324 Post Ave Unit 9F

Westbury, NY 11590

$345,000F

2 bd · 1.0 ba · 1,000 sqft · Built 1952 · Condo · Pending · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,627/mo
• Mortgage (P&I): −$1,809
• Tax + insurance: −$631
• HOA: −$1,108
• Vac / Maint / Mgmt: −$762
• Net cashflow: $-682/mo
• Annual: $-8,186/yr
• Cap rate: 4.11%
• Cash-on-cash: -7.78%
• DSCR: 0.65
• 1% rule: 1.05%
• Cash to close: $96,600

Investor read

• This is a 2-bed/1.0-bath condo listed at $345k.
• At list price, monthly cash flow is $-682 ($-8k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $345k).
• It's been on market 38 days — a 3% lower offer ($335k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $335k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#263 in NY, #4,136 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: amenities D-, cost of living F.
• Westbury Union Free School District (suburban): math 28% / reading 43% proficiency, ranked #531 of 590 in NY (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Powells Lane School (math 27% / reading 37%, grade F, #1,646 of 2,108 statewide, top 80%, 486 students, 60% FRL); Westbury Middle School (math 5% / reading 32%, grade F, #689 of 729 statewide, top 95%, 1,053 students, 61% FRL); Westbury High School (math 79% / reading 75%, grade A-, #583 of 1,100 statewide, top 56%, 1,541 students, 59% FRL).
• Watch-outs: flood insurance adds $56/mo; HOA is 31% of rent; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 186 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 4 sale attempts since 13y 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 $175k; list at $345k implies a 97% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; major wind risk, 39% 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 4.1% vs local median 3.2% in Westbury — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1952 — 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?