100 Clinton Ave Unit 2E

Mineola, NY 11504

$439,000D

2 bd · 2.0 ba · 1,300 sqft · Built 1970 · Condo · Pending · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,728/mo
• Mortgage (P&I): −$2,302
• Tax + insurance: −$798
• HOA: −$1,455
• Vac / Maint / Mgmt: −$993
• Net cashflow: $-820/mo
• Annual: $-9,837/yr
• Cap rate: 4.23%
• Cash-on-cash: -7.35%
• DSCR: 0.67
• 1% rule: 1.08%
• Cash to close: $122,920

Investor read

• This is a 2-bed/2.0-bath condo listed at $439k. Condition is rated excellent.
• At list price, monthly cash flow is $-820 ($-10k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $439k).
• It's been on market 33 days — a 3% lower offer ($426k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $426k (3.0% below list) — sets the bar for market timing.
• In year one you build about $16k of equity ($3k loan paydown + $13k appreciation (3.0% local appreciation)).
• Location reads 83/100 on livability (#58 in NY, #868 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• Mineola Union Free School District (suburban): math 71% / reading 69% proficiency, ranked #113 of 590 in NY (top 19%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Jackson Avenue School (math 63% / reading 70%, grade B+, #575 of 2,108 statewide, top 27%, 417 students, 27% FRL); Mineola Middle School (math 66% / reading 57%, grade B+, #147 of 729 statewide, top 20%, 636 students, 32% FRL); Mineola High School (math 92% / reading 80%, grade A, #347 of 1,100 statewide, top 32%, 1,078 students, 34% FRL).
• Watch-outs: flood insurance adds $66/mo; HOA is 31% of rent.
• Market conditions: 1 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals leasing fast (median 12d 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.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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?