532 Park Ave · Centereach, NY 11720

$675,000

4 bd · 3.0 ba · 1,796 sqft · MultiFamily public records · 37 Days on market

Built 1970 9,148 sqft lot

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Why this score? — see what drove the D- 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 +10.3/30.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• 1% rule +3.7/10.0
• Livability +3.6/5.0
• DSCR +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Legal two-family home in Centereach, offering flexible living space and strong income potential. The main unit spans the first floor and finished basement, featuring 3 bedrooms and 2 full baths: 2 bedrooms and 1 full bath on the main level, plus a finished lower level with an egress-window bedroom, 2 additional finished rooms, laundry, and a second full bath, along with its own outside entrance. The second unit is an upstairs 2-bedroom, 1-bath apartment with a private entrance, giving each household its own space and privacy. There are separate electric meters for each unit and a landlord meter (3 meters total), a 1-car detached garage, and generous on-site parking thanks to the corner lot.

Key facts

• Rental permit
• Two-family home
• Finished basement

Tags

• TWO-FAMILY HOME
• RENTAL PERMIT
• FLEXIBLE LIVING SPACE
• STRONG INCOME POTENTIAL
• FINISHED BASEMENT
• EGRESS-WINDOW BEDROOM

Property features AI

Exterior

• Parking: Driveway; Attached garage (1 garage space)
• Utilities: Cesspool sewer; Electricity connected; Water connected
• Home design: Duplex
• Construction: Frame construction
• Exterior features: Frame construction; Garage(s) on property; Not waterfront

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: One 2-bedroom unit; One 3-bedroom unit
• Flooring: Hardwood flooring
• Bathrooms: Three full bathrooms
• Heating & cooling: Baseboard heat; Heat pump; Oil heating; Ductless cooling; Wall/Window AC unit(s)
• Interior features: First-floor bedroom; First-floor full bath; Eat-in kitchen; Recessed lighting; Storage; Finished full basement with walk-out access
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $675k.

Deal economics

• At list price, monthly cash flow is $-374 ($-4k/yr) — negative. Per door: $-187/mo.
• To cash-flow at today's rent, offer at most $609k (9.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $586k (13.3% below list).
• Recommended offer: $586k (13.3% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.8% in Centereach — 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 72/100 on livability (#362 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F, cost of living F.
• Middle Country Central School District (suburban): math 60% / reading 56% proficiency, ranked #217 of 590 in NY (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 147 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).
• At $5,855/mo this rent would consume 52% of the median local household income ($135k/yr) (locally 436% 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 $5k of loan paydown is wiped out by about $20k 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.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($655k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $438k; list at $675k implies a 54% 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 $585,500 (13.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.87% ✗
• Cap rate: 5.63%
• Cash-on-cash: -2.37%
• DSCR: 0.89
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -20.2%
• Equity multiple: 0.30×
• Total profit: $-132,900
• Equity at exit: $100,645

10-year hold

• IRR: -13.1%
• Equity multiple: 0.23×
• Total profit: $-145,198
• Equity at exit: $58,362

Cash invested: $189,000 (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 11720

• Active inventory: 147
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $5,855 high
• Mortgage (P&I): −$3,540
• Tax from tax record: −$1,178 /mo · $14,140/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,230
• Net cashflow: $-374

Break-even live

Break-even rent $6,328

Max offer price $608,946

Occupancy floor —

Sensitivity live

Price	-10% $8	-5% $-183	+0% $-374	+5% $-565	+10% $-756
Rent	-10% $-836	-5% $-605	+0% $-374	+5% $-143	+10% $89
Rate	-1.0pp $-34	-0.5pp $-202	base $-374	+0.5pp $-549	+1.0pp $-727

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$5,854
Total (2 units)			$5,855

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
61 Gould Rd Centereach, NY	4.0	3.0	2592	$3,850	$1.49	25d	1	0.78mi
63 Sunflower Ridge Rd South Setauket, NY	4.0	2.5	2479	$5,300	$2.14	24d	1	1.31mi
103 Sunflower Ridge Rd South Setauket, NY	3.0	4.0	2274	$5,000	$2.20	2d	1	1.31mi

Listing history 6 events

1. 2026-05-27
   status Pending
2. 2026-03-23
   listed $675,000 Active
3. 2026-02-26
   historical $2,500
4. 2026-01-31
   listed $2,500
5. 2007-02-22
   soldstatus $437,500
6. 1994-07-26
   soldstatus $150,000

ⓘ 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: $14,140 · $1,178/mo
• Projected year-2 tax: $14,140 · $1,178/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $70,260
• − Mortgage interest: −$37,810
• − Property taxes: −$14,140
• − Insurance: −$3,375
• − Repairs & maintenance: −$5,621
• − Management: −$5,621
• − Depreciation: −$19,636
• Taxable loss: −$15,944
• Est. tax savings @ 24.0%: +$3,826
• After-tax cash flow: $-661/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: Middle Country Central School District
• NCES district ID: 3619200
• Math proficiency: 60% ▼ -1.00%
• Reading proficiency: 56% ▼ -5.00%
• Median HH income: $86,140
• Composite: 52.89/100
• National rank: #1532
• State rank: #217 of 590 in NY

Livability — Centereach

• Score: 72/100
• State rank: #362
• US rank: #6174

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Centereach, NY
• County: Suffolk County · 679,920 people
• City population: 29,292
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 29,292
• Household income: $134,898
• Rent vs Own: 12.6% rent · 87.4% own
• Severe rent burden: 436.0

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 15% Asian 7% Two or more races 7% Black 6%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5%
• Common ancestry: Romanian 4% Scotch-Irish 2% Lithuanian 2%
• Foreign-born: 15% · Canada, China, Jamaica
• Languages at home: 82% English-only · Spanish 8% Other Indo-European 3% Other Asian/Pacific 2%

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: ▼ -633.07%
• Current HPI: 347.7369
• 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

+350.0% since first listed

6 events — show timeline

• 2026-05-27 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-23 Listed $675,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-26 Rental Removed $2,500 ONEKEY
• 2026-01-31 Listed for Rent $2,500 ONEKEY
• 2007-02-22 Sold (Public Records) $437,500 Public Records
• 1994-07-26 Sold (Public Records) $150,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $14,140 · +0.0% YoY. Source: county tax records.