100 Brooklyn Ave Unit 3L

Freeport, NY 11520

$255,000F

1 bd · 1.0 ba · 950 sqft · Built 1960 · Condo · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,741/mo
• Mortgage (P&I): −$1,337
• Tax + insurance: −$425
• HOA: −$1,058
• Vac / Maint / Mgmt: −$576
• Net cashflow: $-655/mo
• Annual: $-7,862/yr
• Cap rate: 3.21%
• Cash-on-cash: -11.01%
• DSCR: 0.51
• 1% rule: 1.07%
• Cash to close: $71,400

Investor read

• This is a 1-bed/1.0-bath condo listed at $255k. Condition is rated average.
• At list price, monthly cash flow is $-655 ($-8k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $255k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#69 in NY, #1,033 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: cost of living F.
• Freeport Union Free School District (suburban): math 49% / reading 55% proficiency, ranked #325 of 590 in NY (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Archer Street School (math 52% / reading 52%, grade C-, #988 of 2,108 statewide, top 49%, 495 students, 75% FRL); John W Dodd Middle School (math 16% / reading 41%, grade F, #569 of 729 statewide, top 78%, 986 students, 67% FRL); Freeport High School (math 82% / reading 85%, grade A, #409 of 1,100 statewide, top 39%, 2,264 students, 62% FRL).
• Watch-outs: HOA is 39% of rent.
• Market conditions: 199 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: moderate flood risk; major wind risk, 69% 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.

Questions for listing agent

• 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?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Paint — Paint appears faded
• Minor: Flooring — Carpeted floors in living areas, tile in kitchen