38 Railroad Ave · East Hampton North, NY 11937

$2,299,000

5 bd · 3.0 ba · 3,300 sqft · SingleFamily · 80 Days on market

Built 2022 0.54 ac lot $697/sqft · 34% below area Est $3458k · 34% under

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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 +27.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.4/10.0
• 1% rule +6.1/10.0
• Schools +5.8/10.0
• Rent growth +5.0/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in the highly sought-after East Hampton, New York, this exceptional property is just a five-minute drive to the North Main Street shopping district and Wells Beach, offering both convenience and coastal living. This newly constructed and fully renovated residence is set in an extremely private location while still providing easy access to town. The home has been completely updated with all new electrical, plumbing, septic system, water supply, and major mechanical systems, offering peace of mind and modern efficiency. The property features five spacious bedrooms, one of which includes a private en-suite, along with three full bathrooms and two kitchen areas. The main kitchen is designed for both everyday living and entertaining, featuring a large island and abundant cabinetry, making it ideal for gatherings, entertaining, and culinary enthusiasts. This layout is well-suited for extended family living, guests, or flexible living arrangements. Additional highlights include a two-car garage with finished tile flooring, as well as parking for more than ten vehicles. The property also includes a separate finished structure on the premises, offering additional space and versatility. Situated on a very large lot, The exterior has been beautifully updated with new wolf portrait siding, spray foam insulation, a new roof and new windows. The home also boasts a fully finished basement with a separate entrance and egress windows, providing additional living space and versatility. This is a rare opportunity to own a move-in-ready property in one of East Hampton’s most desirable locations, combining privacy, space, and modern upgrades. Driveway will be covered in stone gravel

Key facts

• Newly constructed
• Fully renovated
• Updated electrical

Tags

• PRIVATE LOCATION
• NEWLY CONSTRUCTED
• FULLY RENOVATED
• UPDATED ELECTRICAL
• UPDATED PLUMBING
• UPDATED SEPTIC SYSTEM

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $2.30M.

Deal economics

• At list price, monthly cash flow is $6k ($78k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $2.30M).
• Recommended offer: $2.16M (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#1,013 in NY) — a working-class tenant base; expect higher turnover. Strengths: crime A+, employment A+; Watch: schools D, amenities F, commute F.
• East Hampton Union Free School District (town): math 62% / reading 66% proficiency, ranked #159 of 590 in NY (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+12.3%/yr); 135 active listings in the ZIP; 2 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 $25,450/mo this rent would consume 235% of the median local household income ($130k/yr) (locally 896% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $16k of loan paydown is wiped out by about $69k of value loss. Plan a longer hold.
• 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 + 8.0% rent growth), your $644k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($2.16M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $400k; list at $2.30M implies a 475% gain — meaningful room to come down on a strong offer.

Recommended offer $2,161,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 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. 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?
5. 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.
6. 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.
7. 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: 1.11% ✓
• Cap rate: 9.66%
• Cash-on-cash: 12.04%
• DSCR: 1.54
• GRM: 7.5

CMA / ARV

• ARV (median comp): $3,458,260
• List price: $2,299,000
• Delta: -33.52%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14 Covey Ct	0.39mi	4/3.5 (-1)	3,182 (-4%)	9mo	$1,525,000	$479	62
4 Issacs Path	0.57mi	4/6.0 (-1)	3,525 (+7%)	6mo	$3,200,000	$908	40

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

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 6.5%
• Equity multiple: 1.27×
• Total profit: $172,392
• Equity at exit: $342,788

10-year hold

• IRR: 19.6%
• Equity multiple: 3.00×
• Total profit: $1,288,011
• Equity at exit: $198,776

Cash invested: $643,720 (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 11937

• Rents YoY: 12.3%
• Active inventory: 135
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $25,450 medium
• Mortgage (P&I): −$12,056
• Tax from tax record: −$632 /mo · $7,582/yr
• Insurance: −$958
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,345
• Net cashflow: $6,460

