480 Eastwood Dr · Cutchogue, NY 11935

$1,599,000

4 bd · 3.0 ba · 3,000 sqft · SingleFamily · 101 Days on market

Built 2000 0.47 ac lot $533/sqft · at area comps Est $1610k · at est.

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.8/15.0
• Schools +6.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to this exquisitely renovated home nestled in the highly sought-after Fleets Neck community, thoughtfully transformed to blend modern elegance with luxurious comfort. Constructed with steel beam framing and enhanced by an insulated basement, oversized Andersen windows and sliders, and beautiful mahogany decking, the residence offers exceptional quality throughout. A large, sun-filled living room showcases a dramatic cathedral ceiling and inviting wood-burning fireplace, while the stunning chef’s kitchen features top-of-the-line Thermador appliances, a stylish backsplash, center island, and striking 2.5-inch quartzite countertops, flowing seamlessly into the dining area for effortless entertaining. The serene primary suite impresses with a tray ceiling, cozy sitting area, spa-inspired bath with dual vanities, glass shower, soaking tub, and generous walk-in closets. Additional highlights include radiant heat in the bathrooms, well-appointed guest bedrooms, a first-level guest room with a second wood-burning fireplace, and a lush grassy lawn with an expansive wrap-around deck ideal for outdoor gatherings, with ample space to add a pool. Ideally located near a private beach, Park Beach, and the local marina, this exceptional property offers the perfect lifestyle for both beach lovers and boating enthusiasts. Pool Permit is in place for a 20 X 42 gunite pool.

Key facts

• Mahogany decking
• Renovated home
• Insulated basement

Tags

• RENOVATED HOME
• INSULATED BASEMENT
• OVERSIZED ANDERSEN WINDOWS
• MAHOGANY DECKING
• CATHEDRAL CEILING
• WOOD-BURNING FIREPLACE

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $1.60M.

Deal economics

• At list price, monthly cash flow is $11k ($128k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($26k rent vs $1.60M).
• Recommended offer: $1.46M (9.0% below list) — sets the bar for market timing.
• Cap rate 14.3% vs local median 7.3% in Cutchogue — 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 62/100 on livability (#843 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing B+; Watch: amenities F, commute F, cost of living F.
• Mattituck-Cutchogue Union Free School District (suburban): math 69% / reading 68% proficiency, ranked #127 of 590 in NY (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Mattituck-Cutchogue Elementary School (math 65% / reading 68%, grade B+, #575 of 2,108 statewide, top 27%, 453 students, 37% FRL); Mattituck Junior-Senior High School (math 74% / reading 72%, grade B+, #670 of 1,100 statewide, top 61%, 548 students, 0% FRL) — zoned schools at 18% FRL track the district average.
• Market conditions: 51 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).

Forward outlook

• In year one you build about $171k of equity ($11k loan paydown + $160k appreciation (10.0% 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 (10.0% appreciation + 3.0% rent growth), your $448k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$275k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($1.46M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $176k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $870k; list at $1.60M implies a 84% 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 $1,455,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% 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 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.63% ✓
• Cap rate: 14.28%
• Cash-on-cash: 28.51%
• DSCR: 2.27
• GRM: 5.1

CMA / ARV

• ARV (median comp): $1,609,948
• List price: $1,599,000
• Delta: -0.68%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4785 Stillwater Ave	0.23mi	4/4.5	3,000 (0%)	14mo	$1,501,000	$500	72
640 Strohson Rd	0.53mi	4/3.0	2,700 (-10%)	7mo	$2,500,000	$926	53

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 45.9%
• Equity multiple: 4.46×
• Total profit: $1,548,164
• Equity at exit: $1,440,506

10-year hold

• IRR: 39.8%
• Equity multiple: 9.99×
• Total profit: $4,025,740
• Equity at exit: $3,106,505

Cash invested: $447,720 (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 11935

• Home prices YoY: 2.8%
• Active inventory: 51
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $26,110 medium
• Mortgage (P&I): −$8,385
• Tax from tax record: −$937 /mo · $11,239/yr
• Insurance: −$666
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,483
• Net cashflow: $10,638

Break-even live

Break-even rent $12,643

Max offer price $1,599,000

Occupancy floor 54%

Sensitivity live

Price	-10% $11,544	-5% $11,091	+0% $10,638	+5% $10,186	+10% $9,733
Rent	-10% $8,576	-5% $9,607	+0% $10,638	+5% $11,670	+10% $12,701
Rate	-1.0pp $11,444	-0.5pp $11,045	base $10,638	+0.5pp $10,224	+1.0pp $9,803

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: $399,750
• Closing costs: $47,970
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25 Moose Trl Cutchogue, NY	4.0	2.0	2600	$20,000	$7.69	45d	1	0.70mi
250 Pine Tree Ct Cutchogue, NY	4.0	3.5	2800	$32,500	$11.61	45d	1	1.18mi
1100 Alvahs Ln Cutchogue, NY	4.0	4.0	2400	$24,200	$10.08	45d	1	1.36mi
5270 Nassau Point Rd Cutchogue, NY	5.0	3.5	3500	$32,000	$9.14	45d	1	1.36mi

Listing history 24 events

1. 2026-06-21
   days on market $1,599,000 Active 101 DOM
2. 2026-06-21
   days on market $1,599,000 Active 100 DOM
3. 2026-06-18
   days on market $1,599,000 Active 98 DOM
4. 2026-06-17
   days on market $1,599,000 Active 97 DOM
5. 2026-06-16
   days on market $1,599,000 Active 96 DOM
6. 2026-06-15
   days on market $1,599,000 Active 95 DOM
7. 2026-06-13
   days on market $1,599,000 Active 93 DOM
8. 2026-06-12
   days on market $1,599,000 Active 92 DOM
9. 2026-06-09
   days on market $1,599,000 Active 89 DOM
10. 2026-06-08
    days on market $1,599,000 Active 88 DOM
11. 2026-06-07
    days on market $1,599,000 Active 87 DOM
12. 2026-06-04
    days on market $1,599,000 Active 83 DOM
13. 2026-06-02
    days on market $1,599,000 Active 82 DOM
14. 2026-06-01
    days on market $1,599,000 Active 81 DOM
15. 2026-05-31
    days on market $1,599,000 Active 80 DOM
16. 2026-04-20
    price $1,695,000 1390-char remark

