Is 2340 Fairway Dr in Cutchogue, NY a good investment?

CashFlowRE grades it A with a 12.9% cap rate and $8,211/mo modeled cash flow at a $1,499,999 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 2340 Fairway Dr?

The modeled cap rate is 12.9% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $22,734/month, from CashFlowRE's rent model.

A Composite 87.02

Why this score? — see what drove the A 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 +30.0/30.0
ARV discount +10.4/15.0
1% rule +10.0/10.0
DSCR +10.0/10.0
Appreciation +10.0/10.0
Schools +7.0/10.0
Condition / age +4.0/5.0
Livability +3.1/5.0
Rent growth +2.5/5.0

$1,499,999

2340 Fairway Dr · Cutchogue, NY 11935

5 bd · 4.0 ba · 3,200 sqft · SingleFamily · 113 Days on market

Built 1980 Good condition 0.93 ac lot Garage $469/sqft · 7% below area Est $1.605M · 7% under $29/mo HOA

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

Perfectly positioned in the sought-after Fairway Farms community, this spacious 3,200-square-foot residence enjoys peaceful views overlooking the golf course while offering the best of North Fork living. Set on a beautifully landscaped 0.93-acre property, this home is just minutes from the charming hamlet of New Suffolk, Pequash Beach, vineyards, marinas, farm stands, and acclaimed restaurants. Designed for both comfortable everyday living and effortless entertaining, the home features five bedrooms, four full bathrooms, hardwood floors throughout, two fireplaces, an inviting eat-in kitchen, and a formal dining room.

Key facts

Bluestone patio
Landscaped property
Enclosed porch

What this means for you Summary

Snapshot

This is a 5-bed/4.0-bath single-family listed at $1.50M. Condition is rated good.

Deal economics

At list price, monthly cash flow is $8k ($99k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($23k rent vs $1.50M).
Recommended offer: $1.36M (9.0% below list) — sets the bar for market timing.
Cap rate 12.9% vs local median 5.8% in Cutchogue — 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.

Location & tenants

Location reads 62/100 on livability (#843 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing B+; Watch: amenities F, commute F, cost of living F.
Mattituck-Cutchogue Union Free School District (suburban): math 69% / reading 68% proficiency, ranked #127 of 590 in NY (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
Zoned schools: Mattituck-Cutchogue Elementary School (math 65% / reading 68%, grade B+, #575 of 2,108 statewide, top 27%, 453 students, 37% FRL); Mattituck Junior-Senior High School (math 74% / reading 72%, grade B+, #670 of 1,100 statewide, top 61%, 548 students, 0% FRL) — zoned schools at 18% FRL track the district average.
Market conditions: 80 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).

Forward outlook

In year one you build about $160k of equity ($10k loan paydown + $150k appreciation (10.0% 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 (10.0% appreciation + 3.0% rent growth), your $420k cash investment doubles in ~2 years — after that, you're playing with house money.
By year 2, paydown + projected appreciation supports a ~$258k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

It's been on market 113 days — a 9% lower offer ($1.36M) is reasonable based on typical stale-listing flexibility.
2 sale attempts; this cycle's ask has dropped $90k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
Current owner paid $350k; list at $1.50M implies a 329% gain — meaningful room to come down on a strong offer.

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 $1,364,999 (9.0% below list)

Questions for the listing agent

It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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.
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.

Investment metrics

1% rule: 1.52% ✓
Cap rate: 12.86%
Cash-on-cash: 23.46%
DSCR: 2.04
GRM: 5.5

CMA / ARV

ARV (median comp): $1,605,000
List price: $1,499,999
Delta: -6.54%
Verdict: FAIR
Comps: 13 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
315 Green Way	0.10mi	4/3.5 (-1)	3,000 (-6%)	12mo	$1,625,000	$542	68
1060 Case's Lane Ext	0.09mi	4/2.5 (-1)	2,850 (-11%)	1mo	$1,367,000	$480	65
2700 Fairway Dr	0.03mi	4/3.0 (-1)	2,800 (-12%)	15mo	$1,675,000	$598	56
480 Eastwood Dr	1.05mi	4/3.0 (-1)	3,000 (-6%)	2mo	$1,625,000	$542	44
860 Griffing St	0.67mi	5/3.0	3,326 (+4%)	20mo	$1,335,000	$401	41
26705 Main Rd	0.38mi	4/2.0 (-1)	2,612 (-18%)	12mo	$700,000	$268	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

IRR: 41.9%
Equity multiple: 4.19×
Total profit: $1,339,891
Equity at exit: $1,351,318

10-year hold

IRR: 36.2%
Equity multiple: 9.42×
Total profit: $3,534,410
Equity at exit: $2,914,168

Cash invested: $420,000 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now: 3 active · 5 under contract
Months of supply: 9.0 mo (11%/mo absorbed)
Median asking: $1,800,000 ($595/sqft)
Median days on market: 25 d
This list price: 33% of active listings are priced below it
ARV vs active asking: -15.7% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 11935

