494 S Ocean Ave Unit 1M · Freeport, NY 11520

$209,000

1 bd · 1.0 ba · 600 sqft · Condo · 48 Days on market

Built 1950

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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 +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Totally Updated Unit In Mint Condition. Offers A Beautiful Open Floor Plan Filled With Natural Light. Hardwood Floors, Recently Painted, Large Living Room/Dining Room , Efficiency Kitchen Recently Updated, Granite Counter Top, Sink, Tiled Floor, Newer Appliances, Beautifully Renovated Bathroom And A Large Bedroom, Many Closets, Lots Of Windows, Close To Nautical Mile,, Additional information: Appearance:Mint++,Interior Features:Efficiency Kitchen,Lr/Dr

Key facts

• Parking for 1 car
• Natural light
• Open-plan living

Tags

• OPEN-PLAN LIVING
• NATURAL LIGHT
• PARKING FOR 1 CAR
• ON-SITE LAUNDRY FACILITIES
• CLOSE TO NAUTICAL MILE
• CLOSE TO WATERFRONT

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $209k.

Deal economics

• At list price, monthly cash flow is $307 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $209k).
• Recommended offer: $203k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 3.0% in Freeport — 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 (#69 in NY, #1,033 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: cost of living F.
• Freeport Union Free School District (suburban): math 49% / reading 55% proficiency, ranked #325 of 590 in NY (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Leo F Giblyn School (math 62% / reading 72%, grade B+, #525 of 2,108 statewide, top 27%, 541 students, 65% FRL); John W Dodd Middle School (math 16% / reading 41%, grade F, #569 of 729 statewide, top 78%, 986 students, 67% FRL); Freeport High School (math 82% / reading 85%, grade A, #409 of 1,100 statewide, top 39%, 2,264 students, 62% FRL).
• Market conditions: 199 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($203k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 14y 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.
• Current owner paid $118k; list at $209k implies a 78% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 72% 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.

Recommended offer $202,730 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.34% ✓
• Cap rate: 10.70%
• Cash-on-cash: 15.73%
• DSCR: 1.70
• GRM: 6.2

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: -6.4%
• Equity multiple: 0.76×
• Total profit: $-14,003
• Equity at exit: $31,163

10-year hold

• IRR: 3.4%
• Equity multiple: 1.24×
• Total profit: $14,287
• Equity at exit: $18,071

Cash invested: $58,520 (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 11520

• Active inventory: 199
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,799 medium
• Mortgage (P&I): −$1,096
• Tax est. 1.5%: −$261 /mo · $3,135/yr
• Insurance: −$87
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $307

Break-even live

Break-even rent $2,411

Max offer price $209,000

Occupancy floor 84%

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
178 Pine St Freeport, NY	1.0	1.0	745	$2,588	$3.47	3d	3	1.08mi
237 Porterfield Pl Freeport, NY	1.0	1.0	659	$3,100	$4.70	44d	1	1.22mi
74 Broadway Unit 3B Freeport, NY	1.0	1.0	525	$2,700	$5.14	44d	1	1.31mi

HOA detail condo

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

Listing history 17 events

1. 2026-03-10
   status Pending
2. 2026-01-21
   listed $209,000 Active
3. 2018-07-19
   soldstatus $117,500 Closed 459-char remark

   Show marketing remark (459 chars)

   Totally Updated Unit In Mint Condition. Offers A Beautiful Open Floor Plan Filled With Natural Light. Hardwood Floors, Recently Painted, Large Living Room/Dining Room , Efficiency Kitchen Recently Updated, Granite Counter Top, Sink, Tiled Floor, Newer Appliances, Beautifully Renovated Bathroom And A Large Bedroom, Many Closets, Lots Of Windows, Close To Nautical Mile,, Additional information: Appearance:Mint++,Interior Features:Efficiency Kitchen,Lr/Dr

4. 2018-03-25
   status Under Contract 459-char remark

   Show marketing remark (459 chars)

   Totally Updated Unit In Mint Condition. Offers A Beautiful Open Floor Plan Filled With Natural Light. Hardwood Floors, Recently Painted, Large Living Room/Dining Room , Efficiency Kitchen Recently Updated, Granite Counter Top, Sink, Tiled Floor, Newer Appliances, Beautifully Renovated Bathroom And A Large Bedroom, Many Closets, Lots Of Windows, Close To Nautical Mile,, Additional information: Appearance:Mint++,Interior Features:Efficiency Kitchen,Lr/Dr

5. 2018-02-24
   listed $125,000 New 459-char remark

   Show marketing remark (459 chars)

   Totally Updated Unit In Mint Condition. Offers A Beautiful Open Floor Plan Filled With Natural Light. Hardwood Floors, Recently Painted, Large Living Room/Dining Room , Efficiency Kitchen Recently Updated, Granite Counter Top, Sink, Tiled Floor, Newer Appliances, Beautifully Renovated Bathroom And A Large Bedroom, Many Closets, Lots Of Windows, Close To Nautical Mile,, Additional information: Appearance:Mint++,Interior Features:Efficiency Kitchen,Lr/Dr

