358 Litchfield Ave · Franklin Square, NY 11003

$899,000

5 bd · 3.0 ba · 2,363 sqft · MultiFamily public records · 17 Days on market

Built 1957 4,000 sqft lot Est $1111k · 19% under

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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).

• ARV discount +15.0/15.0
• Schools +7.2/10.0
• Livability +4.2/5.0
• Cash flow +3.6/30.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.2/10.0
• DSCR +0.0/10.0
• 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

Welcome to 358 Litchfield Avenue, a rare legal two-family residence set on a wonderful corner lot in the heart of Elmont. Opportunities like this do not come along often. This 2,363-square-foot home delivers the kind of versatility and space that is truly hard to find, leaving the opportunity to live in both units or to rent one unit and help with mortgage. Currently configured and occupied as a single-family residence, the property will be delivered vacant, offering the next owner complete flexibility from day one. The first floor welcomes you with a generous foyer that opens into an expansive living room, a dedicated dining area, and a full kitchen, along with two sizable bedrooms and a f

Key facts

• Private driveway
• Covered patio
• Corner lot

Tags

• LEGAL TWO-FAMILY RESIDENCE
• CORNER LOT
• COVERED PATIO
• HARDWOOD FLOORS
• FULLY CUSTOMIZABLE LOWER LEVEL
• PRIVATE DRIVEWAY

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $-3k ($-32k/yr) — negative.
• To cash-flow at today's rent, offer at most $427k (52.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $465k (48.2% below list).
• Recommended offer: $427k (52.5% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 85/100 on livability (#32 in NY, #528 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment 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.
• Market conditions: 141 active listings in the ZIP; 2 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 $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 17 days — a 2% lower offer ($886k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $336k; list at $899k implies a 168% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $427,120 (52.5% 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. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.52% ✗
• Cap rate: 2.73%
• Cash-on-cash: -12.73%
• DSCR: 0.43
• GRM: 16.1

CMA / ARV

• ARV (on-the-fly): $1,110,610
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
291 Evans Ave	0.09mi	6/2.0 (+1)	2,210 (-6%)	6mo	$985,000	$446	71
1374 A St	0.31mi	4/3.0 (-1)	2,237 (-5%)	11mo	$1,155,000	$516	62
1241 G St	0.49mi	4/2.0 (-1)	2,102 (-11%)	7mo	$987,000	$470	44
1335 O St	0.74mi	5/3.0	2,044 (-14%)	23mo	$775,000	$379	24

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: -40.0%
• Equity multiple: -0.25×
• Total profit: $-315,655
• Equity at exit: $134,044

10-year hold

• IRR: -63.5%
• Equity multiple: -0.96×
• Total profit: $-493,317
• 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 11003

• Active inventory: 141
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $4,652 medium
• Mortgage (P&I): −$4,714
• Tax from tax record: −$1,258 /mo · $15,092/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$977
• Net cashflow: $-2,671

Break-even live

Break-even rent $8,034

Max offer price $427,120

Occupancy floor —

Sensitivity live

Price	-10% $-2,162	-5% $-2,417	+0% $-2,671	+5% $-2,926	+10% $-3,180
Rent	-10% $-3,039	-5% $-2,855	+0% $-2,671	+5% $-2,487	+10% $-2,304
Rate	-1.0pp $-2,218	-0.5pp $-2,443	base $-2,671	+0.5pp $-2,904	+1.0pp $-3,141

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 2 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	0.43mi
1318 Post Ave Elmont, NY	4.0	2.5	2240	$4,800	$2.14	0d	1	0.46mi

Listing history 6 events

1. 2026-05-17
   status Pending
2. 2026-03-22
   listed $899,000 Active
3. 2024-04-10
   historical
4. 2024-01-18
   listed $990,000 Active
5. 2001-02-13
   soldstatus $336,000
6. 1983-11-01
   soldstatus $85,000

ⓘ 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: $15,092 · $1,258/mo
• Projected year-2 tax: $15,142 · $1,262/mo
• Expected delta: +$51/yr (+$4/mo · 0.3%)

ⓘ 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 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: $55,830
• − Mortgage interest: −$50,358
• − Property taxes: −$15,092
• − Insurance: −$4,495
• − Repairs & maintenance: −$4,466
• − Management: −$4,466
• − Depreciation: −$26,153
• Taxable loss: −$49,200
• Est. tax savings @ 24.0%: +$11,808
• After-tax cash flow: $-20,246/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 — Franklin Square

• Score: 85/100
• State rank: #32
• US rank: #528

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Franklin Square, NY
• City population: 25,618
• 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

+957.6% since first listed

6 events — show timeline

• 2026-05-17 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-22 Listed $899,000 OneKey® MLS as Distributed by MLS Grid
• 2024-04-10 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-01-18 Listed $990,000 OneKey® MLS as Distributed by MLS Grid
• 2001-02-13 Sold (Public Records) $336,000 Public Records
• 1983-11-01 Sold (Public Records) $85,000 Public Records

Property tax history

+2.3%/yr

Latest (2024): $15,092 · +6.5% YoY. Source: county tax records.