512 Edge of Woods Rd · Water Mill, NY 11976

$6,995,000

3 bd · 2.0 ba · 1,256 sqft · SingleFamily public records · 146 Days on market

Built 2026 0.94 ac lot $5569/sqft · 387% above area Est $8596k · 19% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Appreciation +9.3/10.0
• Cash flow +6.1/30.0
• Rent growth +5.0/5.0
• Schools +4.8/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +0.5/10.0

Listing remarks MLS

Stunning New Construction in the Hamptons: Welcome to 512 Edge of Woods - a newly constructed transitional residence offering refined design, modern comfort, and over 7,520 square feet of beautifully finished living space. Situated on 0.94 landscaped acres and available in December 2025, this three-story home blends classic Hamptons craftsmanship with contemporary finishes. The main floor showcases an inviting open-concept layout featuring a large kitchen with quartz countertops, stainless steel appliances, a built-in coffee maker, oven/range, refrigerator, two dishwashers, wine fridge, and microwave. Additional highlights include a spacious entry foyer, living room, a great room anchored by one of two fireplaces. Exposed white oak beams and high ceilings elevate both the living and kitchen areas, while nine-inch-wide white oak flooring flows seamlessly throughout. Abundant natural light fills the home, offering effortless transitions to the outdoor living spaces. A private 4-person elevator provides easy access from the garage to the kitchen, enhancing the home's thoughtful design. The first floor also features a luxurious primary suite with an en-suite bathroom and spacious closet-ideal for single-level living or accommodating guests. Upstairs, a second primary suite offers a serene retreat complete with a spacious en-suite bathroom, generous closet, and large exterior balcony. Additional bedrooms and bathrooms provide ample comfort and privacy for all, including a third guest bedroom that features its own private balcony. The fully finished lower level spans 2,892 square feet and includes two bedrooms, two full bathrooms, and a private guest area with interior access to the attached two-car garage for added convenience. This level also features a sauna and an optional steam room, providing a luxurious wellness retreat. Two separate pre-wired media areas offer flexibility for entertainment or home theater use, while an additional space is designed to accommodate a golf simulator, wine room, or bar. The home's six-zone forced-air heating and central air conditioning ensure year-round comfort, enhanced by a combination of electric, propane, and solar fuel systems for improved energy efficiency. Outdoors, enjoy a 16' x 48' heated gunite pool with integrated 10-person (10 x 10) spa, an outdoor BBQ and bar area surrounded by a fenced patio, deck, and covered porch ideal for entertaining. The home's cedar shake and masonry exterior, cedar and metal roofing, irrigation system, and professionally landscaped grounds with lighting create a private and scenic retreat. Additional Features: Modern upgrades include a full exterior camera and alarm system, pre-wiring for state-of-the-art surround sound, and complete audiovisual readiness. A premium water softener and filtration system enhances daily functionality. Thoughtfully designed and meticulously built in 2025, 512 Edge of Woods presents the perfect blend of timeless style and modern sophistication. Optional add-ons include a pool house with outdoor shower, spa/steam room, golf simulator, movie theater, wine room, and exterior fire pit feature.

Key facts

• Quartz countertops
• Landscaped acres
• Large kitchen

Tags

• NEWLY CONSTRUCTED RESIDENCE
• LANDSCAPED ACRES
• OPEN-CONCEPT LAYOUT
• LARGE KITCHEN
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $7.00M.

Deal economics

• At list price, monthly cash flow is $-13k ($-156k/yr) — negative.
• To cash-flow at today's rent, offer at most $5.11M (26.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $4.47M (36.1% below list).
• Recommended offer: $4.47M (36.1% below list) — sets the bar for 1% rule.
• Cap rate 4.1% vs local median 10.6% in Water Mill — 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 71/100 on livability (#410 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, commute A-; Watch: amenities F, cost of living F, housing 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.
• Market conditions: Rents rising fast (+30.1%/yr); 52 active listings in the ZIP; 1 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 $44,726/mo this rent would consume 298% of the median local household income ($180k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $652k of equity ($48k loan paydown + $604k appreciation (8.6% local appreciation)).
• Suffolk County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$1.05M cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($6.16M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $500k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $1.86M; list at $7.00M implies a 276% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $4,472,614 (36.1% below list)

