68 State Ave

Wyandanch, NY 11798

$359,000B-

4 bd · 2.0 ba · 1,382 sqft · Built 1956 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,200/mo
• Mortgage (P&I): −$1,883
• Tax + insurance: −$598
• HOA: −$0
• Vac / Maint / Mgmt: −$882
• Net cashflow: $837/mo
• Annual: $10,044/yr
• Cap rate: 9.09%
• Cash-on-cash: 9.99%
• DSCR: 1.44
• 1% rule: 1.17%
• Cash to close: $100,520

Investor read

• This is a 4-bed/2.0-bath single-family listed at $359k.
• At list price, monthly cash flow is $837 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $359k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#701 in NY) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: crime D+, amenities F, cost of living F.
• Wyandanch Union Free School District (suburban): math 29% / reading 32% proficiency, ranked #717 of 755 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Martin Luther King Elementary School (math 30% / reading 30%, grade F, #1,689 of 2,108 statewide, top 81%, 621 students, 89% FRL); Milton L Olive Middle School (math 10% / reading 30%, grade F, #666 of 729 statewide, top 93%, 581 students, 88% FRL); Wyandanch Memorial High School (math 57% / reading 77%, grade B, #746 of 1,100 statewide, top 69%, 843 students, 87% FRL).
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 84 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $27k; list at $359k implies a 1230% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 63% 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.
• Cap rate 9.1% vs local median 3.3% in Wyandanch — 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.

Questions for listing agent

• Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• 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.
• 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.