128 Springy Banks Rd · Northwest Harbor, NY 11937

$1,999,999

4 bd · 3.0 ba · 1,900 sqft · SingleFamily · 71 Days on market

Built 1999 0.65 ac lot $1053/sqft · at area comps Est $2061k · at est.

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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 +28.0/30.0
• DSCR +10.0/10.0
• ARV discount +8.8/15.0
• 1% rule +6.6/10.0
• Schools +5.8/10.0
• Rent growth +5.0/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Exceptional East Hampton Retreat – Privacy, Space & Resort-Style Living Tucked away in a serene and highly sought-after East Hampton location, this beautifully designed 4-bedroom, 3-bathroom home offers the perfect blend of privacy, comfort, and effortless indoor-outdoor living. The main level features a bright, open-concept living space with seamless flow, ideal for both everyday living and entertaining. A spacious first-floor primary suite is complemented by two additional bedrooms and a full bath, providing convenience and flexibility for guests. Upstairs, a dramatic loft-style retreat offers expansive space with its own full bath and walk-in closet—perfect as a secondary primary suite, private guest quarters, or a luxurious home office. Step outside to your own private oasis. A stunning 40' x 20' heated pool is surrounded by an expansive deck, creating the ultimate setting for summer entertaining or quiet relaxation. The beautifully landscaped grounds are enhanced by a charming stone wall, adding to the property's natural elegance and East Hampton character. Additional highlights include central air conditioning, a full basement with endless potential, and a layout designed for both comfort and style. Located just moments from East Hampton’s world-class beaches, dining, and village amenities, this property offers the rare combination of tranquility and accessibility. A true Hamptons escape—move-in ready and waiting to be enjoyed.

Key facts

• 0.65 acre lot
• 5 parking spots
• Pool

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $2.00M.

Deal economics

• At list price, monthly cash flow is $6k ($75k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($23k rent vs $2.00M).
• Recommended offer: $1.88M (6.0% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 7.8% in Northwest Harbor — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 60/100 on livability (#1,007 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: schools D+, amenities F, commute F.
• East Hampton Union Free School District (town): math 62% / reading 66% proficiency, ranked #159 of 590 in NY (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+12.3%/yr); 135 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; high-income renter base; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).
• At $23,253/mo this rent would consume 215% of the median local household income ($130k/yr) (locally 896% 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 (-3.0%/yr); year-one equity from $14k of loan paydown is wiped out by about $60k 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 + 8.0% rent growth), your $560k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($1.88M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $60k; list at $2.00M implies a 3233% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,879,999 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.16% ✓
• Cap rate: 10.04%
• Cash-on-cash: 13.39%
• DSCR: 1.60
• GRM: 7.2

CMA / ARV

• ARV (median comp): $2,061,400
• List price: $1,999,999
• Delta: -2.98%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 8.5%
• Equity multiple: 1.35×
• Total profit: $196,033
• Equity at exit: $298,206

10-year hold

• IRR: 21.3%
• Equity multiple: 3.21×
• Total profit: $1,239,585
• Equity at exit: $172,923

Cash invested: $560,000 (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 11937

• Rents YoY: 12.3%
• Active inventory: 135
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $23,253 medium
• Mortgage (P&I): −$10,488
• Tax from tax record: −$801 /mo · $9,606/yr
• Insurance: −$833
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,883
• Net cashflow: $6,248

Break-even live

Break-even rent $15,344

Max offer price $1,999,999

Occupancy floor 68%

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: $500,000
• Closing costs: $60,000
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3 Forest Ct East Hampton, NY	3.0	2.0	1750	$50,000	$28.57	24d	1	0.26mi
210 Treescape Dr East Hampton, NY	3.0	2.0	2400	$25,000	$10.42	43d	1	0.47mi
202 Treescape Dr Unit 10B East Hampton, NY	4.0	3.0	2200	$50,000	$22.73	24d	1	0.59mi
15 Rivers Rd East Hampton, NY	3.0	4.0	2400	$45,000	$18.75	43d	1	0.78mi
20 Howard St East Hampton, NY	3.0	2.5	2000	$75,000	$37.50	22d	1	1.10mi
289 Three Mile Harbor Hog Creek Rd East Hampton, NY	3.0	3.0	1600	$45,600	$28.50	43d	1	1.21mi

