609 1st St · Greenport, NY 11944

$1,199,000

4 bd · 1.5 ba · 1,835 sqft · SingleFamily · 67 Days on market

Built 1911 4,000 sqft lot Est $1022k · 17% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• Schools +4.5/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

A true gem in the heart of Greenport's charming maritime village is nestled on a stunning tree-lined street that offers glimpses of the water as you go. This beautifully preserved 4 BR home is full of character and charm, and perfectly located just moments from the waterfront, fine dining, quaint shops, convenient transportation, beaches and everything that makes Greenport village so special. This gem of a home has a welcoming front porch, a warm inviting foyer, eat-in kitchen, formal dining room, living room, full walk-up attic offering expansion potential or creative space, full basement for storage or workshop use, and a one car detached garage. Whether you're seeking a year-round reside

Key facts

• 4,000 sq ft lot
• Garage
• Built 1911

Property features AI

Exterior

• Parking: 1-car garage; No carport
• Utilities: Public sewer; Electricity connected
• Home design: Single family residence; Living area per public records
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront

Interior

• Kitchen: Dishwasher; Oven; Refrigerator
• Bedrooms: 7 total rooms (bedroom count not specified)
• Flooring: Wood flooring
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; No cooling
• Interior features: Built-in features; Eat-in kitchen; Natural woodwork; Full unfinished basement; Full walk-up attic
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $4k ($54k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.20M).
• Recommended offer: $1.13M (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#217 in NY, #3,399 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, commute B+; Watch: housing C-, cost of living F.
• Greenport Union Free School District (town): math 55% / reading 45% proficiency, ranked #450 of 755 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Greenport Elementary School (math 47% / reading 62%, grade C, #908 of 2,108 statewide, top 46%, 339 students, 61% FRL); Greenport High School (math 52% / reading 54%, grade C-, #934 of 1,100 statewide, top 86%, 356 students, 63% FRL).
• Market conditions: 67 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k 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 (-3.0% appreciation + 3.0% rent growth), your $336k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($1.13M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $300k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $217k; list at $1.20M implies a 453% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,127,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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.

Investment metrics

• 1% rule: 1.26% ✓
• Cap rate: 10.80%
• Cash-on-cash: 16.09%
• DSCR: 1.72
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $1,022,095
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
336 2nd St	0.16mi	4/2.0	1,800 (-2%)	15mo	$578,000	$321	75
216 North St	0.10mi	3/3.5 (-1)	1,724 (-6%)	0mo	$999,000	$579	72
35 Washington Ave	0.33mi	5/3.0 (+1)	1,805 (-2%)	2mo	$750,000	$416	70
516 4th St	0.42mi	4/2.5	1,840 (+0%)	14mo	$1,195,000	$649	64
1605 Washington Ave	0.47mi	4/3.0	1,740 (-5%)	6mo	$1,295,000	$744	58
237 5th Ave	0.37mi	3/1.5 (-1)	1,700 (-7%)	11mo	$1,250,000	$735	56
239 5th Ave	0.36mi	3/2.0 (-1)	1,750 (-5%)	15mo	$895,000	$511	56
1425 Middleton Rd	0.38mi	4/2.0	1,968 (+7%)	15mo	$672,800	$342	56
520 Madison Ave	0.30mi	4/2.5	2,000 (+9%)	17mo	$1,675,000	$838	53
312 5th Ave	0.29mi	3/2.0 (-1)	1,620 (-12%)	10mo	$875,000	$540	52
520 4th St	0.41mi	3/2.0 (-1)	1,599 (-13%)	11mo	$890,000	$557	43
525 Landing Ln	0.53mi	4/3.0	2,100 (+14%)	14mo	$920,000	$438	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 7.0%
• Equity multiple: 1.27×
• Total profit: $92,021
• Equity at exit: $178,775

10-year hold

• IRR: 16.3%
• Equity multiple: 2.33×
• Total profit: $447,930
• Equity at exit: $103,668

