1337 Broadway Unit C10

Hewlett, NY 11557

$269,500D-

2 bd · 2.0 ba · 1,177 sqft · Built 1951 · Condo · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,728/mo
• Mortgage (P&I): −$1,413
• Tax + insurance: −$449
• HOA: −$2,091
• Vac / Maint / Mgmt: −$783
• Net cashflow: $-1,008/mo
• Annual: $-12,097/yr
• Cap rate: 1.80%
• Cash-on-cash: -16.03%
• DSCR: 0.29
• 1% rule: 1.38%
• Cash to close: $75,460

Investor read

• This is a 2-bed/2.0-bath condo listed at $270k. Condition is rated good.
• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $270k).
• It's been on market 16 days — a 2% lower offer ($265k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $265k (1.5% 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 $8k of value loss. Plan a longer hold.
• Location reads 89/100 on livability (#7 in NY, #165 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• Hewlett-Woodmere Union Free School District (suburban): math 72% / reading 79% proficiency, ranked #59 of 590 in NY (top 10%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Hewlett Elementary School (math 57% / reading 72%, grade B, #591 of 2,108 statewide, top 31%, 403 students, 26% FRL); Woodmere Middle School (math 62% / reading 73%, grade A-, #98 of 729 statewide, top 14%, 716 students, 26% FRL); George W Hewlett High School (math 95% / reading 97%, grade A+, #68 of 1,100 statewide, top 6%, 999 students, 26% FRL).
• Watch-outs: HOA is 56% of rent; built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 71 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 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.
• Climate carrying-cost: major wind risk, 70% 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 1.8% vs local median 2.7% in Hewlett — 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 1951 — 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.
• 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?
• 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.