2397 Union Blvd Unit 8a · Islip, NY 11751

$269,000

2 bd · 1.0 ba · 925 sqft · Condo · 10 Days on market

Built 1971 Good condition

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Why this score? — see what drove the B- 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 +26.0/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +5.5/10.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Forest Green! This move-in ready ground-floor 2-bedroom co-op offers the perfect blend of comfort and convenience. Ideally situated with close access to parking and overlooking a peaceful courtyard, this pet-friendly home is designed for easy living. The spacious layout features generous room sizes, abundant natural light, and a well-maintained interior ready for its next owner. Enjoy a carefree lifestyle with community amenities and maintenance that covers many ownership expenses, allowing you to spend more time enjoying all that Islip has to offer. Conveniently located near shopping, restaurants, transportation, the LIRR, parks, and Fire Island ferries. A wonderful opportunity

Key facts

• Built 1971
• Listed 9 days

Property features AI

Exterior

• Parking: Common parking
• Utilities: Public sewer; Cable available; Electricity available; Water connected
• Home design: Stock cooperative
• Construction: Brick and frame construction
• Exterior features: Brick and frame construction; Not waterfront

Interior

• Kitchen: Convection oven; Cooktop; Oven; Dishwasher; Refrigerator
• Bedrooms: 1 bedroom on the first floor
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; Wall/window air conditioning unit(s)
• Interior features: First-floor bedroom; First-floor full bathroom; No basement
• Laundry & utility: Utilities include electricity and water connections

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $269k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $670 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $269k).
• Cap rate 9.3% vs local median 3.2% in Islip — 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 83/100 on livability (#59 in NY, #878 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: cost of living F.
• Islip Union Free School District (suburban): math 52% / reading 67% proficiency, ranked #186 of 590 in NY (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Wing Elementary School (379 students, 35% FRL); Islip Middle School (math 32% / reading 52%, grade D-, #379 of 729 statewide, top 54%, 641 students, 37% FRL); Islip High School (math 88% / reading 93%, grade A+, #231 of 1,100 statewide, top 21%, 892 students, 33% FRL) — zoned schools average 35% FRL vs 20% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 87 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,366 units permitted in Suffolk County in 2024 (216 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 $8k of value loss. Plan a longer hold.
• Suffolk County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $269,000

Questions for the listing agent

1. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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?
5. 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.
6. 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.
7. 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: 1.19% ✓
• Cap rate: 9.28%
• Cash-on-cash: 10.67%
• DSCR: 1.47
• GRM: 7.0

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: -0.3%
• Equity multiple: 0.99×
• Total profit: $-894
• Equity at exit: $40,109

10-year hold

• IRR: 9.4%
• Equity multiple: 1.72×
• Total profit: $54,332
• Equity at exit: $23,258

Cash invested: $75,320 (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 11751

• Active inventory: 87
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $3,201 high
• Mortgage (P&I): −$1,411
• Tax est. 1.5%: −$336 /mo · $4,035/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$672
• Net cashflow: $670

Break-even live

Break-even rent $2,353

Max offer price $269,000

Occupancy floor 74%

Sensitivity live

Price	-10% $855	-5% $763	+0% $670	+5% $577	+10% $484
Rent	-10% $417	-5% $543	+0% $670	+5% $796	+10% $922
Rate	-1.0pp $805	-0.5pp $738	base $670	+0.5pp $600	+1.0pp $529

