6 Crystal Mews Ln

East Hampton North, NY 11937

$1,795,000F

3 bd · 3.5 ba · 2,400 sqft · Built 2024 · SingleFamily · Pending · 570 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $20,116/mo
• Mortgage (P&I): −$16,399
• Tax + insurance: −$5,212
• HOA: −$0
• Vac / Maint / Mgmt: −$4,224
• Net cashflow: $-5,720/mo
• Annual: $-68,638/yr
• Cap rate: 4.10%
• Cash-on-cash: -7.84%
• DSCR: 0.65
• 1% rule: 0.64%
• Cash to close: $875,616

Investor read

• This is a 3-bed/3.5-bath single-family listed at $1.79M.
• At list price, monthly cash flow is $-6k ($-69k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($20k rent vs $1.79M).
• It's been on market 570 days — a 12% lower offer ($1.58M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.58M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $22k of loan paydown is wiped out by about $94k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#1,013 in NY) — a working-class tenant base; expect higher turnover. Strengths: crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• East Hampton Union Free School District (town): math 62% / reading 66% proficiency, ranked #159 of 590 in NY (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: John M Marshall Elementary School (math 57% / reading 62%, grade B-, #745 of 2,108 statewide, top 39%, 548 students, 51% FRL); East Hampton Middle School (math 39% / reading 60%, grade C, #280 of 729 statewide, top 40%, 265 students, 42% FRL); East Hampton High School (math 94% / reading 98%, grade A+, #71 of 1,100 statewide, top 7%, 1,015 students, 40% FRL) — zoned schools average 44% FRL vs 26% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.6% of price.
• Market conditions: Rents rising fast (+12.3%/yr); 135 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $300k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $420k; list at $1.79M implies a 327% gain — meaningful room to come down on a strong offer.
• At $20,116/mo this rent would consume 186% 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.

Questions for listing agent

• 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?
• It's been on market 570 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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?
• 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?
• 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.