10 Whittier Dr

Mastic Beach, NY 11951

$335,000C

2 bd · 1.0 ba · 792 sqft · Built 1967 · SingleFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,951/mo
• Mortgage (P&I): −$1,757
• Tax + insurance: −$1,012
• HOA: −$0
• Vac / Maint / Mgmt: −$620
• Net cashflow: $-438/mo
• Annual: $-5,256/yr
• Cap rate: 6.37%
• Cash-on-cash: 0.29%
• DSCR: 1.01
• 1% rule: 0.88%
• Cash to close: $93,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $335k.
• At list price, monthly cash flow is $-438 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $258k (23.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $295k (11.9% below list).
• It's been on market 15 days — a 2% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $258k (23.1% below list) — sets the bar for cash-flow.
• In year one you build about $36k of equity ($2k loan paydown + $34k appreciation (10.0% local appreciation)).
• Location reads 61/100 on livability (#936 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: schools D, crime D, amenities F.
• William Floyd Union Free School District (suburban): math 48% / reading 57% proficiency, ranked #309 of 590 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $460/mo.
• Market conditions: 133 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.
• Current owner paid $155k; list at $335k implies a 116% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$58k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.4% vs local median 4.7% in Mastic 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.

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?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.