221 Middleneck Rd Unit M-2 · Great Neck, NY 11021

$274,999

1 bd · 1.0 ba · 700 sqft · Condo · 184 Days on market

Built 1950

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.5/30.0
• Schools +7.6/10.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• 1% rule +5.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

**Low Maintenance, First Floor Sunny Beautifully Maintained. Renovated Modern Kitchen And Updated Bathroom. View Of Grounds And Courtyard From Living Room & Kitchen. Laundry In Bsmt Close To Unit. Storage Avail. Near Train, Shopping, Movies And Parks. Part Of The Great Neck District, Pools, Tennis, Stepping Stone Park.24/7 Supt,Security Camera,Parking Available., Additional information: Interior Features:Efficiency Kitchen,Lr/Dr

Key facts

• Built 1950
• Listed 184 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $275k.

Deal economics

• At list price, monthly cash flow is $312 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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.

Location & tenants

• 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).
• Market conditions: 200 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 184 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 13y ago; this cycle's ask has dropped $24k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $192k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $241,999 (12.0% below list)

Questions for the listing agent

1. It's been on market 184 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.02% ✓
• Cap rate: 7.65%
• Cash-on-cash: 4.86%
• DSCR: 1.22
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.7%
• Equity multiple: 0.68×
• Total profit: $-24,650
• Equity at exit: $41,003

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $4,291
• Equity at exit: $23,777

Cash invested: $77,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 11021

• Active inventory: 200
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,801 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $312

Break-even live

Break-even rent $2,406

Max offer price $274,999

Occupancy floor 84%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 Stoner Ave Unit 2G Great Neck, NY	1.0	1.0	700	$2,800	$4.00	43d	1	0.52mi
30 Barstow Rd Unit LL4 Great Neck, NY	—	1.0	415	$1,825	$4.40	43d	1	0.57mi
7 Bond St Unit 3J Great Neck, NY	1.0	1.0	650	$2,800	$4.31	19d	1	0.63mi
11 Schenck Ave Unit 2D Great Neck Plaza, NY	1.0	1.0	750	$2,200	$2.93	43d	1	0.81mi
17 Schenck Ave Unit 3B Great Neck Plaza, NY	1.0	1.0	700	$2,295	$3.28	13d	1	0.83mi
240 E Shore Rd Great Neck, NY	3.0	1.0–2.5	999	$4,770	$4.77	1d	1	1.10mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: landscapingpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-03-24
   status Pending
2. 2026-01-26
   price $274,999
3. 2025-10-06
   price $285,000
4. 2025-09-22
   listed $299,000 Active
5. 2025-09-17
   historical $299,000
6. 2017-12-07
   soldstatus $192,000 Closed 436-char remark

   Show marketing remark (436 chars)

   **Low Maintenance, First Floor Sunny Beautifully Maintained. Renovated Modern Kitchen And Updated Bathroom. View Of Grounds And Courtyard From Living Room & Kitchen. Laundry In Bsmt Close To Unit. Storage Avail. Near Train, Shopping, Movies And Parks. Part Of The Great Neck District, Pools, Tennis, Stepping Stone Park.24/7 Supt,Security Camera,Parking Available., Additional information: Interior Features:Efficiency Kitchen,Lr/Dr

7. 2017-11-19
   status Under Contract 436-char remark

   Show marketing remark (436 chars)

   **Low Maintenance, First Floor Sunny Beautifully Maintained. Renovated Modern Kitchen And Updated Bathroom. View Of Grounds And Courtyard From Living Room & Kitchen. Laundry In Bsmt Close To Unit. Storage Avail. Near Train, Shopping, Movies And Parks. Part Of The Great Neck District, Pools, Tennis, Stepping Stone Park.24/7 Supt,Security Camera,Parking Available., Additional information: Interior Features:Efficiency Kitchen,Lr/Dr

8. 2017-06-27
   price $200,000 436-char remark

   Show marketing remark (436 chars)

