2 Stonytown Rd

Plandome Manor, NY 11030

$1,775,000C-

5 bd · 2.5 ba · 2,941 sqft · Built 1959 · SingleFamily · Pending · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,384/mo
• Mortgage (P&I): −$9,308
• Tax + insurance: −$2,375
• HOA: −$0
• Vac / Maint / Mgmt: −$2,601
• Net cashflow: $-1,900/mo
• Annual: $-22,796/yr
• Cap rate: 5.01%
• Cash-on-cash: -4.59%
• DSCR: 0.80
• 1% rule: 0.70%
• Cash to close: $497,000

Investor read

• This is a 5-bed/2.5-bath single-family listed at $1.77M.
• At list price, monthly cash flow is $-2k ($-23k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.44M (18.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.24M (30.2% below list).
• It's been on market 102 days — a 9% lower offer ($1.62M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.24M (30.2% below list) — sets the bar for 1% rule.
• In year one you build about $108k of equity ($12k loan paydown + $96k appreciation (5.4% local appreciation)).
• Location reads 70/100 on livability (#434 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities F, cost of living F.
• Manhasset Union Free School District (suburban): math 86% / reading 84% proficiency, ranked #8 of 590 in NY (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 4% free/reduced lunch — higher-income household profile.
• Zoned schools: Shelter Rock Elementary School (math 85% / reading 82%, grade A+, #128 of 2,108 statewide, top 6%, 651 students, 0% FRL); Manhasset Middle School (math 84% / reading 79%, grade A+, #22 of 729 statewide, top 3%, 521 students, 6% FRL); Manhasset Secondary School (math 100% / reading 87%, grade A+, #141 of 1,100 statewide, top 13%, 962 students, 8% FRL) — zoned schools at 5% FRL track the district average.
• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 119 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 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.
• 7 sale attempts since 2y 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 $764k; list at $1.77M implies a 132% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$173k 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→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 102 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• Built in 1959 — 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.
• 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.