32 School St · Springs, NY 11937

$4,295,000

6 bd · 5.5 ba · 4,322 sqft · Land · 81 Days on market

Built 2026 0.87 ac lot $994/sqft · 232% above area

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +5.2/30.0
• Schools +5.1/10.0
• Rent growth +5.0/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• 1% rule +0.9/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sprawling One Level Modern Has it All This one level modern home sits amongst the natural beauty of a large private flag lot. One of East Hampton's most tight-knit communities the historic feel and local amenities are unmatched. This stunning new Modern NetZero home brings the future of sustainable luxury to one of the area's most charming neighborhoods. Set on a cleared acre +/- , this 4,322 sq ft architectural gem blends glass and cedar with modern lines. Floor-to-ceiling windows and doors connect the living room, dining area, and gourmet kitchen-complete with custom cabinetry, to the expansive backyard. The outdoor space offers two bluestone patios, custom bbq outdoor cooking area, and a heated 40' gunite pool. The sprawling wide lawn stands out and can allow for a pool house, barn or sport court. The one story "California Modern Ranch" floor plan allows a wing for guests and a sperate primary; and away from it all a family room provides a quiet retreat. The luxurious primary suite features a spa bath, walk-in closet, private home office, plus sliding doors out take you to a private patio by the pool. All of this is complemented by 4 additional ensuite bedrooms, mud room, pantry, and a full laundry room, and an attached garage. Just moments from local favorites-the General Store, Ashawagh Hall, Springs Library, scenic pond trails, public tennis, basketball courts and baseball/soccer fields. Also, there is nearby water access for boating/paddleboarding/kayak-you'll enjoy the perfect blend of culture, convenience, and coastal living. The best Amagansett ocean beaches are all within minutes. Designed and built by Modern NetZero, the Hamptons' leader in sustainable architecture, this home offers exceptional sustainable modern design in one of East Hampton's most storied communities.

Key facts

• Private flag lot
• Wide lawn
• Cleared acre

Tags

• PRIVATE FLAG LOT
• CLEARED ACRE
• FLOOR TO CEILING WINDOWS
• BLUESTONE PATIOS
• HEATED GUNITE POOL
• WIDE LAWN

What this means for you Summary

Snapshot

• This is a 6-bed/5.5-bath land listed at $4.29M.

Deal economics

• At list price, monthly cash flow is $-10k ($-117k/yr) — negative.
• To cash-flow at today's rent, offer at most $2.88M (32.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.52M (41.2% below list).
• Recommended offer: $2.52M (41.2% below list) — sets the bar for 1% rule.
• Cap rate 3.6% vs local median 11.1% in Springs — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 63/100 on livability (#809 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: housing C-, amenities F, commute F.
• Springs Union Free School District (town): math 55% / reading 60% proficiency, ranked #239 of 590 in NY (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Springs School (math 55% / reading 60%, grade C+, #839 of 2,108 statewide, top 40%, 689 students, 0% FRL).
• Market conditions: Rents rising fast (+12.3%/yr); 135 active listings in the ZIP; high-income renter base; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).
• At $25,234/mo this rent would consume 233% of the median local household income ($130k/yr) (locally 896% 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 (-3.0%/yr); year-one equity from $30k of loan paydown is wiped out by about $129k 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.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($4.04M) is reasonable based on typical stale-listing flexibility.
• 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 $475k; list at $4.29M implies a 804% gain — meaningful room to come down on a strong offer.

Recommended offer $2,523,362 (41.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.59% ✗
• Cap rate: 3.57%
• Cash-on-cash: -9.73%
• DSCR: 0.57
• GRM: 14.2

CMA / ARV

• ARV (median comp): $1,294,038
• List price: $4,295,000
• Delta: 231.91%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -28.4%
• Equity multiple: 0.02×
• Total profit: $-1,183,045
• Equity at exit: $640,398

10-year hold

• IRR: -14.8%
• Equity multiple: -0.02×
• Total profit: $-1,221,066
• Equity at exit: $371,353

Cash invested: $1,202,600 (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 11937

• Rents YoY: 12.3%
• Active inventory: 135
• Price-to-rent: 14.2×

Monthly cashflow live

• Estimated rent: $25,234 medium
• Mortgage (P&I): −$22,523
• Tax est. 1.5%: −$5,369 /mo · $64,425/yr
• Insurance: −$1,790
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,299
• Net cashflow: $-9,747