Break-even live

Break-even rent $17,273

Max offer price $2,299,000

Occupancy floor 70%

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: $574,750
• Closing costs: $68,970
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
121 Pantigo Rd East Hampton, NY	5.0	4.5	3400	$40,000	$11.76	24d	1	1.08mi
54 Miller Ln E East Hampton, NY	5.0	5.5	3850	$40,000	$10.39	24d	1	1.42mi

Listing history 21 events

1. 2026-06-18
   days on market $2,299,000 Active 80 DOM
2. 2026-06-17
   days on market $2,299,000 Active 79 DOM
3. 2026-06-16
   days on market $2,299,000 Active 78 DOM
4. 2026-06-15
   days on market $2,299,000 Active 77 DOM
5. 2026-06-13
   days on market $2,299,000 Active 75 DOM
6. 2026-06-13
   days on market $2,299,000 Active 74 DOM
7. 2026-06-09
   days on market $2,299,000 Active 71 DOM
8. 2026-06-08
   days on market $2,299,000 Active 70 DOM
9. 2026-06-07
   days on market $2,299,000 Active 69 DOM
10. 2026-06-04
    days on market $2,299,000 Active 66 DOM
11. 2026-06-03
    days on market $2,299,000 Active 65 DOM
12. 2026-06-02
    days on market $2,299,000 Active 64 DOM
13. 2026-06-01
    days on market $2,299,000 Active 63 DOM
14. 2026-05-31
    days on market $2,299,000 Active 62 DOM
15. 2026-04-29
    price $2,299,000 1711-char remark

    Show marketing remark (1711 chars)

    Located in the highly sought-after East Hampton, New York, this exceptional property is just a five-minute drive to the North Main Street shopping district and Wells Beach, offering both convenience and coastal living. This newly constructed and fully renovated residence is set in an extremely private location while still providing easy access to town. The home has been completely updated with all new electrical, plumbing, septic system, water supply, and major mechanical systems, offering peace of mind and modern efficiency. The property features five spacious bedrooms, one of which includes a private en-suite, along with three full bathrooms and two kitchen areas. The main kitchen is designed for both everyday living and entertaining, featuring a large island and abundant cabinetry, making it ideal for gatherings, entertaining, and culinary enthusiasts. This layout is well-suited for extended family living, guests, or flexible living arrangements. Additional highlights include a two-car garage with finished tile flooring, as well as parking for more than ten vehicles. The property also includes a separate finished structure on the premises, offering additional space and versatility. Situated on a very large lot, The exterior has been beautifully updated with new wolf portrait siding, spray foam insulation, a new roof and new windows. The home also boasts a fully finished basement with a separate entrance and egress windows, providing additional living space and versatility. This is a rare opportunity to own a move-in-ready property in one of East Hampton’s most desirable locations, combining privacy, space, and modern upgrades. Driveway will be covered in stone gravel

16. 2026-04-14
    price $2,499,000 1711-char remark

    Show marketing remark (1711 chars)

    Located in the highly sought-after East Hampton, New York, this exceptional property is just a five-minute drive to the North Main Street shopping district and Wells Beach, offering both convenience and coastal living. This newly constructed and fully renovated residence is set in an extremely private location while still providing easy access to town. The home has been completely updated with all new electrical, plumbing, septic system, water supply, and major mechanical systems, offering peace of mind and modern efficiency. The property features five spacious bedrooms, one of which includes a private en-suite, along with three full bathrooms and two kitchen areas. The main kitchen is designed for both everyday living and entertaining, featuring a large island and abundant cabinetry, making it ideal for gatherings, entertaining, and culinary enthusiasts. This layout is well-suited for extended family living, guests, or flexible living arrangements. Additional highlights include a two-car garage with finished tile flooring, as well as parking for more than ten vehicles. The property also includes a separate finished structure on the premises, offering additional space and versatility. Situated on a very large lot, The exterior has been beautifully updated with new wolf portrait siding, spray foam insulation, a new roof and new windows. The home also boasts a fully finished basement with a separate entrance and egress windows, providing additional living space and versatility. This is a rare opportunity to own a move-in-ready property in one of East Hampton’s most desirable locations, combining privacy, space, and modern upgrades. Driveway will be covered in stone gravel

