49 Samantha Cir #49

Westhampton, NY 11977

$989,000A+

2 bd · 2.0 ba · 1,944 sqft · Built 2008 · Condo · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $15,174/mo
• Mortgage (P&I): −$5,186
• Tax + insurance: −$1,648
• HOA: −$1,090
• Vac / Maint / Mgmt: −$3,187
• Net cashflow: $4,063/mo
• Annual: $48,751/yr
• Cap rate: 11.22%
• Cash-on-cash: 17.60%
• DSCR: 1.78
• 1% rule: 1.53%
• Cash to close: $276,920

Investor read

• This is a 2-bed/2.0-bath condo listed at $989k. Condition is rated good.
• At list price, monthly cash flow is $4k ($49k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $989k).
• It's been on market 38 days — a 3% lower offer ($959k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $959k (3.0% below list) — sets the bar for market timing.
• In year one you build about $94k of equity ($7k loan paydown + $87k appreciation (8.8% 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-, amenities F, commute 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).
• Market conditions: 63 active listings in the ZIP; 1 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).
• Suffolk County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (8.8% appreciation + 3.0% rent growth), your $277k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$151k 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; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.2% vs local median 9.1% in Westhampton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• At $15,174/mo this rent would consume 120% of the median local household income ($151k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• 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.