141 Woodmere Blvd Unit 5H

Woodmere, NY 11598

$175,000D+

1 bd · 1.0 ba · 600 sqft · Built 1929 · Condo · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,242/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$292
• HOA: −$634
• Vac / Maint / Mgmt: −$471
• Net cashflow: $-72/mo
• Annual: $-870/yr
• Cap rate: 5.80%
• Cash-on-cash: -1.77%
• DSCR: 0.92
• 1% rule: 1.28%
• Cash to close: $49,000

Investor read

• This is a 1-bed/1.0-bath condo listed at $175k.
• At list price, monthly cash flow is $-72 ($-870/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#76 in NY, #1,189 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Hewlett-Woodmere Union Free School District (suburban): math 72% / reading 79% proficiency, ranked #59 of 590 in NY (top 10%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Franklin Early Childhood Center (422 students, 25% FRL); Woodmere Middle School (math 62% / reading 73%, grade A-, #98 of 729 statewide, top 14%, 716 students, 26% FRL); George W Hewlett High School (math 95% / reading 97%, grade A+, #68 of 1,100 statewide, top 6%, 999 students, 26% FRL).
• Watch-outs: HOA is 28% of rent; built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 87 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 5 sale attempts since 14y 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.
• Current owner paid $2k; list at $175k implies a 10838% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 70% 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 5.8% vs local median 2.4% in Woodmere — 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

• 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?
• Built in 1929 — 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.