100 Rogers Ave #601

Westhampton Beach, NY 11978

$1,240,000B

2 bd · 2.5 ba · 2,283 sqft · Built 2025 · Condo · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $15,336/mo
• Mortgage (P&I): −$6,503
• Tax + insurance: −$2,067
• HOA: −$875
• Vac / Maint / Mgmt: −$3,221
• Net cashflow: $2,671/mo
• Annual: $32,056/yr
• Cap rate: 8.88%
• Cash-on-cash: 9.23%
• DSCR: 1.41
• 1% rule: 1.24%
• Cash to close: $347,200

Investor read

• This is a 2-bed/2.5-bath condo listed at $1.24M.
• At list price, monthly cash flow is $3k ($32k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.24M).
• It's been on market 20 days — a 2% lower offer ($1.22M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.22M (1.5% below list) — sets the bar for market timing.
• In year one you build about $133k of equity ($9k loan paydown + $124k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#740 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Westhampton Beach Union Free School District (suburban): math 72% / reading 75% proficiency, ranked #81 of 590 in NY (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Westhampton Beach Elementary School (math 67% / reading 67%, grade B+, #525 of 2,108 statewide, top 27%, 356 students, 43% FRL); Westhampton Middle School (math 61% / reading 63%, grade B+, #136 of 729 statewide, top 20%, 434 students, 26% FRL); Westhampton Beach Senior High School (math 90% / reading 96%, grade A+, #147 of 1,100 statewide, top 14%, 964 students, 24% FRL).
• Market conditions: 112 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $347k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$213k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• At $15,336/mo this rent would consume 147% of the median local household income ($125k/yr) (locally 43% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?
• 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.
• 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.