167 Roosevelt Ave

Mineola, NY 11501

$979,000D

4 bd · 3.0 ba · 1,287 sqft · Built 1952 · MultiFamily · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,537/mo
• Mortgage (P&I): −$5,134
• Tax + insurance: −$1,241
• HOA: −$0
• Vac / Maint / Mgmt: −$1,373
• Net cashflow: $-1,211/mo
• Annual: $-14,532/yr
• Cap rate: 4.81%
• Cash-on-cash: -5.30%
• DSCR: 0.76
• 1% rule: 0.67%
• Cash to close: $274,120

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $979k.
• At list price, monthly cash flow is $-1k ($-15k/yr) — negative. Per door: $-606/mo.
• To cash-flow at today's rent, offer at most $765k (21.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $654k (33.2% below list).
• It's been on market 48 days — a 3% lower offer ($950k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $654k (33.2% 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 $29k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#58 in NY, #868 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• Mineola Union Free School District (suburban): math 71% / reading 69% proficiency, ranked #113 of 590 in NY (top 19%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Jackson Avenue School (math 63% / reading 70%, grade B+, #575 of 2,108 statewide, top 27%, 417 students, 27% FRL); Mineola Middle School (math 66% / reading 57%, grade B+, #147 of 729 statewide, top 20%, 636 students, 32% FRL); Mineola High School (math 92% / reading 80%, grade A, #347 of 1,100 statewide, top 32%, 1,078 students, 34% FRL).
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.9%/yr); 95 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 3 sale attempts since 11y 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 $545k; list at $979k implies a 80% gain — meaningful room to come down on a strong offer.
• 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.
• Cap rate 4.8% vs local median 3.7% in Mineola — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• At $6,537/mo this rent would consume 57% of the median local household income ($138k/yr) (locally 489% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 48 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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 B-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?