Cash invested: $335,720 (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 11944

• Home prices YoY: -23.7%
• Active inventory: 67
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $15,070 medium
• Mortgage (P&I): −$6,288
• Tax from tax record: −$618 /mo · $7,412/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,165
• Net cashflow: $4,500

Break-even live

Break-even rent $9,373

Max offer price $1,199,000

Occupancy floor 65%

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: $299,750
• Closing costs: $35,970
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
123 Sterling Ave #2 Greenport, NY	3.0	3.0	1528	$45,000	$29.45	44d	1	0.25mi
312 5th Ave Greenport, NY	4.0	2.0	1900	$12,000	$6.32	44d	1	0.30mi
485 Sutton Pl Greenport, NY	4.0	2.5	2026	$20,000	$9.87	44d	1	0.67mi
134 6th St Greenport, NY	3.0	2.0	1560	$18,500	$11.86	19d	1	0.89mi
131 6th St Unit G Greenport, NY	3.0	2.5	2238	$5,000	$2.23	25d	1	0.93mi
1110 Gillette Dr East Marion, NY	4.0	2.0	1500	$7,000	$4.67	19d	1	1.35mi

Listing history 10 events

1. 2026-06-18
   days on market $1,199,000 Active 67 DOM
2. 2026-06-17
   days on market $1,199,000 Active 66 DOM
3. 2026-06-16
   days on market $1,199,000 Active 65 DOM
4. 2026-06-15
   days on market $1,199,000 Active 64 DOM
5. 2026-06-13
   days on market $1,199,000 Active 62 DOM
6. 2026-06-12
   days on market $1,199,000 Active 61 DOM
7. 2026-06-09
   days on market $1,199,000 Active 58 DOM
8. 2026-06-08
   days on market $1,199,000 Active 57 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $1,199,000 Active 56 DOM

ⓘ 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: $7,412 · $618/mo
• Projected year-2 tax: $13,838 · $1,153/mo
• Expected delta: +$6,426/yr (+$535/mo · 86.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥90°F today · 20 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $180,839
• − Mortgage interest: −$67,163
• − Property taxes: −$7,412
• − Insurance: −$5,995
• − Repairs & maintenance: −$14,467
• − Management: −$14,467
• − Depreciation: −$34,880
• Taxable income: $36,455
• Est. tax owed @ 24.0%: −$8,749
• After-tax cash flow: $45,254/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: Greenport Union Free School District
• NCES district ID: 3612840
• Math proficiency: 55% ▲ 5.00%
• Reading proficiency: 45% ▼ -5.00%
• Median HH income: $54,490
• Composite: 45.25/100
• National rank: #5759
• State rank: #450 of 755 in NY

Livability — Greenport

• Score: 76/100
• State rank: #217
• US rank: #3399

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenport, NY
• City population: 4,744
• Population (ZIP): 4,744

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 23% Two or more races 6% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Romanian 6% Lithuanian 2% Subsaharan African 2%
• Foreign-born: 19% · Canada, China
• Languages at home: 69% English-only · Spanish 22% German/W. Germanic 3% Russian/Polish/Slavic 2%

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: ▼ -143.97%
• Current HPI: 462.3431
• Rent YoY: —
• Metro: —
• 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

+859.2% since first listed

8 events — show timeline

• 2026-06-05 Price Changed $1,199,000 OneKey® MLS as Distributed by MLS Grid
• 2026-06-05 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-11-18 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-11-02 Price Changed $1,299,000 OneKey® MLS as Distributed by MLS Grid
• 2025-09-25 Listed $1,499,000 OneKey® MLS as Distributed by MLS Grid
• 2025-09-15 Coming Soon $1,499,000 OneKey® MLS as Distributed by MLS Grid
• 2000-06-06 Sold (Public Records) $217,000 Public Records
• 1990-09-04 Sold (Public Records) $125,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $7,412 · +1.2% YoY. Source: county tax records.