65 W Broadway Unit 8B

Long Beach, NY 11561

$365,000F

1 bd · 1.0 ba · 500 sqft · Built 1953 · Condo · Pending · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,566/mo
• Mortgage (P&I): −$1,914
• Tax + insurance: −$1,069
• HOA: −$1,162
• Vac / Maint / Mgmt: −$749
• Net cashflow: $-1,328/mo
• Annual: $-15,931/yr
• Cap rate: 3.44%
• Cash-on-cash: -10.18%
• DSCR: 0.55
• 1% rule: 0.98%
• Cash to close: $102,200

Investor read

• This is a 1-bed/1.0-bath condo listed at $365k.
• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $341k (6.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $357k (2.3% below list).
• It's been on market 27 days — a 2% lower offer ($360k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $341k (6.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#84 in NY, #1,285 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Long Beach City School District (suburban): math 66% / reading 65% proficiency, ranked #150 of 590 in NY (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lindell Boulevard School (math 72% / reading 72%, grade A-, #378 of 2,108 statewide, top 20%, 372 students, 21% FRL); Long Beach Middle School (math 39% / reading 61%, grade C, #261 of 729 statewide, top 36%, 721 students, 25% FRL); Long Beach High School (math 91% / reading 75%, grade A, #440 of 1,100 statewide, top 40%, 1,314 students, 31% FRL) — zoned schools at 26% FRL track the district average.
• Watch-outs: flood insurance adds $460/mo; HOA is 33% of rent; built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.8%/yr); 353 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 4 sale attempts since 13y 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: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% 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 3.4% vs local median 2.1% in Long Beach — 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.
• This rent runs 30% of the median local income ($142k/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?
• Built in 1953 — 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?