9 Terrace Cir Unit 2C · University Gardens, NY 11021

$410,000

2 bd · 1.0 ba · 1,000 sqft · Condo · 8 Days on market

Built 1949 Good condition

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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 +16.1/30.0
• Schools +7.6/10.0
• ARV discount +7.5/15.0
• DSCR +5.0/10.0
• 1% rule +4.4/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

NO BOARD APPROVAL! Sponsor unit w/ PARKING & GARAGE! Oversized second floor 2-bedroom, 1 bathroom w/ tremendous sunlight, ready to transform into your custom home. This corner apartment features a primary bedroom w/ double exposure windows, generous closet space in both bedrooms, including additional closets w/ in the apt. Open living and dining area, full bath and kitchen, upgraded intercom system. Freshly painted, refinished hardwood floors. Centrally located in the Great Neck School District. Co-op amenities include Olympic size swimming pool, kiddie pool, playground, basketball and volleyball courts, dog run, updated community room, roving security, onsite management office and st

Key facts

• Kiddie pool
• Garage
• Community pool

Tags

• DOUBLE EXPOSURE WINDOWS
• GENEROUS CLOSET SPACE
• OPEN LIVING AND DINING AREA
• UPGRADED INTERCOM SYSTEM
• OLYMPIC SIZE SWIMMING POOL
• KIDDIE POOL

Property features AI

Finance

• HOA & community: Community amenities: pool, playground, basketball court, dog park, parking, sidewalks; Live-in superintendent; Maintenance provided; Security

Exterior

• Parking: Assigned parking; Detached garage; Parking lot; Total parking for 2 vehicles; 1 garage space
• Security: Community security
• Utilities: Electricity connected (PSEG); Natural gas connected; Public sewer
• Home design: Stock cooperative; Entry level is first floor; 3 total stories
• Construction: Brick exterior
• Exterior features: Brick construction; Not waterfront; Community in-ground pool

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: 3-story building (entry level: 1)
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating; Steam heating; Other heating; Wall/window air conditioning units
• Interior features: Intercom; Common basement; Dining area; Pets allowed (cats ok, breed restrictions, limited number)
• Laundry & utility: Laundry in basement

🏢 Co-op / cooperative unit. The $410,000 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 2-bed/1.0-bath condo listed at $410k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $208 ($2k/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 $385k (6.1% below list).
• Recommended offer: $385k (6.1% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 2.6% in University Gardens — 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 77/100 on livability (#197 in NY, #3,023 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities C-, cost of living F.
• Great Neck Union Free School District (suburban): math 86% / reading 83% proficiency, ranked #30 of 590 in NY (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Saddle Rock School (math 87% / reading 82%, grade A+, #93 of 2,108 statewide, top 6%, 542 students, 16% FRL); Great Neck South Middle School (math 79% / reading 81%, grade A+, #28 of 729 statewide, top 4%, 861 students, 23% FRL); Great Neck South High School (math 100% / reading 92%, grade A+, #71 of 1,100 statewide, top 7%, 1,262 students, 0% FRL) — zoned schools at 13% FRL track the district average.
• Market conditions: 200 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• This rent runs 38% of the median local income ($120k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $385,031 (6.1% below list)

Questions for the listing agent

1. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.94% ✗
• Cap rate: 6.90%
• Cash-on-cash: 2.18%
• DSCR: 1.10
• GRM: 8.9

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: -12.8%
• Equity multiple: 0.54×
• Total profit: $-53,111
• Equity at exit: $61,132

10-year hold

• IRR: -3.8%
• Equity multiple: 0.75×
• Total profit: $-28,927
• Equity at exit: $35,449

Cash invested: $114,800 (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 11021

• Active inventory: 200
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $3,850 high
• Mortgage (P&I): −$2,150
• Tax est. 1.5%: −$512 /mo · $6,150/yr
• Insurance: −$171
• HOA: −$0
• Vacancy / Maint / Mgmt: −$809
• Net cashflow: $208

