56 Lamb Ave · Quogue, NY 11959

$1,625,000

3 bd · 2.0 ba · 1,500 sqft · MultiFamily · 89 Days on market

Built 1990 Good condition 10,000 sqft lot $1083/sqft · 43% below area Est $2869k · 43% under

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Why this score? — see what drove the A- 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 +27.9/30.0
• ARV discount +15.0/15.0
• DSCR +9.9/10.0
• 1% rule +7.7/10.0
• Appreciation +7.0/10.0
• Schools +6.6/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Sitting on a prime location in Quogue, south of the highway, is the charming beach cottage at 56 Lamb ave. Bathed in natural light, it is completely renovated to cottage-perfection with wood shiplap ceilings throughout and three bedrooms, two full baths, an open kitchen with an eating area and a living room with a replica-rumsford fireplace. The amenities abound with a steam shower, walk-in cedar closet, ample storage space and outdoor sitting areas with a fire pit. This property is turn-key and minutes away from Quogue Village and the beach.

Key facts

• Steam shower
• Walk-in cedar closet
• Fire pit

Tags

• OPEN KITCHEN
• REPLICA-RUMSFORD FIREPLACE
• STEAM SHOWER
• WALK-IN CEDAR CLOSET
• OUTDOOR SITTING AREAS
• FIRE PIT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $1.62M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $5k ($60k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $1.62M).
• Recommended offer: $1.53M (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#600 in NY) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Quogue Union Free School District (suburban): math 70% / reading 80% proficiency, ranked #125 of 755 in NY (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical; only 4% free/reduced lunch — higher-income household profile.
• Market conditions: 37 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).

Forward outlook

• In year one you build about $76k of equity ($11k loan paydown + $65k appreciation (4.0% local appreciation)).
• Suffolk County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $455k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$123k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($1.53M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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.

Risks & watch-outs

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

Recommended offer $1,527,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 1.27% ✓
• Cap rate: 10.00%
• Cash-on-cash: 13.24%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

• ARV (median comp): $2,869,152
• List price: $1,625,000
• Delta: -43.36%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

4.01% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.2%
• Equity multiple: 2.33×
• Total profit: $604,476
• Equity at exit: $825,099

10-year hold

• IRR: 22.4%
• Equity multiple: 4.52×
• Total profit: $1,599,554
• Equity at exit: $1,350,476

Cash invested: $455,000 (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 11959

• Home prices YoY: 1.1%
• Active inventory: 37
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $20,568 medium
• Mortgage (P&I): −$8,522
• Tax est. 1.5%: −$2,031 /mo · $24,375/yr
• Insurance: −$677
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,319
• Net cashflow: $5,019

Break-even live

Break-even rent $14,215

Max offer price $1,625,000

Occupancy floor 71%

Sensitivity live

Price	-10% $6,142	-5% $5,580	+0% $5,019	+5% $4,457	+10% $3,896
Rent	-10% $3,394	-5% $4,206	+0% $5,019	+5% $5,831	+10% $6,644
Rate	-1.0pp $5,837	-0.5pp $5,432	base $5,019	+0.5pp $4,598	+1.0pp $4,169

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: $406,250
• Closing costs: $48,750
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1 Watersedge Dr Quogue, NY	2.0	2.5	1835	$25,000	$13.62	19d	1	0.90mi
14 Park Cir Quogue, NY	3.0	2.0	1300	$20,000	$15.38	25d	1	1.12mi
24 Quogue Riverhead Rd Quogue, NY	3.0	3.0	2054	$15,000	$7.30	25d	1	1.25mi
9 Ocame Ave Westhampton Beach, NY	4.0	3.0	1823	$20,000	$10.97	44d	1	1.34mi

