49 Hazelwood Ave

Westhampton Beach, NY 11978

$749,000A

2 bd · 1.0 ba · 954 sqft · Built 1950 · SingleFamily · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $15,213/mo
• Mortgage (P&I): −$3,928
• Tax + insurance: −$1,248
• HOA: −$0
• Vac / Maint / Mgmt: −$3,195
• Net cashflow: $6,842/mo
• Annual: $82,104/yr
• Cap rate: 17.25%
• Cash-on-cash: 39.15%
• DSCR: 2.74
• 1% rule: 2.03%
• Cash to close: $209,720

Investor read

• This is a 2-bed/1.0-bath single-family listed at $749k.
• At list price, monthly cash flow is $7k ($82k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $749k).
• It's been on market 19 days — a 2% lower offer ($738k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $738k (1.5% below list) — sets the bar for market timing.
• In year one you build about $80k of equity ($5k loan paydown + $75k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#740 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Westhampton Beach Union Free School District (suburban): math 72% / reading 75% proficiency, ranked #81 of 590 in NY (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Westhampton Beach Elementary School (math 67% / reading 67%, grade B+, #525 of 2,108 statewide, top 27%, 356 students, 43% FRL); Westhampton Middle School (math 61% / reading 63%, grade B+, #136 of 729 statewide, top 20%, 434 students, 26% FRL); Westhampton Beach Senior High School (math 90% / reading 96%, grade A+, #147 of 1,100 statewide, top 14%, 964 students, 24% FRL).
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 112 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $210k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$129k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 17.3% vs local median 9.3% in Westhampton Beach — 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.
• At $15,213/mo this rent would consume 146% of the median local household income ($125k/yr) (locally 43% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1950 — 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 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.