831 James Pl

Uniondale, NY 11553

$610,000D

4 bd · 2.0 ba · 1,008 sqft · Built 1949 · SingleFamily · Pending · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,424/mo
• Mortgage (P&I): −$3,199
• Tax + insurance: −$969
• HOA: −$0
• Vac / Maint / Mgmt: −$929
• Net cashflow: $-673/mo
• Annual: $-8,071/yr
• Cap rate: 4.97%
• Cash-on-cash: -4.73%
• DSCR: 0.79
• 1% rule: 0.73%
• Cash to close: $170,800

Investor read

• This is a 4-bed/2.0-bath single-family listed at $610k.
• At list price, monthly cash flow is $-673 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $491k (19.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $442k (27.5% below list).
• It's been on market 30 days — a 2% lower offer ($601k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $442k (27.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k 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: 54 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $34k; list at $610k implies a 1694% gain — meaningful room to come down on a strong offer.
• 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 5.0% vs local median 4.0% in Uniondale — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 44% of the median local income ($121k/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 1949 — 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.
• 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?
• 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.