8 Idaho Unit i8

Coram, NY 11727

$209,990F

1 bd · 1.0 ba · 800 sqft · Built 1976 · Condo · Pending · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,153/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$350
• HOA: −$1,049
• Vac / Maint / Mgmt: −$452
• Net cashflow: $-799/mo
• Annual: $-9,589/yr
• Cap rate: 1.73%
• Cash-on-cash: -16.31%
• DSCR: 0.27
• 1% rule: 1.03%
• Cash to close: $58,797

Investor read

• This is a 1-bed/1.0-bath condo listed at $210k.
• At list price, monthly cash flow is $-799 ($-10k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $210k).
• It's been on market 40 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $204k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#646 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety B; Watch: amenities F, commute F, cost of living F.
• Longwood Central School District (rural): math 61% / reading 55% proficiency, ranked #235 of 590 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Coram Elementary School (math 37% / reading 52%, grade F, #1,277 of 2,108 statewide, top 64%, 914 students, 53% FRL); Longwood Junior High School (math 67% / reading 67%, grade A-, #101 of 729 statewide, top 15%, 1,388 students, 48% FRL); Longwood High School (math 90% / reading 77%, grade A, #409 of 1,100 statewide, top 39%, 2,977 students, 44% FRL).
• Watch-outs: HOA is 49% of rent.
• Market conditions: Rents rising fast (+4.7%/yr); 232 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 1.7% vs local median 3.5% in Coram — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?