151 Fairharbor Dr #151 · Patchogue, NY 11772

$249,000

1 bd · 1.0 ba · 675 sqft · Condo · 247 Days on market

Built 1971 $369/sqft · 13% below area Est $285k · 13% under

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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).

• ARV discount +13.2/15.0
• Schools +6.7/10.0
• 1% rule +4.7/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Cash flow +3.6/30.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Motivated seller! Welcome to this delightful, one-bedroom co-op, ideally situated in a pet-friendly, waterfront community just steps from the canal in vibrant Patchogue, New York. The kitchen boasts a brand-new countertop and stylish vinyl plank flooring, offering a fresh and modern touch. Enjoy the warmth of hardwood floors in the living room, which opens to your own private balcony overlooking a peaceful courtyard - perfect for morning coffee or evening relaxation. This well-maintained community offers a true coastal lifestyle, featuring boat slips (additional fee), a scenic waterfront BBQ area, paddle board and kayak storage, on-site laundry, and ample parking for residents and guests. Located just minutes from restaurants, shopping, beaches and the LIRR, this co-op combines comfort, convenience, and charm in one of Long Island's most sought-after neighborhoods.

Key facts

• Private balcony
• Ample parking
• Steps from the canal

Tags

• PRIVATE BALCONY
• SCENIC WATERFRONT BBQ AREA
• PADDLE BOARD AND KAYAK STORAGE
• ON-SITE LAUNDRY
• AMPLE PARKING
• STEPS FROM THE CANAL

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $249k.

Deal economics

• At list price, monthly cash flow is $-804 ($-10k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $242k (2.9% below list).
• Recommended offer: $219k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#108 in NY, #1,800 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: schools F, amenities D-, cost of living F.
• Patchogue-Medford Union Free School District (suburban): math 83% / reading 69% proficiency, ranked #73 of 590 in NY (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents rising fast (+5.1%/yr); 218 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 247 days — a 12% lower offer ($219k) is reasonable based on typical stale-listing flexibility.
• 6 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 38% of rent.
• 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 $219,120 (12.0% 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 247 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
10. 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?
11. 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.
12. 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.
13. 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: 0.97% ✗
• Cap rate: 2.74%
• Cash-on-cash: -12.70%
• DSCR: 0.44
• GRM: 8.6

CMA / ARV

• ARV (median comp): $285,466
• List price: $249,000
• Delta: -12.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.07% rent growth · sell at horizon

5-year hold

• IRR: -37.6%
• Equity multiple: -0.23×
• Total profit: $-85,776
• Equity at exit: $37,127

10-year hold

• IRR: -32.7%
• Equity multiple: -0.66×
• Total profit: $-116,016
• Equity at exit: $21,529

Cash invested: $69,720 (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 11772

• Rents YoY: 5.1%
• Active inventory: 218
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,417 high
• Mortgage (P&I): −$1,306
• Tax est. 1.5%: −$311 /mo · $3,735/yr
• Insurance: −$104
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA est. from 2 same-building comps: −$926
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $-804

Break-even live

Break-even rent $3,434

Max offer price $132,652

Occupancy floor —

Sensitivity live

Price	-10% $-632	-5% $-718	+0% $-804	+5% $-890	+10% $-976
Rent	-10% $-995	-5% $-900	+0% $-804	+5% $-709	+10% $-613
Rate	-1.0pp $-679	-0.5pp $-741	base $-804	+0.5pp $-869	+1.0pp $-934

