236 Edgemere St #127 · Montauk, NY 11954

$490,000

1 bd · 2.0 ba · 847 sqft · Condo · 105 Days on market

Built 1927 Good condition $579/sqft · 27% below area Est $675k · 27% under $2090/mo HOA · 17% of rent

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

SPECIAL LISTING: RARE HISTORIC GEM – UNIT 127 AT THE LEGENDARY MONTAUK MANOR The Castle on the Hill – Your Once-in-a-Lifetime Piece of Montauk History Awaits! Imagine owning a slice of iconic Hamptons legacy at the breathtaking Montauk Manor—the stunning Tudor Revival landmark perched atop Signal Hill. Built in 1927 by visionary Carl G. Fisher (the genius behind Miami Beach), this National Register of Historic Places treasure blends timeless elegance with luxurious modern resort living. Unparalleled Resort Amenities Await You: · Recently renovated indoor pool hot tub and Spa+ spectacular outdoor pool · Tennis and Pickel ball courts, private meeting rooms · Lush, beautifully landscaped grounds · 24-hour front desk & security · Full Gym and Onsite Laundry · Complimentary shuttle to vibrant Montauk town · Free Town of East Hampton parking permits for Montauk & East Hampton beaches and resident private parking Step into the majestic Grand Hall with soaring ceilings, roaring fireplaces, historic tapestries, cozy lounges, a baby grand player piano, and Monte's at the Manor—the beloved on-site Italian restaurant that's a local favorite. Unit 127 – Exceptional First-Floor Duplex Retreat | 847 Sq Ft of Move-In Ready Luxury · 1 Bedroom | 2 Full Baths | Premium first-floor location (no elevator required!) · Originally a cherished writer’s retreat—a creative sanctuary where artists, authors, and dreamers gathered over fine wine and inspiration · Meticulously renovated to pristine, turnkey perfection with custom high-end finishes (Unit painted by Haitian American artist Samson Tonton, his signature appears on this work) Standout Features: · Upstairs loft bedroom bathed in natural light from grand Palladium windows (new treatments), vaulted ceilings, abundant closet and separate space—perfect for a crib, kids' nook, or extra relaxation zone, in closet safe. · Rare fully adjustable king bed with premium Purple® mattress, 55" LG OLED smart TV, dedicated workspace ideal for writing or remote productivity · Downstairs open living area with queen sleeper sofa (upgraded mattress), large multicolor electric fireplace (with heat & sound), 70" LG OLED smart TV + streaming/gaming setup · Fully renovated kitchen: sleek Quartz counters, premium stainless-steel refrigerator/dishwasher, new electric oven, all cookware, silverware, dishware included, LED lighting, lighted curio cabinet · Private locking Owner’s closet with stylish barn door, marble table credenza with built-in wine rack + four stools, custom blinds throughout · High-speed Fiber Wi-Fi, Optimum cable, full Zoom/streaming setup, Manor house phone · Recent upgrades for total peace of mind: HVAC replaced 2024, hot water heater 2022 · Serene positioning with lovely views over the heart of the Manor grounds and Gardiners Bay

Key facts

• Outdoor pool
• Historic gem
• Indoor pool hot tub

Tags

• HISTORIC GEM
• TUDOR REVIVAL LANDMARK
• INDOOR POOL HOT TUB
• OUTDOOR POOL
• TENNIS AND PICKLE BALL COURTS
• PRIVATE MEETING ROOMS

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath condo listed at $490k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $4k ($53k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $490k).
• Recommended offer: $446k (9.0% below list) — sets the bar for market timing.
• Cap rate 17.1% 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.
• 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 $12,536/mo this rent would consume 105% 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 $137k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($446k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $445,900 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 2.56% ✓
• Cap rate: 17.14%
• Cash-on-cash: 38.72%
• DSCR: 2.72
• GRM: 3.3

CMA / ARV

• ARV (median comp): $675,000
• List price: $490,000
• Delta: -27.41%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 37.0%
• Equity multiple: 2.67×
• Total profit: $229,535
• Equity at exit: $100,160

10-year hold

• IRR: 42.3%
• Equity multiple: 5.31×
• Total profit: $591,944
• Equity at exit: $90,407

Cash invested: $137,200 (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: 3.3×

Monthly cashflow live

• Estimated rent: $12,536 medium
• Mortgage (P&I): −$2,570
• Tax est. 1.5%: −$612 /mo · $7,350/yr
• Insurance: −$204
• HOA: −$2,090
• Vacancy / Maint / Mgmt: −$2,633
• Net cashflow: $4,427

Break-even live

Break-even rent $6,932

Max offer price $490,000

Occupancy floor 60%

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: $122,500
• Closing costs: $14,700
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23 Fort Pond Rd Unit 13 Montauk, NY	1.0	1.0	600	$29,000	$48.33	24d	1	0.41mi
16 Navy Rd Unit 206 Montauk, NY	1.0	1.0	600	$24,000	$40.00	24d	1	0.62mi

