241 Covert St · New Cassel, NY 11590

$879,999

6 bd · 2.0 ba · 1,832 sqft · MultiFamily public records · 52 Days on market

Built 1908 Est $1343k · 34% under

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Why this score? — see what drove the C- 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 +17.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +4.7/10.0
• Livability +3.7/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Rare Investment Opportunity: Multi-Family with Expansion Potential This isn't just another listing; it’s a once-in-a-lifetime opportunity to secure a high-performing asset with built-in growth potential. Whether you are looking for a turnkey rental machine or a project with a massive upside, this property delivers on every front. Property Highlights Current Configuration: Legal two-family residence. Expansion Potential: Possible approval for a three-family conversion, allowing you to instantly scale your equity and cash flow. Major Renovations (2010): Peace of mind comes standard. The property underwent a comprehensive overhaul in 2010, including: Updated Plumbing: Modernized througho

Key facts

• Upgraded electric
• Separate boilers
• Updated plumbing

Tags

• LEGAL TWO-FAMILY RESIDENCE
• UPDATED PLUMBING
• UPGRADED ELECTRIC
• SEPARATE BOILERS
• SEPARATE ELECTRIC METERS

Property features AI

Finance

• Financial info: Tax year 2025

Exterior

• Parking: Driveway with parking for approximately 6 vehicles; No carport
• Utilities: Public sewer; Water connected; Electricity connected; Trash collection (public); Cable available; Sewer connected
• Home design: Duplex
• Construction: Frame construction; Unfinished basement
• Exterior features: Frame construction; Not waterfront; Additional parcel(s) included

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: One 3-bedroom unit
• Bathrooms: Two full bathrooms
• Heating & cooling: Oil heating; No central cooling
• Interior features: First-floor bedroom; First-floor full bathroom; Eat-in kitchen; Entrance foyer; Storage; Washer/dryer hookup
• Laundry & utility: Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $880k.

Deal economics

• At list price, monthly cash flow is $683 ($8k/yr) — positive. Per door: $341/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $856k (2.7% below list).
• Recommended offer: $854k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 4.4% in New Cassel — 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 73/100 on livability (#311 in NY) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: amenities D, cost of living F, health & safety D-.
• Westbury Union Free School District (suburban): math 28% / reading 43% proficiency, ranked #531 of 590 in NY (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Park Avenue School (math 14% / reading 35%, grade F, #1,846 of 2,108 statewide, top 91%, 556 students, 61% FRL); Westbury Middle School (math 5% / reading 32%, grade F, #689 of 729 statewide, top 95%, 1,053 students, 61% FRL); Westbury High School (math 79% / reading 75%, grade A-, #583 of 1,100 statewide, top 56%, 1,541 students, 59% FRL).
• Market conditions: 183 active listings in the ZIP; high-income renter base; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).
• At $8,564/mo this rent would consume 67% of the median local household income ($153k/yr) (locally 730% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $26k 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 52 days — a 3% lower offer ($854k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $235k; list at $880k implies a 274% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 41% 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 $853,599 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.97% ✗
• Cap rate: 7.22%
• Cash-on-cash: 3.32%
• DSCR: 1.15
• GRM: 8.6

CMA / ARV

• ARV (median comp): $1,343,303
• List price: $879,999
• Delta: -34.49%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
360 Grand St	0.51mi	7/3.0 (+1)	1,792 (-2%)	8mo	$850,000	$474	57

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -11.1%
• Equity multiple: 0.60×
• Total profit: $-98,993
• Equity at exit: $131,211

10-year hold

• IRR: -1.8%
• Equity multiple: 0.88×
• Total profit: $-29,693
• Equity at exit: $76,086

Cash invested: $246,400 (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 11590

• Active inventory: 183
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $8,564 high
• Mortgage (P&I): −$4,615
• Tax from tax record: −$1,101 /mo · $13,218/yr
• Insurance: −$367
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,798
• Net cashflow: $683

Break-even live

Break-even rent $7,700

Max offer price $879,999

Occupancy floor 87%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$8,564
Total (2 units)			$8,564

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: $220,000
• Closing costs: $26,400
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $879,999 Active 52 DOM
2. 2026-06-17
   days on market $879,999 Active 51 DOM
3. 2026-06-16
   days on market $879,999 Active 50 DOM
4. 2026-06-15
   days on market $879,999 Active 49 DOM
5. 2026-06-13
   days on market $879,999 Active 47 DOM
6. 2026-06-13
   days on market $879,999 Active 46 DOM
7. 2026-06-10
   days on market $879,999 Active 43 DOM
8. 2026-06-08
   days on market $879,999 Active 42 DOM
9. 2026-06-07
   days on market $879,999 Active 41 DOM
10. 2026-06-04
    days on market $879,999 Active 38 DOM
11. 2026-06-03
    days on market $879,999 Active 37 DOM
12. 2026-06-02
    days on market $879,999 Active 36 DOM
13. 2026-06-01
    days on market $879,999 Active 35 DOM
14. 2026-05-31
    days on market $879,999 Active 34 DOM
15. 2026-04-27
    listed $879,999 Active 1775-char remark
16. 2001-10-04
    soldstatus $235,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $13,218 · $1,101/mo
• Projected year-2 tax: $14,045 · $1,170/mo
• Expected delta: +$827/yr (+$69/mo · 6.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 41% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $102,768
• − Mortgage interest: −$49,294
• − Property taxes: −$13,218
• − Insurance: −$4,400
• − Repairs & maintenance: −$8,221
• − Management: −$8,221
• − Depreciation: −$25,600
• Taxable loss: −$6,186
• Est. tax savings @ 24.0%: +$1,485
• After-tax cash flow: $9,676/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.

Schools (NCES district)

• District: Westbury Union Free School District
• NCES district ID: 3630960
• Math proficiency: 28% ▼ -11.00%
• Reading proficiency: 43% ▼ -2.00%
• Median HH income: $77,391
• Composite: 33.33/100
• National rank: #5498
• State rank: #531 of 590 in NY

Livability — New Cassel

• Score: 73/100
• State rank: #311
• US rank: #5155

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Cassel, NY
• County: Nassau County · 653,051 people
• City population: 47,599
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 47,599
• Household income: $152,960
• Rent vs Own: 23.3% rent · 76.7% own
• Severe rent burden: 730.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Hispanic / Latino 37% White 31% Two or more races 16% Black 15% Asian 12%
• Hispanic origin (detail): Mexican 9% Puerto Rican 3% Cuban 1% Dominican 3%
• Common ancestry: Hispanic 4% Romanian 2% Scotch-Irish 2%
• Foreign-born: 36% · Canada, China, South Korea
• Languages at home: 48% English-only · Spanish 33% Other Indo-European 7% French/Haitian/Cajun 4%

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: ▼ -665.76%
• Current HPI: 340.5834
• 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

+274.5% since first listed

2 events — show timeline

• 2026-04-27 Listed $879,999 OneKey® MLS as Distributed by MLS Grid
• 2001-10-04 Sold (Public Records) $235,000 Public Records

Property tax history

+4.3%/yr

Latest (2024): $13,218 · +0.0% YoY. Source: county tax records.