72 Richardson Ave · Springs, NY 11937

$1,250,000

2 bd · 1.0 ba · 1,123 sqft · SingleFamily · 217 Days on market

Built 1902 4,356 sqft lot $1113/sqft · 10% above area Est $1136k · 10% over

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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
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• Schools +5.1/10.0
• Rent growth +5.0/5.0
• Livability +3.2/5.0
• ARV discount +3.0/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Springs Simplicity, Minutes from Maidstone A breezy beach cottage made for unhurried days in East Hampton's Springs. Moments from Maidstone Park Beach and around the corner from Rita Cantina, this home puts the best of the neighborhood-bay swims, sunset strolls, and easy dinners-right at hand. Privacy starts at the curb with perimeter hedges, then opens to bright, open-concept interiors framed by wide-plank floors and exposed beams. The living area, eat-in kitchen, and dining zone flow together, with sliding glass doors that spill outside for effortless indoor-outdoor living. A charming front porch sets the tone on arrival; a wraparound porch invites morning coffee, afternoon conversations, and slow summer evenings. Upstairs, find two bedrooms plus a flexible bonus space-ideal for an office, reading nook, or study. Down below, an unfinished ground-level area offers ample storage for bikes, boards, and all the beach gear. Simple, relaxed, and dialed for the Springs lifestyle, this is an easygoing home base for long weekends and longer stays-high season or year round.

Key facts

• Front porch
• Wide-plank floors
• Exposed beams

Tags

• BEACH COTTAGE
• OPEN-CONCEPT INTERIORS
• WIDE-PLANK FLOORS
• EXPOSED BEAMS
• INDOOR-OUTDOOR LIVING
• FRONT PORCH

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $1.25M.

Deal economics

• At list price, monthly cash flow is $5k ($59k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.25M).
• Recommended offer: $1.10M (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#809 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: housing C-, schools D-, amenities F.
• Springs Union Free School District (town): math 55% / reading 60% proficiency, ranked #239 of 590 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 9% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+12.3%/yr); 135 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 $15,887/mo this rent would consume 147% of the median local household income ($130k/yr) (locally 896% 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 $9k of loan paydown is wiped out by about $38k 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 $350k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 217 days — a 12% lower offer ($1.10M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $650k; list at $1.25M implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1902 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; severe wind risk, 80% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,100,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 217 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.27% ✓
• Cap rate: 11.10%
• Cash-on-cash: 17.17%
• DSCR: 1.76
• GRM: 6.6

CMA / ARV

• ARV (median comp): $1,135,907
• List price: $1,250,000
• Delta: 10.04%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24 Fort Pond Blvd	0.49mi	3/2.0 (+1)	1,189 (+6%)	12mo	$1,240,000	$1,043	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 13.3%
• Equity multiple: 1.56×
• Total profit: $196,350
• Equity at exit: $186,379

10-year hold

• IRR: 25.5%
• Equity multiple: 3.74×
• Total profit: $957,545
• Equity at exit: $108,077

Cash invested: $350,000 (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 11937

• Rents YoY: 12.3%
• Active inventory: 135
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $15,887 medium
• Mortgage (P&I): −$6,555
• Tax from tax record: −$468 /mo · $5,616/yr
• Insurance: −$521
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,336
• Net cashflow: $4,951

Break-even live

Break-even rent $9,620

Max offer price $1,250,000

Occupancy floor 64%

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: $312,500
• Closing costs: $37,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19 Pond Ln East Hampton, NY	3.0	2.0	1500	$85,000	$56.67	43d	1	0.76mi
38 Woodbine Dr East Hampton, NY	3.0	2.0	1000	$10,000	$10.00	18d	1	1.22mi
117 Woodbine Dr East Hampton, NY	3.0	2.0	1496	$65,000	$43.45	43d	1	1.47mi

