1311 Mcclure Ave

Elmont, NY 11003

$425,000B-

4 bd · 2.0 ba · 1,230 sqft · Built 1958 · SingleFamily · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,125/mo
• Mortgage (P&I): −$2,229
• Tax + insurance: −$1,142
• HOA: −$0
• Vac / Maint / Mgmt: −$1,076
• Net cashflow: $678/mo
• Annual: $8,134/yr
• Cap rate: 8.21%
• Cash-on-cash: 6.84%
• DSCR: 1.30
• 1% rule: 1.21%
• Cash to close: $119,000

Investor read

• This is a 4-bed/2.0-bath single-family listed at $425k.
• At list price, monthly cash flow is $678 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $425k).
• It's been on market 21 days — a 2% lower offer ($419k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $419k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#134 in NY, #2,127 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: cost of living F.
• Sewanhaka Central High School District (suburban): math 76% / reading 83% proficiency, ranked #43 of 590 in NY (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 19% free/reduced lunch — higher-income household profile.
• Watch-outs: property tax is 2.7% of price; built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 141 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 2 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Climate carrying-cost: major wind risk, 54% 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 8.2% vs local median 3.1% in Elmont — 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

• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.