HOA detail condo

• Monthly dues: $2,090 · $25,080/yr
• Likely covers: waterelectricinternetcablelandscapingpoolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $490,000 Active 105 DOM
2. 2026-06-17
   days on market $490,000 Active 104 DOM
3. 2026-06-16
   days on market $490,000 Active 103 DOM
4. 2026-06-15
   days on market $490,000 Active 102 DOM
5. 2026-06-13
   days on market $490,000 Active 100 DOM
6. 2026-06-13
   days on market $490,000 Active 99 DOM
7. 2026-06-09
   days on market $490,000 Active 96 DOM
8. 2026-06-08
   days on market $490,000 Active 95 DOM
9. 2026-06-07
   days on market $490,000 Active 94 DOM
10. 2026-06-04
    days on market $490,000 Active 91 DOM
11. 2026-06-03
    days on market $490,000 Active 90 DOM
12. 2026-06-02
    days on market $490,000 Active 89 DOM
13. 2026-06-01
    days on market $490,000 Active 88 DOM
14. 2026-05-31
    days on market $490,000 Active 87 DOM
15. 2026-03-05
    listed $490,000 Active 3035-char remark

    Show marketing remark (3035 chars)

    SPECIAL LISTING: RARE HISTORIC GEM – UNIT 127 AT THE LEGENDARY MONTAUK MANOR The Castle on the Hill – Your Once-in-a-Lifetime Piece of Montauk History Awaits! Imagine owning a slice of iconic Hamptons legacy at the breathtaking Montauk Manor—the stunning Tudor Revival landmark perched atop Signal Hill. Built in 1927 by visionary Carl G. Fisher (the genius behind Miami Beach), this National Register of Historic Places treasure blends timeless elegance with luxurious modern resort living. Unparalleled Resort Amenities Await You: · Recently renovated indoor pool hot tub and Spa+ spectacular outdoor pool · Tennis and Pickel ball courts, private meeting rooms · Lush, beautifully landscaped grounds · 24-hour front desk & security · Full Gym and Onsite Laundry · Complimentary shuttle to vibrant Montauk town · Free Town of East Hampton parking permits for Montauk & East Hampton beaches and resident private parking Step into the majestic Grand Hall with soaring ceilings, roaring fireplaces, historic tapestries, cozy lounges, a baby grand player piano, and Monte's at the Manor—the beloved on-site Italian restaurant that's a local favorite. Unit 127 – Exceptional First-Floor Duplex Retreat | 847 Sq Ft of Move-In Ready Luxury · 1 Bedroom | 2 Full Baths | Premium first-floor location (no elevator required!) · Originally a cherished writer’s retreat—a creative sanctuary where artists, authors, and dreamers gathered over fine wine and inspiration · Meticulously renovated to pristine, turnkey perfection with custom high-end finishes (Unit painted by Haitian American artist Samson Tonton, his signature appears on this work) Standout Features: · Upstairs loft bedroom bathed in natural light from grand Palladium windows (new treatments), vaulted ceilings, abundant closet and separate space—perfect for a crib, kids' nook, or extra relaxation zone, in closet safe. · Rare fully adjustable king bed with premium Purple® mattress, 55" LG OLED smart TV, dedicated workspace ideal for writing or remote productivity · Downstairs open living area with queen sleeper sofa (upgraded mattress), large multicolor electric fireplace (with heat & sound), 70" LG OLED smart TV + streaming/gaming setup · Fully renovated kitchen: sleek Quartz counters, premium stainless-steel refrigerator/dishwasher, new electric oven, all cookware, silverware, dishware included, LED lighting, lighted curio cabinet · Private locking Owner’s closet with stylish barn door, marble table credenza with built-in wine rack + four stools, custom blinds throughout · High-speed Fiber Wi-Fi, Optimum cable, full Zoom/streaming setup, Manor house phone · Recent upgrades for total peace of mind: HVAC replaced 2024, hot water heater 2022 · Serene positioning with lovely views over the heart of the Manor grounds and Gardiners Bay

ⓘ 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: $150,437
• − Mortgage interest: −$27,448
• − Property taxes: −$7,350
• − Insurance: −$2,450
• − Repairs & maintenance: −$12,035
• − Management: −$12,035
• − HOA: −$25,080
• − Depreciation: −$14,255
• Taxable income: $49,785
• Est. tax owed @ 24.0%: −$11,948
• After-tax cash flow: $41,182/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 property is in good condition with minimal repairs needed. It offers a great opportunity for a cosmetic renovation to enhance its curb appeal and value.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Both New flooring in high-traffic areas — Fresh flooring improves aesthetics and reduces maintenance costs

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both New flooring in high-traffic areas — Fresh flooring improves aesthetics and reduces maintenance costs ↑

ⓘ 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

1 event — show timeline

• 2026-03-05 Listed $490,000 OneKey® MLS as Distributed by MLS Grid