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
44 Mainsail Dr Unit 2-44 Patchogue, NY	1.0	1.0	676	$2,450	$3.62	44d	1	0.22mi
28 Mainsail Dr Unit 1-28 Patchogue, NY	1.0	1.0	676	$2,450	$3.62	44d	1	0.23mi
16 Mainsail Dr Unit 1-16 Patchogue, NY	1.0	1.0	676	$2,450	$3.62	25d	1	0.24mi
58 Midship Ln Unit 2-58 Patchogue, NY	1.0	1.0	676	$2,450	$3.62	45d	1	0.24mi
10 Mainsail Dr Unit 1-10 Patchogue, NY	1.0	1.0	676	$2,450	$3.62	44d	1	0.24mi
234 River Ave Patchogue, NY	2.0	1.0	687	$2,415	$3.51	0d	1	0.26mi
40 Amity St Patchogue, NY	1.0	1.0	457	$2,200	$4.81	44d	1	0.62mi
90 E Main St Unit 2 Patchogue, NY	1.0	1.0	750	$2,300	$3.07	44d	1	1.00mi
1 Village Green Way Patchogue, NY	1.0–2.0	1.0–2.0	947	$2,594	$2.74	0d	7	1.00mi
99 Waverly Ave Patchogue, NY	1.0–2.0	1.0–2.0	928	$2,381	$2.57	0d	9	1.04mi
135 Terrace Rd Unit T02-135 Bayport, NY	—	1.0	595	$2,030	$3.41	23d	1	1.07mi
332 Terrace Rd Unit T08332 Bayport, NY	1.0	1.0	630	$2,415	$3.83	44d	1	1.07mi
116 Waverly Ave Unit 7 Patchogue, NY	1.0	1.0	722	$2,795	$3.87	44d	1	1.08mi
116 Waverly Ave Unit 8 Patchogue, NY	1.0	1.0	730	$2,895	$3.97	44d	1	1.08mi
420 Terrace Rd Unit T10-420 Bayport, NY	1.0	1.0	630	$2,415	$3.83	23d	1	1.09mi
821 Imperial Way Unit I8-821 Bayport, NY	1.0	1.0	715	$2,455	$3.43	23d	1	1.10mi
100 Terrace Rd Bayport, NY	1.0–2.0	1.0–2.0	792	$2,415	$3.05	0d	1	1.12mi
830 Terrace Rd Unit I8-830 Bayport, NY	1.0	1.0	715	$2,465	$3.45	23d	1	1.16mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-05-20
   status Pending 883-char remark

   Show marketing remark (883 chars)

   Motivated seller! Welcome to this delightful, one-bedroom co-op, ideally situated in a pet-friendly, waterfront community just steps from the canal in vibrant Patchogue, New York. The kitchen boasts a brand-new countertop and stylish vinyl plank flooring, offering a fresh and modern touch. Enjoy the warmth of hardwood floors in the living room, which opens to your own private balcony overlooking a peaceful courtyard - perfect for morning coffee or evening relaxation. This well-maintained community offers a true coastal lifestyle, featuring boat slips (additional fee), a scenic waterfront BBQ area, paddle board and kayak storage, on-site laundry, and ample parking for residents and guests. Located just minutes from restaurants, shopping, beaches and the LIRR, this co-op combines comfort, convenience, and charm in one of Long Island's most sought-after neighborhoods.

2. 2026-01-23
   price $249,000 883-char remark

   Show marketing remark (883 chars)

   Motivated seller! Welcome to this delightful, one-bedroom co-op, ideally situated in a pet-friendly, waterfront community just steps from the canal in vibrant Patchogue, New York. The kitchen boasts a brand-new countertop and stylish vinyl plank flooring, offering a fresh and modern touch. Enjoy the warmth of hardwood floors in the living room, which opens to your own private balcony overlooking a peaceful courtyard - perfect for morning coffee or evening relaxation. This well-maintained community offers a true coastal lifestyle, featuring boat slips (additional fee), a scenic waterfront BBQ area, paddle board and kayak storage, on-site laundry, and ample parking for residents and guests. Located just minutes from restaurants, shopping, beaches and the LIRR, this co-op combines comfort, convenience, and charm in one of Long Island's most sought-after neighborhoods.

3. 2025-11-25
   price $254,900 883-char remark

   Show marketing remark (883 chars)

   Motivated seller! Welcome to this delightful, one-bedroom co-op, ideally situated in a pet-friendly, waterfront community just steps from the canal in vibrant Patchogue, New York. The kitchen boasts a brand-new countertop and stylish vinyl plank flooring, offering a fresh and modern touch. Enjoy the warmth of hardwood floors in the living room, which opens to your own private balcony overlooking a peaceful courtyard - perfect for morning coffee or evening relaxation. This well-maintained community offers a true coastal lifestyle, featuring boat slips (additional fee), a scenic waterfront BBQ area, paddle board and kayak storage, on-site laundry, and ample parking for residents and guests. Located just minutes from restaurants, shopping, beaches and the LIRR, this co-op combines comfort, convenience, and charm in one of Long Island's most sought-after neighborhoods.

