757A Mccord St Unit A

Westhampton, NY 11978

$620,000A-

3 bd · 3.0 ba · 1,316 sqft · Built 1958 · SingleFamily · Pending · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $19,365/mo
• Mortgage (P&I): −$3,251
• Tax + insurance: −$1,033
• HOA: −$0
• Vac / Maint / Mgmt: −$4,067
• Net cashflow: $11,014/mo
• Annual: $132,165/yr
• Cap rate: 27.61%
• Cash-on-cash: 76.13%
• DSCR: 4.39
• 1% rule: 3.12%
• Cash to close: $173,600

Investor read

• This is a 3-bed/3.0-bath single-family listed at $620k. Condition is rated fair.
• At list price, monthly cash flow is $11k ($132k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $620k).
• It's been on market 84 days — a 6% lower offer ($583k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $583k (6.0% below list) — sets the bar for market timing.
• In year one you build about $66k of equity ($4k loan paydown + $62k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#969 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: housing C-, schools D+, amenities 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.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 112 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 $174k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$107k 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 27.6% vs local median 9.0% in Westhampton — 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 $19,365/mo this rent would consume 186% 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

• It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Major: wooden deck — Significant wear and tear
• Major: inground pool liner — Needs a new liner