644 Broadway Rd

Bethpage, NY 11714

$1,099,888D

4 bd · 3.0 ba · 2,430 sqft · Built 1958 · MultiFamily · Pending · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,217/mo
• Mortgage (P&I): −$5,768
• Tax + insurance: −$1,880
• HOA: −$0
• Vac / Maint / Mgmt: −$1,726
• Net cashflow: $-1,156/mo
• Annual: $-13,873/yr
• Cap rate: 5.03%
• Cash-on-cash: -4.50%
• DSCR: 0.80
• 1% rule: 0.75%
• Cash to close: $307,969

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $1.10M.
• At list price, monthly cash flow is $-1k ($-14k/yr) — negative. Per door: $-578/mo.
• To cash-flow at today's rent, offer at most $896k (18.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $822k (25.3% below list).
• It's been on market 41 days — a 3% lower offer ($1.07M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $822k (25.3% 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 $33k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#131 in NY, #2,116 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities F, cost of living F.
• Bethpage Union Free School District (suburban): math 79% / reading 79% proficiency, ranked #45 of 590 in NY (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Charles Campagne School (math 77% / reading 82%, grade A, #188 of 2,108 statewide, top 11%, 402 students, 20% FRL); John F Kennedy Middle School (math 72% / reading 81%, grade A, #47 of 729 statewide, top 7%, 717 students, 24% FRL); Bethpage Senior High School (math 98% / reading 98%, grade A+, #13 of 1,100 statewide, top 2%, 932 students, 27% FRL).
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 113 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 10y ago 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 $644k; list at $1.10M implies a 71% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: 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 5.0% vs local median 3.2% in Bethpage — 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 41 days. Have you received any prior offers? Is the seller open to a 25% 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 1958 — 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 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?