22 Teller Ave

Coram, NY 11727

$455,000D

3 bd · 1.0 ba · 1,224 sqft · Built 1960 · SingleFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,347/mo
• Mortgage (P&I): −$2,386
• Tax + insurance: −$826
• HOA: −$0
• Vac / Maint / Mgmt: −$703
• Net cashflow: $-568/mo
• Annual: $-6,814/yr
• Cap rate: 4.80%
• Cash-on-cash: -5.35%
• DSCR: 0.76
• 1% rule: 0.74%
• Cash to close: $127,400

Investor read

• This is a 3-bed/1.0-bath single-family listed at $455k.
• At list price, monthly cash flow is $-568 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $355k (22.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $335k (26.4% below list).
• It's been on market 38 days — a 3% lower offer ($441k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $335k (26.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k 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.
• Market conditions: Rents rising fast (+4.7%/yr); 232 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 6y ago; this cycle's ask is 72% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $290k; list at $455k implies a 57% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 75% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.8% 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.
• This rent runs 39% of the median local income ($103k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.