11 Wooleys Ln Unit 3A

Great Neck, NY 11021

$340,000C-

1 bd · 1.0 ba · 999 sqft · Built 1955 · Condo · Pending · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,300/mo
• Mortgage (P&I): −$1,783
• Tax + insurance: −$622
• HOA: −$0
• Vac / Maint / Mgmt: −$693
• Net cashflow: $202/mo
• Annual: $2,424/yr
• Cap rate: 7.20%
• Cash-on-cash: 3.25%
• DSCR: 1.14
• 1% rule: 0.97%
• Cash to close: $95,200

Investor read

• This is a 1-bed/1.0-bath condo listed at $340k.
• At list price, monthly cash flow is $202 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $330k (2.9% below list).
• It's been on market 52 days — a 3% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $330k (3.0% 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 $10k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#294 in NY, #4,766 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, amenities A-; Watch: housing 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: E M Baker School (math 85% / reading 84%, grade A+, #93 of 2,108 statewide, top 6%, 664 students, 19% FRL); Great Neck North Middle School (math 73% / reading 78%, grade A, #51 of 729 statewide, top 7%, 744 students, 23% FRL); Great Neck North High School (math 100% / reading 87%, grade A+, #141 of 1,100 statewide, top 13%, 1,176 students, 24% FRL).
• Watch-outs: flood insurance adds $56/mo; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 200 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 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.
• Climate carrying-cost: severe 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.
• Cap rate 7.2% vs local median 3.0% in Great Neck — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent runs 33% of the median local income ($120k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.