Questions for the listing agent

1. 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?
2. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.64% ✗
• Cap rate: 4.06%
• Cash-on-cash: -7.97%
• DSCR: 0.65
• GRM: 13.0

CMA / ARV

• ARV (median comp): $8,596,155
• List price: $6,995,000
• Delta: -18.63%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
128 Water Mill Towd Rd	0.22mi	2/3.0 (-1)	1,356 (+8%)	14mo	$2,015,000	$1,486	56

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

Projected returns pro-forma

8.63% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 16.9%
• Equity multiple: 2.31×
• Total profit: $2,575,048
• Equity at exit: $5,617,374

10-year hold

• IRR: 17.3%
• Equity multiple: 5.45×
• Total profit: $8,706,751
• Equity at exit: $11,452,618

Cash invested: $1,958,600 (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 11976

• Home prices YoY: 1.6%
• Rents YoY: 30.1%
• Active inventory: 52
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $44,726 medium
• Mortgage (P&I): −$36,683
• Tax est. 1.5%: −$8,744 /mo · $104,925/yr
• Insurance: −$2,915
• HOA: −$0
• Vacancy / Maint / Mgmt: −$9,392
• Net cashflow: $-13,007

Break-even live

Break-even rent $61,191

Max offer price $5,112,834

Occupancy floor —

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: $1,748,750
• Closing costs: $209,850
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
813 Edge of Woods Rd Water Mill, NY	3.0	2.0	1250	$6,500	$5.20	44d	1	0.75mi

Listing history 10 events

1. 2026-05-11
   status Pending 3145-char remark

   Show marketing remark (3145 chars)

   Stunning New Construction in the Hamptons: Welcome to 512 Edge of Woods - a newly constructed transitional residence offering refined design, modern comfort, and over 7,520 square feet of beautifully finished living space. Situated on 0.94 landscaped acres and available in December 2025, this three-story home blends classic Hamptons craftsmanship with contemporary finishes. The main floor showcases an inviting open-concept layout featuring a large kitchen with quartz countertops, stainless steel appliances, a built-in coffee maker, oven/range, refrigerator, two dishwashers, wine fridge, and microwave. Additional highlights include a spacious entry foyer, living room, a great room anchored by one of two fireplaces. Exposed white oak beams and high ceilings elevate both the living and kitchen areas, while nine-inch-wide white oak flooring flows seamlessly throughout. Abundant natural light fills the home, offering effortless transitions to the outdoor living spaces. A private 4-person elevator provides easy access from the garage to the kitchen, enhancing the home's thoughtful design. The first floor also features a luxurious primary suite with an en-suite bathroom and spacious closet-ideal for single-level living or accommodating guests. Upstairs, a second primary suite offers a serene retreat complete with a spacious en-suite bathroom, generous closet, and large exterior balcony. Additional bedrooms and bathrooms provide ample comfort and privacy for all, including a third guest bedroom that features its own private balcony. The fully finished lower level spans 2,892 square feet and includes two bedrooms, two full bathrooms, and a private guest area with interior access to the attached two-car garage for added convenience. This level also features a sauna and an optional steam room, providing a luxurious wellness retreat. Two separate pre-wired media areas offer flexibility for entertainment or home theater use, while an additional space is designed to accommodate a golf simulator, wine room, or bar. The home's six-zone forced-air heating and central air conditioning ensure year-round comfort, enhanced by a combination of electric, propane, and solar fuel systems for improved energy efficiency. Outdoors, enjoy a 16' x 48' heated gunite pool with integrated 10-person (10 x 10) spa, an outdoor BBQ and bar area surrounded by a fenced patio, deck, and covered porch ideal for entertaining. The home's cedar shake and masonry exterior, cedar and metal roofing, irrigation system, and professionally landscaped grounds with lighting create a private and scenic retreat. Additional Features: Modern upgrades include a full exterior camera and alarm system, pre-wiring for state-of-the-art surround sound, and complete audiovisual readiness. A premium water softener and filtration system enhances daily functionality. Thoughtfully designed and meticulously built in 2025, 512 Edge of Woods presents the perfect blend of timeless style and modern sophistication. Optional add-ons include a pool house with outdoor shower, spa/steam room, golf simulator, movie theater, wine room, and exterior fire pit feature.

