61 Maine Ave Unit D12

Rockville Centre, NY 11570

$360,000D-

1 bd · 1.0 ba · 708 sqft · Built 1960 · Condo · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,894/mo
• Mortgage (P&I): −$1,888
• Tax + insurance: −$600
• HOA: −$0
• Vac / Maint / Mgmt: −$608
• Net cashflow: $-201/mo
• Annual: $-2,416/yr
• Cap rate: 5.62%
• Cash-on-cash: -2.40%
• DSCR: 0.89
• 1% rule: 0.80%
• Cash to close: $100,800

Investor read

• This is a 1-bed/1.0-bath condo listed at $360k. Condition is rated poor.
• At list price, monthly cash flow is $-201 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $331k (8.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $289k (19.6% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $289k (19.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#17 in NY, #365 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Rockville Centre Union Free School District (suburban): math 82% / reading 82% proficiency, ranked #37 of 590 in NY (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: South Side Middle School (math 56% / reading 75%, grade A-, #119 of 729 statewide, top 16%, 837 students, 14% FRL); South Side High School (math 98% / reading 75%, grade A, #336 of 1,100 statewide, top 31%, 999 students, 16% FRL).
• Market conditions: 143 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 since 3y 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.
• Climate carrying-cost: major wind risk, 71% 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 5.6% vs local median 2.5% in Rockville Centre — 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.

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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen renovation — No visible photos of the kitchen, but the listing suggests a complete renovation is needed.
• Major: Bathroom renovation — No visible photos of the bathroom, but the listing suggests a complete renovation is needed.
• Major: Exterior renovation — No visible photos of the exterior, but the listing suggests a complete renovation is needed.
• Major: Flooring replacement — No visible photos of the flooring, but the listing suggests a complete renovation is needed.
• Major: Interior wall and paint repair — No visible photos of the interior walls/paint, but the listing suggests a complete renovation is needed.
• Major: Window replacement — No visible photos of the windows, but the listing suggests a complete renovation is needed.