4. 2025-08-28
   listed $259,900 Active 883-char remark

   Show marketing remark (883 chars)

   Motivated seller! Welcome to this delightful, one-bedroom co-op, ideally situated in a pet-friendly, waterfront community just steps from the canal in vibrant Patchogue, New York. The kitchen boasts a brand-new countertop and stylish vinyl plank flooring, offering a fresh and modern touch. Enjoy the warmth of hardwood floors in the living room, which opens to your own private balcony overlooking a peaceful courtyard - perfect for morning coffee or evening relaxation. This well-maintained community offers a true coastal lifestyle, featuring boat slips (additional fee), a scenic waterfront BBQ area, paddle board and kayak storage, on-site laundry, and ample parking for residents and guests. Located just minutes from restaurants, shopping, beaches and the LIRR, this co-op combines comfort, convenience, and charm in one of Long Island's most sought-after neighborhoods.

5. 2023-10-17
   soldstatus $245,000 Closed 946-char remark

   Show marketing remark (946 chars)

   One Bed, one bath Upper Unit With Private Balcony Overlooking A Tree Lined Courtyard. Eat in Kitchen offers updated backsplash and built in seating. Open to the living room with sliders to your own personal balcony. Private bedroom offers large closet. This gated community of 'Fair Harbor on the Water' offers waterfront dining at multiple restaurants right across the street! Also is Conveniently located close to the bustling downtown Patchogue Village, LIRR, Ferries, shopping centers, restaurants and major roadways. This community also features amazing views and bulkhead along with dock rights and an on site laundry room. Pets are allowed. Amenities include: Paddleboard/Kayak Racks, Waterfront picnic & BBQ area, laundry facility, dog walk area. Boat Slips for a additional fee and based on availability. Maintenance includes taxes, gas, heat, water, cable, landscaping and snow removal., Additional information: Appearance:Excellent

6. 2023-06-27
   status Pending 946-char remark

   Show marketing remark (946 chars)

   One Bed, one bath Upper Unit With Private Balcony Overlooking A Tree Lined Courtyard. Eat in Kitchen offers updated backsplash and built in seating. Open to the living room with sliders to your own personal balcony. Private bedroom offers large closet. This gated community of 'Fair Harbor on the Water' offers waterfront dining at multiple restaurants right across the street! Also is Conveniently located close to the bustling downtown Patchogue Village, LIRR, Ferries, shopping centers, restaurants and major roadways. This community also features amazing views and bulkhead along with dock rights and an on site laundry room. Pets are allowed. Amenities include: Paddleboard/Kayak Racks, Waterfront picnic & BBQ area, laundry facility, dog walk area. Boat Slips for a additional fee and based on availability. Maintenance includes taxes, gas, heat, water, cable, landscaping and snow removal., Additional information: Appearance:Excellent

7. 2023-06-24
   status Active 946-char remark

   Show marketing remark (946 chars)

   One Bed, one bath Upper Unit With Private Balcony Overlooking A Tree Lined Courtyard. Eat in Kitchen offers updated backsplash and built in seating. Open to the living room with sliders to your own personal balcony. Private bedroom offers large closet. This gated community of 'Fair Harbor on the Water' offers waterfront dining at multiple restaurants right across the street! Also is Conveniently located close to the bustling downtown Patchogue Village, LIRR, Ferries, shopping centers, restaurants and major roadways. This community also features amazing views and bulkhead along with dock rights and an on site laundry room. Pets are allowed. Amenities include: Paddleboard/Kayak Racks, Waterfront picnic & BBQ area, laundry facility, dog walk area. Boat Slips for a additional fee and based on availability. Maintenance includes taxes, gas, heat, water, cable, landscaping and snow removal., Additional information: Appearance:Excellent

