119 Christian Ave

Stony Brook, NY 11790

$575,000D+

4 bd · 2.0 ba · 1,778 sqft · Built 1958 · SingleFamily · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,937/mo
• Mortgage (P&I): −$3,015
• Tax + insurance: −$1,192
• HOA: −$17
• Vac / Maint / Mgmt: −$1,037
• Net cashflow: $-325/mo
• Annual: $-3,895/yr
• Cap rate: 5.62%
• Cash-on-cash: -2.42%
• DSCR: 0.89
• 1% rule: 0.86%
• Cash to close: $161,000

Investor read

• This is a 4-bed/2.0-bath single-family listed at $575k.
• At list price, monthly cash flow is $-325 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $518k (10.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $494k (14.1% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $494k (14.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#29 in NY, #515 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Three Village Central School District (suburban): math 81% / reading 83% proficiency, ranked #31 of 590 in NY (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 5% free/reduced lunch — higher-income household profile.
• Zoned schools: Setauket Elementary School (math 72% / reading 87%, grade A, #188 of 2,108 statewide, top 11%, 604 students, 10% FRL); Paul J Gelinas Junior High School (math 82% / reading 87%, grade A+, #13 of 729 statewide, top 2%, 647 students, 9% FRL); Ward Melville Senior High School (math 97% / reading 92%, grade A+, #117 of 1,100 statewide, top 11%, 1,507 students, 15% FRL).
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 86 active listings in the ZIP; 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.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.6% vs local median 3.3% in Stony Brook — 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.
• This rent runs 35% of the median local income ($171k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.