185 Atlantic Ave Unit B-10

Lynbrook, NY 11563

$284,900F

1 bd · 1.0 ba · 800 sqft · Built 1920 · Condo · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,961/mo
• Mortgage (P&I): −$1,494
• Tax + insurance: −$475
• HOA: −$1,130
• Vac / Maint / Mgmt: −$622
• Net cashflow: $-760/mo
• Annual: $-9,118/yr
• Cap rate: 3.09%
• Cash-on-cash: -11.43%
• DSCR: 0.49
• 1% rule: 1.04%
• Cash to close: $79,772

Investor read

• This is a 1-bed/1.0-bath condo listed at $285k. Condition is rated good.
• At list price, monthly cash flow is $-760 ($-9k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $285k).
• It's been on market 29 days — a 2% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $281k (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 88/100 on livability (#10 in NY, #221 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• Lynbrook Union Free School District (suburban): math 75% / reading 73% proficiency, ranked #72 of 590 in NY (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Marion Street School (math 82% / reading 77%, grade A, #188 of 2,108 statewide, top 11%, 454 students, 0% FRL); Lynbrook South Middle School (math 37% / reading 67%, grade C+, #241 of 729 statewide, top 35%, 388 students, 13% FRL); Lynbrook Senior High School (math 97% / reading 82%, grade A+, #265 of 1,100 statewide, top 26%, 850 students, 19% FRL) — zoned schools at 11% FRL track the district average.
• Watch-outs: HOA is 38% of rent; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 133 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.
• Climate carrying-cost: major wind risk, 71% 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.

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 1920 — 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?
• 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.