2. 2026-05-11
   status Active 3145-char remark

   Show marketing remark (3145 chars)

   Stunning New Construction in the Hamptons: Welcome to 512 Edge of Woods - a newly constructed transitional residence offering refined design, modern comfort, and over 7,520 square feet of beautifully finished living space. Situated on 0.94 landscaped acres and available in December 2025, this three-story home blends classic Hamptons craftsmanship with contemporary finishes. The main floor showcases an inviting open-concept layout featuring a large kitchen with quartz countertops, stainless steel appliances, a built-in coffee maker, oven/range, refrigerator, two dishwashers, wine fridge, and microwave. Additional highlights include a spacious entry foyer, living room, a great room anchored by one of two fireplaces. Exposed white oak beams and high ceilings elevate both the living and kitchen areas, while nine-inch-wide white oak flooring flows seamlessly throughout. Abundant natural light fills the home, offering effortless transitions to the outdoor living spaces. A private 4-person elevator provides easy access from the garage to the kitchen, enhancing the home's thoughtful design. The first floor also features a luxurious primary suite with an en-suite bathroom and spacious closet-ideal for single-level living or accommodating guests. Upstairs, a second primary suite offers a serene retreat complete with a spacious en-suite bathroom, generous closet, and large exterior balcony. Additional bedrooms and bathrooms provide ample comfort and privacy for all, including a third guest bedroom that features its own private balcony. The fully finished lower level spans 2,892 square feet and includes two bedrooms, two full bathrooms, and a private guest area with interior access to the attached two-car garage for added convenience. This level also features a sauna and an optional steam room, providing a luxurious wellness retreat. Two separate pre-wired media areas offer flexibility for entertainment or home theater use, while an additional space is designed to accommodate a golf simulator, wine room, or bar. The home's six-zone forced-air heating and central air conditioning ensure year-round comfort, enhanced by a combination of electric, propane, and solar fuel systems for improved energy efficiency. Outdoors, enjoy a 16' x 48' heated gunite pool with integrated 10-person (10 x 10) spa, an outdoor BBQ and bar area surrounded by a fenced patio, deck, and covered porch ideal for entertaining. The home's cedar shake and masonry exterior, cedar and metal roofing, irrigation system, and professionally landscaped grounds with lighting create a private and scenic retreat. Additional Features: Modern upgrades include a full exterior camera and alarm system, pre-wiring for state-of-the-art surround sound, and complete audiovisual readiness. A premium water softener and filtration system enhances daily functionality. Thoughtfully designed and meticulously built in 2025, 512 Edge of Woods presents the perfect blend of timeless style and modern sophistication. Optional add-ons include a pool house with outdoor shower, spa/steam room, golf simulator, movie theater, wine room, and exterior fire pit feature.

3. 2026-05-07
   historical 3145-char remark

   Show marketing remark (3145 chars)

