23 Wildwood Ln

Greenvale, NY 11548

$2,399,000C

5 bd · 4.5 ba · 4,667 sqft · Built 1950 · SingleFamily · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $21,500/mo
• Mortgage (P&I): −$12,581
• Tax + insurance: −$3,044
• HOA: −$0
• Vac / Maint / Mgmt: −$4,515
• Net cashflow: $1,360/mo
• Annual: $16,323/yr
• Cap rate: 6.97%
• Cash-on-cash: 2.43%
• DSCR: 1.11
• 1% rule: 0.90%
• Cash to close: $671,720

Investor read

• This is a 5-bed/4.5-bath single-family listed at $2.40M.
• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.15M (10.4% below list).
• It's been on market 21 days — a 2% lower offer ($2.36M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.15M (10.4% below list) — sets the bar for 1% rule.
• In year one you build about $147k of equity ($17k loan paydown + $130k appreciation (5.4% local appreciation)).
• Location reads 77/100 on livability (#204 in NY, #3,174 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F, health & safety F.
• North Shore Central School District (suburban): math 88% / reading 84% proficiency, ranked #24 of 590 in NY (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 5% free/reduced lunch — higher-income household profile.
• Zoned schools: Glen Head Elementary School (math 82% / reading 82%, grade A+, #138 of 2,108 statewide, top 8%, 371 students, 0% FRL) — zoned schools at 0% FRL track the district average.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $995k; list at $2.40M implies a 141% gain — meaningful room to come down on a strong offer.
• At projected returns (5.4% appreciation + 3.0% rent growth), your $672k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$235k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 63% 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.

Questions for listing agent

• Built in 1950 — 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.