38 5th St · Valley Stream, NY 11581

$899,000

None bd · 2.0 ba · 1,736 sqft · MultiFamily public records · 23 Days on market

Built 1898 7,150 sqft lot Est $939k · at est.

---

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).

• Cash flow +11.5/30.0
• ARV discount +9.4/15.0
• Schools +6.7/10.0
• Livability +4.4/5.0
• DSCR +3.4/10.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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

This Beautifully Updated 2-Family Home In Valley Stream Presents An Incredible Opportunity For Both Homeowners And Investors. Featuring Five Bedrooms And Two Full Bathrooms, The Home Offers Spacious Living With Thoughtful Upgrades Throughout. The Roof Was Recently Refinished In 2023, Adding To The Home’s Overall Value And Appeal. The Second-Floor Kitchen Is Highlighted By A Skylight That Fills The Space With Natural Light, Along Updated Bathrooms With Modern Finishes, Creating A Fresh And Inviting Feel. A Full Basement With An Outside Separate Entrance Provides Additional Space And Flexibility, Perfect For Storage, Recreation, Or Extended Living Needs. A Private Driveway Leads To A De

Key facts

• Private driveway
• Refinished roof
• Full basement

Tags

• UPDATED 2-FAMILY HOME
• REFINISHED ROOF
• SKYLIGHT
• FULL BASEMENT
• PRIVATE DRIVEWAY
• DETACHED TWO-CAR GARAGE

Property features AI

Exterior

• Parking: Driveway; 2-car garage
• Utilities: Public sewer; Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: Duplex
• Exterior features: Frame construction; Not waterfront

Interior

• Heating & cooling: Baseboard heating; Steam heating; No cooling
• Interior features: Eat-in kitchen; Full walk-out basement

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 1×3bd/1ba units multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $-288 ($-3k/yr) — negative. Per door: $-144/mo.
• To cash-flow at today's rent, offer at most $848k (5.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $726k (19.2% below list).
• Recommended offer: $726k (19.2% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 3.3% in Valley Stream — 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 87/100 on livability (#13 in NY, #301 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Valley Stream Central High School District (suburban): math 71% / reading 76% proficiency, ranked #78 of 590 in NY (top 13%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Brooklyn Avenue School (math 57% / reading 62%, grade B-, #745 of 2,108 statewide, top 39%, 342 students, 51% FRL); Valley Stream Memorial Junior High School (math 29% / reading 66%, grade C-, #306 of 729 statewide, top 43%, 1,038 students, 40% FRL) — zoned schools average 46% FRL vs 17% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 54% at this address vs 74% district-wide (-20 pts) — the specific schools serving this property underperform the Valley Stream Central High School District average; the district grade overstates school quality for this exact location.
• Market conditions: 102 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).
• At $7,263/mo this rent would consume 61% of the median local household income ($142k/yr) (locally 346% 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 $6k of loan paydown is wiped out by about $27k 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 23 days — a 2% lower offer ($886k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 70% 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 $726,300 (19.2% 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. Built in 1898 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.81% ✗
• Cap rate: 5.91%
• Cash-on-cash: -1.37%
• DSCR: 0.94
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $939,176
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32 Fifth St	0.02mi	4/2.0	1,756 (+1%)	4mo	$990,000	$564	94
33 Cleveland St	0.56mi	3/2.0	1,698 (-2%)	3mo	$800,000	$471	68
66 Kenmore Rd	0.39mi	3/2.0	1,525 (-12%)	6mo	$825,000	$541	57
115 N Corona Ave	0.71mi	3/2.0	1,560 (-10%)	11mo	$725,000	$465	41

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -18.6%
• Equity multiple: 0.35×
• Total profit: $-164,017
• Equity at exit: $134,044

10-year hold

• IRR: -11.0%
• Equity multiple: 0.34×
• Total profit: $-166,453
• Equity at exit: $77,729

Cash invested: $251,720 (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 11581

