112 Harrison Pl

Massapequa, NY 11758

$649,000C

5 bd · 2.5 ba · 1,497 sqft · Built 1951 · SingleFamily · Pending · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,500/mo
• Mortgage (P&I): −$3,403
• Tax + insurance: −$1,063
• HOA: −$0
• Vac / Maint / Mgmt: −$1,155
• Net cashflow: $-121/mo
• Annual: $-1,456/yr
• Cap rate: 6.86%
• Cash-on-cash: 2.02%
• DSCR: 1.09
• 1% rule: 0.85%
• Cash to close: $181,720

Investor read

• This is a 5-bed/2.5-bath single-family listed at $649k.
• At list price, monthly cash flow is $-121 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $628k (3.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $550k (15.3% below list).
• It's been on market 23 days — a 2% lower offer ($639k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $550k (15.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#82 in NY, #1,242 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, employment A+; Watch: amenities D, cost of living F.
• Massapequa Union Free School District (suburban): math 76% / reading 83% proficiency, ranked #39 of 590 in NY (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 4% free/reduced lunch — higher-income household profile.
• Watch-outs: flood insurance adds $427/mo; built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 267 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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: in FEMA flood zone AE (mandatory federal flood insurance); 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.
• Cap rate 6.9% vs local median 2.5% in Massapequa — 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 1951 — 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?
• 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?
• 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.