29 Loretta St

Inwood, NY 11096

$899,000D+

6 bd · 2.0 ba · 2,439 sqft · Built 1908 · MultiFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,203/mo
• Mortgage (P&I): −$4,714
• Tax + insurance: −$1,136
• HOA: −$0
• Vac / Maint / Mgmt: −$1,723
• Net cashflow: $630/mo
• Annual: $7,558/yr
• Cap rate: 7.13%
• Cash-on-cash: 3.00%
• DSCR: 1.13
• 1% rule: 0.91%
• Cash to close: $251,720

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $899k.
• At list price, monthly cash flow is $630 ($8k/yr) — positive. Per door: $315/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $820k (8.8% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $820k (8.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#399 in NY) — a middle-class / working-renter tenant base. Strengths: commute A+, amenities A-, health & safety A-; Watch: cost of living F.
• Lawrence Union Free School District (suburban): math 43% / reading 46% proficiency, ranked #399 of 590 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lawrence Early Childhood Center At #4 School (145 students, 94% FRL); Lawrence Middle School At Broadway Campus (math 12% / reading 37%, grade F, #611 of 729 statewide, top 88%, 405 students, 79% FRL); Lawrence Senior High School (math 87% / reading 30%, grade C, #877 of 1,100 statewide, top 80%, 770 students, 70% FRL) — zoned schools average 81% FRL vs 52% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; 1 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.
• Current owner paid $122k; list at $899k implies a 637% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 80% 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 7.1% vs local median 3.7% in Inwood — 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

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1908 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.