271 Ivy St

West Hempstead, NY 11552

$657,200D

5 bd · 3.0 ba · 1,315 sqft · Built 1952 · MultiFamily · Pending · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,065/mo
• Mortgage (P&I): −$3,446
• Tax + insurance: −$1,457
• HOA: −$0
• Vac / Maint / Mgmt: −$1,064
• Net cashflow: $-902/mo
• Annual: $-10,821/yr
• Cap rate: 4.65%
• Cash-on-cash: -5.88%
• DSCR: 0.74
• 1% rule: 0.77%
• Cash to close: $184,016

Investor read

• This is a 5-bed/3.0-bath multifamily listed at $657k.
• At list price, monthly cash flow is $-902 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $498k (24.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $507k (22.9% below list).
• It's been on market 60 days — a 3% lower offer ($637k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $498k (24.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#19 in NY, #382 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• West Hempstead Union Free School District (suburban): math 54% / reading 63% proficiency, ranked #191 of 590 in NY (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: George Washington School (math 39% / reading 54%, grade D+, #330 of 729 statewide, top 46%, 336 students, 48% FRL); West Hempstead Secondary School (math 92% / reading 92%, grade A+, #171 of 1,100 statewide, top 18%, 783 students, 50% FRL) — zoned schools average 49% FRL vs 29% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 101 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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.
• 2 sale attempts 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 $490k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wind risk, 51% 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 4.6% vs local median 3.8% in West Hempstead — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 39% of the median local income ($155k/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?
• It's been on market 60 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• Built in 1952 — 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?
• 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.