Listing history 21 events

1. 2026-06-18
   days on market $1,250,000 Active 217 DOM
2. 2026-06-17
   days on market $1,250,000 Active 216 DOM
3. 2026-06-16
   days on market $1,250,000 Active 215 DOM
4. 2026-06-15
   days on market $1,250,000 Active 214 DOM
5. 2026-06-13
   days on market $1,250,000 Active 212 DOM
6. 2026-06-13
   days on market $1,250,000 Active 211 DOM
7. 2026-06-09
   days on market $1,250,000 Active 208 DOM
8. 2026-06-08
   days on market $1,250,000 Active 207 DOM
9. 2026-06-07
   days on market $1,250,000 Active 206 DOM
10. 2026-06-04
    days on market $1,250,000 Active 203 DOM
11. 2026-06-03
    days on market $1,250,000 Active 202 DOM
12. 2026-06-02
    days on market $1,250,000 Active 201 DOM
13. 2026-06-01
    days on market $1,250,000 Active 200 DOM
14. 2026-05-31
    days on market $1,250,000 Active 199 DOM
15. 2026-05-11
    price $1,250,000 1082-char remark

    Show marketing remark (1082 chars)

    Springs Simplicity, Minutes from Maidstone A breezy beach cottage made for unhurried days in East Hampton's Springs. Moments from Maidstone Park Beach and around the corner from Rita Cantina, this home puts the best of the neighborhood-bay swims, sunset strolls, and easy dinners-right at hand. Privacy starts at the curb with perimeter hedges, then opens to bright, open-concept interiors framed by wide-plank floors and exposed beams. The living area, eat-in kitchen, and dining zone flow together, with sliding glass doors that spill outside for effortless indoor-outdoor living. A charming front porch sets the tone on arrival; a wraparound porch invites morning coffee, afternoon conversations, and slow summer evenings. Upstairs, find two bedrooms plus a flexible bonus space-ideal for an office, reading nook, or study. Down below, an unfinished ground-level area offers ample storage for bikes, boards, and all the beach gear. Simple, relaxed, and dialed for the Springs lifestyle, this is an easygoing home base for long weekends and longer stays-high season or year round.

16. 2025-11-13
    listed $1,300,000 Active 1082-char remark

    Show marketing remark (1082 chars)

    Springs Simplicity, Minutes from Maidstone A breezy beach cottage made for unhurried days in East Hampton's Springs. Moments from Maidstone Park Beach and around the corner from Rita Cantina, this home puts the best of the neighborhood-bay swims, sunset strolls, and easy dinners-right at hand. Privacy starts at the curb with perimeter hedges, then opens to bright, open-concept interiors framed by wide-plank floors and exposed beams. The living area, eat-in kitchen, and dining zone flow together, with sliding glass doors that spill outside for effortless indoor-outdoor living. A charming front porch sets the tone on arrival; a wraparound porch invites morning coffee, afternoon conversations, and slow summer evenings. Upstairs, find two bedrooms plus a flexible bonus space-ideal for an office, reading nook, or study. Down below, an unfinished ground-level area offers ample storage for bikes, boards, and all the beach gear. Simple, relaxed, and dialed for the Springs lifestyle, this is an easygoing home base for long weekends and longer stays-high season or year round.

17. 2021-02-17
    soldstatus $650,000
18. 2021-01-29
    soldstatus $650,000 Closed 901-char remark

    Show marketing remark (901 chars)

    Maidstone Park Beach community. This comfortable well appointed Beach cottage offers 2 bdrm,1bth with a Loft/media room. Enter into an Open floor plan that has a Dining area, Living room and kitchen. Off the Living room is an open staircase which leads to a large Media/Loft area with water view.2 bedrooms, Bath and laundry room on main floor. Bath offers a bear claw tub/shower. Wide planked Pine flooring throughout this cottage with pine walls and Exposed beam ceiling. Updated in 2017 from roofing, siding, windows, floors, heating, plumbing, electric, mini split a/c units and more. Garage w/ Basement entry. Unfinished basement has storage areas and Utilities. Private sitting area on cedar backyard deck with shed and outdoor shower. Mahogany wood front porch, private driveway. Beach rights. Springs pk-8 schools ., Additional information: Interior Features:Lr/Dr,Separate Hotwater Heater:yes

19. 2020-11-05
    status Pending 901-char remark

    Show marketing remark (901 chars)

