188 South Country Rd

Remsenburg-Speonk, NY 11960

$1,399,999C

3 bd · 2.0 ba · 1,800 sqft · Built 2008 · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,984/mo
• Mortgage (P&I): −$7,342
• Tax + insurance: −$2,333
• HOA: −$0
• Vac / Maint / Mgmt: −$2,937
• Net cashflow: $1,372/mo
• Annual: $16,468/yr
• Cap rate: 7.47%
• Cash-on-cash: 4.20%
• DSCR: 1.19
• 1% rule: 1.00%
• Cash to close: $392,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $1.40M.
• At list price, monthly cash flow is $1k ($16k/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 $1.40M (0.1% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $1.40M (0.1% below list) — sets the bar for 1% rule.
• In year one you build about $119k of equity ($10k loan paydown + $109k appreciation (7.8% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Remsenburg-Speonk Union Free School District (suburban): math 60% / reading 40% proficiency, ranked #389 of 755 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Remsenburg-Speonk Elementary School (math 52% / reading 62%, grade C+, #842 of 2,108 statewide, top 43%, 122 students, 36% FRL) — zoned schools average 36% FRL vs 10% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 40 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 6 sale attempts since 10y 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 $725k; list at $1.40M implies a 93% gain — meaningful room to come down on a strong offer.
• At projected returns (7.8% appreciation + 3.0% rent growth), your $392k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$190k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.