    Show marketing remark (1390 chars)

    Welcome to this exquisitely renovated home nestled in the highly sought-after Fleets Neck community, thoughtfully transformed to blend modern elegance with luxurious comfort. Constructed with steel beam framing and enhanced by an insulated basement, oversized Andersen windows and sliders, and beautiful mahogany decking, the residence offers exceptional quality throughout. A large, sun-filled living room showcases a dramatic cathedral ceiling and inviting wood-burning fireplace, while the stunning chef’s kitchen features top-of-the-line Thermador appliances, a stylish backsplash, center island, and striking 2.5-inch quartzite countertops, flowing seamlessly into the dining area for effortless entertaining. The serene primary suite impresses with a tray ceiling, cozy sitting area, spa-inspired bath with dual vanities, glass shower, soaking tub, and generous walk-in closets. Additional highlights include radiant heat in the bathrooms, well-appointed guest bedrooms, a first-level guest room with a second wood-burning fireplace, and a lush grassy lawn with an expansive wrap-around deck ideal for outdoor gatherings, with ample space to add a pool. Ideally located near a private beach, Park Beach, and the local marina, this exceptional property offers the perfect lifestyle for both beach lovers and boating enthusiasts. Pool Permit is in place for a 20 X 42 gunite pool.

17. 2026-03-09
    listed $1,775,000 Active 1390-char remark

    Show marketing remark (1390 chars)

    Welcome to this exquisitely renovated home nestled in the highly sought-after Fleets Neck community, thoughtfully transformed to blend modern elegance with luxurious comfort. Constructed with steel beam framing and enhanced by an insulated basement, oversized Andersen windows and sliders, and beautiful mahogany decking, the residence offers exceptional quality throughout. A large, sun-filled living room showcases a dramatic cathedral ceiling and inviting wood-burning fireplace, while the stunning chef’s kitchen features top-of-the-line Thermador appliances, a stylish backsplash, center island, and striking 2.5-inch quartzite countertops, flowing seamlessly into the dining area for effortless entertaining. The serene primary suite impresses with a tray ceiling, cozy sitting area, spa-inspired bath with dual vanities, glass shower, soaking tub, and generous walk-in closets. Additional highlights include radiant heat in the bathrooms, well-appointed guest bedrooms, a first-level guest room with a second wood-burning fireplace, and a lush grassy lawn with an expansive wrap-around deck ideal for outdoor gatherings, with ample space to add a pool. Ideally located near a private beach, Park Beach, and the local marina, this exceptional property offers the perfect lifestyle for both beach lovers and boating enthusiasts. Pool Permit is in place for a 20 X 42 gunite pool.

18. 2026-02-01
    historical
19. 2025-10-29
    listed $1,849,000 Active
20. 2024-10-31
    soldstatus $870,000 Closed
21. 2024-10-03
    status Pending
22. 2024-09-16
    price $899,900
23. 2024-08-13
    listed $967,200 Active
24. 2003-04-07
    soldstatus $205,000

ⓘ 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: $11,239 · $937/mo
• Projected year-2 tax: $19,131 · $1,594/mo
• Expected delta: +$7,892/yr (+$658/mo · 70.2%)

ⓘ 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 ≥90°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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $313,315
• − Mortgage interest: −$89,569
• − Property taxes: −$11,239
• − Insurance: −$7,995
• − Repairs & maintenance: −$25,065
• − Management: −$25,065
• − Depreciation: −$46,516
• Taxable income: $107,865
• Est. tax owed @ 24.0%: −$25,888
• After-tax cash flow: $101,773/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: Mattituck-Cutchogue Union Free School District
• NCES district ID: 3600021
• Math proficiency: 69% ▼ -3.00%
• Reading proficiency: 68% ▲ 4.00%
• Median HH income: $84,164
• Composite: 61.4/100
• National rank: #765
• State rank: #127 of 590 in NY

Livability — Cutchogue

• Score: 62/100
• State rank: #843
• US rank: #16353

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cutchogue, NY
• City population: 2,946
• Population (ZIP): 2,946

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 (92%)
• Race & ethnicity: White 92% Two or more races 6% Hispanic / Latino 6%
• Hispanic origin (detail): Puerto Rican 2% Cuban 1%
• Common ancestry: Romanian 10% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Other Indo-European 5% German/W. Germanic 3% Spanish 3%

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: ▲ 12.82%
• Current HPI: 467.3019
• 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

+726.8% since first listed

9 events — show timeline

• 2026-04-20 Price Changed $1,695,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-09 Listed $1,775,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-10-29 Listed $1,849,000 OneKey® MLS as Distributed by MLS Grid
• 2024-10-31 Sold (MLS) $870,000 OneKey® MLS as Distributed by MLS Grid
• 2024-10-03 Pending — OneKey® MLS as Distributed by MLS Grid
• 2024-09-16 Price Changed $899,900 OneKey® MLS as Distributed by MLS Grid
• 2024-08-13 Listed $967,200 OneKey® MLS as Distributed by MLS Grid
• 2003-04-07 Sold (Public Records) $205,000 Public Records

Property tax history

+1.4%/yr

Latest (2025): $11,239 · +0.0% YoY. Source: county tax records.