88 Wheatley Rd · Old Westbury, NY 11568

$3,295,000

7 bd · 10.5 ba · 8,112 sqft · SingleFamily public records · 270 Days on market

Built 1932 2.26 ac lot $406/sqft · 40% below area Est $5402k · 39% under

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Why this score? — see what drove the D 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 +15.0/15.0
• Appreciation +10.0/10.0
• Schools +8.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

OLD WESTBURY. ICONIC COLONIAL-REVIVAL MANOR - Set on 2.26 private acres, this 1932 William Lawrence Bottomley–designed Colonial-Revival estate is distinguished by its remarkable architectural form. A four-story brick center residence is flanked by two sweeping first-floor wings that extend in a graceful semi-circle, creating both symmetry and a sense of grandeur rarely seen. Inside, timeless details include a dramatic spiral floating staircase, arched windows, intricate moldings, multiple fireplaces, and light-filled entertaining spaces. The home features 7 bedrooms, 5 full and 3 half baths, including a regal primary suite with study, dual baths, and walk-in closets. Elegant gathering rooms include a banquet-sized dining room, a solarium with wet bar and billiards area, and a stunning octagonal library with imported, fluted, conical ceiling and incredible acoustics. The grounds are equally impressive, offering a heated gunite pool with brick surround, outdoor kitchen, and a pool house with party room, kitchenette, and baths, a circular courtyard with 5 garage bays, and slate and copper roofing complete this one-of-a-kind estate. A must see!!

Key facts

• Multiple fireplaces
• Arched windows
• Intricate moldings

Tags

• ARCHED WINDOWS
• INTRICATE MOLDINGS
• MULTIPLE FIREPLACES
• REGAL PRIMARY SUITE
• BANQUET-SIZED DINING ROOM
• SOLARIUM WITH WET BAR

What this means for you Summary

Snapshot

• This is a 7-bed/10.5-bath single-family listed at $3.29M.

Deal economics

• At list price, monthly cash flow is $-21k ($-250k/yr) — negative.
• To cash-flow at today's rent, offer at most $466k (85.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $408k (87.6% below list).
• Recommended offer: $408k (87.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#714 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Jericho Union Free School District (suburban): math 91% / reading 86% proficiency, ranked #7 of 590 in NY (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 3% free/reduced lunch — higher-income household profile.
• Zoned schools: Jericho Middle School (math 88% / reading 87%, grade A+, #8 of 729 statewide, top 1%, 810 students, 13% FRL); Jericho Senior High School (math 100% / reading 77%, grade A, #299 of 1,100 statewide, top 27%, 1,258 students, 15% FRL).
• Market conditions: 41 active listings in the ZIP; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).

Forward outlook

• In year one you build about $352k of equity ($23k loan paydown + $330k appreciation (10.0% local appreciation)).
• 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 ~$566k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 270 days — a 12% lower offer ($2.90M) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 14y ago; this cycle's ask has dropped $703k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $2.40M; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1932 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 62% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $407,594 (87.6% 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. It's been on market 270 days. Have you received any prior offers? Is the seller open to a 88% concession, seller financing, or rate buy-down credit?
3. Built in 1932 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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.

Investment metrics

• 1% rule: 0.12% ✗
• Cap rate: -1.30%
• Cash-on-cash: -27.11%
• DSCR: -0.21
• GRM: 67.4

CMA / ARV

• ARV (median comp): $5,401,958
• List price: $3,295,000
• Delta: -39.00%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.0%
• Equity multiple: 1.51×
• Total profit: $467,827
• Equity at exit: $2,968,397

10-year hold

• IRR: 8.6%
• Equity multiple: 3.63×
• Total profit: $2,423,371
• Equity at exit: $6,401,460

Cash invested: $922,600 (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 11568

• Home prices YoY: 4.4%
• Active inventory: 41
• Price-to-rent: 67.4×

Monthly cashflow live

• Estimated rent: $4,076 medium
• Mortgage (P&I): −$17,279
• Tax from tax record: −$5,412 /mo · $64,942/yr
• Insurance: −$1,373
• HOA: −$0
• Vacancy / Maint / Mgmt: −$856
• Net cashflow: $-20,844

Break-even live

Break-even rent $30,461

Max offer price $465,938

Occupancy floor —

Sensitivity live

Price	-10% $-18,979	-5% $-19,912	+0% $-20,844	+5% $-21,777	+10% $-22,709
Rent	-10% $-21,166	-5% $-21,005	+0% $-20,844	+5% $-20,683	+10% $-20,522
Rate	-1.0pp $-19,185	-0.5pp $-20,006	base $-20,844	+0.5pp $-21,698	+1.0pp $-22,567

