33 Locust Ave Unit 33 & 29 · North Sea, NY 11968

$1,199,999

4 bd · 2.0 ba · — sqft · MultiFamily · 51 Days on market

Built 1991 Poor condition 0.46 ac lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +4.8/10.0
• Livability +2.9/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

RARE OPPORTUNITY in North Sea – Hamlet of Southampton Located in an up-and-coming section of Southampton, this 0.51-acre property is designated as a legal two-family, the property currently includes two detached ranch-style homes, each offering 2–3 bedrooms, 1 bathroom, and a basement (in each home). Both homes are in need of renovation, presenting a true blank canvas for investors, builders, or end users looking to create something special. With ample space, the property can allow for the construction of even a new 2,500+ sq ft home with an in-ground pool, making it an ideal opportunity to maximize value. Property Highlights: • Legal two-family with R-10 zoning • Two

Key facts

• 0.51-acre parcel
• Detached homes
• Legal two-family

Tags

• LEGAL TWO-FAMILY
• DETACHED HOMES
• 0.51-ACRE PARCEL
• FEMA ZONE X
• INCOME-PRODUCING POTENTIAL

Property features AI

Exterior

• Parking: Driveway
• Utilities: Electricity connected; Water connected; Cesspool sewer; Solar energy generation
• Home design: Duplex; Fixer condition
• Construction: Frame construction; Block foundation
• Exterior features: Level lot; Chain link perimeter fencing; Not waterfront

Interior

• Bedrooms: Two 2-bedroom units
• Bathrooms: Two full bathrooms
• Heating & cooling: Oil heat; Wall/window air conditioning units
• Interior features: First-floor bedroom; First-floor full bath; Partial unfinished attic; Partial unfinished basement with Bilco doors

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $1.20M. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $20k ($238k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($36k rent vs $1.20M).
• Recommended offer: $1.16M (3.0% below list) — sets the bar for market timing.
• Cap rate 26.1% vs local median 6.5% in North Sea — 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.

Location & tenants

• Location reads 58/100 on livability (#1,063 in NY) — a working-class tenant base; expect higher turnover. Strengths: crime A+, employment A+; Watch: housing C-, amenities F, commute F.
• Southampton Union Free School District (suburban): math 53% / reading 51% proficiency, ranked #293 of 590 in NY (top 50%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Southampton Elementary School (math 42% / reading 57%, grade D, #1,085 of 2,108 statewide, top 56%, 376 students, 51% FRL); Southampton Intermediate School (math 30% / reading 47%, grade F, #437 of 729 statewide, top 60%, 363 students, 44% FRL); Southampton High School (math 98%, 595 students, 48% FRL) — zoned schools average 48% FRL vs 30% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+14.6%/yr); 95 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).
• At $35,616/mo this rent would consume 274% of the median local household income ($156k/yr) (locally 274% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k of value loss. Plan a longer hold.
• Suffolk County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $336k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($1.16M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,163,999 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 2.97% ✓
• Cap rate: 26.14%
• Cash-on-cash: 70.87%
• DSCR: 4.15
• GRM: 2.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 76.1%
• Equity multiple: 4.74×
• Total profit: $1,258,152
• Equity at exit: $178,924

10-year hold

• IRR: 81.1%
• Equity multiple: 11.66×
• Total profit: $3,581,833
• Equity at exit: $103,754

Cash invested: $336,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 11968

• Home prices YoY: -28.6%
• Rents YoY: 14.6%
• Active inventory: 95
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $35,616 high
• Mortgage (P&I): −$6,293
• Tax est. 1.5%: −$1,500 /mo · $18,000/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,479
• Net cashflow: $19,844

Break-even live

Break-even rent $10,497

Max offer price $1,199,999

Occupancy floor 39%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30 Old Fish Cove Rd Unit 1512341P Southampton, NY	4.0	3.5	2497	$25,322	$10.14	22d	1	0.19mi
14 Millstone Dr Unit 1520127P Southampton, NY	4.0	2.0	1722	$18,488	$10.74	22d	1	0.46mi
62 Waters Edge Rd Southampton, NY	4.0	3.0	3100	$20,000	$6.45	11d	1	0.66mi
286 Towd Point Rd Southampton, NY	4.0	3.0	1825	$30,000	$16.44	43d	1	0.68mi
18 Knoll Rd Southampton, NY	3.0	2.5	3200	$40,000	$12.50	22d	1	0.74mi
624 Noyack Rd Southampton, NY	5.0	3.0	2600	$6,000	$2.31	43d	1	0.78mi
29 Missapoque Ave Southampton, NY	4.0	2.0	1934	$8,000	$4.14	43d	1	0.91mi
15 Lake View Ct Southampton, NY	3.0	2.5	1800	$15,000	$8.33	43d	1	1.10mi
278 Big Fresh Pond Rd Southampton, NY	3.0	1.5	1400	$35,000	$25.00	24d	1	1.18mi
99 Turtle Cove Dr Southampton, NY	3.0	1.0	2205	$45,000	$20.41	43d	1	1.35mi
175 Warfield Way Southampton, NY	3.0	2.0	1572	$22,000	$13.99	43d	1	1.40mi

