29 Fairway Pl #6 · Montauk, NY 11954

$1,395,000

3 bd · 2.5 ba · 1,550 sqft · Condo · 199 Days on market

Built 1980 Good condition $900/sqft · 18% above area Est $1179k · 18% over $475/mo HOA · 2% of rent ↓ 4% since listing

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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 +29.4/30.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Schools +5.1/10.0
• Appreciation +4.1/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Welcome to The Villas-29 Fairway Place unit 6, Montauk NY, a gem of tranquility nestled amidst the natural beauty of Montauk. This three-bedroom, two-and-a-half-bathroom condo is open year-round and has been completely renovated to offer a state-of-the-art gourmet kitchen with top-grade appliances and wood floors. The bathrooms have been crafted to provide a spa-like experience, enhancing your comfort and relaxation. The condo comes with a designated carport and boasts low maintenance and taxes, offering a hassle-free living experience. Located within proximity to the town, the dock area, shopping, restaurants, hiking trails, and easy access to fabulous ocean and sound beaches. Backing up to the famous Montauk Downs Golf which offers amenities like a pool and tennis court, providing endless opportunities for leisure and recreation. Enjoy breathtaking views and the vibrant community spirit that Montauk is known for. This condo is more than just a home; it's a lifestyle. Come and experience the blend of luxury and nature at The Villas-29 Fairway Place unit 6.

Key facts

• Gourmet kitchen
• Proximity to town
• Designated carport

Tags

• GOURMET KITCHEN
• DESIGNATED CARPORT
• LOW MAINTENANCE
• PROXIMITY TO TOWN
• PROXIMITY TO DOCK AREA
• PROXIMITY TO SHOPPING

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $1.40M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $5k ($59k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.40M).
• Recommended offer: $1.23M (12.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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.
• Market conditions: 39 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).
• At $19,045/mo this rent would consume 160% 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 $10k of loan paydown is wiped out by about $25k 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 $391k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 199 days — a 12% lower offer ($1.23M) is reasonable based on typical stale-listing flexibility.

Recommended offer $1,227,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 199 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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: 1.37% ✓
• Cap rate: 10.53%
• Cash-on-cash: 15.15%
• DSCR: 1.67
• GRM: 6.1

CMA / ARV

• ARV (median comp): $1,179,459
• List price: $1,395,000
• Delta: 18.27%
• Verdict: OVERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 9.7%
• Equity multiple: 1.41×
• Total profit: $161,032
• Equity at exit: $285,148

10-year hold

• IRR: 16.9%
• Equity multiple: 2.57×
• Total profit: $612,292
• Equity at exit: $257,382

Cash invested: $390,600 (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: 6.1×

Monthly cashflow live

• Estimated rent: $19,045 medium
• Mortgage (P&I): −$7,316
• Tax est. 1.5%: −$1,744 /mo · $20,925/yr
• Insurance: −$581
• HOA: −$475
• Vacancy / Maint / Mgmt: −$3,999
• Net cashflow: $4,930

Break-even live

Break-even rent $12,804

Max offer price $1,395,000

Occupancy floor 69%

Sensitivity live

Price	-10% $5,894	-5% $5,412	+0% $4,930	+5% $4,448	+10% $3,966
Rent	-10% $3,425	-5% $4,178	+0% $4,930	+5% $5,682	+10% $6,434
Rate	-1.0pp $5,632	-0.5pp $5,285	base $4,930	+0.5pp $4,568	+1.0pp $4,201

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: $348,750
• Closing costs: $41,850
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3 Bayberry Rd Montauk, NY	3.0	2.0	1200	$19,500	$16.25	26d	1	1.27mi

