131 S Emerson Ave #235 · Montauk, NY 11954

$499,999

1 bd · 1.0 ba · 535 sqft · Condo · 13 Days on market

Built 1972 Good condition

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Why this score? — see what drove the B+ 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
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Appreciation +4.1/10.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0

Listing remarks

Just moments from the ocean, this inviting first-floor condo at the Royal Atlantic North offers the perfect blend of coastal charm and year-round convenience. Located directly across from Montauk’s sandy shoreline, the unit sits in the north building—open all year—and features its own game room, private pool on premise and ocean front with outdoor lounge area, creating an ideal seaside retreat. Inside, the home offers a bright and efficient layout with a comfortable living/dining area that opens to a private deck for morning coffee or sunset relaxation. The galley kitchen provides everything needed for easy meal prep, while the spacious bedroom and full bath ensure comfort

Key facts

• Ocean front
• Private deck
• Private pool

Tags

• FIRST FLOOR CONDO
• PRIVATE POOL
• OCEAN FRONT
• OUTDOOR LOUNGE AREA
• PRIVATE DECK
• GALLEY KITCHEN

Property features AI

Finance

• HOA & community: Association: Royal Atlantic; Monthly association fee; Association covers common area maintenance, grounds care, pool service and water; Community features include clubhouse, fitness center, playground and pool

Exterior

• Parking: Parking lot (no carport)
• Utilities: Public sewer; Electricity connected; Sewer connected
• Home design: Townhouse; Stock cooperative; Entry level: 1
• Construction: Vinyl siding
• Exterior features: Community in-ground pool; Not waterfront

Interior

• Kitchen: Gas range; Microwave; Refrigerator
• Bedrooms: Includes a bedroom on the first floor
• Flooring: Carpet; Tile
• Bathrooms: One full bathroom
• Heating & cooling: Electric heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; First-floor full bathroom; No basement; Attic: see remarks; 3 total rooms
• Laundry & utility: Utilities: electricity connected, sewer connected

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $500k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $6k ($75k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $500k).
• Cap rate 21.2% vs local median 7.9% in Montauk — 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 69/100 on livability (#474 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A; Watch: housing C-, amenities F, commute F.
• Montauk Union Free School District (town): math 50% / reading 60% proficiency, ranked #311 of 755 in NY (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Montauk School (math 62% / reading 82%, grade A-, #378 of 2,108 statewide, top 20%, 303 students, 0% FRL) — zoned schools average 0% FRL vs 21% district-wide (21 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 72% at this address vs 55% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Montauk Union Free School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 39 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).
• At $12,253/mo this rent would consume 103% of the median local household income ($143k/yr) (locally 20% 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 (-1.8%/yr); year-one equity from $3k of loan paydown is wiped out by about $9k 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.
• At projected returns (-1.8% appreciation + 3.0% rent growth), your $140k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 8→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $499,999

Questions for the listing agent

1. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 2.45% ✓
• Cap rate: 21.23%
• Cash-on-cash: 53.35%
• DSCR: 3.37
• GRM: 3.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.78% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 52.9%
• Equity multiple: 3.44×
• Total profit: $341,575
• Equity at exit: $102,203

10-year hold

• IRR: 57.0%
• Equity multiple: 6.94×
• Total profit: $832,086
• Equity at exit: $92,251

Cash invested: $140,000 (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 11954

• Home prices YoY: -0.3%
• Active inventory: 39
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $12,253 medium
• Mortgage (P&I): −$2,622
• Tax est. 1.5%: −$625 /mo · $7,500/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,573
• Net cashflow: $6,224

Break-even live

Break-even rent $4,374

Max offer price $499,999

Occupancy floor 44%

Sensitivity live

Price	-10% $6,570	-5% $6,397	+0% $6,224	+5% $6,051	+10% $5,879
Rent	-10% $5,256	-5% $5,740	+0% $6,224	+5% $6,708	+10% $7,192
Rate	-1.0pp $6,476	-0.5pp $6,351	base $6,224	+0.5pp $6,095	+1.0pp $5,963

