1 Edwards St Unit 2D

Roslyn, NY 11577

$309,000F

1 bd · 1.0 ba · 662 sqft · Built 1950 · Condo · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,613/mo
• Mortgage (P&I): −$1,620
• Tax + insurance: −$515
• HOA: −$782
• Vac / Maint / Mgmt: −$549
• Net cashflow: $-853/mo
• Annual: $-10,239/yr
• Cap rate: 2.98%
• Cash-on-cash: -11.83%
• DSCR: 0.47
• 1% rule: 0.85%
• Cash to close: $86,520

Investor read

• This is a 1-bed/1.0-bath condo listed at $309k.
• At list price, monthly cash flow is $-853 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $299k (3.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $261k (15.4% below list).
• It's been on market 29 days — a 2% lower offer ($304k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $261k (15.4% below list) — sets the bar for 1% rule.
• 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 83/100 on livability (#63 in NY, #910 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Roslyn Union Free School District (suburban): math 83% / reading 82% proficiency, ranked #28 of 590 in NY (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Roslyn Heights Elementary School (345 students, 20% FRL); Roslyn Middle School (math 78% / reading 82%, grade A+, #28 of 729 statewide, top 4%, 766 students, 16% FRL); Roslyn High School (math 97% / reading 87%, grade A+, #171 of 1,100 statewide, top 18%, 1,035 students, 15% FRL).
• Watch-outs: HOA is 30% of rent; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 71 active listings in the ZIP; 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 since 6y ago 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.
• Current owner paid $250k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wind risk, 55% 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 3.0% vs local median 4.6% in Roslyn — 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 1950 — 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.
• 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.