721 Martin Dr

Uniondale, NY 11553

$519,999C-

4 bd · 1.0 ba · 1,224 sqft · Built 1949 · SingleFamily · Pending · 140 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,609/mo
• Mortgage (P&I): −$2,727
• Tax + insurance: −$944
• HOA: −$0
• Vac / Maint / Mgmt: −$968
• Net cashflow: $-30/mo
• Annual: $-362/yr
• Cap rate: 6.22%
• Cash-on-cash: -0.25%
• DSCR: 0.99
• 1% rule: 0.89%
• Cash to close: $145,600

Investor read

• This is a 4-bed/1.0-bath single-family listed at $520k.
• At list price, monthly cash flow is $-30 ($-362/yr) — negative.
• To cash-flow at today's rent, offer at most $515k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $461k (11.4% below list).
• It's been on market 140 days — a 12% lower offer ($458k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $458k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#152 in NY, #2,360 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: crime C-, cost of living F.
• Uniondale Union Free School District (suburban): math 59% / reading 70% proficiency, ranked #164 of 590 in NY (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Smith Street Elementary School (math 50% / reading 50%, grade D, #1,085 of 2,108 statewide, top 56%, 408 students, 62% FRL); Turtle Hook Middle School (math 24% / reading 54%, grade F, #418 of 729 statewide, top 59%, 669 students, 66% FRL); Uniondale High School (math 83% / reading 90%, grade A, #336 of 1,100 statewide, top 31%, 2,080 students, 62% FRL).
• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 55 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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.
• 6 sale attempts since 3y 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.
• Climate carrying-cost: major wind risk, 53% 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 6.2% vs local median 4.0% in Uniondale — 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.
• At $4,609/mo this rent would consume 46% of the median local household income ($121k/yr) (locally 673% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 140 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1949 — 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.