    Maidstone Park Beach community. This comfortable well appointed Beach cottage offers 2 bdrm,1bth with a Loft/media room. Enter into an Open floor plan that has a Dining area, Living room and kitchen. Off the Living room is an open staircase which leads to a large Media/Loft area with water view.2 bedrooms, Bath and laundry room on main floor. Bath offers a bear claw tub/shower. Wide planked Pine flooring throughout this cottage with pine walls and Exposed beam ceiling. Updated in 2017 from roofing, siding, windows, floors, heating, plumbing, electric, mini split a/c units and more. Garage w/ Basement entry. Unfinished basement has storage areas and Utilities. Private sitting area on cedar backyard deck with shed and outdoor shower. Mahogany wood front porch, private driveway. Beach rights. Springs pk-8 schools ., Additional information: Interior Features:Lr/Dr,Separate Hotwater Heater:yes

20. 2020-10-02
    listed $615,000 Active 901-char remark

    Show marketing remark (901 chars)

    Maidstone Park Beach community. This comfortable well appointed Beach cottage offers 2 bdrm,1bth with a Loft/media room. Enter into an Open floor plan that has a Dining area, Living room and kitchen. Off the Living room is an open staircase which leads to a large Media/Loft area with water view.2 bedrooms, Bath and laundry room on main floor. Bath offers a bear claw tub/shower. Wide planked Pine flooring throughout this cottage with pine walls and Exposed beam ceiling. Updated in 2017 from roofing, siding, windows, floors, heating, plumbing, electric, mini split a/c units and more. Garage w/ Basement entry. Unfinished basement has storage areas and Utilities. Private sitting area on cedar backyard deck with shed and outdoor shower. Mahogany wood front porch, private driveway. Beach rights. Springs pk-8 schools ., Additional information: Interior Features:Lr/Dr,Separate Hotwater Heater:yes

21. 2004-07-29
    soldstatus $395,000

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $5,616 · $468/mo
• Projected year-2 tax: $13,371 · $1,114/mo
• Expected delta: +$7,754/yr (+$646/mo · 138.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥90°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $190,644
• − Mortgage interest: −$70,019
• − Property taxes: −$5,616
• − Insurance: −$6,916
• − Repairs & maintenance: −$15,252
• − Management: −$15,252
• − Depreciation: −$36,364
• Taxable income: $41,225
• Est. tax owed @ 24.0%: −$9,894
• After-tax cash flow: $49,520/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: Springs Union Free School District
• NCES district ID: 3627900
• Math proficiency: 55% ▲ 6.00%
• Reading proficiency: 60% ▲ 10.00%
• Median HH income: $75,413
• Composite: 51.42/100
• National rank: #1728
• State rank: #239 of 590 in NY

Livability — Springs

• Score: 63/100
• State rank: #809
• US rank: #15666

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springs, NY
• County: Suffolk County · 679,920 people
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 21,882
• Household income: $129,883
• Rent vs Own: 23.1% rent · 76.9% own
• Severe rent burden: 896.0

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: Majority White (61%)
• Race & ethnicity: White 61% Hispanic / Latino 32% Two or more races 23% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Romanian 5% Scotch-Irish 4% Italian 2%
• Foreign-born: 25% · Canada, Guatemala, Jamaica
• Languages at home: 68% English-only · Spanish 28% Other Indo-European 1% 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: ▼ -285.21%
• Current HPI: 444.1499
• Rent YoY: ▲ 12.28%
• 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

+216.5% since first listed

7 events — show timeline

• 2026-05-11 Price Changed $1,250,000 OneKey® MLS as Distributed by MLS Grid
• 2025-11-13 Listed $1,300,000 OneKey® MLS as Distributed by MLS Grid
• 2021-02-17 Sold (Public Records) $650,000 Public Records
• 2021-01-29 Sold (MLS) $650,000 OneKey® MLS as Distributed by MLS Grid
• 2020-11-05 Pending — OneKey® MLS as Distributed by MLS Grid
• 2020-10-02 Listed $615,000 OneKey® MLS as Distributed by MLS Grid
• 2004-07-29 Sold (Public Records) $395,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $5,616 · +0.0% YoY. Source: county tax records.