234 Cochran Pl

Valley Stream, NY 11581

$449,000C-

3 bd · 1.0 ba · 1,284 sqft · Built 1925 · SingleFamily · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,000/mo
• Mortgage (P&I): −$2,355
• Tax + insurance: −$866
• HOA: −$0
• Vac / Maint / Mgmt: −$840
• Net cashflow: $-60/mo
• Annual: $-725/yr
• Cap rate: 6.13%
• Cash-on-cash: -0.58%
• DSCR: 0.97
• 1% rule: 0.89%
• Cash to close: $125,720

Investor read

• This is a 3-bed/1.0-bath single-family listed at $449k.
• At list price, monthly cash flow is $-60 ($-725/yr) — negative.
• To cash-flow at today's rent, offer at most $438k (2.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $400k (10.9% below list).
• It's been on market 18 days — a 2% lower offer ($442k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $400k (10.9% 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 87/100 on livability (#13 in NY, #301 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Valley Stream Central High School District (suburban): math 71% / reading 76% proficiency, ranked #78 of 590 in NY (top 13%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Robert W Carbonaro School (math 72% / reading 67%, grade A-, #447 of 2,108 statewide, top 24%, 369 students, 38% FRL); Valley Stream Memorial Junior High School (math 29% / reading 66%, grade C-, #306 of 729 statewide, top 43%, 1,038 students, 40% FRL); Valley Stream South High School (math 80% / reading 80%, grade A, #510 of 1,100 statewide, top 47%, 1,224 students, 37% FRL) — zoned schools average 38% FRL vs 17% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 102 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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.
• Current owner paid $36k; list at $449k implies a 1147% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 70% 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 6.1% vs local median 3.3% in Valley Stream — 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 34% 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 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.