23 Library Ave #1 · Westhampton Beach, NY 11978

$1,495,000

2 bd · 2.0 ba · 450 sqft · Condo public records · 90 Days on market

Built 1994 $3322/sqft · 325% above area Est $1133k · 32% over $625/mo HOA · 4% of rent

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Why this score? — see what drove the C- 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 +17.2/30.0
• Appreciation +10.0/10.0
• Schools +6.6/10.0
• DSCR +5.4/10.0
• 1% rule +5.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Welcome to 23 Library Avenue, a rare waterfront condominium located less than 0.10 miles from Main Street in Westhampton Beach. This 2-bedroom, 2.5-bath end unit offers beautiful water and village views, is well maintained and in excellent condition, and provides an opportunity to update to your personal style. Amenities include a community pool and a private boat slip, all conveniently located near shopping, dining, local amenities, and nearby places of worship. Units in this community are seldom available, making this a unique opportunity in a highly desirable location.

Key facts

• Community pool
• Private boat slip
• $625 HOA

Tags

• WATERFRONT CONDOMINIUM
• COMMUNITY POOL
• PRIVATE BOAT SLIP
• WATER AND VILLAGE VIEWS
• HIGHLY DESIRABLE LOCATION

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $641 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.50M).
• Recommended offer: $1.41M (6.0% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 9.3% in Westhampton Beach — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 64/100 on livability (#740 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, schools A; Watch: amenities F, commute F, cost of living 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: 112 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).
• At $15,221/mo this rent would consume 146% of the median local household income ($125k/yr) (locally 43% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $160k of equity ($10k loan paydown + $150k appreciation (10.0% local appreciation)).
• Suffolk County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $419k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$257k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($1.41M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $325k; list at $1.50M implies a 360% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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.

Recommended offer $1,405,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.02% ✓
• Cap rate: 7.15%
• Cash-on-cash: 3.06%
• DSCR: 1.14
• GRM: 8.2

CMA / ARV

• ARV (median comp): $1,132,918
• List price: $1,495,000
• Delta: 31.96%
• Verdict: OVERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.6%
• Equity multiple: 3.04×
• Total profit: $855,924
• Equity at exit: $1,346,814

10-year hold

• IRR: 22.6%
• Equity multiple: 6.95×
• Total profit: $2,490,187
• Equity at exit: $2,904,456

Cash invested: $418,600 (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 11978

• Home prices YoY: 2.9%
• Active inventory: 112
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $15,221 medium
• Mortgage (P&I): −$7,840
• Tax est. 1.5%: −$1,869 /mo · $22,425/yr
• Insurance: −$623
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$625
• Vacancy / Maint / Mgmt: −$3,196
• Net cashflow: $641

Break-even live

Break-even rent $14,409

Max offer price $1,495,000

Occupancy floor 91%

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: $373,750
• Closing costs: $44,850
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
323 Mill Rd Unit PH Westhampton Beach, NY	1.0	1.0	300	$3,000	$10.00	43d	1	0.75mi
260 Dune Rd Westhampton Beach, NY	2.0	2.0	550	$26,000	$47.27	7d	2	0.96mi

HOA detail condo

• Monthly dues: $625 · $7,500/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $1,495,000 Active 90 DOM
2. 2026-06-17
   days on market $1,495,000 Active 89 DOM
3. 2026-06-16
   days on market $1,495,000 Active 88 DOM
4. 2026-06-15
   days on market $1,495,000 Active 87 DOM
5. 2026-06-13
   days on market $1,495,000 Active 85 DOM
6. 2026-06-09
   days on market $1,495,000 Active 81 DOM
7. 2026-06-08
   days on market $1,495,000 Active 80 DOM
8. 2026-06-07
   days on market $1,495,000 Active 79 DOM
9. 2026-06-04
   days on market $1,495,000 Active 76 DOM
10. 2026-06-03
    days on market $1,495,000 Active 75 DOM
11. 2026-06-02
    days on market $1,495,000 Active 74 DOM
12. 2026-06-01
    days on market $1,495,000 Active 73 DOM
13. 2026-05-31
    days on market $1,495,000 Active 72 DOM
14. 2026-03-19
    listed $1,495,000 Active 578-char remark

    Show marketing remark (578 chars)

    Welcome to 23 Library Avenue, a rare waterfront condominium located less than 0.10 miles from Main Street in Westhampton Beach. This 2-bedroom, 2.5-bath end unit offers beautiful water and village views, is well maintained and in excellent condition, and provides an opportunity to update to your personal style. Amenities include a community pool and a private boat slip, all conveniently located near shopping, dining, local amenities, and nearby places of worship. Units in this community are seldom available, making this a unique opportunity in a highly desirable location.

15. 1989-02-28
    soldstatus $325,000
16. 1985-01-03
    soldstatus $215,000

ⓘ 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 6/10 Major FEMA zone AE · 53% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 8 d/yr ≥90°F today · 21 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $182,647
• − Mortgage interest: −$83,743
• − Property taxes: −$22,425
• − Insurance: −$12,594
• − Repairs & maintenance: −$14,612
• − Management: −$14,612
• − HOA: −$7,500
• − Depreciation: −$43,491
• Taxable loss: −$16,329
• Est. tax savings @ 24.0%: +$3,919
• After-tax cash flow: $11,612/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.

Schools (NCES district)

• District: Westhampton Beach Union Free School District
• NCES district ID: 3631020
• Math proficiency: 72% ▼ -5.00%
• Reading proficiency: 75% ▲ 3.00%
• Median HH income: $88,137
• Composite: 65.91/100
• National rank: #444
• State rank: #81 of 590 in NY

Livability — Westhampton Beach

• Score: 64/100
• State rank: #740
• US rank: #14093

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: Westhampton Beach, NY
• County: Suffolk County · 679,920 people
• City population: 4,705
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 4,705
• Household income: $125,179
• Rent vs Own: 11.8% rent · 88.2% own
• Severe rent burden: 43.0

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 (72%)
• Race & ethnicity: White 72% Two or more races 14% Hispanic / Latino 11% Black 6% Asian 2%
• Hispanic origin (detail): Puerto Rican 1%
• Common ancestry: Romanian 7% Scotch-Irish 2% Italian 2%
• Foreign-born: 14% · Canada, Jamaica, China
• Languages at home: 84% English-only · Spanish 10% Other Indo-European 2% Russian/Polish/Slavic 1%

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: ▲ 13.02%
• Current HPI: 460.3964
• Rent YoY: —
• 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

+595.3% since first listed

3 events — show timeline

• 2026-03-19 Listed $1,495,000 OneKey® MLS as Distributed by MLS Grid
• 1989-02-28 Sold (Public Records) $325,000 Public Records
• 1985-01-03 Sold (Public Records) $215,000 Public Records

Property tax history

-5.9%/yr

Latest (2025): $715 · +11.0% YoY. Source: county tax records.