324 Post Ave Unit 1G

Westbury, NY 11590

$254,000F

1 bd · 1.0 ba · 750 sqft · Built 1951 · Condo · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,870/mo
• Mortgage (P&I): −$1,332
• Tax + insurance: −$423
• HOA: −$1,015
• Vac / Maint / Mgmt: −$603
• Net cashflow: $-503/mo
• Annual: $-6,037/yr
• Cap rate: 3.92%
• Cash-on-cash: -8.49%
• DSCR: 0.62
• 1% rule: 1.13%
• Cash to close: $71,120

Investor read

• This is a 1-bed/1.0-bath condo listed at $254k. Condition is rated fair.
• At list price, monthly cash flow is $-503 ($-6k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $254k).
• It's been on market 17 days — a 2% lower offer ($250k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $250k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#263 in NY, #4,136 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: amenities D-, cost of living F.
• Westbury Union Free School District (suburban): math 28% / reading 43% proficiency, ranked #531 of 590 in NY (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Powells Lane School (math 27% / reading 37%, grade F, #1,646 of 2,108 statewide, top 80%, 486 students, 60% FRL); Westbury Middle School (math 5% / reading 32%, grade F, #689 of 729 statewide, top 95%, 1,053 students, 61% FRL); Westbury High School (math 79% / reading 75%, grade A-, #583 of 1,100 statewide, top 56%, 1,541 students, 59% FRL).
• Watch-outs: HOA is 35% of rent; built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 186 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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.
• 2 sale attempts since 4y 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 $216k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wind risk, 41% 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 3.2% in Westbury — 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1951 — 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?

Repairs flagged (vision-AI assessment)

• Minor: Paint — Some discoloration on walls
• Minor: Flooring — Some wear on carpet