14 Milton Ct

Rockville Centre, NY 11570

$849,000C-

6 bd · 2.0 ba · 1,421 sqft · Built 1938 · MultiFamily · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,140/mo
• Mortgage (P&I): −$4,452
• Tax + insurance: −$1,352
• HOA: −$0
• Vac / Maint / Mgmt: −$1,499
• Net cashflow: $-164/mo
• Annual: $-1,963/yr
• Cap rate: 6.06%
• Cash-on-cash: -0.83%
• DSCR: 0.96
• 1% rule: 0.84%
• Cash to close: $237,720

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $849k.
• At list price, monthly cash flow is $-164 ($-2k/yr) — negative. Per door: $-82/mo.
• To cash-flow at today's rent, offer at most $820k (3.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $714k (15.9% below list).
• It's been on market 20 days — a 2% lower offer ($836k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $714k (15.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $25k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#17 in NY, #365 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living F.
• Oceanside Union Free School District (suburban): math 69% / reading 77% proficiency, ranked #75 of 590 in NY (top 13%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 143 active listings in the ZIP; high-income renter base; 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 14y 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 $510k; list at $849k implies a 66% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: 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.
• Cap rate 6.1% vs local median 2.5% in Rockville Centre — 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 $7,140/mo this rent would consume 55% of the median local household income ($157k/yr) (locally 732% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.