66 Peters Ln

Quiogue, NY 11978

$2,825,000C

6 bd · 8.0 ba · 3,489 sqft · Built 2024 · SingleFamily · Active · 168 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $24,453/mo
• Mortgage (P&I): −$14,815
• Tax + insurance: −$4,708
• HOA: −$0
• Vac / Maint / Mgmt: −$5,135
• Net cashflow: $-205/mo
• Annual: $-2,459/yr
• Cap rate: 6.21%
• Cash-on-cash: -0.31%
• DSCR: 0.99
• 1% rule: 0.87%
• Cash to close: $791,000

Investor read

• This is a 6-bed/8.0-bath single-family listed at $2.83M.
• At list price, monthly cash flow is $-205 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $2.80M (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.45M (13.4% below list).
• It's been on market 168 days — a 12% lower offer ($2.49M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.45M (13.4% below list) — sets the bar for 1% rule.
• In year one you build about $302k of equity ($20k loan paydown + $282k appreciation (10.0% local appreciation)).
• Location reads 59/100 on livability (#1,023 in NY) — a working-class tenant base; expect higher turnover. Strengths: crime A+, employment A+, housing B; Watch: schools D+, amenities F, commute F.
• Westhampton Beach Union Free School District (suburban): math 72% / reading 75% proficiency, ranked #81 of 590 in NY (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 112 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• 6 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $360k; list at $2.83M implies a 685% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$486k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• At $24,453/mo this rent would consume 234% of the median local household income ($125k/yr) (locally 43% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 168 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• 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 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.