39 Tanners Neck Ln

Westhampton, NY 11977

$1,849,999B-

4 bd · 3.0 ba · 1,981 sqft · Built 2005 · SingleFamily · Active · 91 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $21,935/mo
• Mortgage (P&I): −$9,702
• Tax + insurance: −$1,350
• HOA: −$0
• Vac / Maint / Mgmt: −$4,606
• Net cashflow: $6,277/mo
• Annual: $75,327/yr
• Cap rate: 10.36%
• Cash-on-cash: 14.54%
• DSCR: 1.65
• 1% rule: 1.19%
• Cash to close: $518,000

Investor read

• This is a 4-bed/3.0-bath single-family listed at $1.85M.
• At list price, monthly cash flow is $6k ($75k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.85M).
• It's been on market 91 days — a 9% lower offer ($1.68M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.68M (9.0% below list) — sets the bar for market timing.
• In year one you build about $176k of equity ($13k loan paydown + $163k appreciation (8.8% local appreciation)).
• Location reads 60/100 on livability (#969 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: housing C-, schools D+, amenities 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: 63 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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.
• 6 sale attempts since 12y 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 $1.22M; list at $1.85M implies a 52% gain — meaningful room to come down on a strong offer.
• At projected returns (8.8% appreciation + 3.0% rent growth), your $518k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$282k 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 — expect insurance premiums to compound above CPI over the hold.
• At $21,935/mo this rent would consume 174% of the median local household income ($151k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.