159 Stewart Ave · Hempstead, NY 11550

$349,999

3 bd · 1.0 ba · 1,209 sqft · SingleFamily public records · 86 Days on market

Built 1932 4,160 sqft lot $289/sqft · 49% below area Est $682k · 49% under

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Why this score? — see what drove the C+ 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 +23.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.4/10.0
• 1% rule +6.7/10.0
• 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

Listing remarks MLS

3-bedroom, 1-bath home being sold as a short sale, subject to bank approval. Property is in need of a full renovation—upper level is down to the studs and subfloor, and the basement remains unfinished. Due to its current condition, the home is not mortgageable and will require a cash purchase or alternative financing. Ideal opportunity for investors, builders, or buyers looking to complete a custom project. Sold as-is.

Key facts

• Unfinished basement
• Custom project
• Full renovation

Tags

• FULL RENOVATION
• UNFINISHED BASEMENT
• CUSTOM PROJECT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $350k.

Deal economics

• At list price, monthly cash flow is $627 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $329k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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: 170 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $4,080/mo this rent would consume 53% 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 $2k of loan paydown is wiped out by about $10k 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 86 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1932 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; major wind risk, 58% 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 $328,999 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1932 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.17% ✓
• Cap rate: 8.44%
• Cash-on-cash: 7.68%
• DSCR: 1.34
• GRM: 7.1

CMA / ARV

• ARV (median comp): $682,207
• List price: $349,999
• Delta: -48.70%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6 Boylston St	0.37mi	3/1.0	1,240 (+3%)	1mo	$1,251,000	$1,009	78
144 Cornell St	0.06mi	4/2.0 (+1)	1,159 (-4%)	5mo	$605,000	$522	77
133 Wellington St	0.12mi	4/2.0 (+1)	1,156 (-4%)	2mo	$660,000	$571	77
53 James L L Burrell Ave	0.19mi	3/3.0	1,200 (-1%)	7mo	$695,000	$579	76
153 Meadow St	0.34mi	3/1.0	1,240 (+3%)	7mo	$965,000	$778	74
69 Harriet Ave	0.36mi	3/1.0	1,100 (-9%)	3mo	$635,000	$577	65
93 Vermont Ave	0.39mi	3/1.0	1,336 (+10%)	5mo	$655,000	$490	60
305 Warren St	0.58mi	3/2.0	1,125 (-7%)	6mo	$670,000	$596	53
299 Warren St	0.57mi	4/2.0 (+1)	1,260 (+4%)	7mo	$670,000	$532	51
95 Rhodes Ave	0.56mi	3/1.5	1,367 (+13%)	1mo	$737,000	$539	49
227 Warren St	0.57mi	4/3.0 (+1)	1,260 (+4%)	6mo	$711,000	$564	48
23 Elizabeth Ct	0.75mi	3/2.0	1,362 (+13%)	7mo	$665,000	$488	35

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: -4.5%
• Equity multiple: 0.83×
• Total profit: $-16,619
• Equity at exit: $52,186

10-year hold

• IRR: 5.2%
• Equity multiple: 1.38×
• Total profit: $37,634
• Equity at exit: $30,262

Cash invested: $98,000 (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: 170
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $4,080 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$615 /mo · $7,385/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$857
• Net cashflow: $627

Break-even live

Break-even rent $3,287

Max offer price $349,999

Occupancy floor 80%

Sensitivity live

Price	-10% $825	-5% $726	+0% $627	+5% $528	+10% $429
Rent	-10% $305	-5% $466	+0% $627	+5% $788	+10% $949
Rate	-1.0pp $803	-0.5pp $716	base $627	+0.5pp $536	+1.0pp $444

