3200 Sound Dr · Greenport West, NY 11944

$2,350,000

4 bd · 3.0 ba · 3,145 sqft · SingleFamily · 60 Days on market

Built 1996 0.66 ac lot Est $1695k · 39% over $13/mo HOA

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Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• Schools +4.5/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Set directly on the Long Island Sound, this waterfront home offers a rare opportunity to create something truly special in an exceptional location. Enjoy spectacular sunsets and water views from this gracious residence featuring 4 bedrooms and 3 full baths, including a primary suite on the first floor. The open floor plan is anchored by a spacious great room with a wood-burning fireplace, ideal for relaxed coastal living and entertaining. A full basement with high ceilings provides excellent potential for additional finished living space. Additional highlights include a generator, roof replaced in 2015, and deeded beach rights with beach access just a stone’s throw away. With vision a

Key facts

• Water views
• Waterfront home
• Primary suite

Tags

• WATERFRONT HOME
• WATER VIEWS
• PRIMARY SUITE
• GREAT ROOM
• WOOD-BURNING FIREPLACE
• FULL BASEMENT

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $2.35M.

Deal economics

• At list price, monthly cash flow is $9k ($112k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($30k rent vs $2.35M).
• Recommended offer: $2.28M (3.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 8.1% in Greenport West — 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 58/100 on livability (#1,073 in NY) — a working-class tenant base; expect higher turnover. Strengths: crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Greenport Union Free School District (town): math 55% / reading 45% proficiency, ranked #450 of 755 in NY (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Greenport Elementary School (math 47% / reading 62%, grade C, #908 of 2,108 statewide, top 46%, 339 students, 61% FRL); Greenport High School (math 52% / reading 54%, grade C-, #934 of 1,100 statewide, top 86%, 356 students, 63% FRL).
• Market conditions: 69 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $16k of loan paydown is wiped out by about $70k 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 $658k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($2.28M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $185k; list at $2.35M implies a 1170% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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.

Recommended offer $2,279,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.29% ✓
• Cap rate: 11.08%
• Cash-on-cash: 17.08%
• DSCR: 1.76
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $1,695,155
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3200 Sound Dr	0.00mi	4/3.0	3,145 (0%)	1mo	$2,142,500	$681	99
2375 Sound Dr	0.14mi	5/5.5 (+1)	3,200 (+2%)	0mo	$2,150,000	$672	75
1000 Green Hill Ln	0.26mi	4/2.5	3,400 (+8%)	4mo	$1,450,000	$426	69
695 Sound Dr	0.44mi	5/3.0 (+1)	3,393 (+8%)	8mo	$2,163,000	$637	54
155 Caiola Ct	0.35mi	4/3.5	3,500 (+11%)	11mo	$1,885,000	$539	54
1075 Moores Ln N	0.21mi	4/4.0	2,900 (-8%)	24mo	$1,475,000	$509	54
135 Sunset Ln	0.58mi	4/5.0	3,200 (+2%)	17mo	$975,000	$305	48

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: 8.3%
• Equity multiple: 1.33×
• Total profit: $215,061
• Equity at exit: $350,393

10-year hold

• IRR: 17.6%
• Equity multiple: 2.45×
• Total profit: $952,863
• Equity at exit: $203,185

Cash invested: $658,000 (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 11944

• Home prices YoY: -23.7%
• Active inventory: 69
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $30,229 medium
• Mortgage (P&I): −$12,324
• Tax from tax record: −$1,200 /mo · $14,399/yr
• Insurance: −$979
• HOA: −$13
• Vacancy / Maint / Mgmt: −$6,348
• Net cashflow: $9,365

Break-even live

Break-even rent $18,374

Max offer price $2,350,000

Occupancy floor 64%

Sensitivity live

Price	-10% $10,695	-5% $10,030	+0% $9,365	+5% $8,700	+10% $8,035
Rent	-10% $6,977	-5% $8,171	+0% $9,365	+5% $10,559	+10% $11,753
Rate	-1.0pp $10,549	-0.5pp $9,963	base $9,365	+0.5pp $8,756	+1.0pp $8,137

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: $587,500
• Closing costs: $70,500
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2700 Sound Dr Greenport, NY	5.0	3.0	3700	$25,000	$6.76	45d	1	0.06mi
1000 Sound Dr Greenport, NY	5.0	4.5	3700	$45,000	$12.16	45d	1	0.38mi
950 Tasker Ln Greenport, NY	4.0	3.5	3500	$36,000	$10.29	45d	1	0.45mi
64230 North Rd Greenport, NY	4.0	3.0	2800	$6,500	$2.32	45d	1	0.69mi
63615 North Rd Greenport, NY	4.0	4.5	3500	$7,000	$2.00	45d	1	0.72mi

HOA detail

• Monthly dues: $13 · $156/yr
• Likely covers: water

Listing history 5 events

1. 2026-03-21
   status Pending
2. 2026-01-19
   listed $2,350,000 Active
3. 1995-11-02
   soldstatus $185,000
4. 1987-01-12
   soldstatus $200,000
5. 1985-03-29
   soldstatus $75,000

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $14,399 · $1,200/mo
• Projected year-2 tax: $27,057 · $2,255/mo
• Expected delta: +$12,658/yr (+$1,055/mo · 87.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥90°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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $362,746
• − Mortgage interest: −$131,637
• − Property taxes: −$14,399
• − Insurance: −$11,750
• − Repairs & maintenance: −$29,020
• − Management: −$29,020
• − HOA: −$156
• − Depreciation: −$68,364
• Taxable income: $78,402
• Est. tax owed @ 24.0%: −$18,816
• After-tax cash flow: $93,564/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: Greenport Union Free School District
• NCES district ID: 3612840
• Math proficiency: 55% ▲ 5.00%
• Reading proficiency: 45% ▼ -5.00%
• Median HH income: $54,490
• Composite: 45.25/100
• National rank: #5759
• State rank: #450 of 755 in NY

Livability — Greenport West

• Score: 58/100
• State rank: #1073
• US rank: #21520

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenport West, NY
• Population (ZIP): 4,744

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 23% Two or more races 6% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Romanian 6% Lithuanian 2% Subsaharan African 2%
• Foreign-born: 19% · Canada, China
• Languages at home: 69% English-only · Spanish 22% German/W. Germanic 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: ▼ -143.97%
• Current HPI: 462.3431
• 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

+3033.3% since first listed

5 events — show timeline

• 2026-03-21 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-01-19 Listed $2,350,000 OneKey® MLS as Distributed by MLS Grid
• 1995-11-02 Sold (Public Records) $185,000 Public Records
• 1987-01-12 Sold (Public Records) $200,000 Public Records
• 1985-03-29 Sold (Public Records) $75,000 Public Records

Property tax history

+0.3%/yr

Latest (2025): $14,399 · +0.0% YoY. Source: county tax records.