5660 Sound Ave

Laurel, NY 11952

$799,000B+

4 bd · 1.5 ba · 2,200 sqft · Built 1948 · SingleFamily · Pending · 273 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $15,000/mo
• Mortgage (P&I): −$4,190
• Tax + insurance: −$916
• HOA: −$0
• Vac / Maint / Mgmt: −$3,150
• Net cashflow: $6,743/mo
• Annual: $80,922/yr
• Cap rate: 16.42%
• Cash-on-cash: 36.17%
• DSCR: 2.61
• 1% rule: 1.88%
• Cash to close: $223,720

Investor read

• This is a 4-bed/1.5-bath single-family listed at $799k.
• At list price, monthly cash flow is $7k ($81k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $799k).
• It's been on market 273 days — a 12% lower offer ($703k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $703k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 60/100 on livability (#965 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing B+; Watch: amenities F, commute F, cost of living F.
• Mattituck-Cutchogue Union Free School District (suburban): math 69% / reading 68% proficiency, ranked #127 of 590 in NY (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Mattituck-Cutchogue Elementary School (math 65% / reading 68%, grade B+, #575 of 2,108 statewide, top 27%, 453 students, 37% FRL); Mattituck Junior-Senior High School (math 74% / reading 72%, grade B+, #670 of 1,100 statewide, top 61%, 548 students, 0% FRL) — zoned schools at 18% FRL track the district average.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 49 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 2 sale attempts; this cycle's ask has dropped $121k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $149k; list at $799k implies a 436% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $224k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 273 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.