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
204 Wellington St Hempstead, NY	4.0	2.0	1075	$4,300	$4.00	23d	1	0.20mi
21 Union Ave Hempstead, NY	4.0	3.0	1342	$5,700	$4.25	2d	1	0.26mi
2 Vanata Ct Hempstead, NY	3.0	1.0	1024	$3,800	$3.71	25d	1	0.36mi
31-33 Burr Ave Hempstead, NY	3.0	1.0	700	$3,500	$5.00	44d	1	0.39mi
343 Jackson St Unit 1 Hempstead, NY	2.0	2.0	1000	$3,300	$3.30	44d	1	0.40mi
343 Jackson St Unit 3 Hempstead, NY	2.0	1.5	1000	$3,300	$3.30	25d	1	0.40mi
303 Main St Hempstead, NY	1.0–2.0	1.0–2.0	1029	$4,326	$4.20	2d	7	0.58mi
20 Ingraham Ln Hempstead, NY	3.0	1.0	950	$3,150	$3.32	44d	1	0.67mi
539 Front St Hempstead, NY	2.0	1.0	850	$3,200	$3.76	23d	1	0.67mi
20 Wendell St Apt 11A Hempstead, NY	2.0	1.0	800	$2,950	$3.69	14d	1	0.81mi
365 Stewart Ave Garden City, NY	1.0–2.0	1.0–2.0	1034	$4,985	$4.82	2d	1	1.05mi
44 Hilton Ave Unit A3 Garden City, NY	2.0	1.0	1148	$2,954	$2.57	16d	1	1.09mi
44 Hilton Ave Unit C2 Garden City, NY	2.0	1.0	1345	$2,750	$2.04	11d	1	1.09mi
12 Elm Ave Unit 1 Hempstead, NY	3.0	1.0	970	$3,500	$3.61	19d	1	1.36mi
523 Hawthorne Ave Uniondale, NY	3.0	1.0	1328	$3,300	$2.48	25d	1	1.42mi
291 Uniondale Ave Uniondale, NY	2.0	1.0	1000	$2,900	$2.90	25d	1	1.49mi

Listing history 18 events

1. 2026-06-21
   days on market $349,999 Active 86 DOM
2. 2026-06-18
   days on market $349,999 Active 83 DOM
3. 2026-06-17
   days on market $349,999 Active 82 DOM
4. 2026-06-16
   days on market $349,999 Active 81 DOM
5. 2026-06-15
   days on market $349,999 Active 80 DOM
6. 2026-06-13
   days on market $349,999 Active 78 DOM
7. 2026-06-13
   days on market $349,999 Active 77 DOM
8. 2026-06-09
   days on market $349,999 Active 74 DOM
9. 2026-06-08
   days on market $349,999 Active 73 DOM
10. 2026-06-07
    days on market $349,999 Active 72 DOM
11. 2026-06-04
    days on market $349,999 Active 69 DOM
12. 2026-06-03
    days on market $349,999 Active 68 DOM
13. 2026-06-02
    days on market $349,999 Active 67 DOM
14. 2026-06-02
    days on market $349,999 Active 66 DOM
15. 2026-05-31
    days on market $349,999 Active 65 DOM
16. 2026-03-27
    listed $349,999 Active 428-char remark

    Show marketing remark (428 chars)

    3-bedroom, 1-bath home being sold as a short sale, subject to bank approval. Property is in need of a full renovation—upper level is down to the studs and subfloor, and the basement remains unfinished. Due to its current condition, the home is not mortgageable and will require a cash purchase or alternative financing. Ideal opportunity for investors, builders, or buyers looking to complete a custom project. Sold as-is.

17. 2004-10-29
    soldstatus $315,000
18. 2004-06-18
    soldstatus $201,400

ⓘ 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: $7,385 · $615/mo
• Projected year-2 tax: $7,385 · $615/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 5/10 Major FEMA zone X (unshaded) · 24% 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 58% 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: $48,966
• − Mortgage interest: −$19,605
• − Property taxes: −$7,385
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,917
• − Management: −$3,917
• − Depreciation: −$10,182
• Taxable income: $2,209
• Est. tax owed @ 24.0%: −$530
• After-tax cash flow: $6,992/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

+73.8% since first listed

3 events — show timeline

• 2026-03-27 Listed $349,999 OneKey® MLS as Distributed by MLS Grid
• 2004-10-29 Sold (Public Records) $315,000 Public Records
• 2004-06-18 Sold (Public Records) $201,400 Public Records

Property tax history

+3.1%/yr

Latest (2024): $7,385 · +3.7% YoY. Source: county tax records.