153 E Fulton St

Long Beach, NY 11561

$799,000B-

6 bd · 4.0 ba · 2,620 sqft · Built 1989 · MultiFamily · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,187/mo
• Mortgage (P&I): −$4,190
• Tax + insurance: −$2,165
• HOA: −$0
• Vac / Maint / Mgmt: −$1,929
• Net cashflow: $902/mo
• Annual: $10,828/yr
• Cap rate: 8.34%
• Cash-on-cash: 7.31%
• DSCR: 1.33
• 1% rule: 1.15%
• Cash to close: $223,720

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $799k.
• At list price, monthly cash flow is $902 ($11k/yr) — positive. Per door: $451/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $799k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#84 in NY, #1,285 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Long Beach City School District (suburban): math 66% / reading 65% proficiency, ranked #150 of 590 in NY (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: East Elementary School (math 67% / reading 72%, grade A-, #447 of 2,108 statewide, top 24%, 312 students, 31% FRL); Long Beach Middle School (math 39% / reading 61%, grade C, #261 of 729 statewide, top 36%, 721 students, 25% FRL); Long Beach High School (math 91% / reading 75%, grade A, #440 of 1,100 statewide, top 40%, 1,314 students, 31% FRL) — zoned schools at 29% FRL track the district average.
• Watch-outs: flood insurance adds $460/mo.
• Market conditions: Rents rising fast (+4.8%/yr); 353 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 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.
• Current owner paid $289k; list at $799k implies a 176% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.3% vs local median 2.1% in Long Beach — 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.
• At $9,187/mo this rent would consume 78% of the median local household income ($142k/yr) (locally 1284% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.