68 Summers St · Oyster Bay, NY 11771

$875,000

3 bd · 2.0 ba · 1,626 sqft · MultiFamily public records · 261 Days on market

Built 1926 9,350 sqft lot $538/sqft · 36% below area Est $1362k · 36% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +9.7/30.0
• Schools +6.2/10.0
• Livability +3.5/5.0
• 1% rule +2.8/10.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to this charming 3-4 bedroom, side hall colonial nestled in the delightful, scenic and sought after community of Oyster Bay. A long private driveway leads to a two-car garage with ample room. You will find an inviting and private backyard with a patio that is perfect for entertaining or quiet getaways. The first floor has an abundance of natural light and a spacious dining room next to the open kitchen equipped with granite countertops, making it ideal for entertaining. The living room and dining rooms boast high ceilings and are equipped with hardwood floors. There is also a front room that can be used as an office or an additional bedroom. Upstairs you will find three bedrooms with high ceilings and a recently renovated full bath and a walk up attic for extra storage space. A large, unfinished walk out basement provides potential for additional living space. Located close to restaurants, shopping, LIRR and the serene town beaches and marina, this property is truly a perfect place to call home!

Key facts

• Private driveway
• Inviting backyard
• Spacious dining room

Tags

• PRIVATE DRIVEWAY
• INVITING BACKYARD
• SPACIOUS DINING ROOM
• OPEN KITCHEN
• GRANITE COUNTERTOPS
• HARDWOOD FLOORS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $875k.

Deal economics

• At list price, monthly cash flow is $-633 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $763k (12.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $678k (22.5% below list).
• Recommended offer: $678k (22.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#436 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A; Watch: housing D+, commute F, cost of living F.
• Oyster Bay-East Norwich Central School District (suburban): math 68% / reading 67% proficiency, ranked #120 of 590 in NY (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Vernon School (math 74% / reading 68%, grade A-, #434 of 2,108 statewide, top 21%, 434 students, 20% FRL); Oyster Bay Middle School (217 students, 19% FRL); Oyster Bay High School (math 63% / reading 68%, grade B, #773 of 1,100 statewide, top 70%, 415 students, 23% FRL).
• Market conditions: 72 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 261 days — a 12% lower offer ($770k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 72% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $678,500 (22.5% below list)

Questions for the listing agent

1. 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?
2. It's been on market 261 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Schools are A-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?
8. 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?
9. 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.
10. 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.
11. 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: 0.78% ✗
• Cap rate: 5.50%
• Cash-on-cash: -2.83%
• DSCR: 0.87
• GRM: 10.7

CMA / ARV

• ARV (median comp): $1,362,024
• List price: $875,000
• Delta: -35.76%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -21.5%
• Equity multiple: 0.26×
• Total profit: $-182,055
• Equity at exit: $130,465

10-year hold

• IRR: -15.1%
• Equity multiple: 0.14×
• Total profit: $-210,188
• Equity at exit: $75,654

Cash invested: $245,000 (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 11771

• Home prices YoY: -28.8%
• Active inventory: 72
• Price-to-rent: 20.3×

Monthly cashflow live

• Estimated rent: $6,785 high
• Mortgage (P&I): −$4,589
• Tax from tax record: −$985 /mo · $11,817/yr
• Insurance: −$365
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,425
• Net cashflow: $-633

Break-even live

Break-even rent $7,587

Max offer price $763,121

Occupancy floor —

Sensitivity live

Price	-10% $-138	-5% $-386	+0% $-633	+5% $-881	+10% $-1,129
Rent	-10% $-1,169	-5% $-901	+0% $-633	+5% $-365	+10% $-97
Rate	-1.0pp $-193	-0.5pp $-411	base $-633	+0.5pp $-860	+1.0pp $-1,091

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	3	1.5	$3,593
1× unit	1	0.5	$3,192
Total (2 units)			$6,785

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: $218,750
• Closing costs: $26,250
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
75 Anstice St Unit 1 Oyster Bay, NY	2.0	1.0	1624	$3,100	$1.91	45d	1	0.53mi
600 Pine Hollow Rd East Norwich, NY	1.0–2.0	1.0–2.0	1000	$4,408	$4.41	0d	25	0.61mi
62 South St Unit 201 Oyster Bay, NY	2.0	1.0	1282	$3,900	$3.04	45d	1	0.78mi
80 Maxwell Ave Oyster Bay, NY	3.0	1.0	2236	$3,800	$1.70	9d	1	0.80mi

Listing history 10 events

1. 2026-06-03
   days on market $875,000 Active 261 DOM
2. 2026-06-02
   days on market $875,000 Active 260 DOM
3. 2026-06-01
   days on market $875,000 Active 259 DOM
4. 2026-05-31
   days on market $875,000 Active 258 DOM
5. 2025-10-09
   price $875,000 1018-char remark