• Active inventory: 102
• Price-to-rent: 21.6×

Monthly cashflow live

• Estimated rent: $7,263 high
• Mortgage (P&I): −$4,714
• Tax from tax record: −$937 /mo · $11,239/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,525
• Net cashflow: $-288

Break-even live

Break-even rent $7,627

Max offer price $848,147

Occupancy floor 99%

Sensitivity live

Price	-10% $221	-5% $-33	+0% $-288	+5% $-542	+10% $-797
Rent	-10% $-862	-5% $-575	+0% $-288	+5% $-1	+10% $286
Rate	-1.0pp $165	-0.5pp $-59	base $-288	+0.5pp $-521	+1.0pp $-758

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$3,466
1× unit	3	1	$3,797
Total (2 units)			$7,263

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
125 S Cottage St Valley Stream, NY	1.0–2.0	1.0–2.0	1143	$4,285	$3.75	0d	7	0.23mi
35 Gibson Blvd Unit 2 Valley Stream, NY	2.0	1.0	1150	$3,900	$3.39	0d	1	0.27mi
70 S Cottage St Valley Stream, NY	2.0	1.5	1290	$4,000	$3.10	0d	1	0.29mi
66 Kenmore Rd Valley Stream, NY	2.0	1.0	1525	$2,950	$1.93	20d	1	0.41mi
35 S Franklin Ave Valley Stream, NY	3.0	1.5	1692	$5,500	$3.25	24d	1	0.44mi
92 Wavecrest St Valley Stream, NY	2.0	1.0	1200	$2,800	$2.33	26d	1	0.52mi
510 Dubois Ave Apt 3C Valley Stream, NY	2.0	1.5	1050	$3,400	$3.24	45d	1	0.59mi
19 Dartmouth St Valley Stream, NY	3.0	3.5	1439	$4,600	$3.20	0d	1	0.66mi
127 Gordon Rd Valley Stream, NY	3.0	1.0	1200	$3,350	$2.79	45d	1	0.66mi
103 E Saint Marks Pl Valley Stream, NY	3.0	1.0	1758	$3,700	$2.10	0d	1	0.68mi
61 Hollywood Ave Lynbrook, NY	2.0	1.0	1825	$3,000	$1.64	45d	1	0.81mi
78 Wood St Lynbrook, NY	1.0	1.0	1293	$2,800	$2.17	19d	1	0.92mi
2 Leach St Lynbrook, NY	3.0	1.0	1710	$3,300	$1.93	45d	1	1.05mi
69 Sunset Ave Lynbrook, NY	3.0	2.5	2200	$3,950	$1.80	3d	1	1.05mi
26 Starks Pl Lynbrook, NY	3.0	1.5	1822	$3,850	$2.11	3d	1	1.09mi
65 Prospect Ave Apt 15W Lynbrook, NY	2.0	2.0	1060	$3,680	$3.47	24d	1	1.10mi
14 Endview Ave Lynbrook, NY	2.0	2.0	1210	$3,650	$3.02	45d	1	1.18mi
363 Hewlett Pkwy Hewlett, NY	3.0	1.5	1205	$4,200	$3.49	26d	1	1.20mi
58 Cohill Rd Unit 1F Valley Stream, NY	3.0	1.0	1100	$3,200	$2.91	12d	1	1.22mi
2 Fowler Ave Unit 211 Lynbrook, NY	3.0	2.0	1300	$3,750	$2.88	26d	1	1.28mi
576 Scranton Ave Unit 576-4 Lynbrook, NY	2.0	1.0	1212	$3,750	$3.09	46d	1	1.44mi