   Stunning New Construction in the Hamptons: Welcome to 512 Edge of Woods - a newly constructed transitional residence offering refined design, modern comfort, and over 7,520 square feet of beautifully finished living space. Situated on 0.94 landscaped acres and available in December 2025, this three-story home blends classic Hamptons craftsmanship with contemporary finishes. The main floor showcases an inviting open-concept layout featuring a large kitchen with quartz countertops, stainless steel appliances, a built-in coffee maker, oven/range, refrigerator, two dishwashers, wine fridge, and microwave. Additional highlights include a spacious entry foyer, living room, a great room anchored by one of two fireplaces. Exposed white oak beams and high ceilings elevate both the living and kitchen areas, while nine-inch-wide white oak flooring flows seamlessly throughout. Abundant natural light fills the home, offering effortless transitions to the outdoor living spaces. A private 4-person elevator provides easy access from the garage to the kitchen, enhancing the home's thoughtful design. The first floor also features a luxurious primary suite with an en-suite bathroom and spacious closet-ideal for single-level living or accommodating guests. Upstairs, a second primary suite offers a serene retreat complete with a spacious en-suite bathroom, generous closet, and large exterior balcony. Additional bedrooms and bathrooms provide ample comfort and privacy for all, including a third guest bedroom that features its own private balcony. The fully finished lower level spans 2,892 square feet and includes two bedrooms, two full bathrooms, and a private guest area with interior access to the attached two-car garage for added convenience. This level also features a sauna and an optional steam room, providing a luxurious wellness retreat. Two separate pre-wired media areas offer flexibility for entertainment or home theater use, while an additional space is designed to accommodate a golf simulator, wine room, or bar. The home's six-zone forced-air heating and central air conditioning ensure year-round comfort, enhanced by a combination of electric, propane, and solar fuel systems for improved energy efficiency. Outdoors, enjoy a 16' x 48' heated gunite pool with integrated 10-person (10 x 10) spa, an outdoor BBQ and bar area surrounded by a fenced patio, deck, and covered porch ideal for entertaining. The home's cedar shake and masonry exterior, cedar and metal roofing, irrigation system, and professionally landscaped grounds with lighting create a private and scenic retreat. Additional Features: Modern upgrades include a full exterior camera and alarm system, pre-wiring for state-of-the-art surround sound, and complete audiovisual readiness. A premium water softener and filtration system enhances daily functionality. Thoughtfully designed and meticulously built in 2025, 512 Edge of Woods presents the perfect blend of timeless style and modern sophistication. Optional add-ons include a pool house with outdoor shower, spa/steam room, golf simulator, movie theater, wine room, and exterior fire pit feature.

4. 2026-03-19
   price $6,995,000 3145-char remark

   Show marketing remark (3145 chars)

   Stunning New Construction in the Hamptons: Welcome to 512 Edge of Woods - a newly constructed transitional residence offering refined design, modern comfort, and over 7,520 square feet of beautifully finished living space. Situated on 0.94 landscaped acres and available in December 2025, this three-story home blends classic Hamptons craftsmanship with contemporary finishes. The main floor showcases an inviting open-concept layout featuring a large kitchen with quartz countertops, stainless steel appliances, a built-in coffee maker, oven/range, refrigerator, two dishwashers, wine fridge, and microwave. Additional highlights include a spacious entry foyer, living room, a great room anchored by one of two fireplaces. Exposed white oak beams and high ceilings elevate both the living and kitchen areas, while nine-inch-wide white oak flooring flows seamlessly throughout. Abundant natural light fills the home, offering effortless transitions to the outdoor living spaces. A private 4-person elevator provides easy access from the garage to the kitchen, enhancing the home's thoughtful design. The first floor also features a luxurious primary suite with an en-suite bathroom and spacious closet-ideal for single-level living or accommodating guests. Upstairs, a second primary suite offers a serene retreat complete with a spacious en-suite bathroom, generous closet, and large exterior balcony. Additional bedrooms and bathrooms provide ample comfort and privacy for all, including a third guest bedroom that features its own private balcony. The fully finished lower level spans 2,892 square feet and includes two bedrooms, two full bathrooms, and a private guest area with interior access to the attached two-car garage for added convenience. This level also features a sauna and an optional steam room, providing a luxurious wellness retreat. Two separate pre-wired media areas offer flexibility for entertainment or home theater use, while an additional space is designed to accommodate a golf simulator, wine room, or bar. The home's six-zone forced-air heating and central air conditioning ensure year-round comfort, enhanced by a combination of electric, propane, and solar fuel systems for improved energy efficiency. Outdoors, enjoy a 16' x 48' heated gunite pool with integrated 10-person (10 x 10) spa, an outdoor BBQ and bar area surrounded by a fenced patio, deck, and covered porch ideal for entertaining. The home's cedar shake and masonry exterior, cedar and metal roofing, irrigation system, and professionally landscaped grounds with lighting create a private and scenic retreat. Additional Features: Modern upgrades include a full exterior camera and alarm system, pre-wiring for state-of-the-art surround sound, and complete audiovisual readiness. A premium water softener and filtration system enhances daily functionality. Thoughtfully designed and meticulously built in 2025, 512 Edge of Woods presents the perfect blend of timeless style and modern sophistication. Optional add-ons include a pool house with outdoor shower, spa/steam room, golf simulator, movie theater, wine room, and exterior fire pit feature.

