21 S Fulton St · Montauk, NY 11954

$1,800,000

3 bd · 2.5 ba · 1,800 sqft · Condo · 130 Days on market

Built 1985 Good condition $1000/sqft · 48% above area Est $1212k · 48% over

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Why this score? — see what drove the C- 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 +20.8/30.0
• DSCR +6.6/10.0
• 1% rule +5.5/10.0
• Schools +5.1/10.0
• Appreciation +4.1/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Experience unrivaled coastal luxury in this beautiful 3-bedroom, 2.5-bath condo. Enjoy breathtaking sunset views from your private balcony overlooking a serene nature preserve with views of Lake Montauk. Perfectly situated steps from the association pool and mere minutes from Montauk's premier ocean beaches and nightlife, this property offers the ultimate turnkey summer retreat. A $92,000 capital improvement project has been successfully completed and fully funded by the owner. Upgrades include a new roof, skylights, siding, gutters, and a new front door. HOA FEE - $1000/month Includes landscaping, plowing, pool maintenance, 50% of monthly cable bill, on-site dumpster and yearly HVAC inspection and service. PROPERTY TAXES: 2025 - $2708 2026 - $2850

Key facts

• Private balcony
• Association pool
• New front door

Tags

• PRIVATE BALCONY
• NATURE PRESERVE
• NEW ROOF
• SKYLIGHTS
• NEW FRONT DOOR
• ASSOCIATION POOL

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $1.80M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.80M).
• Recommended offer: $1.58M (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#474 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A; Watch: housing C-, amenities F, commute F.
• Montauk Union Free School District (town): math 50% / reading 60% proficiency, ranked #311 of 755 in NY (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 39 active listings in the ZIP; high-income renter base; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).
• At $18,879/mo this rent would consume 158% of the median local household income ($143k/yr) (locally 20% 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 (-1.8%/yr); year-one equity from $12k of loan paydown is wiped out by about $32k 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.

Negotiation context

• It's been on market 130 days — a 12% lower offer ($1.58M) is reasonable based on typical stale-listing flexibility.

Recommended offer $1,584,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 130 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: 1.05% ✓
• Cap rate: 7.94%
• Cash-on-cash: 5.89%
• DSCR: 1.26
• GRM: 7.9

CMA / ARV

• ARV (median comp): $1,212,259
• List price: $1,800,000
• Delta: 48.48%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-1.78% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.9%
• Equity multiple: 0.92×
• Total profit: $-40,173
• Equity at exit: $367,933

10-year hold

• IRR: 5.8%
• Equity multiple: 1.50×
• Total profit: $253,572
• Equity at exit: $332,106

Cash invested: $504,000 (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 11954

• Home prices YoY: -0.3%
• Active inventory: 39
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $18,879 medium
• Mortgage (P&I): −$9,439
• Tax est. 1.5%: −$2,250 /mo · $27,000/yr
• Insurance: −$750
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,965
• Net cashflow: $2,475

Break-even live

Break-even rent $15,746

Max offer price $1,800,000

Occupancy floor 82%

Sensitivity live

Price	-10% $3,719	-5% $3,097	+0% $2,475	+5% $1,853	+10% $1,231
Rent	-10% $984	-5% $1,729	+0% $2,475	+5% $3,221	+10% $3,967
Rate	-1.0pp $3,382	-0.5pp $2,933	base $2,475	+0.5pp $2,009	+1.0pp $1,534

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: $450,000
• Closing costs: $54,000
• Reserves months: —
• Total cash needed: —

HOA detail condo

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

Listing history 16 events

1. 2026-06-21
   days on market $1,800,000 Active 130 DOM
2. 2026-06-18
   days on market $1,800,000 Active 127 DOM
3. 2026-06-17
   days on market $1,800,000 Active 126 DOM
4. 2026-06-16
   days on market $1,800,000 Active 125 DOM
5. 2026-06-15
   days on market $1,800,000 Active 124 DOM
6. 2026-06-13
   days on market $1,800,000 Active 122 DOM
7. 2026-06-13
   days on market $1,800,000 Active 121 DOM
8. 2026-06-09
   days on market $1,800,000 Active 118 DOM
9. 2026-06-08
   days on market $1,800,000 Active 117 DOM
10. 2026-06-07
    days on market $1,800,000 Active 116 DOM
11. 2026-06-04
    days on market $1,800,000 Active 113 DOM
12. 2026-06-03
    days on market $1,800,000 Active 112 DOM
13. 2026-06-02
    days on market $1,800,000 Active 111 DOM
14. 2026-06-01
    days on market $1,800,000 Active 110 DOM
15. 2026-05-31
    days on market $1,800,000 Active 109 DOM
16. 2026-02-11
    listed $1,800,000 Active 758-char remark

    Show marketing remark (758 chars)

    Experience unrivaled coastal luxury in this beautiful 3-bedroom, 2.5-bath condo. Enjoy breathtaking sunset views from your private balcony overlooking a serene nature preserve with views of Lake Montauk. Perfectly situated steps from the association pool and mere minutes from Montauk's premier ocean beaches and nightlife, this property offers the ultimate turnkey summer retreat. A $92,000 capital improvement project has been successfully completed and fully funded by the owner. Upgrades include a new roof, skylights, siding, gutters, and a new front door. HOA FEE - $1000/month Includes landscaping, plowing, pool maintenance, 50% of monthly cable bill, on-site dumpster and yearly HVAC inspection and service. PROPERTY TAXES: 2025 - $2708 2026 - $2850

ⓘ 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: $226,550
• − Mortgage interest: −$100,828
• − Property taxes: −$27,000
• − Insurance: −$9,000
• − Repairs & maintenance: −$18,124
• − Management: −$18,124
• − Depreciation: −$52,364
• Taxable income: $1,111
• Est. tax owed @ 24.0%: −$267
• After-tax cash flow: $29,435/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.

Condition & rehab AI · 6 photos

Good 75/100 Cosmetic rehab

This 3-bedroom, 2.5-bath condo is in excellent condition with recent capital improvements. It offers stunning views and is move-in ready.

Value-add opportunities

• Both Painting exterior siding — Enhances curb appeal and can increase property value
• Both Landscaping improvements — Enhances curb appeal and can increase property value
• Both Upgrade to smart home technology — Improves convenience and can increase property value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior siding — Enhances curb appeal and can increase property value ↑
• Both Landscaping improvements — Enhances curb appeal and can increase property value ↑
• Both Upgrade to smart home technology — Improves convenience and can increase property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Montauk Union Free School District
• NCES district ID: 3619710
• Math proficiency: 50% ▼ -10.00%
• Reading proficiency: 60% ▬ 0.00%
• Median HH income: $73,702
• Composite: 50.99/100
• National rank: #3831
• State rank: #311 of 755 in NY

Livability — Montauk

• Score: 69/100
• State rank: #474
• US rank: #8373

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montauk, NY
• County: Suffolk County · 679,920 people
• City population: 4,223
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 4,223
• Household income: $142,961
• Rent vs Own: 21.3% rent · 78.7% own
• Severe rent burden: 20.0

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: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 6% Two or more races 4% Black 1%
• Hispanic origin (detail): Mexican 2% Dominican 1%
• Common ancestry: Romanian 4% Scotch-Irish 3% Italian 3%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 4% Russian/Polish/Slavic 4% Other Indo-European 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: ▼ -1.78%
• Current HPI: 577.7344
• 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

1 event — show timeline

• 2026-02-11 Listed $1,800,000 ForSaleByOwner.com