89 Bellevue Ave

Oceanside, NY 11572

$749,000D

4 bd · 2.0 ba · 2,140 sqft · Built 1924 · SingleFamily · Pending · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,464/mo
• Mortgage (P&I): −$3,928
• Tax + insurance: −$1,116
• HOA: −$0
• Vac / Maint / Mgmt: −$1,147
• Net cashflow: $-727/mo
• Annual: $-8,723/yr
• Cap rate: 5.13%
• Cash-on-cash: -4.16%
• DSCR: 0.81
• 1% rule: 0.73%
• Cash to close: $209,720

Investor read

• This is a 4-bed/2.0-bath single-family listed at $749k.
• At list price, monthly cash flow is $-727 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $621k (17.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $546k (27.0% below list).
• It's been on market 22 days — a 2% lower offer ($738k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $546k (27.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#15 in NY, #340 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Oceanside Union Free School District (suburban): math 69% / reading 77% proficiency, ranked #75 of 590 in NY (top 13%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: School 4 (math 67% / reading 77%, grade A-, #378 of 2,108 statewide, top 20%, 298 students, 20% FRL); School 9M-Oceanside Middle School (math 48% / reading 61%, grade B-, #214 of 729 statewide, top 31%, 817 students, 16% FRL); School 7-Oceanside Senior High School (math 91% / reading 96%, grade A+, #131 of 1,100 statewide, top 13%, 1,692 students, 20% FRL).
• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 176 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• Climate carrying-cost: major flood risk; major wind risk, 71% 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 5.1% vs local median 2.9% in Oceanside — 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.

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 1924 — 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?
• 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.
• 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.
• 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.