3 3rd St

Greenvale, NY 11548

$799,000C-

3 bd · 2.0 ba · 1,414 sqft · Built 1921 · SingleFamily · Pending · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,645/mo
• Mortgage (P&I): −$4,190
• Tax + insurance: −$1,221
• HOA: −$0
• Vac / Maint / Mgmt: −$1,185
• Net cashflow: $-951/mo
• Annual: $-11,415/yr
• Cap rate: 4.95%
• Cash-on-cash: -4.80%
• DSCR: 0.79
• 1% rule: 0.71%
• Cash to close: $223,720

Investor read

• This is a 3-bed/2.0-bath single-family listed at $799k.
• At list price, monthly cash flow is $-951 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $631k (21.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $564k (29.4% below list).
• It's been on market 42 days — a 3% lower offer ($775k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $564k (29.4% below list) — sets the bar for 1% rule.
• In year one you build about $49k of equity ($6k loan paydown + $43k 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: schools A+, crime A+, commute A+; Watch: cost of living F, health & safety F.
• Roslyn Union Free School District (suburban): math 83% / reading 82% proficiency, ranked #28 of 590 in NY (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Watch-outs: flood insurance adds $56/mo; built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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 since 6y 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.
• Current owner paid $645k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$78k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; major wind risk, 63% 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.

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 42 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Built in 1921 — 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?
• 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.