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: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 Navy Rd Unit 206 Montauk, NY	1.0	1.0	600	$24,000	$40.00	25d	1	1.23mi
23 Fort Pond Rd Unit 13 Montauk, NY	1.0	1.0	600	$29,000	$48.33	25d	1	1.25mi

HOA detail condo

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

Listing history 17 events

1. 2026-06-18
   days on market $499,999 Active 13 DOM
2. 2026-06-17
   days on market $499,999 Active 12 DOM
3. 2026-06-16
   days on market $499,999 Active 11 DOM
4. 2026-06-15
   days on market $499,999 Active 10 DOM
5. 2026-06-13
   days on market $499,999 Active 8 DOM
6. 2026-06-13
   days on market $499,999 Active 7 DOM
7. 2026-06-09
   days on market $499,999 Active 4 DOM
8. 2026-06-08
   days on market $499,999 Active 3 DOM
9. 2026-06-07
   days on marketlisting id $499,999 Active 2 DOM
10. 2026-06-04
    days on market $499,999 Active 34 DOM
11. 2026-06-03
    days on market $499,999 Active 33 DOM
12. 2026-06-02
    days on market $499,999 Active 32 DOM
13. 2026-06-01
    days on market $499,999 Active 31 DOM
14. 2026-05-31
    days on market $499,999 Active 30 DOM
15. 2026-05-01
    listed $499,999 Active 1306-char remark
16. 2026-04-25
    historical
17. 2025-11-19
    listed $499,999 Active

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 8 d/yr ≥88°F today · 24 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $147,031
• − Mortgage interest: −$28,008
• − Property taxes: −$7,500
• − Insurance: −$2,500
• − Repairs & maintenance: −$11,762
• − Management: −$11,762
• − Depreciation: −$14,545
• Taxable income: $70,953
• Est. tax owed @ 24.0%: −$17,029
• After-tax cash flow: $57,661/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This first-floor condo is in good condition with cosmetic updates needed to modernize the kitchen and bathroom. The location is ideal for a seaside retreat, and the property's amenities, including a private pool and oceanfront access, add significant value.

Repairs flagged

• Minor kitchen cabinets — dated design
• Minor bathroom fixtures — standard and outdated

Value-add opportunities

• Resale new kitchen cabinets — modernizes the space and adds value
• Resale new bathroom fixtures — enhances the bathroom's appeal
• Both landscaping — improves curb appeal and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated design	Minor	$500–3,000
bathroom fixtures · standard and outdated	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale new kitchen cabinets — modernizes the space and adds value ↑
• Resale new bathroom fixtures — enhances the bathroom's appeal ↑
• Both landscaping — improves curb appeal and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Montauk Union Free School District
• NCES district ID: 3619710
• Math proficiency: 50% ▼ -10.00%
• Reading proficiency: 60% ▬ 0.00%
• Median HH income: $73,702
• Composite: 50.99/100
• National rank: #3831
• State rank: #311 of 755 in NY

Livability — Montauk

• Score: 69/100
• State rank: #474
• US rank: #8373

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montauk, NY
• County: Suffolk County · 679,920 people
• City population: 4,223
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 4,223
• Household income: $142,961
• Rent vs Own: 21.3% rent · 78.7% own
• Severe rent burden: 20.0

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 (89%)
• Race & ethnicity: White 89% Hispanic / Latino 6% Two or more races 4% Black 1%
• Hispanic origin (detail): Mexican 2% Dominican 1%
• Common ancestry: Romanian 4% Scotch-Irish 3% Italian 3%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 4% Russian/Polish/Slavic 4% 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: ▼ -1.78%
• Current HPI: 577.7344
• 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

+0.0% since first listed

5 events — show timeline

• 2026-06-05 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-05-07 Listed $499,999 OneKey® MLS as Distributed by MLS Grid
• 2026-05-01 Listed $499,999 OneKey® MLS as Distributed by MLS Grid
• 2026-04-25 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-11-19 Listed $499,999 OneKey® MLS as Distributed by MLS Grid