490 Atlantic Ave #114 · East Rockaway, NY 11518

$275,000

1 bd · 1.0 ba · 828 sqft · Condo · 15 Days on market

Built 1962 $332/sqft · 8% below area Est $298k · 8% under

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Why this score? — see what drove the D+ 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).

• ARV discount +11.0/15.0
• Cash flow +9.9/30.0
• 1% rule +6.5/10.0
• Schools +5.7/10.0
• Livability +4.2/5.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful Junior 4 Unit In Well Kept Elevator Building. Large Br, Large Lr/Dr L-Shaped, Eik, Full Bath. Plenty Of Closet Space. Convenient To Public Transportation, Houses Of Worship, Schools. Washer And Dryer On Each Floor. Waiting List For Indoor Parking Garage., Additional information: Appearance:Excellent

Key facts

• Quartz countertops
• Elevator building
• Garage

Tags

• ELEVATOR BUILDING
• DEDICATED DINING AREA
• NEWLY UPDATED KITCHEN
• QUARTZ COUNTERTOPS
• ABUNDANT CLOSET SPACE
• ON-SITE SUPERINTENDENT

Property features AI

Exterior

• Parking: On-street parking (waitlist); Parking fee required
• Utilities: Electricity connected (PSEG); Natural gas connected; Public sewer; Public water; Trash collection service
• Home design: Stock cooperative; One-level unit (entry level 3); Three-story building
• Construction: Brick exterior
• Exterior features: Brick construction; Near public transit; Near schools; Near shops; Top floor location

Interior

• Kitchen: Dishwasher; Gas range; Refrigerator; Stainless steel appliances
• Flooring: Carpet; Linoleum; Tile
• Bathrooms: One full bathroom
• Heating & cooling: Hot water heat; Wall/window air conditioning units
• Interior features: Eat-in kitchen; Entrance foyer; Quartz/Quartzite counters; ENERGY STAR qualified windows; Triple-pane windows; Updated/remodeled
• Laundry & utility: Common area laundry; Hall access to laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $275k.

Deal economics

• At list price, monthly cash flow is $-224 ($-3k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $271k (1.5% below list) — sets the bar for market timing.
• Cap rate 5.6% vs local median 3.0% in East Rockaway — 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 84/100 on livability (#47 in NY, #741 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• East Rockaway Union Free School District (suburban): math 61% / reading 67% proficiency, ranked #165 of 590 in NY (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Centre Avenue Elementary School (math 57% / reading 67%, grade B, #675 of 2,108 statewide, top 35%, 256 students, 0% FRL); East Rockaway Junior-Senior High School (math 77% / reading 67%, grade B+, #677 of 1,100 statewide, top 63%, 583 students, 0% FRL) — zoned schools average 0% FRL vs 20% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 92 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 15 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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 $144k; list at $275k implies a 91% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; HOA is 24% of rent.
• Climate carrying-cost: major flood risk; major wind risk, 71% 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 $270,875 (1.5% below list)

Questions for the listing agent

1. 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?
2. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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?
8. 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?
9. 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.
10. 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.
11. 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: 1.15% ✓
• Cap rate: 5.56%
• Cash-on-cash: -2.63%
• DSCR: 0.88
• GRM: 7.2

CMA / ARV

• ARV (median comp): $298,129
• List price: $275,000
• Delta: -7.76%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -21.9%
• Equity multiple: 0.24×
• Total profit: $-58,296
• Equity at exit: $41,003

10-year hold

• IRR: -15.1%
• Equity multiple: 0.13×
• Total profit: $-66,906
• Equity at exit: $23,777

Cash invested: $77,000 (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 11518

• Active inventory: 92
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $3,168 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA est. from 1 same-building comp: −$771
• Vacancy / Maint / Mgmt: −$665
• Net cashflow: $-224

