3 Oldfield

North Hills, NY 11576

$968,000D

2 bd · 2.5 ba · 1,612 sqft · Built 1979 · Condo · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,952/mo
• Mortgage (P&I): −$5,076
• Tax + insurance: −$1,341
• HOA: −$593
• Vac / Maint / Mgmt: −$1,460
• Net cashflow: $-1,518/mo
• Annual: $-18,214/yr
• Cap rate: 4.48%
• Cash-on-cash: -6.47%
• DSCR: 0.71
• 1% rule: 0.72%
• Cash to close: $271,040

Investor read

• This is a 2-bed/2.5-bath condo listed at $968k.
• At list price, monthly cash flow is $-2k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $700k (27.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $695k (28.2% below list).
• It's been on market 16 days — a 2% lower offer ($953k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $695k (28.2% below list) — sets the bar for 1% rule.
• In year one you build about $79k of equity ($7k loan paydown + $72k appreciation (7.5% local appreciation)).
• Location reads 70/100 on livability (#449 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: amenities F, cost of living F, health & safety D-.
• Herricks Union Free School District (suburban): math 86% / reading 84% proficiency, ranked #26 of 590 in NY (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 5% free/reduced lunch — higher-income household profile.
• Zoned schools: Searingtown School (math 88% / reading 85%, 585 students, 18% FRL); Herricks Middle School (math 76% / reading 84%, grade A+, #28 of 729 statewide, top 4%, 1,079 students, 17% FRL); Herricks High School (math 100% / reading 82%, grade A+, #226 of 1,100 statewide, top 21%, 1,433 students, 18% FRL).
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: 81 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 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.
• Current owner paid $250k; list at $968k implies a 287% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$127k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; 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 4.5% vs local median 1.3% in North Hills — 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.

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 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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?