250 Central Ave Unit C111

Lawrence, NY 11559

$380,000C

2 bd · 1.0 ba · 1,100 sqft · Built 1947 · Condo · Pending · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,635/mo
• Mortgage (P&I): −$1,993
• Tax + insurance: −$633
• HOA: −$0
• Vac / Maint / Mgmt: −$763
• Net cashflow: $245/mo
• Annual: $2,943/yr
• Cap rate: 7.07%
• Cash-on-cash: 2.77%
• DSCR: 1.12
• 1% rule: 0.96%
• Cash to close: $106,400

Investor read

• This is a 2-bed/1.0-bath condo listed at $380k.
• At list price, monthly cash flow is $245 ($3k/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 $363k (4.4% below list).
• It's been on market 67 days — a 6% lower offer ($357k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $357k (6.0% below list) — sets the bar for market timing.
• In year one you build about $41k of equity ($3k loan paydown + $38k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#981 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: housing C-, amenities F, commute F.
• Lawrence Union Free School District (suburban): math 43% / reading 46% proficiency, ranked #399 of 590 in NY (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lawrence Middle School At Broadway Campus (math 12% / reading 37%, grade F, #611 of 729 statewide, top 88%, 405 students, 79% FRL); Lawrence Senior High School (math 87% / reading 30%, grade C, #877 of 1,100 statewide, top 80%, 770 students, 70% FRL) — zoned schools average 75% FRL vs 52% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 53 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 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.
• 2 sale attempts since 6y ago; this cycle's ask is 900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $225k; list at $380k implies a 69% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $106k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$65k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% 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.

Questions for listing agent

• It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1947 — 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?
• 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.
• 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.