65 Minuteman Dr

Bohemia, NY 11716

$179,000D

2 bd · 1.0 ba · 970 sqft · Built 1973 · Manufactured · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,891/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$298
• HOA: −$1,419
• Vac / Maint / Mgmt: −$607
• Net cashflow: $-372/mo
• Annual: $-4,463/yr
• Cap rate: 3.80%
• Cash-on-cash: -8.90%
• DSCR: 0.60
• 1% rule: 1.62%
• Cash to close: $50,120

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $179k. Condition is rated fair.
• At list price, monthly cash flow is $-372 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $125k (30.1% below list).
• Meets the 1% rule at list price ($3k rent vs $179k).
• It's been on market 48 days — a 3% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $125k (30.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#838 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: amenities F, commute F, cost of living F.
• Connetquot Central School District (suburban): math 67% / reading 63% proficiency, ranked #155 of 590 in NY (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Zoned schools: Sycamore Avenue Elementary School (math 34% / reading 54%, grade F, #1,277 of 2,108 statewide, top 64%, 382 students, 28% FRL); Oakdale-Bohemia Middle School (math 62% / reading 67%, grade A-, #121 of 729 statewide, top 17%, 634 students, 22% FRL); Connetquot High School (math 96% / reading 72%, grade A, #404 of 1,100 statewide, top 37%, 1,757 students, 27% FRL).
• Watch-outs: HOA is 49% of rent.
• Market conditions: 48 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• Climate carrying-cost: major wind risk, 72% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.8% vs local median 2.4% in Bohemia — 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.

Questions for listing agent

• 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?
• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 30% 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 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — visible wear
• Major: exterior siding — blue siding appears worn