700 Partridge Ave

West Hempstead, NY 11552

$975,000D

4 bd · 3.0 ba · 2,304 sqft · Built 1922 · MultiFamily · Pending · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,503/mo
• Mortgage (P&I): −$5,113
• Tax + insurance: −$1,649
• HOA: −$0
• Vac / Maint / Mgmt: −$1,576
• Net cashflow: $-835/mo
• Annual: $-10,018/yr
• Cap rate: 5.27%
• Cash-on-cash: -3.67%
• DSCR: 0.84
• 1% rule: 0.77%
• Cash to close: $273,000

Investor read

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $975k.
• At list price, monthly cash flow is $-835 ($-10k/yr) — negative. Per door: $-417/mo.
• To cash-flow at today's rent, offer at most $828k (15.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $750k (23.0% below list).
• It's been on market 31 days — a 3% lower offer ($946k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $750k (23.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $29k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#19 in NY, #382 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• West Hempstead Union Free School District (suburban): math 54% / reading 63% proficiency, ranked #191 of 590 in NY (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 101 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 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 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 $410k; list at $975k implies a 138% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 51% 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 5.3% vs local median 3.8% in West Hempstead — 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.
• At $7,503/mo this rent would consume 58% of the median local household income ($155k/yr) (locally 208% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 31 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?