HOA detail condo

• Monthly dues: $475 · $5,700/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-21
   days on market $1,395,000 Active 199 DOM
2. 2026-06-18
   days on market $1,395,000 Active 196 DOM
3. 2026-06-17
   days on market $1,395,000 Active 195 DOM
4. 2026-06-16
   days on market $1,395,000 Active 194 DOM
5. 2026-06-15
   days on market $1,395,000 Active 193 DOM
6. 2026-06-13
   days on market $1,395,000 Active 191 DOM
7. 2026-06-13
   days on market $1,395,000 Active 190 DOM
8. 2026-06-09
   days on market $1,395,000 Active 187 DOM
9. 2026-06-08
   days on market $1,395,000 Active 186 DOM
10. 2026-06-07
    days on market $1,395,000 Active 185 DOM
11. 2026-06-04
    days on market $1,395,000 Active 182 DOM
12. 2026-06-03
    days on market $1,395,000 Active 181 DOM
13. 2026-06-02
    days on market $1,395,000 Active 180 DOM
14. 2026-06-01
    days on market $1,395,000 Active 179 DOM
15. 2026-05-31
    days on market $1,395,000 Active 178 DOM
16. 2026-04-22
    price $1,395,000 1075-char remark

    Show marketing remark (1075 chars)

    Welcome to The Villas-29 Fairway Place unit 6, Montauk NY, a gem of tranquility nestled amidst the natural beauty of Montauk. This three-bedroom, two-and-a-half-bathroom condo is open year-round and has been completely renovated to offer a state-of-the-art gourmet kitchen with top-grade appliances and wood floors. The bathrooms have been crafted to provide a spa-like experience, enhancing your comfort and relaxation. The condo comes with a designated carport and boasts low maintenance and taxes, offering a hassle-free living experience. Located within proximity to the town, the dock area, shopping, restaurants, hiking trails, and easy access to fabulous ocean and sound beaches. Backing up to the famous Montauk Downs Golf which offers amenities like a pool and tennis court, providing endless opportunities for leisure and recreation. Enjoy breathtaking views and the vibrant community spirit that Montauk is known for. This condo is more than just a home; it's a lifestyle. Come and experience the blend of luxury and nature at The Villas-29 Fairway Place unit 6.

17. 2025-12-04
    listed $1,449,000 Active 1075-char remark

    Show marketing remark (1075 chars)

    Welcome to The Villas-29 Fairway Place unit 6, Montauk NY, a gem of tranquility nestled amidst the natural beauty of Montauk. This three-bedroom, two-and-a-half-bathroom condo is open year-round and has been completely renovated to offer a state-of-the-art gourmet kitchen with top-grade appliances and wood floors. The bathrooms have been crafted to provide a spa-like experience, enhancing your comfort and relaxation. The condo comes with a designated carport and boasts low maintenance and taxes, offering a hassle-free living experience. Located within proximity to the town, the dock area, shopping, restaurants, hiking trails, and easy access to fabulous ocean and sound beaches. Backing up to the famous Montauk Downs Golf which offers amenities like a pool and tennis court, providing endless opportunities for leisure and recreation. Enjoy breathtaking views and the vibrant community spirit that Montauk is known for. This condo is more than just a home; it's a lifestyle. Come and experience the blend of luxury and nature at The Villas-29 Fairway Place unit 6.

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

Taxation est. · year 1

• Rental income: $228,537
• − Mortgage interest: −$78,142
• − Property taxes: −$20,925
• − Insurance: −$6,975
• − Repairs & maintenance: −$18,283
• − Management: −$18,283
• − HOA: −$5,700
• − Depreciation: −$40,582
• Taxable income: $39,647
• Est. tax owed @ 24.0%: −$9,515
• After-tax cash flow: $49,642/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This three-bedroom, two-and-a-half-bathroom condo is in excellent condition with modern amenities and a great location. It is move-in ready and offers a high ROI for both resale and rental.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances curb appeal and resale value
• Both Add smart home features — Improves convenience and adds modern amenities
• Both Add a smart thermostat — Saves energy and adds modern amenities

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances curb appeal and resale value ↑
• Both Add smart home features — Improves convenience and adds modern amenities ↑
• Both Add a smart thermostat — Saves energy and adds modern amenities ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-3.7% since first listed

2 events — show timeline

• 2026-04-22 Price Changed $1,395,000 OneKey® MLS as Distributed by MLS Grid
• 2025-12-04 Listed $1,449,000 OneKey® MLS as Distributed by MLS Grid