   **Low Maintenance, First Floor Sunny Beautifully Maintained. Renovated Modern Kitchen And Updated Bathroom. View Of Grounds And Courtyard From Living Room & Kitchen. Laundry In Bsmt Close To Unit. Storage Avail. Near Train, Shopping, Movies And Parks. Part Of The Great Neck District, Pools, Tennis, Stepping Stone Park.24/7 Supt,Security Camera,Parking Available., Additional information: Interior Features:Efficiency Kitchen,Lr/Dr

9. 2017-06-14
   status Listing Extended 436-char remark

   Show marketing remark (436 chars)

   **Low Maintenance, First Floor Sunny Beautifully Maintained. Renovated Modern Kitchen And Updated Bathroom. View Of Grounds And Courtyard From Living Room & Kitchen. Laundry In Bsmt Close To Unit. Storage Avail. Near Train, Shopping, Movies And Parks. Part Of The Great Neck District, Pools, Tennis, Stepping Stone Park.24/7 Supt,Security Camera,Parking Available., Additional information: Interior Features:Efficiency Kitchen,Lr/Dr

10. 2017-06-14
    historical 436-char remark

    Show marketing remark (436 chars)

    **Low Maintenance, First Floor Sunny Beautifully Maintained. Renovated Modern Kitchen And Updated Bathroom. View Of Grounds And Courtyard From Living Room & Kitchen. Laundry In Bsmt Close To Unit. Storage Avail. Near Train, Shopping, Movies And Parks. Part Of The Great Neck District, Pools, Tennis, Stepping Stone Park.24/7 Supt,Security Camera,Parking Available., Additional information: Interior Features:Efficiency Kitchen,Lr/Dr

11. 2017-05-11
    price $215,000 436-char remark

    Show marketing remark (436 chars)

    **Low Maintenance, First Floor Sunny Beautifully Maintained. Renovated Modern Kitchen And Updated Bathroom. View Of Grounds And Courtyard From Living Room & Kitchen. Laundry In Bsmt Close To Unit. Storage Avail. Near Train, Shopping, Movies And Parks. Part Of The Great Neck District, Pools, Tennis, Stepping Stone Park.24/7 Supt,Security Camera,Parking Available., Additional information: Interior Features:Efficiency Kitchen,Lr/Dr

12. 2017-03-28
    price $226,000 436-char remark

    Show marketing remark (436 chars)

    **Low Maintenance, First Floor Sunny Beautifully Maintained. Renovated Modern Kitchen And Updated Bathroom. View Of Grounds And Courtyard From Living Room & Kitchen. Laundry In Bsmt Close To Unit. Storage Avail. Near Train, Shopping, Movies And Parks. Part Of The Great Neck District, Pools, Tennis, Stepping Stone Park.24/7 Supt,Security Camera,Parking Available., Additional information: Interior Features:Efficiency Kitchen,Lr/Dr

13. 2017-01-05
    price $245,000 436-char remark

    Show marketing remark (436 chars)

    **Low Maintenance, First Floor Sunny Beautifully Maintained. Renovated Modern Kitchen And Updated Bathroom. View Of Grounds And Courtyard From Living Room & Kitchen. Laundry In Bsmt Close To Unit. Storage Avail. Near Train, Shopping, Movies And Parks. Part Of The Great Neck District, Pools, Tennis, Stepping Stone Park.24/7 Supt,Security Camera,Parking Available., Additional information: Interior Features:Efficiency Kitchen,Lr/Dr

14. 2016-12-13
    listed $266,000 New 436-char remark

    Show marketing remark (436 chars)

    **Low Maintenance, First Floor Sunny Beautifully Maintained. Renovated Modern Kitchen And Updated Bathroom. View Of Grounds And Courtyard From Living Room & Kitchen. Laundry In Bsmt Close To Unit. Storage Avail. Near Train, Shopping, Movies And Parks. Part Of The Great Neck District, Pools, Tennis, Stepping Stone Park.24/7 Supt,Security Camera,Parking Available., Additional information: Interior Features:Efficiency Kitchen,Lr/Dr

