135 Corwin St · Greenport West, NY 11944

$725,000

5 bd · 1.5 ba · 1,700 sqft · SingleFamily · 50 Days on market

Built 1958 0.42 ac lot $426/sqft · 17% below area Est $877k · 17% under ↓ 9% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.5/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity knocks! This rare farmhouse style cottage rests on an expansive double lot on the edge of Greenport Village and is prime to be revamped. Featuring 1700sqft of interior space, a large block foundation with full basement throughout most of the footprint, a 12x22 detached garage and a yard that will allow your imagination to run wild. Walk into town, walk to 5th and 6th street beaches and easy access to all that the North Fork has to offer.

Key facts

• Expansive double lot
• Full basement
• Walk to town

Tags

• FARMHOUSE STYLE COTTAGE
• EXPANSIVE DOUBLE LOT
• LARGE BLOCK FOUNDATION
• FULL BASEMENT
• DETACHED GARAGE
• WALK TO TOWN

Property features AI

Exterior

• Parking: Driveway; Attached garage (1 space)
• Utilities: Cesspool sewer; Cable connected; Electricity connected; Phone connected; Water connected
• Home design: Single family residence; Measured living area
• Construction: Block, frame, and shingle siding construction; Partial basement
• Exterior features: Not waterfront; Exterior finished with block, frame, and shingle siding

Interior

• Kitchen: Dishwasher; Electric range; Freezer; Refrigerator
• Bedrooms: 10 total rooms (includes bedroom(s) on first floor)
• Flooring: Carpet; Wood
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Baseboard heating; No central cooling
• Interior features: First-floor bedroom; First-floor full bathroom; Partial basement; Full and partial attic
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath single-family listed at $725k.

Deal economics

• At list price, monthly cash flow is $6k ($76k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $725k).
• Recommended offer: $703k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.7% vs local median 8.0% in Greenport West — 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 58/100 on livability (#1,073 in NY) — a working-class tenant base; expect higher turnover. Strengths: crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Greenport Union Free School District (town): math 55% / reading 45% proficiency, ranked #450 of 755 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Greenport Elementary School (math 47% / reading 62%, grade C, #908 of 2,108 statewide, top 46%, 339 students, 61% FRL); Greenport High School (math 52% / reading 54%, grade C-, #934 of 1,100 statewide, top 86%, 356 students, 63% FRL).
• Market conditions: 67 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $5k of loan paydown is wiped out by about $22k 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 + 3.0% rent growth), your $203k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($703k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $703,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1958 — 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: 1.92% ✓
• Cap rate: 16.73%
• Cash-on-cash: 37.28%
• DSCR: 2.66
• GRM: 4.3

CMA / ARV

• ARV (median comp): $876,594
• List price: $725,000
• Delta: -17.29%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
516 4th St	0.35mi	4/2.5 (-1)	1,840 (+8%)	14mo	$1,195,000	$649	50
416 West St	0.46mi	4/1.5 (-1)	1,450 (-15%)	4mo	$725,000	$500	46
1605 Washington Ave	0.73mi	4/3.0 (-1)	1,740 (+2%)	6mo	$1,295,000	$744	46
336 2nd St	0.57mi	4/2.0 (-1)	1,800 (+6%)	14mo	$578,000	$321	44

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 33.2%
• Equity multiple: 2.40×
• Total profit: $284,183
• Equity at exit: $108,100

10-year hold

• IRR: 40.2%
• Equity multiple: 4.77×
• Total profit: $764,695
• Equity at exit: $62,685

Cash invested: $203,000 (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 11944

• Home prices YoY: -23.7%
• Active inventory: 67
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $13,912 medium
• Mortgage (P&I): −$3,802
• Tax from tax record: −$580 /mo · $6,961/yr
• Insurance: −$302
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,922
• Net cashflow: $6,306

Break-even live

Break-even rent $5,929

Max offer price $725,000

Occupancy floor 50%

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: $181,250
• Closing costs: $21,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
312 5th Ave Greenport, NY	4.0	2.0	1900	$12,000	$6.32	43d	1	0.37mi
485 Sutton Pl Greenport, NY	4.0	2.5	2026	$20,000	$9.87	43d	1	1.09mi

Listing history 16 events

1. 2026-06-18
   days on market $725,000 Active 50 DOM
2. 2026-06-17
   days on market $725,000 Active 49 DOM
3. 2026-06-16
   days on market $725,000 Active 48 DOM
4. 2026-06-15
   days on market $725,000 Active 47 DOM
5. 2026-06-13
   days on market $725,000 Active 45 DOM
6. 2026-06-12
   days on market $725,000 Active 44 DOM
7. 2026-06-09
   days on market $725,000 Active 41 DOM
8. 2026-06-08
   days on market $725,000 Active 40 DOM
9. 2026-06-07
   days on market $725,000 Active 39 DOM
10. 2026-06-05
    days on market $725,000 Active 37 DOM
11. 2026-06-04
    days on market $725,000 Active 35 DOM
12. 2026-06-02
    days on market $725,000 Active 34 DOM
13. 2026-06-01
    days on market $725,000 Active 33 DOM
14. 2026-05-31
    days on market $725,000 Active 32 DOM
15. 2026-05-31
    price $725,000 Active 31 DOM
16. 2026-04-29
    listed $799,000 Active 453-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: $6,961 · $580/mo
• Projected year-2 tax: $9,607 · $801/mo
• Expected delta: +$2,646/yr (+$220/mo · 38.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $166,944
• − Mortgage interest: −$40,611
• − Property taxes: −$6,961
• − Insurance: −$3,625
• − Repairs & maintenance: −$13,356
• − Management: −$13,356
• − Depreciation: −$21,091
• Taxable income: $67,945
• Est. tax owed @ 24.0%: −$16,307
• After-tax cash flow: $59,369/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: Greenport Union Free School District
• NCES district ID: 3612840
• Math proficiency: 55% ▲ 5.00%
• Reading proficiency: 45% ▼ -5.00%
• Median HH income: $54,490
• Composite: 45.25/100
• National rank: #5759
• State rank: #450 of 755 in NY

Livability — Greenport West

• Score: 58/100
• State rank: #1073
• US rank: #21520

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenport West, NY
• Population (ZIP): 4,744

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 23% Two or more races 6% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Romanian 6% Lithuanian 2% Subsaharan African 2%
• Foreign-born: 19% · Canada, China
• Languages at home: 69% English-only · Spanish 22% German/W. Germanic 3% Russian/Polish/Slavic 2%

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: ▼ -143.97%
• Current HPI: 462.3431
• 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

-9.3% since first listed

2 events — show timeline

• 2026-05-30 Price Changed $725,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-29 Listed $799,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+3.8%/yr

Latest (2025): $6,961 · +0.0% YoY. Source: county tax records.