2004 Montauk Hwy #1817 · Napeague, NY 11930

$475,000

1 bd · 1.0 ba · 500 sqft · Condo · 598 Days on market

Built 1983 ↓ 5% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.7/10.0
• Appreciation +5.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Livability +2.3/5.0

Listing remarks

OCEANFRONT TENNIS COOP, Newly renovated & fully furnished one bedroom overlooks the ocean and is located in the highly desirable Ocean Colony Beach and Tennis Club. Private back deck and smell the saltwater, or make your way down to the pristine white sand beach and enjoy easy living at its finest. Fantastic opportunity for the savvy investor or someone seeking an oceanfront getaway. The Ocean Colony Beach and Tennis Club has two tennis courts and a beautiful heated pool. Located close to The Lobster Roll and Clam Bar, only minutes to both Amagansett and Montauk villages, as well as surf beaches. This unit has a strong rental history that can be rented to cover your maintenance when n

Key facts

• Community pool
• Built 1983
• Listed 598 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $475k.

Deal economics

• At list price, monthly cash flow is $10k ($125k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $475k).
• Recommended offer: $418k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 46/100 on livability (#1,184 in NY) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime A; Watch: schools C-, amenities F, commute F.
• Amagansett Union Free School District (town): math 70% / reading 80% proficiency, ranked #106 of 755 in NY (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 20 active listings in the ZIP; high-income renter base; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).
• At $17,306/mo this rent would consume 168% of the median local household income ($123k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $9k of equity ($3k loan paydown + $6k appreciation (1.2% local appreciation)).
• Suffolk County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (1.2% appreciation + 3.0% rent growth), your $133k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 598 days — a 12% lower offer ($418k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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.

Recommended offer $418,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 598 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.64% ✓
• Cap rate: 32.54%
• Cash-on-cash: 93.73%
• DSCR: 5.17
• GRM: 2.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.25% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 96.9%
• Equity multiple: 6.09×
• Total profit: $676,725
• Equity at exit: $168,452

10-year hold

• IRR: 97.5%
• Equity multiple: 12.57×
• Total profit: $1,538,902
• Equity at exit: $228,807

Cash invested: $133,000 (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 11930

• Home prices YoY: 0.2%
• Active inventory: 20
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $17,306 medium
• Mortgage (P&I): −$2,491
• Tax est. 1.5%: −$594 /mo · $7,125/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,634
• Net cashflow: $10,389

Break-even live

Break-even rent $4,155

Max offer price $475,000

Occupancy floor 35%

Sensitivity live

Price	-10% $10,717	-5% $10,553	+0% $10,389	+5% $10,225	+10% $10,060
Rent	-10% $9,022	-5% $9,705	+0% $10,389	+5% $11,072	+10% $11,756
Rate	-1.0pp $10,628	-0.5pp $10,510	base $10,389	+0.5pp $10,266	+1.0pp $10,140

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-04-07
   status Pending
2. 2025-03-04
   status Active
3. 2025-03-01
   historical
4. 2024-08-13
   listed $475,000 Active
5. 2024-07-03
   price $474,999
6. 2024-04-23
   status Active
7. 2024-04-23
   historical
8. 2024-02-06
   status Pending
9. 2024-01-11
   listed $499,999 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $207,666
• − Mortgage interest: −$26,607
• − Property taxes: −$7,125
• − Insurance: −$2,375
• − Repairs & maintenance: −$16,613
• − Management: −$16,613
• − Depreciation: −$13,818
• Taxable income: $124,514
• Est. tax owed @ 24.0%: −$29,883
• After-tax cash flow: $94,782/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: Amagansett Union Free School District
• NCES district ID: 3602880
• Math proficiency: 70% ▼ -10.00%
• Reading proficiency: 80% ▬ 0.00%
• Median HH income: $78,077
• Composite: 67.17/100
• National rank: #848
• State rank: #106 of 755 in NY

Livability — Napeague

• Score: 46/100
• State rank: #1184
• US rank: #26459

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Napeague, NY
• County: Suffolk County · 679,920 people
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 842
• Household income: $123,257
• Rent vs Own: 17.4% rent · 82.6% own

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 10% Two or more races 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 10% Slovene 5% Romanian 3%
• Foreign-born: 12% · Canada, Jamaica
• Languages at home: 87% English-only · Spanish 11% Other Indo-European 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: ▲ 1.25%
• Current HPI: 541.254
• Rent YoY: —
• 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

-5.0% since first listed

9 events — show timeline

• 2026-04-07 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-03-04 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-03-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-08-13 Listed $475,000 OneKey® MLS as Distributed by MLS Grid
• 2024-07-03 Price Changed $474,999 OneKey® MLS as Distributed by MLS Grid
• 2024-04-23 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2024-04-23 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-02-06 Pending — OneKey® MLS as Distributed by MLS Grid
• 2024-01-11 Listed $499,999 OneKey® MLS as Distributed by MLS Grid