Home prices YoY: 2.8%
Active inventory: 80
Price-to-rent: 5.5×

Monthly cashflow live

Estimated rent: $22,734 medium interval (Pro) →
Mortgage (P&I): −$7,866
Tax from tax record: −$1,228 /mo · $14,736/yr
Insurance: −$625
HOA: −$29
Lot rent: −$0
Vacancy / Maint / Mgmt: −$4,774
Net cashflow: $8,211

Break-even live

Break-even rent $12,339

Max offer price $1,499,999

Occupancy floor 59%

Sensitivity live

Price	-10% $9,061	-5% $8,636	+0% $8,211	+5% $7,787	+10% $7,362
Rent	-10% $6,415	-5% $7,313	+0% $8,211	+5% $9,109	+10% $10,007
Rate	-1.0pp $8,967	-0.5pp $8,593	base $8,211	+0.5pp $7,823	+1.0pp $7,427

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: $375,000
Closing costs: $45,000
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1100 Alvahs Ln Cutchogue, NY	4.0	4.0	2400	$24,200	$10.08	184d	1	0.57mi
215 Kouros Rd New Suffolk, NY	5.0	3.0	2500	$16,000	$6.40	2d	1	0.76mi
3655 Pequash Ave Cutchogue, NY	4.0	2.0	2400	$30,000	$12.50	10d	1	1.09mi

Property features AI

Finance

HOA & community: Part of Fairway Farms associationAssociation provides maintenanceAnnual association fee of $350 covering common area maintenance and snow removal

Exterior

Parking: Private drivewayGarage with 2 spaces
Security: Fenced pool area
Utilities: Natural gas connectedElectric service by PSEGCesspool sewerPublic trash collection
Home design: Single-family residenceUpdated / remodeled
Construction: Vinyl siding
Exterior features: GardenBack yardFront yardLandscaped groundsNear golf courseNear public transitNear shopsNear schoolsSprinklers in front and rearViewsPrivate fenced in-ground poolPool is outdoors, salt water, has cover and pool equipment

Interior

Kitchen: Open kitchenEat-in kitchenBreakfast barDishwasher
Bedrooms: Includes a bedroom on the first floor
Flooring: Hardwood floors
Bathrooms: Four full bathrooms
Heating & cooling: Forced air heatingDuctwork coolingWall/window AC units
Interior features: First-floor bedroomFirst-floor full bathBeamed ceilingsBreakfast barBuilt-in featuresEat-in kitchenEntrance foyerFormal diningNatural woodworkOpen floorplanOpen kitchenPrimary bathroomRecessed lightingStoragePatioPorchScreened porch
Laundry & utility: Inside laundry roomDryer