17. 2026-03-30
    listed $2,599,000 Active 1711-char remark

    Show marketing remark (1711 chars)

    Located in the highly sought-after East Hampton, New York, this exceptional property is just a five-minute drive to the North Main Street shopping district and Wells Beach, offering both convenience and coastal living. This newly constructed and fully renovated residence is set in an extremely private location while still providing easy access to town. The home has been completely updated with all new electrical, plumbing, septic system, water supply, and major mechanical systems, offering peace of mind and modern efficiency. The property features five spacious bedrooms, one of which includes a private en-suite, along with three full bathrooms and two kitchen areas. The main kitchen is designed for both everyday living and entertaining, featuring a large island and abundant cabinetry, making it ideal for gatherings, entertaining, and culinary enthusiasts. This layout is well-suited for extended family living, guests, or flexible living arrangements. Additional highlights include a two-car garage with finished tile flooring, as well as parking for more than ten vehicles. The property also includes a separate finished structure on the premises, offering additional space and versatility. Situated on a very large lot, The exterior has been beautifully updated with new wolf portrait siding, spray foam insulation, a new roof and new windows. The home also boasts a fully finished basement with a separate entrance and egress windows, providing additional living space and versatility. This is a rare opportunity to own a move-in-ready property in one of East Hampton’s most desirable locations, combining privacy, space, and modern upgrades. Driveway will be covered in stone gravel

18. 2022-07-06
    soldstatus $400,000
19. 2004-01-07
    soldstatus $400,000
20. 2000-03-21
    soldstatus $55,000
21. 1999-12-22
    soldstatus $17,500

ⓘ 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: $7,582 · $632/mo
• Projected year-2 tax: $23,217 · $1,935/mo
• Expected delta: +$15,636/yr (+$1,303/mo · 206.2%)

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

Taxation est. · year 1

• Rental income: $305,403
• − Mortgage interest: −$128,780
• − Property taxes: −$7,582
• − Insurance: −$11,495
• − Repairs & maintenance: −$24,432
• − Management: −$24,432
• − Depreciation: −$66,880
• Taxable income: $41,802
• Est. tax owed @ 24.0%: −$10,032
• After-tax cash flow: $67,484/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: East Hampton Union Free School District
• NCES district ID: 3609660
• Math proficiency: 62% ▼ -5.00%
• Reading proficiency: 66% ▲ 2.00%
• Median HH income: $86,309
• Composite: 57.85/100
• National rank: #1046
• State rank: #159 of 590 in NY

Livability — East Hampton North

• Score: 59/100
• State rank: #1013
• US rank: #19706

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Hampton North, NY
• County: Suffolk County · 679,920 people
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 21,882
• Household income: $129,883
• Rent vs Own: 23.1% rent · 76.9% own
• Severe rent burden: 896.0

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: Majority White (61%)
• Race & ethnicity: White 61% Hispanic / Latino 32% Two or more races 23% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Romanian 5% Scotch-Irish 4% Italian 2%
• Foreign-born: 25% · Canada, Guatemala, Jamaica
• Languages at home: 68% English-only · Spanish 28% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -285.21%
• Current HPI: 444.1499
• Rent YoY: ▲ 12.28%
• 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

+13037.1% since first listed

7 events — show timeline

• 2026-04-29 Price Changed $2,299,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-14 Price Changed $2,499,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-30 Listed $2,599,000 OneKey® MLS as Distributed by MLS Grid
• 2022-07-06 Sold (Public Records) $400,000 Public Records
• 2004-01-07 Sold (Public Records) $400,000 Public Records
• 2000-03-21 Sold (Public Records) $55,000 Public Records
• 1999-12-22 Sold (Public Records) $17,500 Public Records

Property tax history

+2.6%/yr

Latest (2025): $7,582 · +0.0% YoY. Source: county tax records.