Break-even live

Break-even rent $3,587

Max offer price $410,000

Occupancy floor 90%

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: $102,500
• Closing costs: $12,300
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4141 Little Neck Pkwy #3 Little Neck, NY	2.0	2.0	1350	$3,000	$2.22	24d	1	0.31mi
4623 Arcadia Ln Great Neck, NY	3.0	1.0	1480	$4,700	$3.18	43d	1	0.32mi
4245 247th St Little Neck, NY	3.0	1.0	1080	$3,800	$3.52	24d	1	0.52mi
100 Cuttermill Rd Great Neck, NY	1.0–2.0	1.5–2.5	1200	$5,500	$4.58	24d	1	0.56mi
4 Chelsea Pl Unit 3D Great Neck, NY	2.0	2.0	1200	$4,700	$3.92	43d	1	0.64mi
4 Chelsea Pl Apt 3F Great Neck, NY	2.0	2.0	900	$4,600	$5.11	24d	1	0.64mi
88 Cuttermill Rd #518 Great Neck, NY	2.0	2.5	1360	$4,980	$3.66	43d	1	0.68mi
141 Great Neck Rd Unit 3A Great Neck, NY	2.0	2.5	1490	$4,800	$3.22	18d	1	0.69mi
141 Great Neck Rd Unit 2G Great Neck, NY	2.0	1.5	1000	$4,250	$4.25	2d	1	0.69mi
50 Knightsbridge Rd Unit 2B Great Neck Plaza, NY	2.0	1.0	850	$3,450	$4.06	4d	1	0.70mi
60 Knightsbridge Rd Unit 3F Great Neck Plaza, NY	2.0	1.0	850	$3,550	$4.18	4d	1	0.70mi
70 Knightsbridge Rd Unit 3F Great Neck Plaza, NY	2.0	1.0	850	$3,450	$4.06	43d	1	0.71mi
4230 Douglaston Pkwy Little Neck, NY	1.0	1.0	700	$1,800	$2.57	18d	1	0.82mi
4420 Douglaston Pkwy Unit 5A Little Neck, NY	2.0	1.0	900	$3,100	$3.44	4d	1	0.84mi
130 S Middle Neck Rd #2 Great Neck, NY	3.0	2.0	1500	$4,300	$2.87	1d	1	0.93mi
55 S Middle Neck Rd Unit 4C Great Neck, NY	2.0	2.0	1200	$4,600	$3.83	43d	1	0.94mi
5710 253rd St Little Neck, NY	3.0	1.0	1236	$3,400	$2.75	1d	1	0.99mi
11 Schenck Ave Unit 2D Great Neck Plaza, NY	1.0	1.0	750	$2,200	$2.93	43d	1	0.99mi
17 Schenck Ave Unit 3B Great Neck Plaza, NY	1.0	1.0	700	$2,295	$3.28	13d	1	1.02mi
4 Maple Dr Apt 6H Great Neck, NY	1.0	1.0	900	$2,300	$2.56	43d	1	1.05mi
12 Welwyn Rd Unit 2P Great Neck Plaza, NY	2.0	1.0	795	$2,735	$3.44	44d	1	1.10mi
253-15 60th Ave Unit 2nd Floor Flushing, NY	3.0	2.0	1100	$3,500	$3.18	3d	1	1.14mi
16 Stoner Ave Unit 2G Great Neck, NY	1.0	1.0	700	$2,800	$4.00	43d	1	1.17mi
5804 264th St Little Neck, NY	3.0	2.0	1196	$4,700	$3.93	10d	1	1.21mi
245-63 61st Ave Unit 1FL Flushing, NY	3.0	2.0	1000	$3,000	$3.00	24d	1	1.26mi
15 Prospect St Unit 2FL Great Neck, NY	3.0	3.0	1350	$4,950	$3.67	16d	1	1.26mi
37 Spruce St Unit 2 Great Neck, NY	2.0	1.0	900	$3,500	$3.89	43d	1	1.27mi
218 Middle Neck Rd #313 Great Neck, NY	2.0	2.0	1189	$6,300	$5.30	7d	1	1.37mi

HOA detail condo

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

Listing history 2 events

1. 2026-05-15
   status Pending
2. 2026-05-07
   listed $410,000 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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,204
• − Mortgage interest: −$22,966
• − Property taxes: −$6,150
• − Insurance: −$2,050
• − Repairs & maintenance: −$3,696
• − Management: −$3,696
• − Depreciation: −$11,927
• Taxable loss: −$4,283
• Est. tax savings @ 24.0%: +$1,028
• After-tax cash flow: $3,528/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 · 11 photos

Good 75/100 Cosmetic rehab

This 2-bedroom townhouse is in good condition with fresh paint and refinished hardwood floors. It has potential for cosmetic updates to the kitchen and bathroom to increase its resale value.

Repairs flagged

• Minor kitchen backsplash — basic white backsplash
• Minor bathroom vanity — basic white vanity

Value-add opportunities

• Resale update kitchen backsplash — modernizes kitchen and adds value
• Resale update bathroom vanity — modernizes bathroom and adds value
• Both paint exterior — enhances curb appeal and adds value
• Both replace air conditioning unit — improves comfort and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen backsplash · basic white backsplash	Minor	$500–3,000
bathroom vanity · basic white vanity	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale update kitchen backsplash — modernizes kitchen and adds value ↑
• Resale update bathroom vanity — modernizes bathroom and adds value ↑
• Both paint exterior — enhances curb appeal and adds value ↑
• Both replace air conditioning unit — improves comfort and adds value ↑

ⓘ 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: Great Neck Union Free School District
• NCES district ID: 3612510
• Math proficiency: 86% ▬ 0.00%
• Reading proficiency: 83% ▬ 0.00%
• Median HH income: $99,939
• Composite: 76.19/100
• National rank: #111
• State rank: #30 of 590 in NY

Livability — University Gardens

• Score: 77/100
• State rank: #197
• US rank: #3023

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: University Gardens, NY
• County: Nassau County · 653,051 people
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 19,783
• Household income: $120,230
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 601.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 56% Asian 31% Hispanic / Latino 8% Two or more races 5% Black 1%
• Common ancestry: Scotch-Irish 5% Romanian 4% Subsaharan African 1%
• Foreign-born: 36% · China, Canada, South Korea
• Languages at home: 54% English-only · Chinese 16% Other Indo-European 10% Spanish 7%

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: ▼ -736.84%
• Current HPI: 254.751
• 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

2 events — show timeline

• 2026-05-15 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-05-07 Listed $410,000 OneKey® MLS as Distributed by MLS Grid