8 Rockaway Ave

Westbury, NY 11590

$749,990D

4 bd · 1.0 ba · 1,258 sqft · Built 1958 · SingleFamily · Active · 155 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,967/mo
• Mortgage (P&I): −$3,933
• Tax + insurance: −$625
• HOA: −$0
• Vac / Maint / Mgmt: −$1,043
• Net cashflow: $-634/mo
• Annual: $-7,612/yr
• Cap rate: 5.28%
• Cash-on-cash: -3.62%
• DSCR: 0.84
• 1% rule: 0.66%
• Cash to close: $209,997

Investor read

• This is a 4-bed/1.0-bath single-family listed at $750k.
• At list price, monthly cash flow is $-634 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $638k (14.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $497k (33.8% below list).
• It's been on market 155 days — a 12% lower offer ($660k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $497k (33.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k 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.
• Carle Place Union Free School District (suburban): math 74% / reading 68% proficiency, ranked #99 of 590 in NY (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 183 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 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; this cycle's ask has dropped $100k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $550k; 36% 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 5.3% vs local median 3.3% in Westbury — 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 39% of the median local income ($153k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• It's been on market 155 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.