Break-even live

Break-even rent $37,572

Max offer price $2,884,562

Occupancy floor —

Sensitivity live

Price	-10% $-6,779	-5% $-8,263	+0% $-9,747	+5% $-11,231	+10% $-12,715
Rent	-10% $-11,741	-5% $-10,744	+0% $-9,747	+5% $-8,750	+10% $-7,754
Rate	-1.0pp $-7,584	-0.5pp $-8,655	base $-9,747	+0.5pp $-10,860	+1.0pp $-11,992

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: $1,073,750
• Closing costs: $128,850
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-01
   days on market $4,295,000 Active 81 DOM
2. 2026-05-31
   days on market $4,295,000 Active 80 DOM
3. 2026-04-22
   listed
4. 2026-03-12
   listed $4,295,000 Active 1822-char remark

   Show marketing remark (1822 chars)

   Sprawling One Level Modern Has it All This one level modern home sits amongst the natural beauty of a large private flag lot. One of East Hampton's most tight-knit communities the historic feel and local amenities are unmatched. This stunning new Modern NetZero home brings the future of sustainable luxury to one of the area's most charming neighborhoods. Set on a cleared acre +/- , this 4,322 sq ft architectural gem blends glass and cedar with modern lines. Floor-to-ceiling windows and doors connect the living room, dining area, and gourmet kitchen-complete with custom cabinetry, to the expansive backyard. The outdoor space offers two bluestone patios, custom bbq outdoor cooking area, and a heated 40' gunite pool. The sprawling wide lawn stands out and can allow for a pool house, barn or sport court. The one story "California Modern Ranch" floor plan allows a wing for guests and a sperate primary; and away from it all a family room provides a quiet retreat. The luxurious primary suite features a spa bath, walk-in closet, private home office, plus sliding doors out take you to a private patio by the pool. All of this is complemented by 4 additional ensuite bedrooms, mud room, pantry, and a full laundry room, and an attached garage. Just moments from local favorites-the General Store, Ashawagh Hall, Springs Library, scenic pond trails, public tennis, basketball courts and baseball/soccer fields. Also, there is nearby water access for boating/paddleboarding/kayak-you'll enjoy the perfect blend of culture, convenience, and coastal living. The best Amagansett ocean beaches are all within minutes. Designed and built by Modern NetZero, the Hamptons' leader in sustainable architecture, this home offers exceptional sustainable modern design in one of East Hampton's most storied communities.

5. 2022-03-29
   soldstatus $475,312

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $302,803
• − Mortgage interest: −$240,587
• − Property taxes: −$64,425
• − Insurance: −$21,475
• − Repairs & maintenance: −$24,224
• − Management: −$24,224
• − Depreciation: −$124,945
• Taxable loss: −$197,077
• Est. tax savings @ 24.0%: +$47,299
• After-tax cash flow: $-69,668/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: Springs Union Free School District
• NCES district ID: 3627900
• Math proficiency: 55% ▲ 6.00%
• Reading proficiency: 60% ▲ 10.00%
• Median HH income: $75,413
• Composite: 51.42/100
• National rank: #1728
• State rank: #239 of 590 in NY

Livability — Springs

• Score: 63/100
• State rank: #809
• US rank: #15666

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springs, NY
• County: Suffolk County · 679,920 people
• City population: 21,882
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 21,882
• Household income: $129,883
• Rent vs Own: 23.1% rent · 76.9% own
• Severe rent burden: 896.0

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: Majority White (61%)
• Race & ethnicity: White 61% Hispanic / Latino 32% Two or more races 23% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Romanian 5% Scotch-Irish 4% Italian 2%
• Foreign-born: 25% · Canada, Guatemala, Jamaica
• Languages at home: 68% English-only · Spanish 28% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -285.21%
• Current HPI: 444.1499
• Rent YoY: ▲ 12.28%
• 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

+803.6% since first listed

3 events — show timeline

• 2026-04-22 Listed for Rent — ONEKEY
• 2026-03-12 Listed $4,295,000 OneKey® MLS as Distributed by MLS Grid
• 2022-03-29 Sold (Public Records) $475,312 Public Records

Property tax history

+0.0%/yr

Latest (2025): $1,498 · +0.0% YoY. Source: county tax records.