0.26×
• Total profit: $-405,129
• Equity at exit: $99,345

Cash invested: $321,720 (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 11003

• Active inventory: 141
• Price-to-rent: 24.9×

Monthly cashflow live

• Estimated rent: $7,695 high
• Mortgage (P&I): −$6,025
• Tax from tax record: −$1,345 /mo · $16,135/yr
• Insurance: −$479
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,616
• Net cashflow: $-1,770

Break-even live

Break-even rent $9,935

Max offer price $836,361

Occupancy floor —

Sensitivity live

Price	-10% $-1,119	-5% $-1,445	+0% $-1,770	+5% $-2,095	+10% $-2,420
Rent	-10% $-2,378	-5% $-2,074	+0% $-1,770	+5% $-1,466	+10% $-1,162
Rate	-1.0pp $-1,191	-0.5pp $-1,478	base $-1,770	+0.5pp $-2,068	+1.0pp $-2,370

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	3	$7,694
Total (2 units)			$7,695

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: $287,250
• Closing costs: $34,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1016 Oaks Dr Franklin Square, NY	5.0	2.0	2026	$4,500	$2.22	0d	1	1.03mi

Listing history 15 events

1. 2026-06-21
   days on market $1,149,000 Active 56 DOM
2. 2026-06-18
   days on market $1,149,000 Active 53 DOM
3. 2026-06-17
   days on market $1,149,000 Active 52 DOM
4. 2026-06-16
   days on market $1,149,000 Active 51 DOM
5. 2026-06-16
   pricedays on market $1,149,000 Active 50 DOM
6. 2026-06-04
   days on market $1,200,000 Active 49 DOM
7. 2026-06-03
   days on market $1,200,000 Active 48 DOM
8. 2026-06-02
   days on market $1,200,000 Active 47 DOM
9. 2026-06-01
   days on market $1,200,000 Active 46 DOM
10. 2026-05-31
    days on market $1,200,000 Active 45 DOM
11. 2026-04-16
    historical
12. 2026-04-16
    listed $1,200,000 Active
13. 2026-04-16
    listed $1,200,000 Active
14. 2026-04-07
    historical
15. 1990-10-24
    soldstatus $263,000

ⓘ 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: $16,135 · $1,345/mo
• Projected year-2 tax: $17,777 · $1,481/mo
• Expected delta: +$1,641/yr (+$137/mo · 10.2%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 54% 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: $92,340
• − Mortgage interest: −$64,362
• − Property taxes: −$16,135
• − Insurance: −$5,745
• − Repairs & maintenance: −$7,387
• − Management: −$7,387
• − Depreciation: −$33,425
• Taxable loss: −$42,102
• Est. tax savings @ 24.0%: +$10,104
• After-tax cash flow: $-11,133/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: Sewanhaka Central High School District
• NCES district ID: 3626520
• Math proficiency: 76% ▬ 0.00%
• Reading proficiency: 83% ▲ 9.00%
• Median HH income: $95,771
• Composite: 71.6/100
• National rank: #220
• State rank: #43 of 590 in NY

Livability — Elmont

• Score: 79/100
• State rank: #134
• US rank: #2127

Category grades

Amenities C+ 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: Elmont, NY
• City population: 44,716
• Population (ZIP): 44,716

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: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: Black 41% Hispanic / Latino 22% Asian 17% White 14% Two or more races 11%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4% Dominican 2%
• Common ancestry: Hispanic 12% Romanian 1%
• Foreign-born: 43% · Canada, Jamaica, China
• Languages at home: 53% English-only · Spanish 19% French/Haitian/Cajun 10% Other Indo-European 8%

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: ▼ -654.86%
• Current HPI: 346.1523
• Rent YoY: —
• Metro: —
• 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

+356.3% since first listed

5 events — show timeline

• 2026-04-16 Listed $1,200,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-16 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-04-16 Listed $1,200,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-07 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 1990-10-24 Sold (Public Records) $263,000 Public Records

Property tax history

+2.4%/yr

Latest (2024): $16,135 · +1.7% YoY. Source: county tax records.