1500 New York Ave

Huntington Station, NY 11746

$2,200,000B

3 bd · 7.0 ba · 10,000 sqft · Built 1955 · MultiFamily · Active · 229 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $45,836/mo
• Mortgage (P&I): −$11,537
• Tax + insurance: −$3,667
• HOA: −$0
• Vac / Maint / Mgmt: −$9,626
• Net cashflow: $21,007/mo
• Annual: $252,081/yr
• Cap rate: 17.75%
• Cash-on-cash: 40.92%
• DSCR: 2.82
• 1% rule: 2.08%
• Cash to close: $616,000

Investor read

• This is a 3-bed/7.0-bath multifamily listed at $2.20M. Condition is rated poor.
• At list price, monthly cash flow is $21k ($252k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($46k rent vs $2.20M).
• It's been on market 229 days — a 12% lower offer ($1.94M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.94M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $15k of loan paydown is wiped out by about $66k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#126 in NY, #2,028 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: schools D+, amenities D, cost of living F.
• Huntington Union Free School District (suburban): math 45% / reading 52% proficiency, ranked #328 of 590 in NY (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.5%/yr); 308 active listings in the ZIP; high-income renter base; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).
• Suffolk County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $616k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 17.8% vs local median 4.1% in Huntington Station — 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.
• At $45,836/mo this rent would consume 334% of the median local household income ($165k/yr) (locally 627% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 229 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Appliances — Old and worn
• Major: HVAC system — No visible condition details
• Major: Exterior walls — Weathered
• Major: Flooring — Worn and uneven
• Major: Paint — Chipped and uneven