9 Terrace Cir Unit 2C

University Gardens, NY 11021

$410,000C-

2 bd · 1.0 ba · 1,000 sqft · Built 1949 · Condo · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,850/mo
• Mortgage (P&I): −$2,150
• Tax + insurance: −$683
• HOA: −$0
• Vac / Maint / Mgmt: −$809
• Net cashflow: $208/mo
• Annual: $2,500/yr
• Cap rate: 6.90%
• Cash-on-cash: 2.18%
• DSCR: 1.10
• 1% rule: 0.94%
• Cash to close: $114,800

Investor read

• This is a 2-bed/1.0-bath condo listed at $410k. Condition is rated good.
• 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).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $385k (6.1% below list) — sets the bar for 1% rule.
• 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.
• 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.
• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.
• This rent runs 38% of the median local income ($120k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

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