20 Daley Pl #128

Lynbrook, NY 11563

$429,000F

3 bd · 2.0 ba · 1,350 sqft · Built 1967 · Condo · Active · 198 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,599/mo
• Mortgage (P&I): −$2,250
• Tax + insurance: −$771
• HOA: −$1,725
• Vac / Maint / Mgmt: −$756
• Net cashflow: $-1,902/mo
• Annual: $-22,825/yr
• Cap rate: 1.13%
• Cash-on-cash: -18.45%
• DSCR: 0.18
• 1% rule: 0.84%
• Cash to close: $120,120

Investor read

• This is a 3-bed/2.0-bath condo listed at $429k. Condition is rated good.
• At list price, monthly cash flow is $-2k ($-23k/yr) — negative.
• To cash-flow at today's rent, offer at most $403k (6.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $360k (16.1% below list).
• It's been on market 198 days — a 12% lower offer ($378k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $360k (16.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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: West End School (math 82% / reading 82%, grade A+, #138 of 2,108 statewide, top 8%, 401 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 48% of rent.
• Market conditions: 134 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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.
• Climate carrying-cost: major flood risk; major wind risk, 69% 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 1.1% 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.
• This rent runs 32% of the median local income ($137k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 198 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Built in 1967 — 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?
• 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.