6. 2016-10-03
   soldstatus $90,000 173-char remark

   Show marketing remark (173 chars)

   Sale May Be Subject To Term & Conditions Of An Offering Plan. Updated 1st Floor Unit., Additional information: Appearance:Mint,Interior Features:Efficiency Kitchen,Lr/Dr

7. 2016-10-03
   soldstatus $90,000 Closed

   Show marketing remark (173 chars)

   Sale May Be Subject To Term & Conditions Of An Offering Plan. Updated 1st Floor Unit., Additional information: Appearance:Mint,Interior Features:Efficiency Kitchen,Lr/Dr

8. 2016-07-08
   status Under Contract
9. 2016-06-22
   listed $85,000 New
10. 2016-06-21
    listed $85,000 173-char remark

    Show marketing remark (173 chars)

    Sale May Be Subject To Term & Conditions Of An Offering Plan. Updated 1st Floor Unit., Additional information: Appearance:Mint,Interior Features:Efficiency Kitchen,Lr/Dr

11. 2016-05-22
    historical
12. 2016-04-10
    listed $99,000 New
13. 2013-10-31
    soldstatus $115,000
14. 2013-10-31
    soldstatus $115,000 Closed
15. 2013-07-11
    status Under Contract
16. 2012-08-03
    listed $126,000 New
17. 2012-08-03
    listed $126,000

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,593
• − Mortgage interest: −$11,707
• − Property taxes: −$3,135
• − Insurance: −$6,570
• − Repairs & maintenance: −$2,687
• − Management: −$2,687
• − Depreciation: −$6,080
• Taxable income: $726
• Est. tax owed @ 24.0%: −$174
• After-tax cash flow: $3,507/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.

Schools (NCES district)

• District: Freeport Union Free School District
• NCES district ID: 3611550
• Math proficiency: 49% ▼ -4.00%
• Reading proficiency: 55% ▲ 2.00%
• Median HH income: $67,772
• Composite: 46.12/100
• National rank: #2507
• State rank: #325 of 590 in NY

Livability — Freeport

• Score: 83/100
• State rank: #69
• US rank: #1033

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Freeport, NY
• City population: 44,873
• Population (ZIP): 44,873

Population outlook (Nassau County) Hauer SSP2

• Today (2025): 1,409,302 people
• By 2030: 1,431,482 · +1.6%
• By 2040: 1,471,607 · +4.4%
• By 2050: 1,502,845 · +6.6%
• By 2075: 1,575,403 · +11.8%
• By 2100: 1,554,356 · +10.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Hispanic / Latino 43% Black 33% White 19% Two or more races 17% Asian 2%
• Hispanic origin (detail): Puerto Rican 4% Dominican 15%
• Common ancestry: Hispanic 5% Scotch-Irish 1% Romanian 1%
• Foreign-born: 34% · Canada, Jamaica, Guatemala
• Languages at home: 55% English-only · Spanish 38% French/Haitian/Cajun 3% Other Indo-European 1%

Political lean MEDSL · Nassau

• 2024 margin: Toss-up / Even · D 47.9% · R 52.1%
• 2008→2024 swing: -12.6pp toward R · 2008: 8.4pp · 2024: -4.2pp
• All cycles: 2024: R+4.2 2020: D+9.5 2016: D+5.3 2012: D+6.7 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -721.06%
• Current HPI: 317.6076
• 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

+65.9% since first listed

17 events — show timeline

• 2026-03-10 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-01-21 Listed $209,000 OneKey® MLS as Distributed by MLS Grid
• 2018-07-19 Sold (MLS) $117,500 OneKey® MLS as Distributed by MLS Grid
• 2018-03-25 Pending — OneKey® MLS as Distributed by MLS Grid
• 2018-02-24 Listed $125,000 OneKey® MLS as Distributed by MLS Grid
• 2016-10-03 Sold (MLS) $90,000 OneKey® MLS as Distributed by MLS Grid
• 2016-10-03 Sold (MLS) $90,000 MLSLI
• 2016-07-08 Pending — MLSLI
• 2016-06-22 Listed $85,000 MLSLI
• 2016-06-21 Listed $85,000 OneKey® MLS as Distributed by MLS Grid
• 2016-05-22 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2016-04-10 Listed $99,000 OneKey® MLS as Distributed by MLS Grid
• 2013-10-31 Sold (MLS) $115,000 MLSLI
• 2013-10-31 Sold (MLS) $115,000 OneKey® MLS as Distributed by MLS Grid
• 2013-07-11 Pending — MLSLI
• 2012-08-03 Listed $126,000 MLSLI
• 2012-08-03 Listed $126,000 OneKey® MLS as Distributed by MLS Grid