28 Polo Rd

Great Neck, NY 11023

$2,100,000D-

5 bd · 4.5 ba · 3,874 sqft · Built 1986 · SingleFamily · Active · 82 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,967/mo
• Mortgage (P&I): −$11,013
• Tax + insurance: −$2,828
• HOA: −$0
• Vac / Maint / Mgmt: −$2,303
• Net cashflow: $-5,177/mo
• Annual: $-62,121/yr
• Cap rate: 3.33%
• Cash-on-cash: -10.56%
• DSCR: 0.53
• 1% rule: 0.52%
• Cash to close: $588,000

Investor read

• This is a 5-bed/4.5-bath single-family listed at $2.10M.
• At list price, monthly cash flow is $-5k ($-62k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.19M (43.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.10M (47.8% below list).
• It's been on market 82 days — a 6% lower offer ($1.97M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.10M (47.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-1.5%/yr); year-one equity from $15k of loan paydown is wiped out by about $31k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#294 in NY, #4,766 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, amenities A-; Watch: housing C-, cost of living F.
• Great Neck Union Free School District (suburban): math 86% / reading 83% proficiency, ranked #30 of 590 in NY (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: John F Kennedy School (math 87% / reading 77%, grade A+, #138 of 2,108 statewide, top 8%, 454 students, 25% FRL); Great Neck North Middle School (math 73% / reading 78%, grade A, #51 of 729 statewide, top 7%, 744 students, 23% FRL); Great Neck North High School (math 100% / reading 87%, grade A+, #141 of 1,100 statewide, top 13%, 1,176 students, 24% FRL).
• Market conditions: 50 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 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; this cycle's ask has dropped $500k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $475k; list at $2.10M implies a 342% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 82 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
• 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 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.