2 Partridge Ln

East Setauket, NY 11733

$559,999C-

4 bd · 2.0 ba · 1,460 sqft · Built 1965 · SingleFamily · Pending · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,311/mo
• Mortgage (P&I): −$2,937
• Tax + insurance: −$705
• HOA: −$0
• Vac / Maint / Mgmt: −$1,115
• Net cashflow: $554/mo
• Annual: $6,651/yr
• Cap rate: 7.48%
• Cash-on-cash: 4.24%
• DSCR: 1.19
• 1% rule: 0.95%
• Cash to close: $156,800

Investor read

• This is a 4-bed/2.0-bath single-family listed at $560k.
• At list price, monthly cash flow is $554 ($7k/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 $531k (5.2% below list).
• It's been on market 32 days — a 3% lower offer ($543k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $531k (5.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Three Village Central School District (suburban): math 81% / reading 83% proficiency, ranked #31 of 590 in NY (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 5% free/reduced lunch — higher-income household profile.
• Zoned schools: Minnesauke Elementary School (math 82% / reading 82%, grade A+, #138 of 2,108 statewide, top 8%, 642 students, 12% FRL); Paul J Gelinas Junior High School (math 82% / reading 87%, grade A+, #13 of 729 statewide, top 2%, 647 students, 9% FRL); Ward Melville Senior High School (math 97% / reading 92%, grade A+, #117 of 1,100 statewide, top 11%, 1,507 students, 15% FRL).
• Market conditions: 122 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).
• Suffolk County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $90k; list at $560k implies a 526% gain — meaningful room to come down on a strong offer.
• 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.
• Cap rate 7.5% vs local median 2.9% in East Setauket — 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.
• This rent runs 37% of the median local income ($173k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.