145 Conklin Ave

East Patchogue, NY 11772

$299,999B-

6 bd · 2.0 ba · 2,216 sqft · Built 1870 · Other · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,098/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$909
• HOA: −$0
• Vac / Maint / Mgmt: −$861
• Net cashflow: $755/mo
• Annual: $9,063/yr
• Cap rate: 9.31%
• Cash-on-cash: 10.79%
• DSCR: 1.48
• 1% rule: 1.37%
• Cash to close: $84,000

Investor read

• This is a 6-bed/2.0-bath other listed at $300k.
• At list price, monthly cash flow is $755 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Only 1 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 $9k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#769 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety B; Watch: amenities F, commute F, cost of living F.
• Patchogue-Medford Union Free School District (suburban): math 83% / reading 69% proficiency, ranked #73 of 590 in NY (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Bay Elementary School (math 24% / reading 75%, grade D+, #1,057 of 2,108 statewide, top 51%, 408 students, 40% FRL); South Ocean Middle School (math 75%, 599 students, 57% FRL); Patchogue-Medford High School (math 89% / reading 67%, grade A-, #577 of 1,100 statewide, top 52%, 2,443 students, 53% FRL) — zoned schools average 50% FRL vs 35% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 64% at this address vs 76% district-wide (-12 pts) — the specific schools serving this property underperform the Patchogue-Medford Union Free School District average; the district grade overstates school quality for this exact location.
• Watch-outs: property tax is 3.1% of price; built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.1%/yr); 216 active listings in the ZIP; solid renter incomes; 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.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $84k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.3% vs local median 3.1% in East Patchogue — 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.
• At $4,098/mo this rent would consume 47% of the median local household income ($105k/yr) (locally 1595% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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.