2453 B Union Blvd Unit 15A

Islip, NY 11751

$189,999D+

1 bd · 1.0 ba · 600 sqft · Built 1970 · Condo · Active · 258 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,666/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$317
• HOA: −$1,094
• Vac / Maint / Mgmt: −$560
• Net cashflow: $-301/mo
• Annual: $-3,615/yr
• Cap rate: 4.39%
• Cash-on-cash: -6.79%
• DSCR: 0.70
• 1% rule: 1.40%
• Cash to close: $53,200

Investor read

• This is a 1-bed/1.0-bath condo listed at $190k. Condition is rated fair.
• At list price, monthly cash flow is $-301 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $146k (22.9% below list).
• Meets the 1% rule at list price ($3k rent vs $190k).
• It's been on market 258 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $146k (22.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#59 in NY, #878 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: cost of living F.
• Islip Union Free School District (suburban): math 52% / reading 67% proficiency, ranked #186 of 590 in NY (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Wing Elementary School (379 students, 35% FRL); Islip Middle School (math 32% / reading 52%, grade D-, #379 of 729 statewide, top 54%, 641 students, 37% FRL); Islip High School (math 88% / reading 93%, grade A+, #231 of 1,100 statewide, top 21%, 892 students, 33% FRL) — zoned schools average 35% FRL vs 20% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 41% of rent.
• Market conditions: 134 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).
• Suffolk County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 4.4% vs local median 3.0% in Islip — 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.

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?
• It's been on market 258 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1970 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — slight wear
• Minor: bathroom fixtures — slight wear
• Moderate: exterior paint — some wear
• Minor: landscaping — some plants need trimming