315 Atlantic Ave Unit 1A · East Rockaway, NY 11518

$299,000

1 bd · 1.0 ba · 750 sqft · Condo · 153 Days on market

Built 1961

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• Schools +5.7/10.0
• 1% rule +5.4/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

AO -1/24/26 Welcome to Heritage House! This fantastic elevator building offers a bright and spacious co-op, presenting a fantastic opportunity for those looking to add their personal touch. The unit is a blank canvas, needing some TLC to transform it into your dream home, and is perfectly situated just a few blocks from the LIRR for an easy commute. The residence features a king-size bedroom with a walk-in closet and a second closet, a good-sized bathroom, and a large living room perfect for entertaining. Step out from the living room onto your private balcony overlooking the front, ideal for your morning coffee or evening relaxation. Enjoy a kitchen with stainless steel appliances, includi

Key facts

• Pantry
• Private balcony
• Natural light

Tags

• ELEVATOR BUILDING
• PRIVATE BALCONY
• STAINLESS STEEL APPLIANCES
• SEPARATE DINING AREA
• PANTRY
• NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $299k.

Deal economics

• At list price, monthly cash flow is $393 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $299k).
• Recommended offer: $263k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 3.0% in East Rockaway — 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.

Location & tenants

• Location reads 84/100 on livability (#47 in NY, #741 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• East Rockaway Union Free School District (suburban): math 61% / reading 67% proficiency, ranked #165 of 590 in NY (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Rhame Avenue Elementary School (math 42% / reading 62%, grade C-, #988 of 2,108 statewide, top 49%, 312 students, 0% FRL); East Rockaway Junior-Senior High School (math 77% / reading 67%, grade B+, #677 of 1,100 statewide, top 63%, 583 students, 0% FRL) — zoned schools average 0% FRL vs 20% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 92 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 153 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: 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.

Recommended offer $263,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 153 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.04% ✓
• Cap rate: 7.87%
• Cash-on-cash: 5.63%
• DSCR: 1.25
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.6%
• Equity multiple: 0.72×
• Total profit: $-23,400
• Equity at exit: $44,582

10-year hold

• IRR: 2.0%
• Equity multiple: 1.14×
• Total profit: $12,011
• Equity at exit: $25,852

Cash invested: $83,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 11518

• Active inventory: 92
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $3,113 high
• Mortgage (P&I): −$1,568
• Tax est. 1.5%: −$374 /mo · $4,485/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$654
• Net cashflow: $393

Break-even live

Break-even rent $2,616

Max offer price $299,000

Occupancy floor 82%

Sensitivity live

Price	-10% $599	-5% $496	+0% $393	+5% $289	+10% $186
Rent	-10% $147	-5% $270	+0% $393	+5% $516	+10% $638
Rate	-1.0pp $543	-0.5pp $469	base $393	+0.5pp $315	+1.0pp $236

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24 Doxsey Pl Unit 3 Lynbrook, NY	2.0	1.0	900	$3,300	$3.67	25d	1	0.39mi
112 Atlantic Ave Apt 71 Lynbrook, NY	2.0	1.0	760	$3,000	$3.95	13d	1	0.45mi
111 S Centre Ave Apt 1SS Rockville Centre, NY	2.0	1.0	950	$3,250	$3.42	5d	1	0.95mi
65 Prospect Ave Unit 2W Lynbrook, NY	1.0	1.0	800	$3,055	$3.82	44d	1	0.96mi
65 Prospect Ave Apt 15W Lynbrook, NY	2.0	2.0	1060	$3,680	$3.47	22d	1	0.96mi
318 Earle Ave Unit 2 Lynbrook, NY	1.0	1.0	600	$2,500	$4.17	25d	1	0.96mi
157 Hempstead Ave Unit B6 Lynbrook, NY	1.0	1.0	700	$2,700	$3.86	25d	1	1.05mi
80 N Centre Ave Rockville Centre, NY	3.0	1.0–3.5	1254	$3,962	$3.16	2d	1	1.15mi
8 Roswell Ave Oceanside, NY	2.0	1.5	741	$3,100	$4.18	25d	1	1.23mi
45 Grand Ave Rockville Centre, NY	2.0	1.0	800	$3,000	$3.75	25d	1	1.47mi
55 Grand Ave Apt 2A Rockville Centre, NY	2.0	1.0	875	$3,000	$3.43	5d	1	1.49mi
67 N Prospect Ave Unit 16C Lynbrook, NY	1.0	1.0	785	$3,030	$3.86	19d	1	1.49mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-02-27
   status Pending
2. 2025-09-27
   price $299,000
3. 2025-09-26
   listed $285,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 71% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,350
• − Mortgage interest: −$16,749
• − Property taxes: −$4,485
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,988
• − Management: −$2,988
• − Depreciation: −$8,698
• Taxable loss: −$52
• Est. tax savings @ 24.0%: +$13
• After-tax cash flow: $4,724/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: East Rockaway Union Free School District
• NCES district ID: 3609960
• Math proficiency: 61% ▲ 1.00%
• Reading proficiency: 67% ▲ 10.00%
• Median HH income: $82,326
• Composite: 57.47/100
• National rank: #1072
• State rank: #165 of 590 in NY

Livability — East Rockaway

• Score: 84/100
• State rank: #47
• US rank: #741

Category grades

Amenities A+ Commute A+ Cost of living F Crime A+ Employment A+ Housing B Health & safety A User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Rockaway, NY
• City population: 10,390
• Population (ZIP): 10,390

Population outlook (Nassau County) Hauer SSP2

• Today (2025): 1,409,302 people
• By 2030: 1,431,482 · +1.6%
• By 2040: 1,471,607 · +4.4%
• By 2050: 1,502,845 · +6.6%
• By 2075: 1,575,403 · +11.8%
• By 2100: 1,554,356 · +10.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 14% Two or more races 6% Black 4% Asian 3%
• Hispanic origin (detail): Puerto Rican 2% Cuban 1% Dominican 3%
• Common ancestry: Romanian 6% Scotch-Irish 4% Italian 1%
• Foreign-born: 14% · Canada, China, Jamaica
• Languages at home: 83% English-only · Spanish 11% Chinese 2% Other Indo-European 2%

Political lean MEDSL · Nassau

• 2024 margin: Toss-up / Even · D 47.9% · R 52.1%
• 2008→2024 swing: -12.6pp toward R · 2008: 8.4pp · 2024: -4.2pp
• All cycles: 2024: R+4.2 2020: D+9.5 2016: D+5.3 2012: D+6.7 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -573.27%
• Current HPI: 296.296
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+4.9% since first listed

3 events — show timeline

• 2026-02-27 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-09-27 Price Changed $299,000 OneKey® MLS as Distributed by MLS Grid
• 2025-09-26 Listed $285,000 OneKey® MLS as Distributed by MLS Grid