15. 2016-03-10
    historical
16. 2015-11-25
    listed $189,000
17. 2014-02-25
    soldstatus $149,000 Closed
18. 2014-02-25
    soldstatus $149,000
19. 2013-12-16
    status Under Contract
20. 2013-11-07
    listed $155,000 New
21. 2013-11-07
    listed $155,000
22. 2013-10-15
    historical
23. 2013-04-15
    listed $165,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,606
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,689
• − Management: −$2,689
• − Depreciation: −$8,000
• Taxable loss: −$675
• Est. tax savings @ 24.0%: +$162
• After-tax cash flow: $3,906/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Great Neck Union Free School District
• NCES district ID: 3612510
• Math proficiency: 86% ▬ 0.00%
• Reading proficiency: 83% ▬ 0.00%
• Median HH income: $99,939
• Composite: 76.19/100
• National rank: #111
• State rank: #30 of 590 in NY

Livability — Great Neck

• Score: 74/100
• State rank: #294
• US rank: #4766

Category grades

Amenities A- Commute B Cost of living F Crime A+ Employment A+ Housing C- Health & safety C+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Great Neck, NY
• County: Nassau County · 653,051 people
• City population: 19,783
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 19,783
• Household income: $120,230
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 601.0

Population outlook (Nassau County) Hauer SSP2

• Today (2025): 1,409,302 people
• By 2030: 1,431,482 · +1.6%
• By 2040: 1,471,607 · +4.4%
• By 2050: 1,502,845 · +6.6%
• By 2075: 1,575,403 · +11.8%
• By 2100: 1,554,356 · +10.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 56% Asian 31% Hispanic / Latino 8% Two or more races 5% Black 1%
• Common ancestry: Scotch-Irish 5% Romanian 4% Subsaharan African 1%
• Foreign-born: 36% · China, Canada, South Korea
• Languages at home: 54% English-only · Chinese 16% Other Indo-European 10% Spanish 7%

Political lean MEDSL · Nassau

• 2024 margin: Toss-up / Even · D 47.9% · R 52.1%
• 2008→2024 swing: -12.6pp toward R · 2008: 8.4pp · 2024: -4.2pp
• All cycles: 2024: R+4.2 2020: D+9.5 2016: D+5.3 2012: D+6.7 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -736.84%
• Current HPI: 254.751
• Rent YoY: —
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+66.7% since first listed

23 events — show timeline

• 2026-03-24 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-01-26 Price Changed $274,999 OneKey® MLS as Distributed by MLS Grid
• 2025-10-06 Price Changed $285,000 OneKey® MLS as Distributed by MLS Grid
• 2025-09-22 Listed $299,000 OneKey® MLS as Distributed by MLS Grid
• 2025-09-17 Coming Soon $299,000 OneKey® MLS as Distributed by MLS Grid
• 2017-12-07 Sold (MLS) $192,000 OneKey® MLS as Distributed by MLS Grid
• 2017-11-19 Pending — OneKey® MLS as Distributed by MLS Grid
• 2017-06-27 Price Changed $200,000 OneKey® MLS as Distributed by MLS Grid
• 2017-06-14 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2017-06-14 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2017-05-11 Price Changed $215,000 OneKey® MLS as Distributed by MLS Grid
• 2017-03-28 Price Changed $226,000 OneKey® MLS as Distributed by MLS Grid
• 2017-01-05 Price Changed $245,000 OneKey® MLS as Distributed by MLS Grid
• 2016-12-13 Listed $266,000 OneKey® MLS as Distributed by MLS Grid
• 2016-03-10 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2015-11-25 Listed $189,000 OneKey® MLS as Distributed by MLS Grid
• 2014-02-25 Sold (MLS) $149,000 OneKey® MLS as Distributed by MLS Grid
• 2014-02-25 Sold (MLS) $149,000 MLSLI
• 2013-12-16 Pending — MLSLI
• 2013-11-07 Listed $155,000 MLSLI
• 2013-11-07 Listed $155,000 OneKey® MLS as Distributed by MLS Grid
• 2013-10-15 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2013-04-15 Listed $165,000 OneKey® MLS as Distributed by MLS Grid