Listing history 24 events

1. 2026-06-18
   days on market $1,625,000 Active 89 DOM
2. 2026-06-17
   days on market $1,625,000 Active 88 DOM
3. 2026-06-16
   days on market $1,625,000 Active 87 DOM
4. 2026-06-15
   days on market $1,625,000 Active 86 DOM
5. 2026-06-13
   days on market $1,625,000 Active 84 DOM
6. 2026-06-13
   days on market $1,625,000 Active 83 DOM
7. 2026-06-09
   days on market $1,625,000 Active 80 DOM
8. 2026-06-08
   days on market $1,625,000 Active 79 DOM
9. 2026-06-07
   days on market $1,625,000 Active 78 DOM
10. 2026-06-04
    days on market $1,625,000 Active 75 DOM
11. 2026-06-03
    days on market $1,625,000 Active 74 DOM
12. 2026-06-02
    days on market $1,625,000 Active 73 DOM
13. 2026-06-01
    days on market $1,625,000 Active 72 DOM
14. 2026-05-31
    days on market $1,625,000 Active 71 DOM
15. 2026-03-21
    listed $1,625,000 Active 548-char remark

    Show marketing remark (548 chars)

    Sitting on a prime location in Quogue, south of the highway, is the charming beach cottage at 56 Lamb ave. Bathed in natural light, it is completely renovated to cottage-perfection with wood shiplap ceilings throughout and three bedrooms, two full baths, an open kitchen with an eating area and a living room with a replica-rumsford fireplace. The amenities abound with a steam shower, walk-in cedar closet, ample storage space and outdoor sitting areas with a fire pit. This property is turn-key and minutes away from Quogue Village and the beach.

16. 2026-01-16
    historical $6,500
17. 2025-08-01
    listed $6,500
18. 2025-06-26
    historical $6,500
19. 2025-06-05
    historical
20. 2025-02-12
    price $1,699,000
21. 2024-12-05
    listed $1,799,000 Active
22. 2024-11-26
    listed $6,500
23. 2024-11-26
    historical $6,500
24. 2024-10-23
    listed $6,500

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 8 d/yr ≥90°F today · 22 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $246,817
• − Mortgage interest: −$91,025
• − Property taxes: −$24,375
• − Insurance: −$8,125
• − Repairs & maintenance: −$19,745
• − Management: −$19,745
• − Depreciation: −$47,273
• Taxable income: $36,528
• Est. tax owed @ 24.0%: −$8,767
• After-tax cash flow: $51,458/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 charming beach cottage is completely renovated and move-in ready, with a good condition score and minimal repairs needed.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Replace checkered kitchen floor — Modernizes the kitchen and improves resale value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Replace checkered kitchen floor — Modernizes the kitchen and improves resale value ↑

ⓘ 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: Quogue Union Free School District
• NCES district ID: 3624060
• Math proficiency: 70% ▼ -10.00%
• Reading proficiency: 80% ▬ 0.00%
• Median HH income: $66,746
• Composite: 66.09/100
• National rank: #960
• State rank: #125 of 755 in NY

Livability — Quogue

• Score: 67/100
• State rank: #600
• US rank: #10895

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Quogue, NY
• City population: 576
• Population (ZIP): 576

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 (71%)
• Race & ethnicity: White 71% Two or more races 23% Hispanic / Latino 23% Black 3%
• Common ancestry: Italian 21% Portuguese 7% Scotch-Irish 4%
• Foreign-born: 18% · Canada
• Languages at home: 83% English-only · Spanish 17%

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: ▲ 4.01%
• Current HPI: 364.8746
• Rent YoY: —
• Metro: —
• 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

+24900.0% since first listed

10 events — show timeline

• 2026-03-21 Listed $1,625,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-16 Rental Removed $6,500 ONEKEY
• 2025-08-01 Listed for Rent $6,500 ONEKEY
• 2025-06-26 Rental Removed $6,500 ONEKEY
• 2025-06-05 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-02-12 Price Changed $1,699,000 OneKey® MLS as Distributed by MLS Grid
• 2024-12-05 Listed $1,799,000 OneKey® MLS as Distributed by MLS Grid
• 2024-11-26 Listed for Rent $6,500 ONEKEY
• 2024-11-26 Rental Removed $6,500 ONEKEY
• 2024-10-23 Listed for Rent $6,500 ONEKEY