1543 Sweetman Ave

Elmont, NY 11003

$1,149,000F

6 bd · 3.0 ba · 2,775 sqft · Built 1966 · MultiFamily · Active · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,695/mo
• Mortgage (P&I): −$6,025
• Tax + insurance: −$1,823
• HOA: −$0
• Vac / Maint / Mgmt: −$1,616
• Net cashflow: $-1,770/mo
• Annual: $-21,237/yr
• Cap rate: 4.44%
• Cash-on-cash: -6.60%
• DSCR: 0.71
• 1% rule: 0.67%
• Cash to close: $321,720

Investor read

• This is a 2 × 3-bed/3.0-bath units multifamily listed at $1.15M.
• At list price, monthly cash flow is $-2k ($-21k/yr) — negative. Per door: $-885/mo.
• To cash-flow at today's rent, offer at most $836k (27.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $770k (33.0% below list).
• It's been on market 56 days — a 3% lower offer ($1.11M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $770k (33.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $34k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#134 in NY, #2,127 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: cost of living F.
• Sewanhaka Central High School District (suburban): math 76% / reading 83% proficiency, ranked #43 of 590 in NY (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Sewanhaka High School (math 70% / reading 77%, grade B+, #663 of 1,100 statewide, top 60%, 1,637 students, 50% FRL) — zoned schools average 50% FRL vs 19% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 141 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $263k; list at $1.15M implies a 337% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; major wind risk, 54% 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 4.4% vs local median 3.1% in Elmont — 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

• 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 56 days. Have you received any prior offers? Is the seller open to a 33% 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 1966 — 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 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?
• 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?