1 East Mill Dr Unit 1H · University Gardens, NY 11021

$275,000

1 bd · 1.0 ba · 750 sqft · Condo · 13 Days on market

Built 1948

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

• Cash flow +24.6/30.0
• DSCR +7.9/10.0
• Schools +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sunny and Spacious 1 Bedroom Full Bathroom Apartment In Great Neck Terrace. Beautiful Hardwood Floors. Lots of Storage Pool and Parking. Pet Friendly. Close to Public Transportation and Shops. Saddle Rock Elementary School South Middle/High School, Additional information: Interior Features:Lr/Dr

Key facts

• Outdoor parking spot
• Updated kitchen
• Dog run

Tags

• UPDATED KITCHEN
• UPDATED BATHROOM
• OUTDOOR PARKING SPOT
• OLYMPIC POOLS
• DOG RUN
• CHILDREN'S PLAYGROUND

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 $567 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Cap rate 8.8% 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.

Location & tenants

• 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.
• Market conditions: 200 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• This rent runs 31% of the median local income ($120k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 10y 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.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $275,000

Questions for the listing agent

1. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.14% ✓
• Cap rate: 8.77%
• Cash-on-cash: 8.84%
• DSCR: 1.39
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -2.9%
• Equity multiple: 0.89×
• Total profit: $-8,400
• Equity at exit: $41,003

10-year hold

• IRR: 6.8%
• Equity multiple: 1.51×
• Total profit: $39,380
• 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 11021

• Active inventory: 200
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $3,123 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$656
• Net cashflow: $567

Break-even live

Break-even rent $2,406

Max offer price $275,000

Occupancy floor 77%

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 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4212 Marathon Pkwy Little Neck, NY	1.0	1.0	550	$2,375	$4.32	24d	1	0.50mi
4 Chelsea Pl Apt 3F Great Neck, NY	2.0	2.0	900	$4,600	$5.11	24d	1	0.57mi
141 Great Neck Rd Unit 2G Great Neck, NY	2.0	1.5	1000	$4,250	$4.25	2d	1	0.59mi
50 Knightsbridge Rd Unit 2B Great Neck Plaza, NY	2.0	1.0	850	$3,450	$4.06	4d	1	0.60mi
60 Knightsbridge Rd Unit 3F Great Neck Plaza, NY	2.0	1.0	850	$3,550	$4.18	4d	1	0.60mi
70 Knightsbridge Rd Unit 3F Great Neck Plaza, NY	2.0	1.0	850	$3,450	$4.06	43d	1	0.60mi
11 Schenck Ave Unit 2D Great Neck Plaza, NY	1.0	1.0	750	$2,200	$2.93	43d	1	0.87mi
7 Bond St Unit 3J Great Neck, NY	1.0	1.0	650	$2,800	$4.31	19d	1	0.89mi
17 Schenck Ave Unit 3B Great Neck Plaza, NY	1.0	1.0	700	$2,295	$3.28	13d	1	0.90mi
4 Maple Dr Apt 6H Great Neck, NY	1.0	1.0	900	$2,300	$2.56	43d	1	0.95mi
4230 Douglaston Pkwy Little Neck, NY	1.0	1.0	700	$1,800	$2.57	18d	1	0.95mi
4420 Douglaston Pkwy Unit 5A Little Neck, NY	2.0	1.0	900	$3,100	$3.44	4d	1	0.96mi
12 Welwyn Rd Unit 2P Great Neck Plaza, NY	2.0	1.0	795	$2,735	$3.44	44d	1	0.98mi
16 Stoner Ave Unit 2G Great Neck, NY	1.0	1.0	700	$2,800	$4.00	43d	1	1.07mi
37 Spruce St Unit 2 Great Neck, NY	2.0	1.0	900	$3,500	$3.89	43d	1	1.15mi
261 Schenck Ave Unit 1st Floor Great Neck, NY	2.0	1.0	975	$3,700	$3.79	24d	1	1.39mi
261 Schenck Ave Unit 2nd Floor Great Neck, NY	2.0	1.0	1000	$3,500	$3.50	24d	1	1.39mi

HOA detail condo

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

Listing history 11 events

1. 2026-01-08
   status Pending
2. 2025-11-12
   listed $275,000 Active
3. 2021-09-29
   soldstatus $240,000 Closed 304-char remark

   Show marketing remark (304 chars)

   Sunny and Spacious 1 Bedroom Full Bathroom Apartment In Great Neck Terrace. Beautiful Hardwood Floors. Lots of Storage Pool and Parking. Pet Friendly. Close to Public Transportation and Shops. Saddle Rock Elementary School South Middle/High School, Additional information: Interior Features:Lr/Dr

4. 2021-05-14
   status Pending 304-char remark

   Show marketing remark (304 chars)

   Sunny and Spacious 1 Bedroom Full Bathroom Apartment In Great Neck Terrace. Beautiful Hardwood Floors. Lots of Storage Pool and Parking. Pet Friendly. Close to Public Transportation and Shops. Saddle Rock Elementary School South Middle/High School, Additional information: Interior Features:Lr/Dr

