7 Sands Point Rd

Manorhaven, NY 11050

$849,000C-

6 bd · 2.0 ba · 1,152 sqft · Built 1946 · MultiFamily · Active · 115 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,599/mo
• Mortgage (P&I): −$4,452
• Tax + insurance: −$1,106
• HOA: −$0
• Vac / Maint / Mgmt: −$1,596
• Net cashflow: $445/mo
• Annual: $5,336/yr
• Cap rate: 6.92%
• Cash-on-cash: 2.24%
• DSCR: 1.10
• 1% rule: 0.90%
• 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 $445 ($5k/yr) — positive. Per door: $222/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $760k (10.5% below list).
• It's been on market 115 days — a 9% lower offer ($773k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $760k (10.5% 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 74/100 on livability (#279 in NY, #4,435 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: housing D+, amenities D-, cost of living F.
• Port Washington Union Free School District (suburban): math 75% / reading 72% proficiency, ranked #69 of 590 in NY (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+17.0%/yr); 152 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.
• 7 sale attempts since 29y 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 $86k; list at $849k implies a 887% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% 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.
• At $7,599/mo this rent would consume 59% of the median local household income ($154k/yr) (locally 857% 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 115 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• 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 1946 — 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 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?
• 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.