655 Middle Country Rd Unit 4D1

Coram, NY 11727

$249,000D

2 bd · 1.0 ba · 800 sqft · Built 1975 · Condo · Active · 194 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,950/mo
• Mortgage (P&I): −$1,306
• Tax + insurance: −$415
• HOA: −$1,268
• Vac / Maint / Mgmt: −$620
• Net cashflow: $-658/mo
• Annual: $-7,895/yr
• Cap rate: 3.12%
• Cash-on-cash: -11.32%
• DSCR: 0.50
• 1% rule: 1.18%
• Cash to close: $69,720

Investor read

• This is a 2-bed/1.0-bath condo listed at $249k. Condition is rated good.
• At list price, monthly cash flow is $-658 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $154k (38.2% below list).
• Meets the 1% rule at list price ($3k rent vs $249k).
• It's been on market 194 days — a 12% lower offer ($219k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $154k (38.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#646 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety B; Watch: amenities F, commute F, cost of living F.
• Middle Country Central School District (suburban): math 60% / reading 56% proficiency, ranked #217 of 590 in NY (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: New Lane Memorial Elementary School (math 27% / reading 42%, grade F, #1,577 of 2,108 statewide, top 77%, 789 students, 44% FRL); Newfield High School (math 77% / reading 77%, grade A-, #583 of 1,100 statewide, top 56%, 1,559 students, 35% FRL) — zoned schools average 39% FRL vs 22% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 43% of rent.
• Market conditions: Rents rising fast (+4.7%/yr); 232 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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.
• Climate carrying-cost: major wind risk, 75% 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.
• This rent runs 34% of the median local income ($103k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 194 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• Built in 1975 — 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?