35 Vernon St

Plainview, NY 11803

$828,000D-

5 bd · 1.0 ba · 864 sqft · Built 2026 · SingleFamily · Active · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,691/mo
• Mortgage (P&I): −$4,342
• Tax + insurance: −$1,136
• HOA: −$0
• Vac / Maint / Mgmt: −$985
• Net cashflow: $-1,773/mo
• Annual: $-21,277/yr
• Cap rate: 3.72%
• Cash-on-cash: -9.18%
• DSCR: 0.59
• 1% rule: 0.57%
• Cash to close: $231,840

Investor read

• This is a 5-bed/1.0-bath single-family listed at $828k.
• At list price, monthly cash flow is $-2k ($-21k/yr) — negative.
• To cash-flow at today's rent, offer at most $515k (37.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $469k (43.4% below list).
• It's been on market 77 days — a 6% lower offer ($778k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $469k (43.4% 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 85/100 on livability (#36 in NY, #554 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, employment A+; Watch: cost of living F.
• Plainview-Old Bethpage Central School District (suburban): math 88% / reading 86% proficiency, ranked #20 of 590 in NY (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 4% free/reduced lunch — higher-income household profile.
• Market conditions: 158 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 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 $610k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wind risk, 58% 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 3.7% vs local median 2.7% in Plainview — 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.
• This rent runs 30% of the median local income ($188k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 77 days. Have you received any prior offers? Is the seller open to a 43% concession, seller financing, or rate buy-down credit?
• 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 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?
• 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?
• 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.