28 Brittany Ln

Westhampton Beach, NY 11978

$840,000A-

2 bd · 2.0 ba · 1,447 sqft · Built 1987 · Condo · Pending · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $15,676/mo
• Mortgage (P&I): −$4,405
• Tax + insurance: −$1,400
• HOA: −$780
• Vac / Maint / Mgmt: −$3,292
• Net cashflow: $5,799/mo
• Annual: $69,588/yr
• Cap rate: 14.58%
• Cash-on-cash: 29.59%
• DSCR: 2.32
• 1% rule: 1.87%
• Cash to close: $235,200

Investor read

• This is a 2-bed/2.0-bath condo listed at $840k.
• At list price, monthly cash flow is $6k ($70k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $840k).
• It's been on market 30 days — a 2% lower offer ($827k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $827k (1.5% below list) — sets the bar for market timing.
• In year one you build about $90k of equity ($6k loan paydown + $84k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#740 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, schools A; Watch: amenities F, commute F, cost of living F.
• Westhampton Beach Union Free School District (suburban): math 72% / reading 75% proficiency, ranked #81 of 590 in NY (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 112 active listings in the ZIP; 9 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; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).
• Suffolk County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 11y 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 $190k; list at $840k implies a 342% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $235k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$144k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 14.6% vs local median 9.3% in Westhampton Beach — 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.
• At $15,676/mo this rent would consume 150% of the median local household income ($125k/yr) (locally 43% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.