1 Peters Ln

Plandome, NY 11030

$2,199,000D+

5 bd · 3.5 ba · 3,104 sqft · Built 1981 · SingleFamily · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $14,217/mo
• Mortgage (P&I): −$11,532
• Tax + insurance: −$2,662
• HOA: −$0
• Vac / Maint / Mgmt: −$2,986
• Net cashflow: $-2,962/mo
• Annual: $-35,542/yr
• Cap rate: 4.68%
• Cash-on-cash: -5.77%
• DSCR: 0.74
• 1% rule: 0.65%
• Cash to close: $615,720

Investor read

• This is a 5-bed/3.5-bath single-family listed at $2.20M.
• At list price, monthly cash flow is $-3k ($-36k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.68M (23.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.42M (35.3% below list).
• It's been on market 18 days — a 2% lower offer ($2.17M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.42M (35.3% below list) — sets the bar for 1% rule.
• In year one you build about $134k of equity ($15k loan paydown + $118k appreciation (5.4% local appreciation)).
• Location reads 75/100 on livability (#252 in NY, #3,944 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, commute A; Watch: amenities D-, cost of living F.
• Manhasset Union Free School District (suburban): math 86% / reading 84% proficiency, ranked #8 of 590 in NY (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 4% free/reduced lunch — higher-income household profile.
• Zoned schools: Shelter Rock Elementary School (math 85% / reading 82%, grade A+, #128 of 2,108 statewide, top 6%, 651 students, 0% FRL); Manhasset Middle School (math 84% / reading 79%, grade A+, #22 of 729 statewide, top 3%, 521 students, 6% FRL); Manhasset Secondary School (math 100% / reading 87%, grade A+, #141 of 1,100 statewide, top 13%, 962 students, 8% FRL) — zoned schools at 5% FRL track the district average.
• Market conditions: 119 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• Current owner paid $1.10M; list at $2.20M implies a 100% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$214k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.