188 Pleasure Dr

Flanders, NY 11901

$1,299,000D-

2 bd · 2.0 ba · 1,697 sqft · Built 1997 · SingleFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,375/mo
• Mortgage (P&I): −$6,812
• Tax + insurance: −$1,046
• HOA: −$0
• Vac / Maint / Mgmt: −$1,969
• Net cashflow: $-452/mo
• Annual: $-5,422/yr
• Cap rate: 5.88%
• Cash-on-cash: -1.49%
• DSCR: 0.93
• 1% rule: 0.72%
• Cash to close: $363,720

Investor read

• This is a 2-bed/2.0-bath single-family listed at $1.30M.
• At list price, monthly cash flow is $-452 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.22M (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $937k (27.8% below list).
• It's been on market 23 days — a 2% lower offer ($1.28M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $937k (27.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $39k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#1,107 in NY) — a working-class tenant base; expect higher turnover. Strengths: employment A+, housing A+; Watch: schools F, amenities F, commute F.
• Riverhead Central School District (suburban): math 34% / reading 48% proficiency, ranked #489 of 590 in NY (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 188 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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: severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.