Listing history 15 events

1. 2026-06-18
   days on market $1,199,999 Active 51 DOM
2. 2026-06-17
   days on market $1,199,999 Active 50 DOM
3. 2026-06-16
   days on market $1,199,999 Active 49 DOM
4. 2026-06-15
   days on market $1,199,999 Active 48 DOM
5. 2026-06-13
   days on market $1,199,999 Active 46 DOM
6. 2026-06-13
   days on market $1,199,999 Active 45 DOM
7. 2026-06-09
   days on market $1,199,999 Active 42 DOM
8. 2026-06-08
   days on market $1,199,999 Active 41 DOM
9. 2026-06-07
   days on market $1,199,999 Active 40 DOM
10. 2026-06-04
    days on market $1,199,999 Active 37 DOM
11. 2026-06-03
    days on market $1,199,999 Active 36 DOM
12. 2026-06-02
    days on market $1,199,999 Active 35 DOM
13. 2026-06-01
    days on market $1,199,999 Active 34 DOM
14. 2026-05-31
    days on market $1,199,999 Active 33 DOM
15. 2026-03-31
    listed $1,199,999 Active 1140-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥90°F today · 20 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $427,389
• − Mortgage interest: −$67,219
• − Property taxes: −$18,000
• − Insurance: −$6,000
• − Repairs & maintenance: −$34,191
• − Management: −$34,191
• − Depreciation: −$34,909
• Taxable income: $232,879
• Est. tax owed @ 24.0%: −$55,891
• After-tax cash flow: $182,231/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This property requires extensive renovation, including roof replacement, exterior siding repair, and interior restoration, to become move-in ready and significantly increase its value.

Repairs flagged

• Major roof — Severe damage to shingles
• Major exterior siding — Damaged and peeling
• Major interior walls/paint — No interior walls or paint visible
• Major bathrooms — No bathrooms visible
• Major kitchen — No kitchen visible
• Major systems — No systems visible
• Major landscaping/curb appeal — Overgrown vegetation, debris scattered

Value-add opportunities

• Both Roof replacement — Critical safety and aesthetic issue
• Both Exterior siding repair/replacement — Improves curb appeal and structural integrity
• Both Interior wall and paint restoration — Enhances living space and value
• Both Bathroom and kitchen renovation — Essential for functionality and value
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Severe damage to shingles	Major	$15,000–50,000
exterior siding · Damaged and peeling	Major	$15,000–50,000
interior walls/paint · No interior walls or paint visible	Major	$15,000–50,000
bathrooms · No bathrooms visible	Major	$15,000–50,000
kitchen · No kitchen visible	Major	$15,000–50,000
systems · No systems visible	Major	$15,000–50,000
landscaping/curb appeal · Overgrown vegetation, debris scattered	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both Roof replacement — Critical safety and aesthetic issue ↑
• Both Exterior siding repair/replacement — Improves curb appeal and structural integrity ↑
• Both Interior wall and paint restoration — Enhances living space and value ↑
• Both Bathroom and kitchen renovation — Essential for functionality and value ↑
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Southampton Union Free School District
• NCES district ID: 3627540
• Math proficiency: 53% ▬ 0.00%
• Reading proficiency: 51% ▲ 4.00%
• Median HH income: $85,977
• Composite: 47.9/100
• National rank: #2213
• State rank: #293 of 590 in NY

Livability — North Sea

• Score: 58/100
• State rank: #1063
• US rank: #21178

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing C- Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Sea, NY
• County: Suffolk County · 679,920 people
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 15,312
• Household income: $156,219
• Rent vs Own: 15.1% rent · 84.9% own
• Severe rent burden: 274.0

Population outlook (Suffolk County) Hauer SSP2

• Today (2025): 1,505,262 people
• By 2030: 1,498,318 · -0.5%
• By 2040: 1,471,101 · -2.3%
• By 2050: 1,424,848 · -5.3%
• By 2075: 1,337,157 · -11.2%
• By 2100: 1,217,720 · -19.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 13% Two or more races 10% Black 9% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Romanian 5% Scotch-Irish 2% Danish 2%
• Foreign-born: 15% · Canada, Jamaica, Vietnam
• Languages at home: 81% English-only · Spanish 11% Other Indo-European 3% German/W. Germanic 2%

Political lean MEDSL · Suffolk

• 2024 margin: Lean R (+10.0) · D 45.0% · R 55.0%
• 2008→2024 swing: -16.0pp toward R · 2008: 6.0pp · 2024: -10.0pp
• All cycles: 2024: R+10.0 2020: R+0.0 2016: R+8.2 2012: D+2.9 2008: D+6.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -184.86%
• Current HPI: 461.1144
• Rent YoY: ▲ 14.62%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

1 event — show timeline

• 2026-03-31 Listed $1,199,999 OneKey® MLS as Distributed by MLS Grid