35 Rockaway Dr · Sound Beach, NY 11789

$289,000

2 bd · 1.0 ba · 624 sqft · Other public records · 35 Days on market

Built 1930 10,019 sqft lot $463/sqft · 33% below area Est $432k · 33% under

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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 +16.6/30.0
• ARV discount +15.0/15.0
• Schools +6.2/10.0
• DSCR +5.2/10.0
• 1% rule +4.4/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming cottage-style home located in the desirable Miller Place School District, set on a spacious ~10,000 sq ft lot in Sound Beach. This property offers a unique opportunity for buyers looking to renovate, expand, or create a custom year-round or seasonal retreat. The home is currently configured as a 1-bedroom and was originally a 2-bedroom layout. Interior features open living space, and abundant natural light. The property needs some TLC and is being sold as-is, making it ideal for investors, contractors, or buyers seeking a project with upside potential. Conveniently located near local beaches, Great opportunity to restore or reimagine this home to your vision. Won't Last!

Key facts

• Spacious lot
• Cottage-style home
• Open living space

Tags

• COTTAGE-STYLE HOME
• SPACIOUS LOT
• OPEN LIVING SPACE
• ABUNDANT NATURAL LIGHT

Property features AI

Exterior

• Parking: Driveway (no carport)
• Utilities: Public sewer; Other utilities (see remarks)
• Home design: Single family residence
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront

Interior

• Kitchen: Other appliances
• Bedrooms: 4 total rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Other heating; Wall/window air conditioning units
• Interior features: Other interior features
• Laundry & utility: See remarks for utility details

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $289k.

Deal economics

• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $271k (6.3% below list).
• Recommended offer: $271k (6.3% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 3.8% in Sound 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.

Location & tenants

• Location reads 70/100 on livability (#458 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: amenities F, commute F, cost of living F.
• Miller Place Union Free School District (suburban): math 72% / reading 64% proficiency, ranked #116 of 590 in NY (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Andrew Muller Primary School (468 students, 14% FRL); North Country Road School (math 52% / reading 62%, grade B, #192 of 729 statewide, top 28%, 534 students, 15% FRL); Miller Place High School (math 96% / reading 72%, grade A, #404 of 1,100 statewide, top 37%, 820 students, 16% FRL).
• Market conditions: 71 active listings in the ZIP; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($280k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $270,911 (6.3% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 0.94% ✗
• Cap rate: 7.02%
• Cash-on-cash: 2.60%
• DSCR: 1.12
• GRM: 8.9

CMA / ARV

• ARV (median comp): $431,961
• List price: $289,000
• Delta: -33.10%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -12.2%
• Equity multiple: 0.56×
• Total profit: $-35,631
• Equity at exit: $43,091

10-year hold

• IRR: -3.0%
• Equity multiple: 0.80×
• Total profit: $-16,547
• Equity at exit: $24,987

Cash invested: $80,920 (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 11789

• Home prices YoY: -33.0%
• Active inventory: 71
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,709 medium
• Mortgage (P&I): −$1,516
• Tax from tax record: −$329 /mo · $3,945/yr
• Insurance: −$120
• HOA: −$0
• Vacancy / Maint / Mgmt: −$569
• Net cashflow: $176

Break-even live

Break-even rent $2,487

Max offer price $289,000

Occupancy floor 89%

Sensitivity live

Price	-10% $339	-5% $257	+0% $176	+5% $94	+10% $12
Rent	-10% $-39	-5% $69	+0% $176	+5% $283	+10% $390
Rate	-1.0pp $321	-0.5pp $249	base $176	+0.5pp $101	+1.0pp $24

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: $72,250
• Closing costs: $8,670
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-02
   statusdays on market $289,000 Pending 35 DOM
2. 2026-06-01
   days on market $289,000 Active 34 DOM
3. 2026-05-31
   days on market $289,000 Active 33 DOM
4. 2026-04-28
   listed $289,000 Active 691-char remark

ⓘ 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: $3,945 · $329/mo
• Projected year-2 tax: $4,414 · $368/mo
• Expected delta: +$470/yr (+$39/mo · 11.9%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,509
• − Mortgage interest: −$16,188
• − Property taxes: −$3,945
• − Insurance: −$1,445
• − Repairs & maintenance: −$2,601
• − Management: −$2,601
• − Depreciation: −$8,407
• Taxable loss: −$2,678
• Est. tax savings @ 24.0%: +$643
• After-tax cash flow: $2,749/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: Miller Place Union Free School District
• NCES district ID: 3619410
• Math proficiency: 72% ▲ 1.00%
• Reading proficiency: 64% ▲ 1.00%
• Median HH income: $99,693
• Composite: 62.5/100
• National rank: #685
• State rank: #116 of 590 in NY

Livability — Sound Beach

• Score: 70/100
• State rank: #458
• US rank: #7991

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sound Beach, NY
• City population: 7,447
• Population (ZIP): 7,447

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 (82%)
• Race & ethnicity: White 82% Two or more races 11% Hispanic / Latino 9% Black 3%
• Hispanic origin (detail): Puerto Rican 1%
• Common ancestry: Romanian 9% Slovak 6% Italian 3%
• Foreign-born: 7% · Canada, Jamaica, China
• Languages at home: 92% English-only · Spanish 4% Russian/Polish/Slavic 1% Other Asian/Pacific 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: ▼ -180.99%
• Current HPI: 366.6474
• Rent YoY: —
• Metro: —
• 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

2 events — show timeline

• 2026-06-02 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-28 Listed $289,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+2.3%/yr

Latest (2025): $3,945 · +0.0% YoY. Source: county tax records.