29 Jennings Ln

Woodbury, NY 11797

$868,000D-

3 bd · 2.5 ba · 2,145 sqft · Built 1979 · Condo · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,630/mo
• Mortgage (P&I): −$4,552
• Tax + insurance: −$1,438
• HOA: −$834
• Vac / Maint / Mgmt: −$1,182
• Net cashflow: $-2,376/mo
• Annual: $-28,511/yr
• Cap rate: 3.01%
• Cash-on-cash: -11.73%
• DSCR: 0.48
• 1% rule: 0.65%
• Cash to close: $243,040

Investor read

• This is a 3-bed/2.5-bath condo listed at $868k.
• At list price, monthly cash flow is $-2k ($-29k/yr) — negative.
• To cash-flow at today's rent, offer at most $448k (48.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $563k (35.1% below list).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $448k (48.4% below list) — sets the bar for cash-flow.
• In year one you build about $56k of equity ($6k loan paydown + $50k appreciation (5.8% local appreciation)).
• Location reads 66/100 on livability (#663 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Syosset Central School District (suburban): math 88% / reading 82% proficiency, ranked #19 of 590 in NY (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 3% free/reduced lunch — higher-income household profile.
• Zoned schools: Baylis Elementary School (math 87% / reading 82%, grade A+, #93 of 2,108 statewide, top 6%, 405 students, 11% FRL); H B Thompson Middle School (math 83% / reading 80%, grade A+, #22 of 729 statewide, top 3%, 997 students, 12% FRL); Syosset Senior High School (math 97% / reading 85%, grade A+, #203 of 1,100 statewide, top 20%, 2,266 students, 13% FRL).
• Market conditions: 69 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 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.
• By year 2, paydown + projected appreciation supports a ~$90k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 72% 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 3.0% vs local median 1.8% in Woodbury — 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.
• This rent runs 35% of the median local income ($193k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 1979 — 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.