8 Foster Pl

Hempstead, NY 11550

$599,999C

5 bd · 2.0 ba · 1,092 sqft · Built 1923 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,341/mo
• Mortgage (P&I): −$3,146
• Tax + insurance: −$703
• HOA: −$0
• Vac / Maint / Mgmt: −$1,122
• Net cashflow: $370/mo
• Annual: $4,444/yr
• Cap rate: 7.03%
• Cash-on-cash: 2.65%
• DSCR: 1.12
• 1% rule: 0.89%
• Cash to close: $168,000

Investor read

• This is a 5-bed/2.0-bath single-family listed at $600k.
• At list price, monthly cash flow is $370 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $534k (11.0% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $534k (11.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#123 in NY, #2,002 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: crime C-, cost of living F.
• Uniondale Union Free School District (suburban): math 59% / reading 70% proficiency, ranked #164 of 590 in NY (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: California Avenue Elementary School (math 24% / reading 24%, grade F, #1,846 of 2,108 statewide, top 91%, 663 students, 63% FRL); Turtle Hook Middle School (math 24% / reading 54%, grade F, #418 of 729 statewide, top 59%, 669 students, 66% FRL); Uniondale High School (math 83% / reading 90%, grade A, #336 of 1,100 statewide, top 31%, 2,080 students, 62% FRL).
• Zoned-school proficiency averages 50% at this address vs 64% district-wide (-14 pts) — the specific schools serving this property underperform the Uniondale Union Free School District average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 170 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $130k; list at $600k implies a 362% gain — meaningful room to come down on a strong offer.
• 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 7.0% vs local median 5.1% in Hempstead — 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

• Built in 1923 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.