236 Edgemere St #223 · Montauk, NY 11954

$675,000

1 bd · 2.0 ba · 639 sqft · MultiFamily · 95 Days on market

Built 1927 $2450/mo HOA · 20% of rent

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Appreciation +4.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Welcome to Unit 223 at the iconic Montauk Manor, an updated coastal retreat offering comfort, convenience, and stunning water views. This inviting residence features one bedroom and two full bathrooms, with the added flexibility of an optional second sleeping area, making it feel like a two-bedroom setup for guests. The open living space is enhanced with beautiful flooring and a well-appointed kitchen complete with stove, dishwasher, and refrigerator. Enjoy year-round comfort in this water view oasis, whether you are enjoying a cozy winter retreat or a summer escape. The unit features a private balcony to take in the stunning scenery and sunsets. Residents enjoy resort-style amenities inclu

Key facts

• Fitness center
• Private balcony
• Sauna

Tags

• PRIVATE BALCONY
• FITNESS CENTER
• POOL
• SAUNA
• TENNIS COURTS

Property features AI

Finance

• HOA & community: Association fee: $2,450.51

Exterior

• Parking: Private parking lot
• Utilities: Public sewer
• Home design: Condominium; Entry level: 2
• Construction: Construction materials: Other; Foundation: Other
• Exterior features: Not waterfront; Utilities: see remarks

Interior

• Kitchen: Cooktop; Dishwasher; Freezer; Microwave; Oven; Range; Refrigerator
• Bedrooms: Includes 1 first-floor bedroom
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: First-floor bedroom; First-floor full bathroom; Built-in features; Eat-in kitchen; Elevator; Entrance foyer; High speed internet; Open kitchen; Primary bathroom; Quartz/Quartzite counters; Storage
• Laundry & utility: Common area laundry; Laundry room

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath multifamily listed at $675k.

Deal economics

• At list price, monthly cash flow is $3k ($40k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $675k).
• Recommended offer: $614k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.1% vs local median 7.9% in Montauk — 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.

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.
• Zoned schools: Montauk School (math 62% / reading 82%, grade A-, #378 of 2,108 statewide, top 20%, 303 students, 0% FRL) — zoned schools average 0% FRL vs 21% district-wide (21 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 72% at this address vs 55% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Montauk Union Free School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 39 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).
• At $12,275/mo this rent would consume 103% 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 $5k of loan paydown is wiped out by about $12k 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.
• At projected returns (-1.8% appreciation + 3.0% rent growth), your $189k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 95 days — a 9% lower offer ($614k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $550k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $614,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.82% ✓
• Cap rate: 12.15%
• Cash-on-cash: 20.90%
• DSCR: 1.93
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 16.6%
• Equity multiple: 1.72×
• Total profit: $136,637
• Equity at exit: $137,975

10-year hold

• IRR: 23.5%
• Equity multiple: 3.25×
• Total profit: $425,716
• Equity at exit: $124,540

Cash invested: $189,000 (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: 4.6×

Monthly cashflow live

• Estimated rent: $12,275 medium
• Mortgage (P&I): −$3,540
• Tax from tax record: −$135 /mo · $1,615/yr
• Insurance: −$281
• HOA: −$2,450
• Vacancy / Maint / Mgmt: −$2,578
• Net cashflow: $3,292

Break-even live

Break-even rent $8,108

Max offer price $675,000

Occupancy floor 68%

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23 Fort Pond Rd Unit 13 Montauk, NY	1.0	1.0	600	$29,000	$48.33	24d	1	0.41mi
16 Navy Rd Unit 206 Montauk, NY	1.0	1.0	600	$24,000	$40.00	24d	1	0.62mi

HOA detail

• Monthly dues: $2,450 · $29,400/yr
• Likely covers: water

Listing history 5 events

1. 2026-04-29
   status Pending
2. 2026-01-24
   listed $675,000 Active
3. 2023-06-22
   soldstatus $550,000
4. 1998-07-09
   soldstatus $90,500
5. 1987-01-07
   soldstatus $150,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $1,615 · $135/mo
• Projected year-2 tax: $6,511 · $543/mo
• Expected delta: +$4,896/yr (+$408/mo · 303.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $147,306
• − Mortgage interest: −$37,810
• − Property taxes: −$1,615
• − Insurance: −$3,375
• − Repairs & maintenance: −$11,784
• − Management: −$11,784
• − HOA: −$29,400
• − Depreciation: −$19,636
• Taxable income: $31,900
• Est. tax owed @ 24.0%: −$7,656
• After-tax cash flow: $31,848/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.

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

+348.5% since first listed

5 events — show timeline

• 2026-04-29 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-01-24 Listed $675,000 OneKey® MLS as Distributed by MLS Grid
• 2023-06-22 Sold (Public Records) $550,000 Public Records
• 1998-07-09 Sold (Public Records) $90,500 Public Records
• 1987-01-07 Sold (Public Records) $150,500 Public Records

Property tax history

+1.1%/yr

Latest (2025): $1,615 · +0.0% YoY. Source: county tax records.