5. 2025-12-12
   listed $7,495,000 Active 3145-char remark

   Show marketing remark (3145 chars)

   Stunning New Construction in the Hamptons: Welcome to 512 Edge of Woods - a newly constructed transitional residence offering refined design, modern comfort, and over 7,520 square feet of beautifully finished living space. Situated on 0.94 landscaped acres and available in December 2025, this three-story home blends classic Hamptons craftsmanship with contemporary finishes. The main floor showcases an inviting open-concept layout featuring a large kitchen with quartz countertops, stainless steel appliances, a built-in coffee maker, oven/range, refrigerator, two dishwashers, wine fridge, and microwave. Additional highlights include a spacious entry foyer, living room, a great room anchored by one of two fireplaces. Exposed white oak beams and high ceilings elevate both the living and kitchen areas, while nine-inch-wide white oak flooring flows seamlessly throughout. Abundant natural light fills the home, offering effortless transitions to the outdoor living spaces. A private 4-person elevator provides easy access from the garage to the kitchen, enhancing the home's thoughtful design. The first floor also features a luxurious primary suite with an en-suite bathroom and spacious closet-ideal for single-level living or accommodating guests. Upstairs, a second primary suite offers a serene retreat complete with a spacious en-suite bathroom, generous closet, and large exterior balcony. Additional bedrooms and bathrooms provide ample comfort and privacy for all, including a third guest bedroom that features its own private balcony. The fully finished lower level spans 2,892 square feet and includes two bedrooms, two full bathrooms, and a private guest area with interior access to the attached two-car garage for added convenience. This level also features a sauna and an optional steam room, providing a luxurious wellness retreat. Two separate pre-wired media areas offer flexibility for entertainment or home theater use, while an additional space is designed to accommodate a golf simulator, wine room, or bar. The home's six-zone forced-air heating and central air conditioning ensure year-round comfort, enhanced by a combination of electric, propane, and solar fuel systems for improved energy efficiency. Outdoors, enjoy a 16' x 48' heated gunite pool with integrated 10-person (10 x 10) spa, an outdoor BBQ and bar area surrounded by a fenced patio, deck, and covered porch ideal for entertaining. The home's cedar shake and masonry exterior, cedar and metal roofing, irrigation system, and professionally landscaped grounds with lighting create a private and scenic retreat. Additional Features: Modern upgrades include a full exterior camera and alarm system, pre-wiring for state-of-the-art surround sound, and complete audiovisual readiness. A premium water softener and filtration system enhances daily functionality. Thoughtfully designed and meticulously built in 2025, 512 Edge of Woods presents the perfect blend of timeless style and modern sophistication. Optional add-ons include a pool house with outdoor shower, spa/steam room, golf simulator, movie theater, wine room, and exterior fire pit feature.

