43 Ravine Ave

Glen Cove, NY 11542

$878,888C

8 bd · 2.0 ba · 2,621 sqft · Built 1935 · MultiFamily · Pending · 231 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,690/mo
• Mortgage (P&I): −$4,609
• Tax + insurance: −$864
• HOA: −$0
• Vac / Maint / Mgmt: −$1,825
• Net cashflow: $1,392/mo
• Annual: $16,709/yr
• Cap rate: 8.19%
• Cash-on-cash: 6.79%
• DSCR: 1.30
• 1% rule: 0.99%
• Cash to close: $246,089

Investor read

• This is a 2 × 4-bed/2.5-bath units multifamily listed at $879k.
• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $696/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 $869k (1.1% below list).
• It's been on market 231 days — a 12% lower offer ($773k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $773k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#685 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: housing C-, amenities F, commute F.
• Glen Cove City School District (suburban): math 50% / reading 55% proficiency, ranked #312 of 590 in NY (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Deasy School (364 students, 54% FRL); Robert M Finley Middle School (math 43% / reading 47%, grade D, #342 of 729 statewide, top 48%, 710 students, 70% FRL); Glen Cove High School (math 85% / reading 87%, grade A, #347 of 1,100 statewide, top 32%, 1,050 students, 55% FRL).
• Zoned-school proficiency averages 66% at this address vs 52% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Glen Cove City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.4%/yr); 144 active listings in the ZIP; 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.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $96k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $300k; list at $879k implies a 193% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $246k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 67% 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.

Questions for listing agent

• It's been on market 231 days. Have you received any prior offers? Is the seller open to a 12% 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 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.