5. 2021-04-07
   price $248,000 304-char remark

   Show marketing remark (304 chars)

   Sunny and Spacious 1 Bedroom Full Bathroom Apartment In Great Neck Terrace. Beautiful Hardwood Floors. Lots of Storage Pool and Parking. Pet Friendly. Close to Public Transportation and Shops. Saddle Rock Elementary School South Middle/High School, Additional information: Interior Features:Lr/Dr

6. 2020-11-05
   listed $259,000 Active 304-char remark

   Show marketing remark (304 chars)

   Sunny and Spacious 1 Bedroom Full Bathroom Apartment In Great Neck Terrace. Beautiful Hardwood Floors. Lots of Storage Pool and Parking. Pet Friendly. Close to Public Transportation and Shops. Saddle Rock Elementary School South Middle/High School, Additional information: Interior Features:Lr/Dr

7. 2017-05-23
   soldstatus $197,000 Closed 438-char remark

   Show marketing remark (438 chars)

   Pet Friendly Building (Dog/Cat), Move In Condition 1st Floor Apartment With A Garden At Your Doorstep. Unit Includes Eat In Kitchen, Large Living Room And Bedroom With Hardwood Floors Throughout, Lots Of Closet Storage In The Unit And Laundry Room In Basement. Unit Comes With Designated Parking Space In Lot. Building Ammenities Include Community Pool, Tennis Court, Additional information: Appearance:Excellent,ExterioFeatures:Tennis

8. 2016-12-23
   status Under Contract 438-char remark

   Show marketing remark (438 chars)

   Pet Friendly Building (Dog/Cat), Move In Condition 1st Floor Apartment With A Garden At Your Doorstep. Unit Includes Eat In Kitchen, Large Living Room And Bedroom With Hardwood Floors Throughout, Lots Of Closet Storage In The Unit And Laundry Room In Basement. Unit Comes With Designated Parking Space In Lot. Building Ammenities Include Community Pool, Tennis Court, Additional information: Appearance:Excellent,ExterioFeatures:Tennis

9. 2016-11-14
   listed $199,000 New 438-char remark

   Show marketing remark (438 chars)

   Pet Friendly Building (Dog/Cat), Move In Condition 1st Floor Apartment With A Garden At Your Doorstep. Unit Includes Eat In Kitchen, Large Living Room And Bedroom With Hardwood Floors Throughout, Lots Of Closet Storage In The Unit And Laundry Room In Basement. Unit Comes With Designated Parking Space In Lot. Building Ammenities Include Community Pool, Tennis Court, Additional information: Appearance:Excellent,ExterioFeatures:Tennis

10. 2016-09-13
    historical
11. 2016-05-20
    listed $210,000 New

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,481
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,998
• − Management: −$2,998
• − Depreciation: −$8,000
• Taxable income: $2,580
• Est. tax owed @ 24.0%: −$619
• After-tax cash flow: $6,185/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: Great Neck Union Free School District
• NCES district ID: 3612510
• Math proficiency: 86% ▬ 0.00%
• Reading proficiency: 83% ▬ 0.00%
• Median HH income: $99,939
• Composite: 76.19/100
• National rank: #111
• State rank: #30 of 590 in NY

Livability — University Gardens

• Score: 77/100
• State rank: #197
• US rank: #3023

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: University Gardens, NY
• County: Nassau County · 653,051 people
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 19,783
• Household income: $120,230
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 601.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 56% Asian 31% Hispanic / Latino 8% Two or more races 5% Black 1%
• Common ancestry: Scotch-Irish 5% Romanian 4% Subsaharan African 1%
• Foreign-born: 36% · China, Canada, South Korea
• Languages at home: 54% English-only · Chinese 16% Other Indo-European 10% Spanish 7%

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: ▼ -736.84%
• Current HPI: 254.751
• Rent YoY: —
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• 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

+31.0% since first listed

11 events — show timeline

• 2026-01-08 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-11-12 Listed $275,000 OneKey® MLS as Distributed by MLS Grid
• 2021-09-29 Sold (MLS) $240,000 OneKey® MLS as Distributed by MLS Grid
• 2021-05-14 Pending — OneKey® MLS as Distributed by MLS Grid
• 2021-04-07 Price Changed $248,000 OneKey® MLS as Distributed by MLS Grid
• 2020-11-05 Listed $259,000 OneKey® MLS as Distributed by MLS Grid
• 2017-05-23 Sold (MLS) $197,000 OneKey® MLS as Distributed by MLS Grid
• 2016-12-23 Pending — OneKey® MLS as Distributed by MLS Grid
• 2016-11-14 Listed $199,000 OneKey® MLS as Distributed by MLS Grid
• 2016-09-13 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2016-05-20 Listed $210,000 OneKey® MLS as Distributed by MLS Grid