3 Whispering Fields Ct · Water Mill, NY 11976

$4,495,000

4 bd · 4.5 ba · 4,347 sqft · SingleFamily · 83 Days on market

Built 2003 Good condition 0.92 ac lot $1034/sqft · 28% above area Est $3515k · 28% over ↓ 6% since listing

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Why this score? — see what drove the B- 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 +25.4/30.0
• Appreciation +9.3/10.0
• DSCR +8.4/10.0
• 1% rule +6.7/10.0
• Rent growth +5.0/5.0
• Schools +4.8/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Located in the heart of Water Mill on a private cul-de-sac within Whispering Fields, this meticulously maintained Post Modern residence offers the ideal setting for summer living or year-round enjoyment. Step through the grand foyer with vaulted ceilings into an open, light-filled great room featuring a fireplace and adjacent formal dining area. Double sets of French doors seamlessly connect the interior to the expansive mahogany deck and beautifully landscaped grounds. The spacious eat in kitchen is appointed with stainless steel appliances, stone countertops, and ample room for cooking and entertaining. A separate den with a second fireplace provides the perfect space for additional lounging, media, or a home office. The generous first-floor primary suite includes a third fireplace, two walk in closets, and a luxurious private bath with double sinks, an oversized shower, and a jacuzzi tub. Vaulted ceilings and double-height windows enhance the sense of space and light. Additional first floor amenities include a powder room, laundry room, and a walk in pantry/storage area. The upper level features a second primary suite with its own private bath, along with two additional guest bedrooms, two full baths, and a large bonus room and office. The 2,500 sq ft unfinished lower level, with 10 ft ceilings and existing egress windows, provides substantial potential for added living space if desired. Outdoors, the property offers a true private oasis: an expansive mahogany deck, an oversized Gunite pool, and lush grounds framed by professionally designed landscaping. Mature specimen trees, perennials, and flowering shrubs ensure vibrant color from spring through fall. Additional features include an attached two car garage with tile flooring and built in cabinetry, central vacuum, a full home generator, a 13 zone irrigation system, a home security system, and generous storage throughout, including a large laundry room and walk in pantry.

Key facts

• Full home generator
• Private cul-de-sac
• 0.92 acre lot

Tags

• PRIVATE CUL-DE-SAC
• EXPANSIVE MAHOGANY DECK
• OVERSIZED GUNITE POOL
• MATURE SPECIMEN TREES
• FULL HOME GENERATOR
• 13 ZONE IRRIGATION SYSTEM

What this means for you Summary

Snapshot

• This is a 4-bed/4.5-bath single-family listed at $4.50M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $10k ($125k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($52k rent vs $4.50M).
• Recommended offer: $4.23M (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#410 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, commute A-; Watch: amenities F, cost of living F, housing F.
• Southampton Union Free School District (suburban): math 53% / reading 51% proficiency, ranked #293 of 590 in NY (top 50%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+30.1%/yr); 52 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).
• At $52,492/mo this rent would consume 349% of the median local household income ($180k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $419k of equity ($31k loan paydown + $388k appreciation (8.6% local appreciation)).
• Suffolk County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (8.6% appreciation + 8.0% rent growth), your $1.26M cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$672k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($4.23M) is reasonable based on typical stale-listing flexibility.

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 $4,225,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.17% ✓
• Cap rate: 9.07%
• Cash-on-cash: 9.92%
• DSCR: 1.44
• GRM: 7.1

CMA / ARV

• ARV (median comp): $3,515,345
• List price: $4,495,000
• Delta: 27.87%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

8.63% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 31.3%
• Equity multiple: 3.36×
• Total profit: $2,975,656
• Equity at exit: $3,609,735

10-year hold

• IRR: 29.5%
• Equity multiple: 8.04×
• Total profit: $8,856,772
• Equity at exit: $7,359,473

Cash invested: $1,258,600 (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 11976

• Home prices YoY: 1.6%
• Rents YoY: 30.1%
• Active inventory: 52
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $52,492 medium
• Mortgage (P&I): −$23,572
• Tax est. 1.5%: −$5,619 /mo · $67,425/yr
• Insurance: −$1,873
• HOA: −$0
• Vacancy / Maint / Mgmt: −$11,023
• Net cashflow: $10,405

Break-even live

Break-even rent $39,321

Max offer price $4,495,000

Occupancy floor 75%

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: $1,123,750
• Closing costs: $134,850
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
64 Water Mill Towd Rd Water Mill, NY	4.0	4.0	3800	$55,000	$14.47	43d	1	1.10mi

Listing history 3 events

1. 2026-06-03
   status $4,495,000 Pending 83 DOM
2. 2026-04-28
   price $4,495,000 1968-char remark

   Show marketing remark (1968 chars)

