17 Leslie Ln

Remsenburg-Speonk, NY 11787

$899,000B+

3 bd · 2.5 ba · 2,068 sqft · Built 1965 · SingleFamily · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $21,384/mo
• Mortgage (P&I): −$4,714
• Tax + insurance: −$1,450
• HOA: −$0
• Vac / Maint / Mgmt: −$4,491
• Net cashflow: $10,729/mo
• Annual: $128,746/yr
• Cap rate: 20.61%
• Cash-on-cash: 51.15%
• DSCR: 3.28
• 1% rule: 2.38%
• Cash to close: $251,720

Investor read

• This is a 3-bed/2.5-bath single-family listed at $899k.
• At list price, monthly cash flow is $11k ($129k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $899k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Eastport-South Manor CSD (suburban): math 62% / reading 69% proficiency, ranked #147 of 590 in NY (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Eastport Elementary School (math 67% / reading 77%, grade A-, #378 of 2,108 statewide, top 20%, 348 students, 0% FRL); Eastport-South Manor Junior Senior High School (math 68% / reading 61%, grade B-, #776 of 1,100 statewide, top 73%, 1,530 students, 20% FRL) — zoned schools at 10% FRL track the district average.
• Market conditions: 172 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $235k; list at $899k implies a 283% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $252k cash investment doubles in ~3 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 20.6% vs local median 6.4% in Remsenburg-Speonk — 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 1965 — 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.
• 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.