117 Glenwood Rd

Glenwood Landing, NY 11547

$850,000D+

4 bd · 2.5 ba · 2,108 sqft · Built 1888 · SingleFamily · Pending · 120 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,614/mo
• Mortgage (P&I): −$4,457
• Tax + insurance: −$1,643
• HOA: −$0
• Vac / Maint / Mgmt: −$1,179
• Net cashflow: $-1,665/mo
• Annual: $-19,981/yr
• Cap rate: 3.94%
• Cash-on-cash: -8.40%
• DSCR: 0.63
• 1% rule: 0.66%
• Cash to close: $238,000

Investor read

• This is a 4-bed/2.5-bath single-family listed at $850k.
• At list price, monthly cash flow is $-2k ($-20k/yr) — negative.
• To cash-flow at today's rent, offer at most $556k (34.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $561k (34.0% below list).
• It's been on market 120 days — a 9% lower offer ($774k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $556k (34.6% below list) — sets the bar for cash-flow.
• In year one you build about $91k of equity ($6k loan paydown + $85k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#456 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities F, cost of living F, health & safety F.
• North Shore Central School District (suburban): math 88% / reading 84% proficiency, ranked #24 of 590 in NY (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 5% free/reduced lunch — higher-income household profile.
• Zoned schools: Glenwood Landing Elementary School (math 87% / reading 82%, grade A+, #93 of 2,108 statewide, top 6%, 427 students, 0% FRL) — zoned schools at 0% FRL track the district average.
• Watch-outs: built in 1888 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 8 sale attempts since 2y ago; this cycle's ask has dropped $50k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $426k; list at $850k implies a 99% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$146k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 59% 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 3.9% vs local median 3.0% in Glenwood Landing — 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?
• It's been on market 120 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
• Built in 1888 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.