58 W Denis Ln

Coram, NY 11727

$350,000D+

5 bd · 3.0 ba · 1,509 sqft · Built 1974 · SingleFamily · Pending · 135 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,164/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$1,348
• HOA: −$0
• Vac / Maint / Mgmt: −$875
• Net cashflow: $106/mo
• Annual: $1,271/yr
• Cap rate: 6.88%
• Cash-on-cash: 2.11%
• DSCR: 1.09
• 1% rule: 1.19%
• Cash to close: $98,000

Investor read

• This is a 5-bed/3.0-bath single-family listed at $350k.
• At list price, monthly cash flow is $106 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• It's been on market 135 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $308k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#646 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, schools B; Watch: amenities F, commute F, cost of living F.
• Longwood Central School District (rural): math 61% / reading 55% proficiency, ranked #235 of 590 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 3.9% of price; flood insurance adds $66/mo.
• Market conditions: Rents rising fast (+4.7%/yr); 232 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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.
• 3 sale attempts since 4y 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.
• Climate carrying-cost: severe flood risk; severe wind risk, 80% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.9% vs local median 3.5% in Coram — 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.
• At $4,164/mo this rent would consume 48% of the median local household income ($103k/yr) (locally 994% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?