2 Huron St

Glenwood Landing, NY 11545

$710,000B-

6 bd · 3.0 ba · 2,964 sqft · Built 1956 · MultiFamily · Pending · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,307/mo
• Mortgage (P&I): −$3,723
• Tax + insurance: −$1,470
• HOA: −$0
• Vac / Maint / Mgmt: −$1,744
• Net cashflow: $1,369/mo
• Annual: $16,432/yr
• Cap rate: 8.61%
• Cash-on-cash: 8.27%
• DSCR: 1.37
• 1% rule: 1.17%
• Cash to close: $198,800

Investor read

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $710k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $685/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $710k).
• It's been on market 22 days — a 2% lower offer ($699k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $699k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#456 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities F, cost of living F, health & safety F.
• North Shore Central School District (suburban): math 88% / reading 84% proficiency, ranked #24 of 590 in NY (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 5% free/reduced lunch — higher-income household profile.
• Zoned schools: Glenwood Landing Elementary School (math 87% / reading 82%, grade A+, #93 of 2,108 statewide, top 6%, 427 students, 0% FRL) — zoned schools at 0% FRL track the district average.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 112 active listings in the ZIP; 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: major wind risk, 56% 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.
• Cap rate 8.6% vs local median 3.0% in Glenwood Landing — 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

• 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?
• Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.