417 N Monroe Ave

Lindenhurst, NY 11757

$499,999D

3 bd · 1.0 ba · 820 sqft · Built 1950 · SingleFamily · Pending · 490 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,343/mo
• Mortgage (P&I): −$2,622
• Tax + insurance: −$459
• HOA: −$0
• Vac / Maint / Mgmt: −$702
• Net cashflow: $-440/mo
• Annual: $-5,285/yr
• Cap rate: 5.37%
• Cash-on-cash: -3.30%
• DSCR: 0.85
• 1% rule: 0.67%
• Cash to close: $140,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $500k.
• At list price, monthly cash flow is $-440 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $422k (15.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $334k (33.1% below list).
• It's been on market 490 days — a 12% lower offer ($440k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $334k (33.1% 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 $15k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#260 in NY, #4,112 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: amenities D+, cost of living F, health & safety F.
• Lindenhurst Union Free School District (suburban): math 64% / reading 72% proficiency, ranked #139 of 590 in NY (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Daniel Street School (math 57% / reading 72%, grade B, #591 of 2,108 statewide, top 31%, 512 students, 36% FRL); Lindenhurst Middle School (math 45% / reading 62%, grade C+, #228 of 729 statewide, top 31%, 1,284 students, 44% FRL); Lindenhurst Senior High School (math 86% / reading 95%, grade A+, #231 of 1,100 statewide, top 21%, 1,897 students, 41% FRL) — zoned schools average 40% FRL vs 21% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $56/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 205 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).
• Suffolk County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Climate carrying-cost: major flood risk; major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.4% vs local median 3.0% in Lindenhurst — 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 31% of the median local income ($128k/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 490 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?