24635 Main Rd

Cutchogue, NY 11935

$660,000D+

3 bd · 2.0 ba · 1,800 sqft · Built 1940 · SingleFamily · Active · 279 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,272/mo
• Mortgage (P&I): −$3,461
• Tax + insurance: −$712
• HOA: −$0
• Vac / Maint / Mgmt: −$897
• Net cashflow: $-798/mo
• Annual: $-9,572/yr
• Cap rate: 4.84%
• Cash-on-cash: -5.18%
• DSCR: 0.77
• 1% rule: 0.65%
• Cash to close: $184,800

Investor read

• This is a 3-bed/2.0-bath single-family listed at $660k. Condition is rated poor.
• At list price, monthly cash flow is $-798 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $519k (21.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $427k (35.3% below list).
• It's been on market 279 days — a 12% lower offer ($581k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $427k (35.3% below list) — sets the bar for 1% rule.
• In year one you build about $71k of equity ($5k loan paydown + $66k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#843 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing B+; Watch: amenities F, commute F, cost of living F.
• Mattituck-Cutchogue Union Free School District (suburban): math 69% / reading 68% proficiency, ranked #127 of 590 in NY (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Mattituck-Cutchogue Elementary School (math 65% / reading 68%, grade B+, #575 of 2,108 statewide, top 27%, 453 students, 37% FRL); Mattituck Junior-Senior High School (math 74% / reading 72%, grade B+, #670 of 1,100 statewide, top 61%, 548 students, 0% FRL) — zoned schools at 18% FRL track the district average.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 80 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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.
• Current owner paid $107k; list at $660k implies a 517% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$113k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 37% of the median local income ($138k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 279 days. Have you received any prior offers? Is the seller open to a 35% 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 B-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?

Repairs flagged (vision-AI assessment)

• Major: roof — Significant damage to the roof
• Major: siding — Weathered and peeling
• Major: landscaping — Sparse and unkempt
• Major: fencing — Sections missing
• Major: windows — Old and possibly in need of replacement