   Show marketing remark (1018 chars)

   Welcome to this charming 3-4 bedroom, side hall colonial nestled in the delightful, scenic and sought after community of Oyster Bay. A long private driveway leads to a two-car garage with ample room. You will find an inviting and private backyard with a patio that is perfect for entertaining or quiet getaways. The first floor has an abundance of natural light and a spacious dining room next to the open kitchen equipped with granite countertops, making it ideal for entertaining. The living room and dining rooms boast high ceilings and are equipped with hardwood floors. There is also a front room that can be used as an office or an additional bedroom. Upstairs you will find three bedrooms with high ceilings and a recently renovated full bath and a walk up attic for extra storage space. A large, unfinished walk out basement provides potential for additional living space. Located close to restaurants, shopping, LIRR and the serene town beaches and marina, this property is truly a perfect place to call home!

6. 2025-09-15
   listed $899,000 Active 1018-char remark

   Show marketing remark (1018 chars)

   Welcome to this charming 3-4 bedroom, side hall colonial nestled in the delightful, scenic and sought after community of Oyster Bay. A long private driveway leads to a two-car garage with ample room. You will find an inviting and private backyard with a patio that is perfect for entertaining or quiet getaways. The first floor has an abundance of natural light and a spacious dining room next to the open kitchen equipped with granite countertops, making it ideal for entertaining. The living room and dining rooms boast high ceilings and are equipped with hardwood floors. There is also a front room that can be used as an office or an additional bedroom. Upstairs you will find three bedrooms with high ceilings and a recently renovated full bath and a walk up attic for extra storage space. A large, unfinished walk out basement provides potential for additional living space. Located close to restaurants, shopping, LIRR and the serene town beaches and marina, this property is truly a perfect place to call home!

7. 2025-09-01
   historical $4,000
8. 2025-04-25
   listed $4,000
9. 2024-08-01
   historical $3,900
10. 2024-07-09
    listed $3,900

ⓘ 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: $11,817 · $985/mo
• Projected year-2 tax: $13,302 · $1,109/mo
• Expected delta: +$1,485/yr (+$124/mo · 12.6%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 77% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $81,420
• − Mortgage interest: −$49,014
• − Property taxes: −$11,817
• − Insurance: −$5,042
• − Repairs & maintenance: −$6,514
• − Management: −$6,514
• − Depreciation: −$25,455
• Taxable loss: −$22,934
• Est. tax savings @ 24.0%: +$5,504
• After-tax cash flow: $-2,096/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: Oyster Bay-East Norwich Central School District
• NCES district ID: 3622290
• Math proficiency: 68% ▼ -2.00%
• Reading proficiency: 67% ▼ -4.00%
• Median HH income: $100,262
• Composite: 62.11/100
• National rank: #710
• State rank: #120 of 590 in NY

Livability — Oyster Bay

• Score: 70/100
• State rank: #436
• US rank: #7650

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oyster Bay, NY
• City population: 10,173
• Population (ZIP): 10,173

Population outlook (Nassau County) Hauer SSP2

• Today (2025): 1,409,302 people
• By 2030: 1,431,482 · +1.6%
• By 2040: 1,471,607 · +4.4%
• By 2050: 1,502,845 · +6.6%
• By 2075: 1,575,403 · +11.8%
• By 2100: 1,554,356 · +10.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 21% Two or more races 9% Asian 5% Black 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 3% Scotch-Irish 3% Italian 2%
• Foreign-born: 14% · Canada, China
• Languages at home: 77% English-only · Spanish 13% Other Indo-European 5% German/W. Germanic 1%

Political lean MEDSL · Nassau

• 2024 margin: Toss-up / Even · D 47.9% · R 52.1%
• 2008→2024 swing: -12.6pp toward R · 2008: 8.4pp · 2024: -4.2pp
• All cycles: 2024: R+4.2 2020: D+9.5 2016: D+5.3 2012: D+6.7 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -103.23%
• Current HPI: 255.4961
• 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

+22335.9% since first listed

6 events — show timeline

• 2025-10-09 Price Changed $875,000 ForSaleByOwner.com
• 2025-09-15 Listed $899,000 ForSaleByOwner.com
• 2025-09-01 Rental Removed $4,000 ONEKEY
• 2025-04-25 Listed for Rent $4,000 ONEKEY
• 2024-08-01 Rental Removed $3,900 ONEKEY
• 2024-07-09 Listed for Rent $3,900 ONEKEY

Property tax history

+3.3%/yr

Latest (2024): $11,817 · +2.3% YoY. Source: county tax records.