Listing history 50 events

2026-11-08

days on market $1,499,999 Active 113 DOM
2026-11-07

days on market $1,499,999 Active 112 DOM
2026-11-06

days on market $1,499,999 Active 111 DOM
2026-11-05

days on market $1,499,999 Active 110 DOM
2026-11-04

days on market $1,499,999 Active 109 DOM
2026-11-02

days on market $1,499,999 Active 107 DOM
2026-11-01

days on market $1,499,999 Active 106 DOM
2026-10-31

days on market $1,499,999 Active 105 DOM
2026-10-31

days on market $1,499,999 Active 104 DOM
2026-10-29

days on market $1,499,999 Active 103 DOM
2026-10-28

days on market $1,499,999 Active 102 DOM
2026-10-27

days on market $1,499,999 Active 101 DOM
2026-10-26

days on market $1,499,999 Active 100 DOM
2026-10-25

days on market $1,499,999 Active 99 DOM
2026-10-24

days on market $1,499,999 Active 98 DOM
2026-10-23

days on market $1,499,999 Active 97 DOM
2026-10-22

days on market $1,499,999 Active 96 DOM
2026-10-22

days on market $1,499,999 Active 95 DOM
2026-10-21

price $1,499,999 Active 94 DOM
2026-10-20

days on market $1,590,000 Active 94 DOM
2026-10-19

days on market $1,590,000 Active 93 DOM
2026-10-18

days on market $1,590,000 Active 92 DOM
2026-10-17

days on market $1,590,000 Active 91 DOM
2026-10-16

days on market $1,590,000 Active 90 DOM
2026-10-15

days on market $1,590,000 Active 89 DOM
2026-10-14

days on market $1,590,000 Active 88 DOM
2026-10-13

days on market $1,590,000 Active 87 DOM
2026-10-12

days on market $1,590,000 Active 86 DOM
2026-10-11

days on market $1,590,000 Active 85 DOM
2026-10-10

days on market $1,590,000 Active 84 DOM
2026-10-09

days on market $1,590,000 Active 83 DOM
2026-10-08

days on market $1,590,000 Active 82 DOM
2026-10-07

days on market $1,590,000 Active 81 DOM
2026-10-06

days on market $1,590,000 Active 80 DOM
2026-10-05

days on market $1,590,000 Active 79 DOM
2026-10-04

days on market $1,590,000 Active 78 DOM
2026-10-03

days on market $1,590,000 Active 77 DOM
2026-10-02

days on market $1,590,000 Active 76 DOM
2026-10-01

days on market $1,590,000 Active 75 DOM
2026-09-30

days on market $1,590,000 Active 74 DOM
2026-09-29

days on market $1,590,000 Active 73 DOM
2026-09-28

days on market $1,590,000 Active 72 DOM
2026-09-27

days on market $1,590,000 Active 71 DOM
2026-09-26

days on market $1,590,000 Active 70 DOM
2026-09-25

days on market $1,590,000 Active 69 DOM
2026-09-24

days on market $1,590,000 Active 68 DOM
2026-09-23

days on market $1,590,000 Active 67 DOM
2026-09-20

days on market $1,590,000 Active 64 DOM
2026-09-19

days on market $1,590,000 Active 62 DOM
2026-09-17

days on market $1,590,000 Active 61 DOM

ⓘ 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: $14,736 · $1,228/mo
Projected year-2 tax: $20,043 · $1,670/mo
Expected delta: +$5,307/yr (+$442/mo · 36.0%)

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

Climate risk First Street

🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
🔥 Wildfire 1/10 Low
🌡 Heat 5/10 Major 7 d/yr ≥91°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 2 unhealthy d/yr today · 3 by 30 yrs out

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $272,803
− Mortgage interest: −$84,023
− Property taxes: −$14,736
− Insurance: −$7,500
− Repairs & maintenance: −$21,824
− Management: −$21,824
− HOA: −$348
− Depreciation: −$43,636
Taxable income: $78,911

Your marginal tax rate % combined federal + state — saved on this device

Est. tax owed @ 24.0%: −$18,939
After-tax cash flow: $79,598/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 · 9 photos

Good 80/100 Cosmetic rehab Est. rehab $16,000–$48,000 screening

This home is in good condition with a good roof and exterior. It has a spacious layout and is located in a desirable area. Painting the exterior and cleaning gutters would significantly increase its value.

Value-add opportunities

Both Paint exterior — Enhances curb appeal and value ↑
Both Clean gutters — Improves drainage and property value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 70/100

Zoned Schools

Elementary Mattituck-Cutchogue Elementary School B+ NY #575/2,108 Nat'l #4,825/41,679 High Mattituck Junior-Senior High School B+ NY #670/1,100 Nat'l #1,820/17,239

Schools (NCES district)

District: Mattituck-Cutchogue Union Free School District
NCES district ID: 3600021
Math proficiency: 69% ▼ -3.00%
Reading proficiency: 68% ▲ 4.00%
Median HH income: $84,164
Composite: 61.4/100
National rank: #765
State rank: #127 of 590 in NY

C Composite livability gradescore 62/100

Livability — Cutchogue

Score: 62/100
State rank: #843
US rank: #16353

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

Census place: Cutchogue, NY
County: Suffolk · 1,505,262 people
City population: 2,946
Metro: New York-Newark-Jersey City, NY-NJ
Population (ZIP): 2,946
Household income: $138,024
Rent vs Own: 11.3% rent · 88.7% 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 (92%)
Race & ethnicity: White 92% Two or more races 6% Hispanic / Latino 6%
Hispanic origin (detail): Puerto Rican 2% Cuban 1%
Languages at home: 87% English-only · Other Indo-European 5% German/W. Germanic 3% Spanish 3%

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: ▲ 12.82%
Current HPI: 467.3019
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
#11 JPMorgan Chase New York $278.9B #21 Citigroup New York $170.8B #32 Goldman Sachs New York $126.9B #40 Morgan Stanley New York $107.3B #42 StoneX Group New York $99.9B #58 American Express New York $74.2B #98 TIAA New York $46.9B #273 Mastercard Purchase $28.2B #328 M&T Bank Buffalo $8.8B #392 Voya Financial New York $7.8B
Consumer Goods	9	$162B
#45 PepsiCo Purchase $91.9B #171 Colgate-Palmolive New York $19.5B #207 Estee Lauder New York $15.6B #246 Constellation Brands Victor $10.2B #422 PVH Corp New York $8.6B #364 Tapestry New York $6.7B #420 Ralph Lauren New York $6.6B #460 Steven Madden Long Island City $2.2B #498 Prestige Consumer Healthcare Tarrytown $1.1B
Insurance	4	$225B
#60 MetLife New York $71.0B #69 New York Life Insurance New York $62.6B #99 Travelers Companies New York $46.4B #101 AIG New York $44.9B
Telecommunications	2	$144B
#30 Verizon Communications New York $134.8B #297 Altice USA Long Island City $9.1B
Pharmaceuticals	2	$112B
#67 Pfizer New York $63.6B #94 Bristol-Myers Squibb New York $48.3B
Media / Entertainment	2	$69B
#295 Warner Bros. Discovery New York $39.9B #269 Paramount Global New York $28.9B

Price history

+354.3% since first listed

4 events — show timeline

2026-07-06 Listed $1,590,000 OneKey® MLS as Distributed by MLS Grid
2026-06-05 Listing Removed — OneKey® MLS as Distributed by MLS Grid
2025-11-19 Listed $1,580,000 OneKey® MLS as Distributed by MLS Grid
1996-12-18 Sold (Public Records) $350,000 Public Records

Property tax history

+0.8%/yr

Latest (2025): $14,736 · +0.0% YoY. Source: county tax records.

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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