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: $67,250
• Closing costs: $8,070
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
405 E Main St Bay Shore, NY	2.0	1.0–2.0	750	$2,950	$3.93	44d	1	0.55mi
584 Main St Unit 1 Islip, NY	1.0	1.0	620	$3,150	$5.08	2d	1	0.69mi
584 Main St Unit 5 Islip, NY	2.0	2.0	995	$3,900	$3.92	44d	1	0.69mi
35 Penataquit Ave Bay Shore, NY	2.0	1.0–1.5	637	$3,120	$4.89	0d	13	0.72mi
700 Justine Ct Bay Shore, NY	1.0	1.0	625	$2,195	$3.51	21d	5	0.87mi
39 Bay Shore Ave Bay Shore, NY	1.0	1.0	544	$2,400	$4.41	44d	1	1.26mi
309 Brook Ave Unit 309-1A Bay Shore, NY	1.0	1.0	700	$2,415	$3.45	16d	1	1.33mi
325 Brook Ave Unit 325-2A Bay Shore, NY	1.0	1.0	700	$2,415	$3.45	44d	1	1.36mi
143 4th Ave Bay Shore, NY	2.0	1.0–2.5	1091	$6,593	$6.04	0d	25	1.41mi
227 4th Ave Unit 211J Bay Shore, NY	1.0	1.0	738	$2,950	$4.00	44d	1	1.50mi
227 4th Ave Unit 306E Bay Shore, NY	1.0	1.0	671	$2,850	$4.25	45d	1	1.50mi
227 4th Ave Unit 307F Bay Shore, NY	1.0	1.0	771	$2,950	$3.83	18d	1	1.50mi

HOA detail condo

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

Listing history 10 events

1. 2026-06-21
   days on market $269,000 Active 10 DOM
2. 2026-06-18
   days on market $269,000 Active 7 DOM
3. 2026-06-17
   days on market $269,000 Active 6 DOM
4. 2026-06-16
   days on market $269,000 Active 5 DOM
5. 2026-06-15
   days on market $269,000 Active 4 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   statusdays on market $269,000 Active 2 DOM
8. 2026-06-09
   price $269,000 Coming Soon 1 DOM
9. 2026-06-08
   remarks 36-char remark
10. 2026-06-08
    listed $270,000 Coming Soon 1 DOM

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

Taxation est. · year 1

• Rental income: $38,409
• − Mortgage interest: −$15,068
• − Property taxes: −$4,035
• − Insurance: −$1,345
• − Repairs & maintenance: −$3,073
• − Management: −$3,073
• − Depreciation: −$7,825
• Taxable income: $3,990
• Est. tax owed @ 24.0%: −$958
• After-tax cash flow: $7,078/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This 2-bedroom condo in Islip NY is in good condition with a good rehab level, ready for minor cosmetic updates to enhance its resale and rental value.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Reorganizing interior layout — Improves flow and functionality
• Both Upgrading kitchen appliances — Modernizes the space and adds value
• Both Landscaping improvements — Enhances curb appeal and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Reorganizing interior layout — Improves flow and functionality ↑
• Both Upgrading kitchen appliances — Modernizes the space and adds value ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Islip Union Free School District
• NCES district ID: 3615540
• Math proficiency: 52% ▼ -7.00%
• Reading proficiency: 67% ▲ 10.00%
• Median HH income: $92,825
• Composite: 54.7/100
• National rank: #1325
• State rank: #186 of 590 in NY

Livability — Islip

• Score: 83/100
• State rank: #59
• US rank: #878

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Islip, NY
• City population: 13,152
• Population (ZIP): 13,152

Population outlook (Suffolk County) Hauer SSP2

• Today (2025): 1,505,262 people
• By 2030: 1,498,318 · -0.5%
• By 2040: 1,471,101 · -2.3%
• By 2050: 1,424,848 · -5.3%
• By 2075: 1,337,157 · -11.2%
• By 2100: 1,217,720 · -19.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 15% Two or more races 9% Asian 5% Black 3%
• Hispanic origin (detail): Puerto Rican 7%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 8% · Canada, China, Jamaica
• Languages at home: 89% English-only · Spanish 6% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Suffolk

• 2024 margin: Lean R (+10.0) · D 45.0% · R 55.0%
• 2008→2024 swing: -16.0pp toward R · 2008: 6.0pp · 2024: -10.0pp
• All cycles: 2024: R+10.0 2020: R+0.0 2016: R+8.2 2012: D+2.9 2008: D+6.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -368.19%
• Current HPI: 288.0267
• 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

-0.4% since first listed

2 events — show timeline

• 2026-06-08 Price Changed $269,000 OneKey® MLS as Distributed by MLS Grid
• 2026-06-08 Coming Soon $270,000 OneKey® MLS as Distributed by MLS Grid