151 Beach 96 Unit 6D

North Haven, NY 11693

$630,000C

2 bd · 2.0 ba · 1,100 sqft · Built 2009 · Condo · Active · 216 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $43,168/mo
• Mortgage (P&I): −$3,304
• Tax + insurance: −$1,050
• HOA: −$1,123
• Vac / Maint / Mgmt: −$9,065
• Net cashflow: $28,626/mo
• Annual: $343,513/yr
• Cap rate: 60.82%
• Cash-on-cash: 194.74%
• DSCR: 9.66
• 1% rule: 6.85%
• Cash to close: $176,400

Investor read

• This is a 2-bed/2.0-bath condo listed at $630k.
• At list price, monthly cash flow is $29k ($344k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($43k rent vs $630k).
• It's been on market 216 days — a 12% lower offer ($554k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $554k (12.0% below list) — sets the bar for market timing.
• In year one you build about $67k of equity ($4k loan paydown + $63k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#978 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: amenities F, commute D-, cost of living F.
• Sag Harbor Union Free School District (suburban): math 54% / reading 70% proficiency, ranked #175 of 590 in NY (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: 67 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $176k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$108k 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; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 216 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.