11 Park Pl Unit 2D

Rockville Centre, NY 11570

$159,000D+

1 bd · 1.0 ba · 720 sqft · Built 1960 · Condo · Active · 133 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,876/mo
• Mortgage (P&I): −$834
• Tax + insurance: −$265
• HOA: −$1,270
• Vac / Maint / Mgmt: −$604
• Net cashflow: $-97/mo
• Annual: $-1,164/yr
• Cap rate: 5.56%
• Cash-on-cash: -2.62%
• DSCR: 0.88
• 1% rule: 1.81%
• Cash to close: $44,520

Investor read

• This is a 1-bed/1.0-bath condo listed at $159k. Condition is rated fair.
• At list price, monthly cash flow is $-97 ($-1k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $159k).
• It's been on market 133 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $140k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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: schools A+, amenities A+, commute 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.
• Watch-outs: HOA is 44% of rent.
• 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.
• Climate carrying-cost: major wind risk, 69% 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?
• It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen countertops — Significant wear and tear, likely requiring replacement.
• Major: Bathroom fixtures — Outdated and in need of replacement.
• Major: Exterior siding — Weathered and in need of repainting or replacement.
• Major: Flooring — Worn and may need replacement.
• Major: Interior walls — Significant discoloration and potential damage.