6. 2024-09-04
   soldstatus $1,860,000
7. 2024-07-26
   soldstatus $1,860,000 Closed 574-char remark

   Show marketing remark (574 chars)

   This A-frame chalet style home is nestled on a sprawling .93-acre corner lot in sought-after Watermill, offering 3 bedrooms, 2 full bathrooms, and provides endless possibilities. Embrace the creative freedom this home offers and seize the opportunity to craft your ideal living space in an area that is surrounded by multi-million-dollar homes. Don't miss your chance to make your mark in this sought-after locale. Being sold as-is. Conveniently located just moments to the towns of Southampton, Bridgehampton and Sag Harbor., Additional information: Interior Features:Lr/Dr

8. 2024-04-11
   status Pending 574-char remark

   Show marketing remark (574 chars)

   This A-frame chalet style home is nestled on a sprawling .93-acre corner lot in sought-after Watermill, offering 3 bedrooms, 2 full bathrooms, and provides endless possibilities. Embrace the creative freedom this home offers and seize the opportunity to craft your ideal living space in an area that is surrounded by multi-million-dollar homes. Don't miss your chance to make your mark in this sought-after locale. Being sold as-is. Conveniently located just moments to the towns of Southampton, Bridgehampton and Sag Harbor., Additional information: Interior Features:Lr/Dr

9. 2024-03-07
   price $1,945,000 574-char remark

   Show marketing remark (574 chars)

   This A-frame chalet style home is nestled on a sprawling .93-acre corner lot in sought-after Watermill, offering 3 bedrooms, 2 full bathrooms, and provides endless possibilities. Embrace the creative freedom this home offers and seize the opportunity to craft your ideal living space in an area that is surrounded by multi-million-dollar homes. Don't miss your chance to make your mark in this sought-after locale. Being sold as-is. Conveniently located just moments to the towns of Southampton, Bridgehampton and Sag Harbor., Additional information: Interior Features:Lr/Dr

10. 2024-02-27
    listed $2,195,000 Active 574-char remark

    Show marketing remark (574 chars)

    This A-frame chalet style home is nestled on a sprawling .93-acre corner lot in sought-after Watermill, offering 3 bedrooms, 2 full bathrooms, and provides endless possibilities. Embrace the creative freedom this home offers and seize the opportunity to craft your ideal living space in an area that is surrounded by multi-million-dollar homes. Don't miss your chance to make your mark in this sought-after locale. Being sold as-is. Conveniently located just moments to the towns of Southampton, Bridgehampton and Sag Harbor., Additional information: Interior Features:Lr/Dr

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥90°F today · 18 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: $536,714
• − Mortgage interest: −$391,829
• − Property taxes: −$104,925
• − Insurance: −$34,975
• − Repairs & maintenance: −$42,937
• − Management: −$42,937
• − Depreciation: −$203,491
• Taxable loss: −$284,380
• Est. tax savings @ 24.0%: +$68,251
• After-tax cash flow: $-87,835/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: 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 — Water Mill

• Score: 71/100
• State rank: #410
• US rank: #7088

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Water Mill, NY
• County: Suffolk County · 679,920 people
• City population: 2,952
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 2,952
• Household income: $180,250
• Rent vs Own: 6.8% rent · 93.2% own

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 9% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 1% Salvadoran 2%
• Common ancestry: Romanian 16% Scotch-Irish 7% Italian 3%
• Foreign-born: 11% · Canada, China
• Languages at home: 86% English-only · Spanish 7% Other Indo-European 4% German/W. Germanic 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: ▲ 8.63%
• Current HPI: 540.0967
• Rent YoY: ▲ 30.05%
• 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

+218.7% since first listed

10 events — show timeline

• 2026-05-11 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-05-11 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-05-07 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-03-19 Price Changed $6,995,000 OneKey® MLS as Distributed by MLS Grid
• 2025-12-12 Listed $7,495,000 OneKey® MLS as Distributed by MLS Grid
• 2024-09-04 Sold (Public Records) $1,860,000 Public Records
• 2024-07-26 Sold (MLS) $1,860,000 OneKey® MLS as Distributed by MLS Grid
• 2024-04-11 Pending — OneKey® MLS as Distributed by MLS Grid
• 2024-03-07 Price Changed $1,945,000 OneKey® MLS as Distributed by MLS Grid
• 2024-02-27 Listed $2,195,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

-0.7%/yr

Latest (2022): $3,664 · +0.0% YoY. Source: county tax records.