149 c Riverside Dr · Riverhead, NY 11901

$225,000

2 bd · 1.0 ba · 1,040 sqft · SingleFamily · 195 Days on market

Built 1980 ↓ 10% since listing

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Why this score? — see what drove the B- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover your dream waterfront retreat at this stunning two-story boathouse situated along the picturesque Peconic River. This charming property features two cozy bedrooms and a thoughtfully designed bath equipped with a modern composting toilet. The full kitchen is a chef's delight, boasting a convection countertop oven, ice maker, propane stove, and refrigerator, with all essential plates, cups, utensils, pots, pans, and a delightful dinette set included. Enjoy the convenience of an in-unit washer and dryer. Relax in style with one furnished bedroom and the comfort of two mini splits for heating and air conditioning. Stay connected with free WiFi throughout the property. For boating enthu

Key facts

• Propane stove
• Composting toilet
• Full kitchen

Tags

• PECONIC RIVER
• COMPOSTING TOILET
• FULL KITCHEN
• CONVECTION COUNTERTOP OVEN
• ICE MAKER
• PROPANE STOVE

Property features AI

Exterior

• Parking: No carport
• Utilities: Electricity available; Propane; Sewer: other
• Construction: Frame construction
• Exterior features: Waterfront property; Frame construction

Interior

• Kitchen: Convection oven; Microwave; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Ductless cooling; Other heating
• Interior features: Open floor plan; 5 total rooms
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.9% vs local median 4.4% in Riverhead — 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 73/100 on livability (#325 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing B+; Watch: cost of living F.
• Riverhead Central School District (suburban): math 34% / reading 48% proficiency, ranked #489 of 590 in NY (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Riley Avenue School (math 42% / reading 52%, grade D-, #1,195 of 2,108 statewide, top 60%, 461 students, 34% FRL); Riverhead Middle School (math 18% / reading 35%, grade F, #594 of 729 statewide, top 81%, 827 students, 57% FRL); Riverhead Senior High School (math 80% / reading 86%, grade A, #440 of 1,100 statewide, top 40%, 2,001 students, 52% FRL).
• Market conditions: 192 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 (-3.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 195 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 80% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 195 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.78% ✓
• Cap rate: 14.89%
• Cash-on-cash: 30.70%
• DSCR: 2.37
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $486,720
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
53 Riverside Dr	0.15mi	2/1.0	973 (-6%)	4mo	$430,000	$442	79
41 Howell Ln	0.15mi	3/1.0 (+1)	1,152 (+11%)	12mo	$625,000	$543	60
618 Corwin St	0.36mi	2/1.0	906 (-13%)	6mo	$535,000	$591	57
410 Fishel Ave	0.73mi	2/1.0	1,048 (+1%)	16mo	$465,000	$444	51
420 Flanders Rd	0.44mi	3/1.5 (+1)	1,144 (+10%)	8mo	$490,000	$428	49
328 E 2nd St	0.40mi	2/1.0	1,140 (+10%)	23mo	$450,000	$395	46
271 Howell Ave	0.46mi	2/1.0	900 (-14%)	13mo	$528,000	$587	46
44 Goodridge Ave	0.74mi	3/1.0 (+1)	1,104 (+6%)	8mo	$550,000	$498	44
77 Fairway Ave	0.72mi	3/1.0 (+1)	1,144 (+10%)	11mo	$535,000	$468	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 25.4%
• Equity multiple: 2.05×
• Total profit: $66,245
• Equity at exit: $33,548

10-year hold

• IRR: 33.2%
• Equity multiple: 4.02×
• Total profit: $190,102
• Equity at exit: $19,454

Cash invested: $63,000 (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 11901

• Home prices YoY: -29.5%
• Active inventory: 192
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $4,008 high
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$842
• Net cashflow: $1,612

Break-even live

Break-even rent $1,968

Max offer price $225,000

Occupancy floor 55%

Sensitivity live

Price	-10% $1,767	-5% $1,689	+0% $1,612	+5% $1,534	+10% $1,456
Rent	-10% $1,295	-5% $1,453	+0% $1,612	+5% $1,770	+10% $1,928
Rate	-1.0pp $1,725	-0.5pp $1,669	base $1,612	+0.5pp $1,553	+1.0pp $1,494

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
331 E Main St Riverhead, NY	1.0–2.0	1.0	822	$4,300	$5.23	0d	3	0.34mi
331 E Main St Unit 404 Riverhead, NY	1.0	1.0	712	$3,750	$5.27	0d	1	0.34mi
331 E Main St Unit 405 Riverhead, NY	2.0	1.0	777	$4,300	$5.53	45d	1	0.34mi
331 E Main St Unit 204 Riverhead, NY	2.0	1.0	867	$3,350	$3.86	45d	1	0.34mi
525 Riverleigh Ave Unit C8 Riverhead, NY	1.0	1.0	1200	$2,100	$1.75	26d	1	0.86mi
67 Reeves Bay Trl Unit 1546122P Riverhead, NY	1.0	1.0	990	$5,161	$5.21	14d	1	1.34mi

Listing history 14 events

1. 2026-06-21
   days on market $225,000 Active 195 DOM
2. 2026-06-18
   days on market $225,000 Active 192 DOM
3. 2026-06-17
   days on market $225,000 Active 191 DOM
4. 2026-06-16
   days on market $225,000 Active 190 DOM
5. 2026-06-15
   days on market $225,000 Active 189 DOM
6. 2026-06-13
   days on market $225,000 Active 187 DOM
7. 2026-06-09
   days on market $225,000 Active 183 DOM
8. 2026-06-08
   days on market $225,000 Active 182 DOM
9. 2026-06-07
   days on market $225,000 Active 181 DOM
10. 2026-06-04
    days on market $225,000 Active 178 DOM
11. 2026-06-03
    days on market $225,000 Active 177 DOM
12. 2026-06-02
    days on market $225,000 Active 176 DOM
13. 2026-06-02
    remarks 699-char remark
14. 2026-06-02
    listed $225,000 Active 175 DOM

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 30% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥92°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,099
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$3,848
• − Management: −$3,848
• − Depreciation: −$6,545
• Taxable income: $16,754
• Est. tax owed @ 24.0%: −$4,021
• After-tax cash flow: $15,318/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: Riverhead Central School District
• NCES district ID: 3624690
• Math proficiency: 34% ▼ -4.00%
• Reading proficiency: 48% ▲ 13.00%
• Median HH income: $61,607
• Composite: 36.38/100
• National rank: #4683
• State rank: #489 of 590 in NY

Livability — Riverhead

• Score: 73/100
• State rank: #325
• US rank: #5379

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Riverhead, NY
• City population: 32,921
• Population (ZIP): 32,921

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 52% Hispanic / Latino 29% Two or more races 14% Black 11% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 8% Iranian 1% Portuguese 1%
• Foreign-born: 25% · Canada, Jamaica
• Languages at home: 68% English-only · Spanish 26% Other Indo-European 3% Russian/Polish/Slavic 2%

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: ▼ -182.60%
• Current HPI: 436.7781
• Rent YoY: —
• Metro: —
• 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

-10.0% since first listed

4 events — show timeline

• 2026-06-01 Price Changed $225,000 OneKey® MLS as Distributed by MLS Grid
• 2026-06-01 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-11-21 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-05-30 Listed $249,900 OneKey® MLS as Distributed by MLS Grid