34 Boulevard Ave

Greenlawn, NY 11740

$415,000D

2 bd · 1.0 ba · 700 sqft · Built 1900 · SingleFamily · Pending · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,012/mo
• Mortgage (P&I): −$2,176
• Tax + insurance: −$519
• HOA: −$0
• Vac / Maint / Mgmt: −$633
• Net cashflow: $-316/mo
• Annual: $-3,792/yr
• Cap rate: 5.38%
• Cash-on-cash: -3.26%
• DSCR: 0.85
• 1% rule: 0.73%
• Cash to close: $116,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $415k.
• At list price, monthly cash flow is $-316 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $359k (13.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $301k (27.4% below list).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $301k (27.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#144 in NY, #2,217 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, cost of living F.
• Harborfields Central School District (suburban): math 71% / reading 74% proficiency, ranked #76 of 590 in NY (top 13%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Washington Drive Primary School (585 students, 12% FRL); Oldfield Middle School (math 56% / reading 77%, grade A-, #114 of 729 statewide, top 16%, 659 students, 18% FRL); Harborfields High School (math 100% / reading 72%, grade A, #358 of 1,100 statewide, top 33%, 949 students, 15% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 33 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).
• Suffolk County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Climate carrying-cost: major wind risk, 77% 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.
• Cap rate 5.4% vs local median 3.2% in Greenlawn — 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 1900 — 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.