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: $823,750
• Closing costs: $98,850
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-22
   days on market $3,295,000 Active 270 DOM
2. 2026-06-21
   days on market $3,295,000 Active 269 DOM
3. 2026-06-18
   days on market $3,295,000 Active 266 DOM
4. 2026-06-17
   days on market $3,295,000 Active 265 DOM
5. 2026-06-16
   days on market $3,295,000 Active 264 DOM
6. 2026-06-15
   days on market $3,295,000 Active 263 DOM
7. 2026-06-13
   days on market $3,295,000 Active 261 DOM
8. 2026-06-13
   days on market $3,295,000 Active 260 DOM
9. 2026-06-09
   days on market $3,295,000 Active 257 DOM
10. 2026-06-08
    days on market $3,295,000 Active 256 DOM
11. 2026-06-07
    days on market $3,295,000 Active 255 DOM
12. 2026-06-04
    days on market $3,295,000 Active 252 DOM
13. 2026-06-03
    days on market $3,295,000 Active 251 DOM
14. 2026-06-02
    days on market $3,295,000 Active 250 DOM
15. 2026-06-01
    days on market $3,295,000 Active 249 DOM
16. 2026-05-31
    days on market $3,295,000 Active 248 DOM
17. 2026-04-13
    price $3,495,000 1165-char remark

    Show marketing remark (1165 chars)

    OLD WESTBURY. ICONIC COLONIAL-REVIVAL MANOR - Set on 2.26 private acres, this 1932 William Lawrence Bottomley–designed Colonial-Revival estate is distinguished by its remarkable architectural form. A four-story brick center residence is flanked by two sweeping first-floor wings that extend in a graceful semi-circle, creating both symmetry and a sense of grandeur rarely seen. Inside, timeless details include a dramatic spiral floating staircase, arched windows, intricate moldings, multiple fireplaces, and light-filled entertaining spaces. The home features 7 bedrooms, 5 full and 3 half baths, including a regal primary suite with study, dual baths, and walk-in closets. Elegant gathering rooms include a banquet-sized dining room, a solarium with wet bar and billiards area, and a stunning octagonal library with imported, fluted, conical ceiling and incredible acoustics. The grounds are equally impressive, offering a heated gunite pool with brick surround, outdoor kitchen, and a pool house with party room, kitchenette, and baths, a circular courtyard with 5 garage bays, and slate and copper roofing complete this one-of-a-kind estate. A must see!!

18. 2026-02-11
    price $3,695,000 1165-char remark

    Show marketing remark (1165 chars)

    OLD WESTBURY. ICONIC COLONIAL-REVIVAL MANOR - Set on 2.26 private acres, this 1932 William Lawrence Bottomley–designed Colonial-Revival estate is distinguished by its remarkable architectural form. A four-story brick center residence is flanked by two sweeping first-floor wings that extend in a graceful semi-circle, creating both symmetry and a sense of grandeur rarely seen. Inside, timeless details include a dramatic spiral floating staircase, arched windows, intricate moldings, multiple fireplaces, and light-filled entertaining spaces. The home features 7 bedrooms, 5 full and 3 half baths, including a regal primary suite with study, dual baths, and walk-in closets. Elegant gathering rooms include a banquet-sized dining room, a solarium with wet bar and billiards area, and a stunning octagonal library with imported, fluted, conical ceiling and incredible acoustics. The grounds are equally impressive, offering a heated gunite pool with brick surround, outdoor kitchen, and a pool house with party room, kitchenette, and baths, a circular courtyard with 5 garage bays, and slate and copper roofing complete this one-of-a-kind estate. A must see!!

19. 2025-09-25
    listed $3,998,000 Active 1165-char remark

    Show marketing remark (1165 chars)

    OLD WESTBURY. ICONIC COLONIAL-REVIVAL MANOR - Set on 2.26 private acres, this 1932 William Lawrence Bottomley–designed Colonial-Revival estate is distinguished by its remarkable architectural form. A four-story brick center residence is flanked by two sweeping first-floor wings that extend in a graceful semi-circle, creating both symmetry and a sense of grandeur rarely seen. Inside, timeless details include a dramatic spiral floating staircase, arched windows, intricate moldings, multiple fireplaces, and light-filled entertaining spaces. The home features 7 bedrooms, 5 full and 3 half baths, including a regal primary suite with study, dual baths, and walk-in closets. Elegant gathering rooms include a banquet-sized dining room, a solarium with wet bar and billiards area, and a stunning octagonal library with imported, fluted, conical ceiling and incredible acoustics. The grounds are equally impressive, offering a heated gunite pool with brick surround, outdoor kitchen, and a pool house with party room, kitchenette, and baths, a circular courtyard with 5 garage bays, and slate and copper roofing complete this one-of-a-kind estate. A must see!!

