25 Park Pl Unit 2G

Great Neck Plaza, NY 11021

$318,000F

1 bd · 1.0 ba · 699 sqft · Built 1960 · Condo · Pending · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,714/mo
• Mortgage (P&I): −$1,668
• Tax + insurance: −$530
• HOA: −$818
• Vac / Maint / Mgmt: −$570
• Net cashflow: $-872/mo
• Annual: $-10,459/yr
• Cap rate: 3.00%
• Cash-on-cash: -11.75%
• DSCR: 0.48
• 1% rule: 0.85%
• Cash to close: $89,040

Investor read

• This is a 1-bed/1.0-bath condo listed at $318k.
• At list price, monthly cash flow is $-872 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $310k (2.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $271k (14.7% below list).
• It's been on market 100 days — a 9% lower offer ($289k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $271k (14.7% below list) — sets the bar for 1% rule.
• 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.
• Location reads 85/100 on livability (#35 in NY, #551 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• Great Neck Union Free School District (suburban): math 86% / reading 83% proficiency, ranked #30 of 590 in NY (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: E M Baker School (math 85% / reading 84%, grade A+, #93 of 2,108 statewide, top 6%, 664 students, 19% FRL); Great Neck South Middle School (math 79% / reading 81%, grade A+, #28 of 729 statewide, top 4%, 861 students, 23% FRL); Great Neck South High School (math 100% / reading 92%, grade A+, #71 of 1,100 statewide, top 7%, 1,262 students, 0% FRL) — zoned schools at 14% FRL track the district average.
• Watch-outs: HOA is 30% of rent.
• Market conditions: 201 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.0% vs local median 4.4% in Great Neck Plaza — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 100 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• 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?
• 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.
• 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?