88 Union Pl · Hempstead, NY 11550

$400,000

None bd · 3.0 ba · 1,378 sqft · MultiFamily public records · 13 Days on market

Built 1928 Est $459k · 13% under

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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 +30.0/30.0
• ARV discount +13.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Short sale subject bank approval

Key facts

• Built 1928
• Listed 13 days

What this means for you Summary

Snapshot

• This is a ?-bed/3.0-bath multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $3k ($38k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $400k).
• Cap rate 15.8% 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.

Location & tenants

• 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-, schools D, 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.
• Market conditions: 167 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).
• At $7,712/mo this rent would consume 100% 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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 51% 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 $400,000

Questions for the listing agent

1. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.93% ✓
• Cap rate: 15.77%
• Cash-on-cash: 33.86%
• DSCR: 2.51
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $458,874
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 Cornell St	0.70mi	4/2.0	1,472 (+7%)	14mo	$490,000	$333	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: 29.2%
• Equity multiple: 2.22×
• Total profit: $136,656
• Equity at exit: $59,641

10-year hold

• IRR: 36.6%
• Equity multiple: 4.38×
• Total profit: $379,037
• Equity at exit: $34,585

Cash invested: $112,000 (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 11550

• Active inventory: 167
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $7,712 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$668 /mo · $8,020/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,620
• Net cashflow: $3,160

Break-even live

Break-even rent $3,712

Max offer price $400,000

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$7,712
Total (2 units)			$7,712

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
303 Main St Hempstead, NY	1.0–2.0	1.0–2.0	1029	$4,326	$4.20	1d	7	0.13mi
343 Jackson St Unit 1 Hempstead, NY	2.0	2.0	1000	$3,300	$3.30	43d	1	0.45mi
343 Jackson St Unit 3 Hempstead, NY	2.0	1.5	1000	$3,300	$3.30	24d	1	0.45mi
36 Hilton Ave Unit 108 Hempstead, NY	1.0	2.0	1135	$2,850	$2.51	22d	1	0.50mi
36 Hilton Ave Unit 306 Hempstead, NY	1.0	1.0	1003	$2,350	$2.34	15d	1	0.50mi
44 Hilton Ave Unit A3 Garden City, NY	2.0	1.0	1148	$2,954	$2.57	15d	1	0.76mi
44 Hilton Ave Unit C2 Garden City, NY	2.0	1.0	1345	$2,750	$2.04	10d	1	0.76mi
2 Vanata Ct Hempstead, NY	3.0	1.0	1024	$3,800	$3.71	24d	1	0.87mi
20 Ingraham Ln Hempstead, NY	3.0	1.0	950	$3,150	$3.32	43d	1	0.89mi
365 Stewart Ave Garden City, NY	1.0–2.0	1.0–2.0	1034	$4,985	$4.82	1d	1	0.93mi
111 Hempstead Tpke West Hempstead, NY	3.0	1.0–2.5	1226	$5,539	$4.52	1d	87	1.12mi
12 Elm Ave Unit 1 Hempstead, NY	3.0	1.0	970	$3,500	$3.61	18d	1	1.13mi
130 Hempstead Ave West Hempstead, NY	1.0–3.0	1.0–2.0	1113	$4,136	$3.72	1d	6	1.17mi
34 Elizabeth Ave Hempstead, NY	1.0	1.0	900	$2,300	$2.56	17d	1	1.18mi
366 Greenwich St Hempstead, NY	3.0	1.5	1504	$4,000	$2.66	1d	1	1.37mi

Listing history 10 events

1. 2026-04-08
   status Pending
2. 2026-03-27
   status Active
3. 2026-03-26
   listed $400,000 Active
4. 2026-03-25
   historical $400,000
5. 2023-08-15
   soldstatus $560,000
6. 2000-10-24
   soldstatus $195,000
7. 2000-06-08
   soldstatus $120,000
8. 1998-01-26
   soldstatus $115,000
9. 1987-04-22
   soldstatus $103,500
10. 1985-01-18
    soldstatus $69,500

ⓘ 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: $8,020 · $668/mo
• Projected year-2 tax: $8,020 · $668/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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 51% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $92,544
• − Mortgage interest: −$22,406
• − Property taxes: −$8,020
• − Insurance: −$2,000
• − Repairs & maintenance: −$7,404
• − Management: −$7,404
• − Depreciation: −$11,636
• Taxable income: $33,675
• Est. tax owed @ 24.0%: −$8,082
• After-tax cash flow: $29,836/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: Hempstead Union Free School District
• NCES district ID: 3614130
• Math proficiency: 27% ▼ -4.00%
• Reading proficiency: 38% ▲ 5.00%
• Median HH income: $48,774
• Composite: 28.12/100
• National rank: #6821
• State rank: #567 of 590 in NY

Livability — Hempstead

• Score: 79/100
• State rank: #123
• US rank: #2002

Category grades

Amenities A+ 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: Hempstead, NY
• County: Nassau County · 653,051 people
• City population: 60,960
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 60,960
• Household income: $92,677
• Rent vs Own: 50.3% rent · 49.7% own
• Severe rent burden: 2535.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Hispanic / Latino 44% Black 43% Two or more races 14% White 7% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 4%
• Common ancestry: Hispanic 4%
• Foreign-born: 37% · Canada, Jamaica
• Languages at home: 53% English-only · Spanish 40% French/Haitian/Cajun 4% Other Indo-European 1%

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: ▼ -297.72%
• Current HPI: 339.055
• 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

+475.5% since first listed

10 events — show timeline

• 2026-04-08 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-27 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-03-26 Listed $400,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-25 Coming Soon $400,000 OneKey® MLS as Distributed by MLS Grid
• 2023-08-15 Sold (Public Records) $560,000 Public Records
• 2000-10-24 Sold (Public Records) $195,000 Public Records
• 2000-06-08 Sold (Public Records) $120,000 Public Records
• 1998-01-26 Sold (Public Records) $115,000 Public Records
• 1987-04-22 Sold (Public Records) $103,500 Public Records
• 1985-01-18 Sold (Public Records) $69,500 Public Records

Property tax history

+2.1%/yr

Latest (2024): $8,020 · -5.5% YoY. Source: county tax records.