8. 2023-05-18
   listed $239,999 Active 946-char remark

   Show marketing remark (946 chars)

   One Bed, one bath Upper Unit With Private Balcony Overlooking A Tree Lined Courtyard. Eat in Kitchen offers updated backsplash and built in seating. Open to the living room with sliders to your own personal balcony. Private bedroom offers large closet. This gated community of 'Fair Harbor on the Water' offers waterfront dining at multiple restaurants right across the street! Also is Conveniently located close to the bustling downtown Patchogue Village, LIRR, Ferries, shopping centers, restaurants and major roadways. This community also features amazing views and bulkhead along with dock rights and an on site laundry room. Pets are allowed. Amenities include: Paddleboard/Kayak Racks, Waterfront picnic & BBQ area, laundry facility, dog walk area. Boat Slips for a additional fee and based on availability. Maintenance includes taxes, gas, heat, water, cable, landscaping and snow removal., Additional information: Appearance:Excellent

9. 2017-08-15
   soldstatus $97,000 Closed
10. 2017-05-23
    status Under Contract
11. 2017-04-14
    listed $99,000 New
12. 2014-08-07
    soldstatus $90,000
13. 2014-08-07
    soldstatus $90,000 Closed
14. 2014-06-16
    status Under Contract
15. 2014-04-07
    listed $94,500 New
16. 2014-04-07
    listed $94,500

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 96% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥93°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,000
• − Mortgage interest: −$13,948
• − Property taxes: −$3,735
• − Insurance: −$2,042
• − Repairs & maintenance: −$2,320
• − Management: −$2,320
• − HOA: −$11,112
• − Depreciation: −$7,244
• Taxable loss: −$13,721
• Est. tax savings @ 24.0%: +$3,293
• After-tax cash flow: $-6,356/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: Patchogue-Medford Union Free School District
• NCES district ID: 3622470
• Math proficiency: 83% ▲ 27.00%
• Reading proficiency: 69% ▲ 15.00%
• Median HH income: $75,120
• Composite: 66.81/100
• National rank: #405
• State rank: #73 of 590 in NY

Livability — Patchogue

• Score: 80/100
• State rank: #108
• US rank: #1800

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Patchogue, NY
• County: Suffolk County · 679,920 people
• City population: 45,023
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 45,023
• Household income: $105,245
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 1595.0

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 (66%)
• Race & ethnicity: White 66% Hispanic / Latino 24% Two or more races 8% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5% Dominican 2%
• Common ancestry: Romanian 4% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 15% · Canada, Jamaica, China
• Languages at home: 78% English-only · Spanish 15% Other Asian/Pacific 2% 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: ▼ -578.02%
• Current HPI: 375.1174
• Rent YoY: ▲ 5.07%
• 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

+163.5% since first listed

16 events — show timeline

• 2026-05-20 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-01-23 Price Changed $249,000 OneKey® MLS as Distributed by MLS Grid
• 2025-11-25 Price Changed $254,900 OneKey® MLS as Distributed by MLS Grid
• 2025-08-28 Listed $259,900 OneKey® MLS as Distributed by MLS Grid
• 2023-10-17 Sold (MLS) $245,000 OneKey® MLS as Distributed by MLS Grid
• 2023-06-27 Pending — OneKey® MLS as Distributed by MLS Grid
• 2023-06-24 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2023-05-18 Listed $239,999 OneKey® MLS as Distributed by MLS Grid
• 2017-08-15 Sold (MLS) $97,000 OneKey® MLS as Distributed by MLS Grid
• 2017-05-23 Pending — OneKey® MLS as Distributed by MLS Grid
• 2017-04-14 Listed $99,000 OneKey® MLS as Distributed by MLS Grid
• 2014-08-07 Sold (MLS) $90,000 MLSLI
• 2014-08-07 Sold (MLS) $90,000 OneKey® MLS as Distributed by MLS Grid
• 2014-06-16 Pending — MLSLI
• 2014-04-07 Listed $94,500 MLSLI
• 2014-04-07 Listed $94,500 OneKey® MLS as Distributed by MLS Grid