10 Matinecock Ave

Manorhaven, NY 11050

$299,999B

2 bd · 1.0 ba · 1,470 sqft · Built 1986 · SingleFamily · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,105/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$500
• HOA: −$0
• Vac / Maint / Mgmt: −$862
• Net cashflow: $1,170/mo
• Annual: $14,035/yr
• Cap rate: 10.97%
• Cash-on-cash: 16.71%
• DSCR: 1.74
• 1% rule: 1.37%
• Cash to close: $84,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $300k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• It's been on market 24 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $295k (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 $9k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#279 in NY, #4,435 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: housing D+, amenities D-, cost of living F.
• Port Washington Union Free School District (suburban): math 75% / reading 72% proficiency, ranked #69 of 590 in NY (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Guggenheim Elementary School (math 67% / reading 67%, grade B+, #525 of 2,108 statewide, top 27%, 492 students, 0% FRL); Carrie Palmer Weber Middle School (math 63% / reading 71%, grade A-, #101 of 729 statewide, top 15%, 1,216 students, 0% FRL); Paul D Schreiber Senior High School (math 100% / reading 77%, grade A, #299 of 1,100 statewide, top 27%, 1,613 students, 6% FRL).
• Market conditions: Rents rising fast (+17.0%/yr); 152 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 12 sale attempts since 14y ago; this cycle's ask is 76% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $160k; list at $300k implies a 87% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $84k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; major wind risk, 27% 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.
• This rent runs 32% of the median local income ($154k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — Older cabinets need replacement
• Major: kitchen appliances — Outdated appliances need replacement
• Major: bathroom fixtures — Older fixtures need replacement
• Major: bathroom tile — Dated tile needs replacement
• Major: wood flooring — Worn wood flooring needs replacement