Listing history 21 events

1. 2026-05-08
   status Pending
2. 2026-04-15
   listed $899,000 Active
3. 2025-08-27
   historical
4. 2025-08-06
   price $959,900
5. 2025-07-08
   price $969,000
6. 2025-05-30
   price $979,900
7. 2025-04-29
   price $988,888
8. 2025-04-13
   listed $998,700 Active
9. 2024-12-14
   status Pending
10. 2024-11-15
    status Active
11. 2024-11-14
    historical
12. 2024-10-18
    status Pending
13. 2024-09-16
    listed $999,000 Active
14. 2024-09-06
    historical
15. 2023-11-29
    soldstatus $800,000 Closed
16. 2023-07-24
    soldstatus $800,000
17. 2023-05-20
    status Pending
18. 2023-04-25
    listed $824,900 Active
19. 2005-11-03
    soldstatus $500,000
20. 1999-06-07
    soldstatus $175,000
21. 1978-04-01
    soldstatus $26,000

ⓘ 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: $11,239 · $937/mo
• Projected year-2 tax: $13,216 · $1,101/mo
• Expected delta: +$1,977/yr (+$165/mo · 17.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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 70% 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: $87,156
• − Mortgage interest: −$50,358
• − Property taxes: −$11,239
• − Insurance: −$4,495
• − Repairs & maintenance: −$6,972
• − Management: −$6,972
• − Depreciation: −$26,153
• Taxable loss: −$19,034
• Est. tax savings @ 24.0%: +$4,568
• After-tax cash flow: $1,114/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: Valley Stream Central High School District
• NCES district ID: 3629520
• Math proficiency: 71% ▼ -7.00%
• Reading proficiency: 76% ▬ 0.00%
• Median HH income: $94,844
• Composite: 66.54/100
• National rank: #418
• State rank: #78 of 590 in NY

Livability — Valley Stream

• Score: 87/100
• State rank: #13
• US rank: #301

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Valley Stream, NY
• County: Nassau County · 653,051 people
• City population: 65,910
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 22,818
• Household income: $142,233
• Rent vs Own: 16.6% rent · 83.4% own
• Severe rent burden: 346.0

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: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: White 39% Hispanic / Latino 19% Black 18% Asian 17% Two or more races 10%
• Hispanic origin (detail): Puerto Rican 5% Dominican 2%
• Common ancestry: Scotch-Irish 4% Romanian 3% Hispanic 2%
• Foreign-born: 32% · Canada, China, Jamaica
• Languages at home: 64% English-only · Spanish 13% Other Indo-European 8% Russian/Polish/Slavic 4%

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: ▼ -602.04%
• Current HPI: 285.7096
• 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

+3357.7% since first listed

21 events — show timeline

• 2026-05-08 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-15 Listed $899,000 OneKey® MLS as Distributed by MLS Grid
• 2025-08-27 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-08-06 Price Changed $959,900 OneKey® MLS as Distributed by MLS Grid
• 2025-07-08 Price Changed $969,000 OneKey® MLS as Distributed by MLS Grid
• 2025-05-30 Price Changed $979,900 OneKey® MLS as Distributed by MLS Grid
• 2025-04-29 Price Changed $988,888 OneKey® MLS as Distributed by MLS Grid
• 2025-04-13 Listed $998,700 OneKey® MLS as Distributed by MLS Grid
• 2024-12-14 Pending — OneKey® MLS as Distributed by MLS Grid
• 2024-11-15 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2024-11-14 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-10-18 Pending — OneKey® MLS as Distributed by MLS Grid
• 2024-09-16 Listed $999,000 OneKey® MLS as Distributed by MLS Grid
• 2024-09-06 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 2023-11-29 Sold (MLS) $800,000 OneKey® MLS as Distributed by MLS Grid
• 2023-07-24 Sold (Public Records) $800,000 Public Records
• 2023-05-20 Pending — OneKey® MLS as Distributed by MLS Grid
• 2023-04-25 Listed $824,900 OneKey® MLS as Distributed by MLS Grid
• 2005-11-03 Sold (Public Records) $500,000 Public Records
• 1999-06-07 Sold (Public Records) $175,000 Public Records
• 1978-04-01 Sold (Public Records) $26,000 Public Records

Property tax history

+2.8%/yr

Latest (2024): $11,239 · +3.8% YoY. Source: county tax records.