40 Firwood Rd Unit Main St

Manorhaven, NY 11050

$715,000D+

6 bd · 4.0 ba · 1,112 sqft · Built 1957 · MultiFamily · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,289/mo
• Mortgage (P&I): −$3,750
• Tax + insurance: −$1,192
• HOA: −$0
• Vac / Maint / Mgmt: −$1,321
• Net cashflow: $27/mo
• Annual: $325/yr
• Cap rate: 6.34%
• Cash-on-cash: 0.16%
• DSCR: 1.01
• 1% rule: 0.88%
• Cash to close: $200,200

Investor read

• This is a 1×2bd/1.5ba + 1×1bd/1.5ba units multifamily listed at $715k.
• At list price, monthly cash flow is $27 ($325/yr) — positive. Per door: $14/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $629k (12.0% below list).
• It's been on market 21 days — a 2% lower offer ($704k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $629k (12.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#279 in NY, #4,435 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: housing D+, amenities D-, cost of living F.
• Port Washington Union Free School District (suburban): math 75% / reading 72% proficiency, ranked #69 of 590 in NY (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Manorhaven Elementary School (math 62% / reading 62%, grade B, #675 of 2,108 statewide, top 35%, 477 students, 2% FRL); Carrie Palmer Weber Middle School (math 63% / reading 71%, grade A-, #101 of 729 statewide, top 15%, 1,216 students, 0% FRL); Paul D Schreiber Senior High School (math 100% / reading 77%, grade A, #299 of 1,100 statewide, top 27%, 1,613 students, 6% FRL).
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+17.0%/yr); 153 active listings in the ZIP; high-income renter base; 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.
• Climate carrying-cost: major wind risk, 27% 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.
• At $6,289/mo this rent would consume 49% of the median local household income ($154k/yr) (locally 857% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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 1957 — 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?
• 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.