200 Atlantic Ave #123

Lynbrook, NY 11563

$350,000F

1 bd · 1.0 ba · 800 sqft · Built 1963 · Condo · Pending · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,961/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$639
• HOA: −$1,134
• Vac / Maint / Mgmt: −$622
• Net cashflow: $-1,269/mo
• Annual: $-15,233/yr
• Cap rate: 2.13%
• Cash-on-cash: -14.86%
• DSCR: 0.34
• 1% rule: 0.85%
• Cash to close: $98,000

Investor read

• This is a 1-bed/1.0-bath condo listed at $350k.
• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $330k (5.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $296k (15.4% below list).
• It's been on market 23 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $296k (15.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#10 in NY, #221 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• Lynbrook Union Free School District (suburban): math 75% / reading 73% proficiency, ranked #72 of 590 in NY (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Marion Street School (math 82% / reading 77%, grade A, #188 of 2,108 statewide, top 11%, 454 students, 0% FRL); Lynbrook North Middle School (math 42% / reading 67%, grade B-, #214 of 729 statewide, top 31%, 266 students, 15% FRL); Lynbrook Senior High School (math 97% / reading 82%, grade A+, #265 of 1,100 statewide, top 26%, 850 students, 19% FRL) — zoned schools at 11% FRL track the district average.
• Watch-outs: flood insurance adds $56/mo; HOA is 38% of rent.
• Market conditions: 134 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 3 sale attempts since 7y 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 $195k; list at $350k implies a 79% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; major wind risk, 71% 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 2.1% vs local median 3.2% in Lynbrook — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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?
• Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?