27 Cypress Dr

Kings Park, NY 11754

$950,000B-

4 bd · 2.5 ba · 2,589 sqft · Built 1990 · SingleFamily · Pending · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $35,353/mo
• Mortgage (P&I): −$4,982
• Tax + insurance: −$1,848
• HOA: −$0
• Vac / Maint / Mgmt: −$7,424
• Net cashflow: $21,099/mo
• Annual: $253,183/yr
• Cap rate: 32.94%
• Cash-on-cash: 95.18%
• DSCR: 5.24
• 1% rule: 3.72%
• Cash to close: $266,000

Investor read

• This is a 4-bed/2.5-bath single-family listed at $950k.
• At list price, monthly cash flow is $21k ($253k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($35k rent vs $950k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $28k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#636 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A, crime A-; Watch: amenities F, commute F, cost of living F.
• Kings Park Central School District (suburban): math 68% / reading 79% proficiency, ranked #71 of 590 in NY (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 6% free/reduced lunch — higher-income household profile.
• Zoned schools: Parkview Elementary School (math 84% / reading 84%, grade A+, #93 of 2,108 statewide, top 6%, 405 students, 17% FRL); William T Rogers Middle School (math 49% / reading 72%, grade B+, #153 of 729 statewide, top 21%, 636 students, 14% FRL); Kings Park High School (math 98% / reading 97%, grade A+, #19 of 1,100 statewide, top 4%, 857 students, 12% FRL).
• Market conditions: 75 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 4 sale attempts 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 $700k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $266k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 32.9% vs local median 3.8% in Kings Park — 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

• 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 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.