490 Main St Unit B-10 · Farmingdale, NY 11735

$239,000

1 bd · 1.0 ba · 24,666 sqft · Condo · 28 Days on market

Built 1961

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Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Schools +5.3/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 1st Floor 1 Br Co-Op. Oak Floors. Large Lr, King Master Br, Spacious Eik, Updated Bath. Laundry On Premises. Walk To Main. St. Shopping, Houses Of Worship & L.I.R.R., Additional information: Appearance:Exc

Key facts

• 2 parking spots
• Built 1961
• Listed 28 days

Property features AI

Exterior

• Parking: Two parking spaces; Common parking lot
• Utilities: PSEG electric; Public sewer; Cable connected; Electricity available; Natural gas connected
• Home design: Townhouse; Stock cooperative; Two stories; Entry level: 1st floor
• Construction: Frame construction with vinyl siding
• Exterior features: Not waterfront; Common parking lot

Interior

• Kitchen: Dishwasher; Gas range
• Bedrooms: Bedroom on the first floor
• Flooring: Hardwood floors
• Bathrooms: One full bathroom
• Heating & cooling: Baseboard heating (natural gas); Wall/window air conditioning units
• Interior features: First-floor bedroom; No basement; Three total rooms; Estimated property condition; Pets allowed (call for details)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $239k.

Deal economics

• At list price, monthly cash flow is $-32k ($-382k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $239k).
• Recommended offer: $235k (1.5% below list) — sets the bar for market timing.
• Cap rate -153.5% vs local median 3.2% in Farmingdale — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 82/100 on livability (#75 in NY, #1,185 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Farmingdale Union Free School District (suburban): math 59% / reading 56% proficiency, ranked #210 of 590 in NY (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Northside Elementary School (math 57% / reading 57%, grade C+, #842 of 2,108 statewide, top 43%, 381 students, 22% FRL); Howitt School (math 36% / reading 43%, grade F, #418 of 729 statewide, top 59%, 1,199 students, 22% FRL); Farmingdale Senior High School (math 92% / reading 67%, grade A-, #518 of 1,100 statewide, top 51%, 1,703 students, 23% FRL).
• Market conditions: 106 active listings in the ZIP; high-income renter base; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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 $142k; list at $239k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 1197% of rent.
• Climate carrying-cost: major wind risk, 61% 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.

Recommended offer $235,415 (1.5% below list)

Questions for the listing agent

1. 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?
2. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.13% ✓
• Cap rate: -153.53%
• Cash-on-cash: -570.79%
• DSCR: -24.40
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: -29.58×
• Total profit: $-2,046,181
• Equity at exit: $35,636

10-year hold

• IRR: —
• Equity multiple: -63.43×
• Total profit: $-4,311,484
• Equity at exit: $20,664

Cash invested: $66,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 11735

• Active inventory: 106
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,699 medium
• Mortgage (P&I): −$1,253
• Tax est. 1.5%: −$299 /mo · $3,585/yr
• Insurance: −$100
• HOA est. from 1 same-building comp: −$32,312
• Vacancy / Maint / Mgmt: −$567
• Net cashflow: $-31,831

Break-even live

Break-even rent $42,992

Max offer price —

Occupancy floor —

Sensitivity live

Price	-10% $-31,666	-5% $-31,749	+0% $-31,831	+5% $-31,914	+10% $-31,996
Rent	-10% $-32,045	-5% $-31,938	+0% $-31,831	+5% $-31,725	+10% $-31,618
Rate	-1.0pp $-31,711	-0.5pp $-31,771	base $-31,831	+0.5pp $-31,893	+1.0pp $-31,956

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-04-13
   status Pending
2. 2026-03-17
   listed $239,000 Active
3. 2026-03-07
   historical $239,000
4. 2018-05-24
   soldstatus $142,000 Closed 218-char remark

   Show marketing remark (218 chars)

   Spacious 1st Floor 1 Br Co-Op. Oak Floors. Large Lr, King Master Br, Spacious Eik, Updated Bath. Laundry On Premises. Walk To Main. St. Shopping, Houses Of Worship & L.I.R.R., Additional information: Appearance:Exc

5. 2018-02-12
   status Under Contract 218-char remark

   Show marketing remark (218 chars)

   Spacious 1st Floor 1 Br Co-Op. Oak Floors. Large Lr, King Master Br, Spacious Eik, Updated Bath. Laundry On Premises. Walk To Main. St. Shopping, Houses Of Worship & L.I.R.R., Additional information: Appearance:Exc

6. 2017-12-21
   listed $145,000 New 218-char remark

   Show marketing remark (218 chars)

   Spacious 1st Floor 1 Br Co-Op. Oak Floors. Large Lr, King Master Br, Spacious Eik, Updated Bath. Laundry On Premises. Walk To Main. St. Shopping, Houses Of Worship & L.I.R.R., Additional information: Appearance:Exc

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 61% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,391
• − Mortgage interest: −$13,388
• − Property taxes: −$3,585
• − Insurance: −$1,195
• − Repairs & maintenance: −$2,591
• − Management: −$2,591
• − HOA: −$387,744
• − Depreciation: −$6,953
• Taxable loss: −$385,656
• Est. tax savings @ 24.0%: +$92,558
• After-tax cash flow: $-289,418/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Farmingdale Union Free School District
• NCES district ID: 3610980
• Math proficiency: 59% ▼ -6.00%
• Reading proficiency: 56% ▲ 3.00%
• Median HH income: $93,515
• Composite: 53.18/100
• National rank: #1505
• State rank: #210 of 590 in NY

Livability — Farmingdale

• Score: 82/100
• State rank: #75
• US rank: #1185

Category grades

Amenities C+ Commute A+ Cost of living F Crime A+ Employment A+ Housing A+ Health & safety A User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmingdale, NY
• County: Nassau County · 653,051 people
• City population: 32,028
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 32,028
• Household income: $139,443
• Rent vs Own: 17.7% rent · 82.3% own
• Severe rent burden: 602.0

Population outlook (Nassau County) Hauer SSP2

• Today (2025): 1,409,302 people
• By 2030: 1,431,482 · +1.6%
• By 2040: 1,471,607 · +4.4%
• By 2050: 1,502,845 · +6.6%
• By 2075: 1,575,403 · +11.8%
• By 2100: 1,554,356 · +10.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 15% Two or more races 8% Asian 8% Black 4%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 4% Scotch-Irish 2% Hispanic 1%
• Foreign-born: 12% · Canada, China, Jamaica
• Languages at home: 80% English-only · Spanish 9% Other Indo-European 5% Tagalog/Filipino 1%

Political lean MEDSL · Nassau

• 2024 margin: Toss-up / Even · D 47.9% · R 52.1%
• 2008→2024 swing: -12.6pp toward R · 2008: 8.4pp · 2024: -4.2pp
• All cycles: 2024: R+4.2 2020: D+9.5 2016: D+5.3 2012: D+6.7 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -720.07%
• Current HPI: 292.0299
• Rent YoY: —
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+64.8% since first listed

6 events — show timeline

• 2026-04-13 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-17 Listed $239,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-07 Coming Soon $239,000 OneKey® MLS as Distributed by MLS Grid
• 2018-05-24 Sold (MLS) $142,000 OneKey® MLS as Distributed by MLS Grid
• 2018-02-12 Pending — OneKey® MLS as Distributed by MLS Grid
• 2017-12-21 Listed $145,000 OneKey® MLS as Distributed by MLS Grid