20. 2015-05-05
    soldstatus $2,400,000
21. 2015-04-28
    soldstatus $2,400,000 414-char remark

    Show marketing remark (414 chars)

    Impeccably Restored Stately 1926 Brick Georgian Colonial Designed By Noted Architect William Lawrence Bottomley In Heart Of Old Westbury. Private Road Leads To Gated Entry. Slate And Copper Patina Roof. Spectacular Landscaping With English Gardens And Specimen Trees. Pool And Pool House W/Kitchen And Bath. 4 Car Garage W Apartment. Generator., Additional information: Appearance:Mint,Separate Hotwater Heater:Yes

22. 2015-04-28
    soldstatus $2,400,000 Closed

    Show marketing remark (414 chars)

    Impeccably Restored Stately 1926 Brick Georgian Colonial Designed By Noted Architect William Lawrence Bottomley In Heart Of Old Westbury. Private Road Leads To Gated Entry. Slate And Copper Patina Roof. Spectacular Landscaping With English Gardens And Specimen Trees. Pool And Pool House W/Kitchen And Bath. 4 Car Garage W Apartment. Generator., Additional information: Appearance:Mint,Separate Hotwater Heater:Yes

23. 2015-02-09
    status Under Contract
24. 2014-10-31
    historical
25. 2014-08-08
    listed $2,999,000
26. 2014-05-08
    price $2,999,000 Price Change
27. 2014-03-05
    listed $3,349,000 New
28. 2014-03-04
    listed $2,999,000 414-char remark

    Show marketing remark (414 chars)

    Impeccably Restored Stately 1926 Brick Georgian Colonial Designed By Noted Architect William Lawrence Bottomley In Heart Of Old Westbury. Private Road Leads To Gated Entry. Slate And Copper Patina Roof. Spectacular Landscaping With English Gardens And Specimen Trees. Pool And Pool House W/Kitchen And Bath. 4 Car Garage W Apartment. Generator., Additional information: Appearance:Mint,Separate Hotwater Heater:Yes

29. 2013-12-31
    historical
30. 2013-07-02
    listed $3,349,000
31. 2013-06-30
    historical
32. 2012-04-19
    listed $3,349,000
33. 1994-02-22
    soldstatus $2,300,000

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $64,942 · $5,412/mo
• Projected year-2 tax: $64,942 · $5,412/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,911
• − Mortgage interest: −$184,571
• − Property taxes: −$64,942
• − Insurance: −$16,475
• − Repairs & maintenance: −$3,913
• − Management: −$3,913
• − Depreciation: −$95,855
• Taxable loss: −$320,758
• Est. tax savings @ 24.0%: +$76,982
• After-tax cash flow: $-173,148/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: Jericho Union Free School District
• NCES district ID: 3615810
• Math proficiency: 91% ▼ -1.00%
• Reading proficiency: 86% ▼ -2.00%
• Median HH income: $152,686
• Composite: 84.55/100
• National rank: #11
• State rank: #7 of 590 in NY

Livability — Old Westbury

• Score: 65/100
• State rank: #714
• US rank: #13575

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Old Westbury, NY
• City population: 4,198
• Population (ZIP): 4,198

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 (67%)
• Race & ethnicity: White 67% Asian 14% Hispanic / Latino 8% Two or more races 6% Black 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Romanian 5% Italian 4% Scotch-Irish 2%
• Foreign-born: 22% · China, Canada, South Korea
• Languages at home: 69% English-only · Other Indo-European 12% Spanish 6% Russian/Polish/Slavic 4%

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: ▲ 11.54%
• Current HPI: 272.5754
• Rent YoY: —
• Metro: —
• 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

+52.0% since first listed

17 events — show timeline

• 2026-04-13 Price Changed $3,495,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-11 Price Changed $3,695,000 OneKey® MLS as Distributed by MLS Grid
• 2025-09-25 Listed $3,998,000 OneKey® MLS as Distributed by MLS Grid
• 2015-05-05 Sold (Public Records) $2,400,000 Public Records
• 2015-04-28 Sold (MLS) $2,400,000 MLSLI
• 2015-04-28 Sold (MLS) $2,400,000 OneKey® MLS as Distributed by MLS Grid
• 2015-02-09 Pending — MLSLI
• 2014-10-31 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2014-08-08 Listed $2,999,000 OneKey® MLS as Distributed by MLS Grid
• 2014-05-08 Price Changed $2,999,000 MLSLI
• 2014-03-05 Listed $3,349,000 MLSLI
• 2014-03-04 Listed $2,999,000 OneKey® MLS as Distributed by MLS Grid
• 2013-12-31 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2013-07-02 Listed $3,349,000 OneKey® MLS as Distributed by MLS Grid
• 2013-06-30 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2012-04-19 Listed $3,349,000 OneKey® MLS as Distributed by MLS Grid
• 1994-02-22 Sold (Public Records) $2,300,000 Public Records

Property tax history

+0.6%/yr

Latest (2024): $64,942 · -3.0% YoY. Source: county tax records.