   Located in the heart of Water Mill on a private cul-de-sac within Whispering Fields, this meticulously maintained Post Modern residence offers the ideal setting for summer living or year-round enjoyment. Step through the grand foyer with vaulted ceilings into an open, light-filled great room featuring a fireplace and adjacent formal dining area. Double sets of French doors seamlessly connect the interior to the expansive mahogany deck and beautifully landscaped grounds. The spacious eat in kitchen is appointed with stainless steel appliances, stone countertops, and ample room for cooking and entertaining. A separate den with a second fireplace provides the perfect space for additional lounging, media, or a home office. The generous first-floor primary suite includes a third fireplace, two walk in closets, and a luxurious private bath with double sinks, an oversized shower, and a jacuzzi tub. Vaulted ceilings and double-height windows enhance the sense of space and light. Additional first floor amenities include a powder room, laundry room, and a walk in pantry/storage area. The upper level features a second primary suite with its own private bath, along with two additional guest bedrooms, two full baths, and a large bonus room and office. The 2,500 sq ft unfinished lower level, with 10 ft ceilings and existing egress windows, provides substantial potential for added living space if desired. Outdoors, the property offers a true private oasis: an expansive mahogany deck, an oversized Gunite pool, and lush grounds framed by professionally designed landscaping. Mature specimen trees, perennials, and flowering shrubs ensure vibrant color from spring through fall. Additional features include an attached two car garage with tile flooring and built in cabinetry, central vacuum, a full home generator, a 13 zone irrigation system, a home security system, and generous storage throughout, including a large laundry room and walk in pantry.

3. 2026-03-08
   listed $4,795,000 Active 1968-char remark

   Show marketing remark (1968 chars)

   Located in the heart of Water Mill on a private cul-de-sac within Whispering Fields, this meticulously maintained Post Modern residence offers the ideal setting for summer living or year-round enjoyment. Step through the grand foyer with vaulted ceilings into an open, light-filled great room featuring a fireplace and adjacent formal dining area. Double sets of French doors seamlessly connect the interior to the expansive mahogany deck and beautifully landscaped grounds. The spacious eat in kitchen is appointed with stainless steel appliances, stone countertops, and ample room for cooking and entertaining. A separate den with a second fireplace provides the perfect space for additional lounging, media, or a home office. The generous first-floor primary suite includes a third fireplace, two walk in closets, and a luxurious private bath with double sinks, an oversized shower, and a jacuzzi tub. Vaulted ceilings and double-height windows enhance the sense of space and light. Additional first floor amenities include a powder room, laundry room, and a walk in pantry/storage area. The upper level features a second primary suite with its own private bath, along with two additional guest bedrooms, two full baths, and a large bonus room and office. The 2,500 sq ft unfinished lower level, with 10 ft ceilings and existing egress windows, provides substantial potential for added living space if desired. Outdoors, the property offers a true private oasis: an expansive mahogany deck, an oversized Gunite pool, and lush grounds framed by professionally designed landscaping. Mature specimen trees, perennials, and flowering shrubs ensure vibrant color from spring through fall. Additional features include an attached two car garage with tile flooring and built in cabinetry, central vacuum, a full home generator, a 13 zone irrigation system, a home security system, and generous storage throughout, including a large laundry room and walk in pantry.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $629,906
• − Mortgage interest: −$251,790
• − Property taxes: −$67,425
• − Insurance: −$22,475
• − Repairs & maintenance: −$50,392
• − Management: −$50,392
• − Depreciation: −$130,764
• Taxable income: $56,668
• Est. tax owed @ 24.0%: −$13,600
• After-tax cash flow: $111,258/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained, post-modern single-family home in Water Mill offers a private setting with a spacious deck and landscaped grounds. It is ready for immediate occupancy and would benefit from minor updates to enhance its curb appeal and energy efficiency.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both paint exterior — improves curb appeal and adds value
• Both HVAC service — improves comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both paint exterior — improves curb appeal and adds value ↑
• Both HVAC service — improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Southampton Union Free School District
• NCES district ID: 3627540
• Math proficiency: 53% ▬ 0.00%
• Reading proficiency: 51% ▲ 4.00%
• Median HH income: $85,977
• Composite: 47.9/100
• National rank: #2213
• State rank: #293 of 590 in NY

Livability — Water Mill

• Score: 71/100
• State rank: #410
• US rank: #7088

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Water Mill, NY
• County: Suffolk County · 679,920 people
• City population: 2,952
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 2,952
• Household income: $180,250
• Rent vs Own: 6.8% rent · 93.2% own

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 9% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 1% Salvadoran 2%
• Common ancestry: Romanian 16% Scotch-Irish 7% Italian 3%
• Foreign-born: 11% · Canada, China
• Languages at home: 86% English-only · Spanish 7% Other Indo-European 4% German/W. Germanic 1%

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: ▲ 8.63%
• Current HPI: 540.0967
• Rent YoY: ▲ 30.05%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• 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

-6.3% since first listed

2 events — show timeline

• 2026-04-28 Price Changed $4,495,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-08 Listed $4,795,000 OneKey® MLS as Distributed by MLS Grid