6 Wicks Rd

Elwood, NY 11731

$519,000B-

3 bd · 2.0 ba · 1,275 sqft · Built 1954 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,289/mo
• Mortgage (P&I): −$2,722
• Tax + insurance: −$1,376
• HOA: −$0
• Vac / Maint / Mgmt: −$1,321
• Net cashflow: $871/mo
• Annual: $10,449/yr
• Cap rate: 8.43%
• Cash-on-cash: 7.65%
• DSCR: 1.34
• 1% rule: 1.21%
• Cash to close: $145,320

Investor read

• This is a 3-bed/2.0-bath single-family listed at $519k.
• At list price, monthly cash flow is $871 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $519k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#445 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Elwood Union Free School District (suburban): math 68% / reading 67% proficiency, ranked #121 of 590 in NY (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: James H Boyd Elementary School (math 69% / reading 73%, grade A-, #434 of 2,108 statewide, top 21%, 434 students, 18% FRL); Elwood Middle School (math 50% / reading 62%, grade B-, #205 of 729 statewide, top 29%, 461 students, 22% FRL); Elwood/John Glenn High School (math 98% / reading 54%, grade A-, #616 of 1,100 statewide, top 57%, 681 students, 21% FRL) — zoned schools at 20% FRL track the district average.
• Watch-outs: property tax is 2.6% of price; flood insurance adds $56/mo; built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 122 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• Climate carrying-cost: major flood risk; major wind risk, 78% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.4% vs local median 2.7% in Elwood — 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.

Questions for listing agent

• Built in 1954 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.