250 Main Rd

Aquebogue, NY 11901

$1,199,000B-

7 bd · 3.0 ba · 3,937 sqft · Built 1860 · MultiFamily · Active · 127 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $33,781/mo
• Mortgage (P&I): −$6,288
• Tax + insurance: −$1,822
• HOA: −$0
• Vac / Maint / Mgmt: −$7,094
• Net cashflow: $18,577/mo
• Annual: $222,930/yr
• Cap rate: 24.89%
• Cash-on-cash: 66.40%
• DSCR: 3.95
• 1% rule: 2.82%
• Cash to close: $335,720

Investor read

• This is a 2 × 4-bed/2.0-bath units multifamily listed at $1.20M.
• At list price, monthly cash flow is $19k ($223k/yr) — positive. Per door: $9k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($34k rent vs $1.20M).
• It's been on market 127 days — a 12% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.06M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#887 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, 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.
• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 188 active listings in the ZIP; 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.
• Current owner paid $35k; list at $1.20M implies a 3326% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $336k cash investment doubles in ~2 years — after that, you're playing with house money.
• 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.

Questions for listing agent

• It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.