90 S Park Ave Unit B3

Rockville Centre, NY 11570

$375,000F

1 bd · 1.0 ba · 780 sqft · Built 1969 · Condo · Pending · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,052/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$625
• HOA: −$843
• Vac / Maint / Mgmt: −$641
• Net cashflow: $-1,023/mo
• Annual: $-12,280/yr
• Cap rate: 3.02%
• Cash-on-cash: -11.70%
• DSCR: 0.48
• 1% rule: 0.81%
• Cash to close: $105,000

Investor read

• This is a 1-bed/1.0-bath condo listed at $375k.
• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $349k (7.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $305k (18.6% below list).
• It's been on market 36 days — a 3% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $305k (18.6% 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 $11k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#17 in NY, #365 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living F.
• Rockville Centre Union Free School District (suburban): math 82% / reading 82% proficiency, ranked #37 of 590 in NY (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 28% of rent.
• Market conditions: 143 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• 3 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $230k; list at $375k implies a 63% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 69% 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 3.0% vs local median 2.5% in Rockville Centre — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 36 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1969 — 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 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?