Listing history 22 events

1. 2026-06-18
   days on market $1,999,999 Active 71 DOM
2. 2026-06-17
   days on market $1,999,999 Active 70 DOM
3. 2026-06-16
   days on market $1,999,999 Active 69 DOM
4. 2026-06-15
   days on market $1,999,999 Active 68 DOM
5. 2026-06-13
   days on market $1,999,999 Active 66 DOM
6. 2026-06-13
   days on market $1,999,999 Active 65 DOM
7. 2026-06-09
   days on market $1,999,999 Active 62 DOM
8. 2026-06-08
   days on market $1,999,999 Active 61 DOM
9. 2026-06-07
   days on market $1,999,999 Active 60 DOM
10. 2026-06-04
    days on market $1,999,999 Active 57 DOM
11. 2026-06-03
    days on market $1,999,999 Active 56 DOM
12. 2026-06-02
    days on market $1,999,999 Active 55 DOM
13. 2026-06-01
    days on market $1,999,999 Active 54 DOM
14. 2026-05-31
    days on market $1,999,999 Active 53 DOM
15. 2026-04-08
    listed $1,999,999 Active 1493-char remark

    Show marketing remark (1493 chars)

    Exceptional East Hampton Retreat – Privacy, Space & Resort-Style Living Tucked away in a serene and highly sought-after East Hampton location, this beautifully designed 4-bedroom, 3-bathroom home offers the perfect blend of privacy, comfort, and effortless indoor-outdoor living. The main level features a bright, open-concept living space with seamless flow, ideal for both everyday living and entertaining. A spacious first-floor primary suite is complemented by two additional bedrooms and a full bath, providing convenience and flexibility for guests. Upstairs, a dramatic loft-style retreat offers expansive space with its own full bath and walk-in closet—perfect as a secondary primary suite, private guest quarters, or a luxurious home office. Step outside to your own private oasis. A stunning 40' x 20' heated pool is surrounded by an expansive deck, creating the ultimate setting for summer entertaining or quiet relaxation. The beautifully landscaped grounds are enhanced by a charming stone wall, adding to the property's natural elegance and East Hampton character. Additional highlights include central air conditioning, a full basement with endless potential, and a layout designed for both comfort and style. Located just moments from East Hampton’s world-class beaches, dining, and village amenities, this property offers the rare combination of tranquility and accessibility. A true Hamptons escape—move-in ready and waiting to be enjoyed.

16. 2025-01-13
    historical
17. 2024-11-29
    listed $1,599,900 Active
18. 2024-06-15
    historical
19. 2024-04-04
    listed $1,599,900 Active
20. 2014-10-15
    historical
21. 2014-02-21
    listed $850,000
22. 1997-06-20
    soldstatus $60,000

ⓘ 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: $9,606 · $801/mo
• Projected year-2 tax: $21,703 · $1,809/mo
• Expected delta: +$12,097/yr (+$1,008/mo · 125.9%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥90°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $279,036
• − Mortgage interest: −$112,031
• − Property taxes: −$9,606
• − Insurance: −$10,000
• − Repairs & maintenance: −$22,323
• − Management: −$22,323
• − Depreciation: −$58,182
• Taxable income: $44,571
• Est. tax owed @ 24.0%: −$10,697
• After-tax cash flow: $64,277/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: East Hampton Union Free School District
• NCES district ID: 3609660
• Math proficiency: 62% ▼ -5.00%
• Reading proficiency: 66% ▲ 2.00%
• Median HH income: $86,309
• Composite: 57.85/100
• National rank: #1046
• State rank: #159 of 590 in NY

Livability — Northwest Harbor

• Score: 60/100
• State rank: #1007
• US rank: #19577

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Northwest Harbor, NY
• County: Suffolk County · 679,920 people
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 21,882
• Household income: $129,883
• Rent vs Own: 23.1% rent · 76.9% own
• Severe rent burden: 896.0

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: Majority White (61%)
• Race & ethnicity: White 61% Hispanic / Latino 32% Two or more races 23% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Romanian 5% Scotch-Irish 4% Italian 2%
• Foreign-born: 25% · Canada, Guatemala, Jamaica
• Languages at home: 68% English-only · Spanish 28% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -285.21%
• Current HPI: 444.1499
• Rent YoY: ▲ 12.28%
• 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

+3233.3% since first listed

8 events — show timeline

• 2026-04-08 Listed $1,999,999 OneKey® MLS as Distributed by MLS Grid
• 2025-01-13 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-11-29 Listed $1,599,900 OneKey® MLS as Distributed by MLS Grid
• 2024-06-15 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-04-04 Listed $1,599,900 OneKey® MLS as Distributed by MLS Grid
• 2014-10-15 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2014-02-21 Listed $850,000 OneKey® MLS as Distributed by MLS Grid
• 1997-06-20 Sold (Public Records) $60,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $9,606 · +0.0% YoY. Source: county tax records.