Break-even live

Break-even rent $3,452

Max offer price $242,534

Occupancy floor —

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24 Doxsey Pl Unit 3 Lynbrook, NY	2.0	1.0	900	$3,300	$3.67	24d	1	0.79mi
112 Atlantic Ave Apt 71 Lynbrook, NY	2.0	1.0	760	$3,000	$3.95	13d	1	0.85mi
65 Prospect Ave Unit 2W Lynbrook, NY	1.0	1.0	800	$3,055	$3.82	43d	1	1.06mi
65 Prospect Ave Apt 15W Lynbrook, NY	2.0	2.0	1060	$3,680	$3.47	22d	1	1.06mi
8 Roswell Ave Oceanside, NY	2.0	1.5	741	$3,100	$4.18	24d	1	1.14mi
111 S Centre Ave Apt 1SS Rockville Centre, NY	2.0	1.0	950	$3,250	$3.42	4d	1	1.14mi
318 Earle Ave Unit 2 Lynbrook, NY	1.0	1.0	600	$2,500	$4.17	24d	1	1.38mi
80 N Centre Ave Rockville Centre, NY	3.0	1.0–3.5	1254	$3,962	$3.16	1d	1	1.44mi
157 Hempstead Ave Unit B6 Lynbrook, NY	1.0	1.0	700	$2,700	$3.86	24d	1	1.47mi

HOA detail condo

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

Listing history 5 events

1. 2026-06-04
   status $275,000 Pending 15 DOM
2. 2026-05-13
   listed $275,000 Active 978-char remark
3. 2017-07-31
   soldstatus $144,000 Closed 310-char remark

   Show marketing remark (310 chars)

   Beautiful Junior 4 Unit In Well Kept Elevator Building. Large Br, Large Lr/Dr L-Shaped, Eik, Full Bath. Plenty Of Closet Space. Convenient To Public Transportation, Houses Of Worship, Schools. Washer And Dryer On Each Floor. Waiting List For Indoor Parking Garage., Additional information: Appearance:Excellent

4. 2017-03-06
   status Under Contract 310-char remark

   Show marketing remark (310 chars)

   Beautiful Junior 4 Unit In Well Kept Elevator Building. Large Br, Large Lr/Dr L-Shaped, Eik, Full Bath. Plenty Of Closet Space. Convenient To Public Transportation, Houses Of Worship, Schools. Washer And Dryer On Each Floor. Waiting List For Indoor Parking Garage., Additional information: Appearance:Excellent

5. 2017-01-24
   listed $145,999 New 310-char remark

   Show marketing remark (310 chars)

   Beautiful Junior 4 Unit In Well Kept Elevator Building. Large Br, Large Lr/Dr L-Shaped, Eik, Full Bath. Plenty Of Closet Space. Convenient To Public Transportation, Houses Of Worship, Schools. Washer And Dryer On Each Floor. Waiting List For Indoor Parking Garage., Additional information: Appearance:Excellent

ⓘ 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 7/10 Severe FEMA zone X (shaded) · 90% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 71% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,015
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$2,042
• − Repairs & maintenance: −$3,041
• − Management: −$3,041
• − HOA: −$9,252
• − Depreciation: −$8,000
• Taxable loss: −$6,890
• Est. tax savings @ 24.0%: +$1,654
• After-tax cash flow: $-1,039/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: East Rockaway Union Free School District
• NCES district ID: 3609960
• Math proficiency: 61% ▲ 1.00%
• Reading proficiency: 67% ▲ 10.00%
• Median HH income: $82,326
• Composite: 57.47/100
• National rank: #1072
• State rank: #165 of 590 in NY

Livability — East Rockaway

• Score: 84/100
• State rank: #47
• US rank: #741

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Rockaway, NY
• City population: 10,390
• Population (ZIP): 10,390

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: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 14% Two or more races 6% Black 4% Asian 3%
• Hispanic origin (detail): Puerto Rican 2% Cuban 1% Dominican 3%
• Common ancestry: Romanian 6% Scotch-Irish 4% Italian 1%
• Foreign-born: 14% · Canada, China, Jamaica
• Languages at home: 83% English-only · Spanish 11% Chinese 2% Other Indo-European 2%

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: ▼ -573.27%
• Current HPI: 296.296
• Rent YoY: —
• Metro: —
• 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

+88.4% since first listed

5 events — show timeline

• 2026-06-03 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-05-13 Listed $275,000 OneKey® MLS as Distributed by MLS Grid
• 2017-07-31 Sold (MLS) $144,000 OneKey® MLS as Distributed by MLS Grid
• 2017-03-06 Pending — OneKey® MLS as Distributed by MLS Grid
• 2017-01-24 Listed $145,999 OneKey® MLS as Distributed by MLS Grid