28 Huntting Rd

Northwest Harbor, NY 11937

$1,150,000A-

2 bd · 1.5 ba · 1,050 sqft · Built 1997 · SingleFamily · Active · 420 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $15,308/mo
• Mortgage (P&I): −$6,031
• Tax + insurance: −$1,096
• HOA: −$0
• Vac / Maint / Mgmt: −$3,215
• Net cashflow: $4,966/mo
• Annual: $59,595/yr
• Cap rate: 11.53%
• Cash-on-cash: 18.71%
• DSCR: 1.83
• 1% rule: 1.33%
• Cash to close: $322,000

Investor read

• This is a 2-bed/1.5-bath single-family listed at $1.15M. Condition is rated fair.
• 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 ($15k rent vs $1.15M).
• It's been on market 420 days — a 12% lower offer ($1.01M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.01M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $34k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#1,007 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: amenities F, commute F, cost of living 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.
• Zoned schools: John M Marshall Elementary School (math 57% / reading 62%, grade B-, #745 of 2,108 statewide, top 39%, 548 students, 51% FRL); East Hampton Middle School (math 39% / reading 60%, grade C, #280 of 729 statewide, top 40%, 265 students, 42% FRL); East Hampton High School (math 94% / reading 98%, grade A+, #71 of 1,100 statewide, top 7%, 1,015 students, 40% FRL) — zoned schools average 44% FRL vs 26% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: Rents rising fast (+12.3%/yr); 219 active listings in the ZIP; 2 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.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $322k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; severe wind risk, 80% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.5% vs local median 7.4% in Northwest Harbor — 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 $15,308/mo this rent would consume 141% of the median local household income ($130k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 420 days. Have you received any prior offers? Is the seller open to a 12% 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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)

• Minor: Landscaping — Some areas of the lawn appear slightly overgrown.
• Minor: Fencing — The white picket fence appears slightly worn and could benefit from a fresh coat of paint or replacement in some sections.