38 8th St · Springs, NY 11937

$799,999

2 bd · 1.0 ba · 780 sqft · SingleFamily · 123 Days on market

Built 1980 0.28 ac lot

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Rent growth +5.0/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located in the heart of East Hampton, Springs is 38 8th Street, less than 2 miles from neighboring bay beaches, only 5 miles to ocean beaches and East Hampton, Amagansett villages. Situated at the end of a quiet street on a . 28 acre lot, this renovated residence has room for expansion and a pool. Currently a beach bungalow offering 2 bedrooms, 1 bath and full basement with plenty of storage space. The renovation to the home includes a new roof, upgraded electric service, new instant hot water heater, submersible well pump plus a renovated interior.

Key facts

• 0.28 acre lot
• Built 1980
• Listed 123 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $800k.

Deal economics

• At list price, monthly cash flow is $8k ($91k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $800k).
• Recommended offer: $704k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.7% vs local median 11.1% in Springs — 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 63/100 on livability (#809 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: housing C-, schools D-, amenities F.
• Springs Union Free School District (town): math 55% / reading 60% proficiency, ranked #239 of 590 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 9% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+12.3%/yr); 135 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 $15,957/mo this rent would consume 147% of the median local household income ($130k/yr) (locally 896% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k 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 + 8.0% rent growth), your $224k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($704k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask is 1011% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

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 $703,999 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.99% ✓
• Cap rate: 17.72%
• Cash-on-cash: 40.81%
• DSCR: 2.82
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 42.6%
• Equity multiple: 2.96×
• Total profit: $439,736
• Equity at exit: $119,282

10-year hold

• IRR: 50.9%
• Equity multiple: 7.21×
• Total profit: $1,391,043
• Equity at exit: $69,169

Cash invested: $224,000 (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 11937

• Rents YoY: 12.3%
• Active inventory: 135
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $15,957 medium
• Mortgage (P&I): −$4,195
• Tax from tax record: −$460 /mo · $5,523/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,351
• Net cashflow: $7,617

Break-even live

Break-even rent $6,315

Max offer price $799,999

Occupancy floor 47%

Sensitivity live

Price	-10% $8,070	-5% $7,843	+0% $7,617	+5% $7,391	+10% $7,164
Rent	-10% $6,356	-5% $6,987	+0% $7,617	+5% $8,247	+10% $8,878
Rate	-1.0pp $8,020	-0.5pp $7,821	base $7,617	+0.5pp $7,410	+1.0pp $7,199

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: $200,000
• Closing costs: $24,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
38 Woodbine Dr East Hampton, NY	3.0	2.0	1000	$10,000	$10.00	19d	1	0.28mi

Listing history 14 events

1. 2025-03-12
   historical $72,000
2. 2024-11-26
   listed $72,000
3. 2024-11-26
   historical $72,000
4. 2024-09-20
   price $72,000
5. 2024-09-09
   listed $6,000
6. 2024-08-25
   historical $6,000
7. 2024-06-13
   soldstatus $780,000
8. 2024-05-26
   price $6,000
9. 2024-05-24
   listed
10. 2024-02-24
    status Pending
11. 2023-12-05
    price $799,999
12. 2023-11-08
    price $849,000
13. 2023-10-24
    listed $899,000 Active
14. 2020-01-14
    soldstatus $450,000

ⓘ 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: $5,523 · $460/mo
• Projected year-2 tax: $9,521 · $793/mo
• Expected delta: +$3,999/yr (+$333/mo · 72.4%)

ⓘ 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 4/10 Moderate 7 d/yr ≥89°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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $191,482
• − Mortgage interest: −$44,812
• − Property taxes: −$5,523
• − Insurance: −$4,000
• − Repairs & maintenance: −$15,319
• − Management: −$15,319
• − Depreciation: −$23,273
• Taxable income: $83,237
• Est. tax owed @ 24.0%: −$19,977
• After-tax cash flow: $71,428/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: Springs Union Free School District
• NCES district ID: 3627900
• Math proficiency: 55% ▲ 6.00%
• Reading proficiency: 60% ▲ 10.00%
• Median HH income: $75,413
• Composite: 51.42/100
• National rank: #1728
• State rank: #239 of 590 in NY

Livability — Springs

• Score: 63/100
• State rank: #809
• US rank: #15666

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springs, NY
• County: Suffolk County · 679,920 people
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 21,882
• Household income: $129,883
• Rent vs Own: 23.1% rent · 76.9% own
• Severe rent burden: 896.0

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: Majority White (61%)
• Race & ethnicity: White 61% Hispanic / Latino 32% Two or more races 23% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Romanian 5% Scotch-Irish 4% Italian 2%
• Foreign-born: 25% · Canada, Guatemala, Jamaica
• Languages at home: 68% English-only · Spanish 28% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -285.21%
• Current HPI: 444.1499
• Rent YoY: ▲ 12.28%
• 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

-84.0% since first listed

14 events — show timeline

• 2025-03-12 Rental Removed $72,000 ONEKEY
• 2024-11-26 Listed for Rent $72,000 ONEKEY
• 2024-11-26 Rental Removed $72,000 ONEKEY
• 2024-09-20 Price Changed $72,000 ONEKEY
• 2024-09-09 Listed for Rent $6,000 ONEKEY
• 2024-08-25 Rental Removed $6,000 ONEKEY
• 2024-06-13 Sold (Public Records) $780,000 Public Records
• 2024-05-26 Price Changed $6,000 ONEKEY
• 2024-05-24 Listed for Rent — ONEKEY
• 2024-02-24 Pending — OneKey® MLS as Distributed by MLS Grid
• 2023-12-05 Price Changed $799,999 OneKey® MLS as Distributed by MLS Grid
• 2023-11-08 Price Changed $849,000 OneKey® MLS as Distributed by MLS Grid
• 2023-10-24 Listed $899,000 OneKey® MLS as Distributed by MLS Grid
• 2020-01-14 Sold (Public Records) $450,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $5,523 · +0.0% YoY. Source: county tax records.