20 Highland Pl

University Gardens, NY 11020

$998,000D

3 bd · 1.0 ba · 1,364 sqft · Built 1928 · SingleFamily · Pending · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,157/mo
• Mortgage (P&I): −$5,234
• Tax + insurance: −$1,748
• HOA: −$0
• Vac / Maint / Mgmt: −$873
• Net cashflow: $-3,698/mo
• Annual: $-44,376/yr
• Cap rate: 1.85%
• Cash-on-cash: -15.88%
• DSCR: 0.29
• 1% rule: 0.42%
• Cash to close: $279,440

Investor read

• This is a 3-bed/1.0-bath single-family listed at $998k.
• At list price, monthly cash flow is $-4k ($-44k/yr) — negative.
• To cash-flow at today's rent, offer at most $345k (65.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $416k (58.4% below list).
• It's been on market 22 days — a 2% lower offer ($983k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $345k (65.5% below list) — sets the bar for cash-flow.
• In year one you build about $72k of equity ($7k loan paydown + $65k appreciation (6.5% local appreciation)).
• Location reads 77/100 on livability (#197 in NY, #3,023 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities C-, cost of living F.
• Great Neck Union Free School District (suburban): math 86% / reading 83% proficiency, ranked #30 of 590 in NY (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Lakeville Elementary School (math 94% / reading 94%, grade A+, #16 of 2,108 statewide, top 1%, 762 students, 19% FRL); Great Neck South Middle School (math 79% / reading 81%, grade A+, #28 of 729 statewide, top 4%, 861 students, 23% FRL); Great Neck South High School (math 100% / reading 92%, grade A+, #71 of 1,100 statewide, top 7%, 1,262 students, 0% FRL) — zoned schools at 14% FRL track the district average.
• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 37 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• Current owner paid $220k; list at $998k implies a 354% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$115k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: 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.
• Cap rate 1.8% vs local median 2.6% in University Gardens — 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?
• Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.