396 Merrick Rd Unit 1A · Rockville Centre, NY 11570

$350,000

1 bd · 1.0 ba · 710 sqft · Condo · 25 Days on market

Built 1951 Good condition

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Why this score? — see what drove the D 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 +10.3/30.0
• ARV discount +7.5/15.0
• Schools +7.4/10.0
• Livability +4.3/5.0
• Condition / age +3.8/5.0
• 1% rule +3.1/10.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Move right into this beautifully updated 1-bedroom end / corner unit in the sought-after Rockville Lewis co-op community! Convenient first-floor location just moments from the LIRR, vibrant Park Avenue dining, shopping, and nightlife. This move-in ready apartment with plenty of closets features an assigned parking space, common laundry, storage, free bicycle storage, and maintenance of $908/month which includes taxes and water!!

Key facts

• Common laundry
• Corner unit
• Free bicycle storage

Tags

• CORNER UNIT
• FIRST-FLOOR LOCATION
• ASSIGNED PARKING SPACE
• COMMON LAUNDRY
• FREE BICYCLE STORAGE
• LOW-MAINTENANCE LIVING

Property features AI

Finance

• HOA & community: Association: Rockville Lewis; Association maintains landscaping and grounds; Association provides parking, snow removal and trash services

Exterior

• Parking: One assigned parking space; No carport
• Security: Video cameras
• Utilities: Public sewer; Water connected; Water available; Sewer connected; Sewer available; Electricity connected; Electricity available; Natural gas connected; Natural gas available; Cable connected; Cable available; Trash collection (public)
• Home design: Stock cooperative; One level entry; Two-story building
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Located on first floor
• Flooring: Wood floors
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; First-floor full bath; Bicycle room
• Laundry & utility: Common area laundry; Basement laundry; Multiple laundry locations

🏢 Co-op / cooperative unit. The $350,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $350k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-189 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $323k (7.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $282k (19.4% below list).
• Recommended offer: $282k (19.4% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 2.5% in Rockville Centre — 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 86/100 on livability (#17 in NY, #365 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Rockville Centre Union Free School District (suburban): math 82% / reading 82% proficiency, ranked #37 of 590 in NY (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: South Side Middle School (math 56% / reading 75%, grade A-, #119 of 729 statewide, top 16%, 837 students, 14% FRL); South Side High School (math 98% / reading 75%, grade A, #336 of 1,100 statewide, top 31%, 999 students, 16% FRL).
• Market conditions: 144 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $10k 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 25 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 71% 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.

Recommended offer $282,216 (19.4% below list)

Questions for the listing agent

1. 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?
2. Built in 1951 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 0.81% ✗
• Cap rate: 5.64%
• Cash-on-cash: -2.32%
• DSCR: 0.90
• GRM: 10.3

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: -20.1%
• Equity multiple: 0.30×
• Total profit: $-68,727
• Equity at exit: $52,186

10-year hold

• IRR: -13.1%
• Equity multiple: 0.23×
• Total profit: $-75,195
• Equity at exit: $30,262

Cash invested: $98,000 (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 11570

• Active inventory: 144
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,822 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$593
• Net cashflow: $-189

Break-even live

Break-even rent $3,062

Max offer price $322,613

Occupancy floor —

Sensitivity live

Price	-10% $53	-5% $-68	+0% $-189	+5% $-310	+10% $-431
Rent	-10% $-412	-5% $-301	+0% $-189	+5% $-78	+10% $34
Rate	-1.0pp $-13	-0.5pp $-100	base $-189	+0.5pp $-280	+1.0pp $-372

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
91 Grand Ave Rockville Centre, NY	—	1.0	523	$2,025	$3.87	44d	1	0.40mi
275 Maple Ave Apt 6D Rockville Centre, NY	2.0	1.0	673	$2,875	$4.27	25d	1	0.46mi
80 N Centre Ave Rockville Centre, NY	3.0	1.0–3.5	1254	$3,955	$3.15	0d	1	0.64mi
8 Roswell Ave Oceanside, NY	2.0	1.5	741	$3,100	$4.18	25d	1	0.82mi
108 Earle Ave Lynbrook, NY	1.0	1.0	500	$2,500	$5.00	25d	1	1.44mi

HOA detail condo

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

Listing history 20 events

1. 2026-06-21
   days on market $350,000 Active 25 DOM
2. 2026-06-18
   days on market $350,000 Active 22 DOM
3. 2026-06-17
   remarks 432-char remark
4. 2026-06-17
   days on market $350,000 Active 21 DOM
5. 2026-06-16
   days on market $350,000 Active 20 DOM
6. 2026-06-15
   days on market $350,000 Active 19 DOM
7. 2026-06-13
   days on market $350,000 Active 17 DOM
8. 2026-06-13
   remarks 431-char remark
9. 2026-06-13
   days on market $350,000 Active 16 DOM
10. 2026-06-09
    days on market $350,000 Active 13 DOM
11. 2026-06-08
    days on market $350,000 Active 12 DOM
12. 2026-06-07
    days on market $350,000 Active 11 DOM
13. 2026-06-04
    days on market $350,000 Active 8 DOM
14. 2026-06-03
    days on market $350,000 Active 7 DOM
15. 2026-06-02
    days on market $350,000 Active 6 DOM
16. 2026-06-01
    days on market $350,000 Active 5 DOM
17. 2026-06-01
    remarks 403-char remark
18. 2026-05-31
    remarks 398-char remark
19. 2026-05-31
    days on market $350,000 Active 4 DOM
20. 2026-05-07
    listed $350,000 Active

ⓘ 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 ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 71% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,866
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,709
• − Management: −$2,709
• − Depreciation: −$10,182
• Taxable loss: −$8,340
• Est. tax savings @ 24.0%: +$2,002
• After-tax cash flow: $-270/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.

Condition & rehab AI · 7 photos

Good 75/100 Cosmetic rehab

This move-in ready 1-bedroom end unit in a sought-after co-op community is in good condition with modern updates and a well-maintained exterior. A fresh coat of paint and an energy-efficient HVAC system would significantly enhance its value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Upgrade HVAC system — Improves comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Upgrade HVAC system — Improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Rockville Centre Union Free School District
• NCES district ID: 3624780
• Math proficiency: 82% ▲ 3.00%
• Reading proficiency: 82% ▲ 2.00%
• Median HH income: $102,401
• Composite: 74.33/100
• National rank: #162
• State rank: #37 of 590 in NY

Livability — Rockville Centre

• Score: 86/100
• State rank: #17
• US rank: #365

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockville Centre, NY
• County: Nassau County · 653,051 people
• City population: 28,908
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 28,908
• Household income: $157,163
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 732.0

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: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 12% Two or more races 7% Black 5% Asian 5%
• Hispanic origin (detail): Puerto Rican 2% Dominican 4%
• Common ancestry: Romanian 4% Scotch-Irish 4% Subsaharan African 1%
• Foreign-born: 12% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 8% Other Indo-European 5% Chinese 1%

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: ▼ -731.15%
• Current HPI: 275.9882
• 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

1 event — show timeline

• 2026-05-07 Listed $350,000 OneKey® MLS as Distributed by MLS Grid