21 Audrey Ave

Plainview, NY 11803

$999,999C-

6 bd · 3.0 ba · 2,694 sqft · Built 1952 · MultiFamily · Pending · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,597/mo
• Mortgage (P&I): −$5,244
• Tax + insurance: −$1,940
• HOA: −$0
• Vac / Maint / Mgmt: −$2,015
• Net cashflow: $398/mo
• Annual: $4,773/yr
• Cap rate: 6.77%
• Cash-on-cash: 1.70%
• DSCR: 1.08
• 1% rule: 0.96%
• Cash to close: $280,000

Investor read

• This is a 6-bed/3.0-bath multifamily listed at $1000k.
• At list price, monthly cash flow is $398 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $960k (4.0% below list).
• It's been on market 23 days — a 2% lower offer ($985k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $960k (4.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#36 in NY, #554 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: cost of living F.
• Plainview-Old Bethpage Central School District (suburban): math 88% / reading 86% proficiency, ranked #20 of 590 in NY (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 4% free/reduced lunch — higher-income household profile.
• Zoned schools: Stratford Road School (math 87% / reading 87%, grade A+, #69 of 2,108 statewide, top 4%, 626 students, 13% FRL); Plainview-Old Bethpage Middle School (math 77% / reading 80%, grade A+, #36 of 729 statewide, top 5%, 889 students, 13% FRL); Plainview-Old Bethpage/Jfk High School (math 100% / reading 95%, grade A+, #49 of 1,100 statewide, top 5%, 1,649 students, 13% FRL).
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 158 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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).
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $42k; list at $1000k implies a 2310% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 68% 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 6.8% vs local median 2.7% in Plainview — 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.
• At $9,597/mo this rent would consume 61% of the median local household income ($188k/yr) (locally 169% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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 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.