19 Lacrosse Rd

Mastic Beach, NY 11951

$399,990D-

2 bd · 1.0 ba · 740 sqft · Built 1939 · SingleFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,900/mo
• Mortgage (P&I): −$2,098
• Tax + insurance: −$546
• HOA: −$0
• Vac / Maint / Mgmt: −$609
• Net cashflow: $-353/mo
• Annual: $-4,232/yr
• Cap rate: 5.24%
• Cash-on-cash: -3.78%
• DSCR: 0.83
• 1% rule: 0.73%
• Cash to close: $111,997

Investor read

• This is a 2-bed/1.0-bath single-family listed at $400k.
• At list price, monthly cash flow is $-353 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $338k (15.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $290k (27.5% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $290k (27.5% below list) — sets the bar for 1% rule.
• In year one you build about $43k of equity ($3k loan paydown + $40k appreciation (10.0% local appreciation)).
• Location reads 61/100 on livability (#936 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime D, amenities F, commute F.
• William Floyd Union Free School District (suburban): math 48% / reading 57% proficiency, ranked #309 of 590 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: William Floyd Elementary School (math 48% / reading 54%, grade C-, #1,047 of 2,108 statewide, top 50%, 742 students, 54% FRL); William Floyd Middle School (math 36% / reading 47%, grade F, #394 of 729 statewide, top 55%, 1,053 students, 54% FRL); William Floyd High School (math 65% / reading 87%, grade A-, #616 of 1,100 statewide, top 57%, 3,013 students, 54% FRL).
• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 137 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 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 $275k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$69k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

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 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.