20 Wendell St Unit C39

Hempstead, NY 11550

$263,000D-

1 bd · 1.0 ba · 775 sqft · Built 1966 · Condo · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,002/mo
• Mortgage (P&I): −$1,379
• Tax + insurance: −$438
• HOA: −$1,032
• Vac / Maint / Mgmt: −$630
• Net cashflow: $-478/mo
• Annual: $-5,737/yr
• Cap rate: 4.11%
• Cash-on-cash: -7.79%
• DSCR: 0.65
• 1% rule: 1.14%
• Cash to close: $73,640

Investor read

• This is a 1-bed/1.0-bath condo listed at $263k.
• At list price, monthly cash flow is $-478 ($-6k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $263k).
• It's been on market 22 days — a 2% lower offer ($259k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $259k (1.5% below list) — sets the bar for market timing.
• 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.
• 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-, schools D, cost of living F.
• Hempstead Union Free School District (suburban): math 27% / reading 38% proficiency, ranked #567 of 590 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: HOA is 34% of rent.
• Market conditions: 167 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 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.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $37k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $190k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major flood risk; major wind risk, 51% 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.
• This rent runs 39% of the median local income ($93k/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?
• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?
• 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.