465 Old Country Rd #465 · Riverhead, NY 11901

$275,999

2 bd · 2.0 ba · 1,232 sqft · Manufactured · 80 Days on market

Built 1982 Est $275k · at est. ↓ 3% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• ARV discount +7.3/15.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Just listed! This immaculate 2-bedroom, 2-bathroom home offers 1,232 square feet of sun-filled living space and is move-in ready. The updated kitchen features sleek quartz countertops and opens to a spacious dining area, perfect for entertaining. The inviting living room provides a comfortable space to relax, while the large bedrooms offer plenty of room to unwind. A bright sunroom adds extra charm and is ideal for enjoying morning coffee, reading, or simply soaking in the natural light. Step outside to a beautifully maintained backyard with lush grass, mature trees, and a private patio for outdoor gatherings. The property also includes a double carport and a convenient storage shed. Don&rs

Key facts

• Quartz countertops
• Private patio
• Updated kitchen

Tags

• UPDATED KITCHEN
• QUARTZ COUNTERTOPS
• SPACIOUS DINING AREA
• BRIGHT SUNROOM
• PRIVATE PATIO
• CONVENIENT STORAGE SHED

Property features AI

Finance

• HOA & community: HOA / additional fees: $725; Senior community

Exterior

• Parking: Attached covered carport; 2 carport spaces; Driveway parking; Off-street parking; Oversized and private parking
• Utilities: Septic tank; Cable connected; Electricity connected; Trash collection (private); Underground utilities; Water available and connected
• Home design: Manufactured house / manufactured home; Living area based on plans
• Construction: Manufactured construction
• Exterior features: Double wide manufactured home; Not waterfront

Interior

• Kitchen: Dishwasher; Electric cooktop; Electric oven; Electric range; Microwave; Freezer; Refrigerator; Stainless steel appliances; Granite and quartz/quartzite counters; Breakfast bar; Pantry; Eat-in / open kitchen layout
• Bedrooms: Includes a bedroom on the first floor
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Hot air heating; Oil heating
• Interior features: First-floor bedroom; First-floor full bathroom; Breakfast bar; Chef's kitchen; Crown molding; Double vanity in primary bath; Eat-in kitchen; Granite counters; His-and-hers closets; Open kitchen; Pantry; Primary bathroom; Quartz/Quartzite counters; Recessed lighting; Washer/dryer hookup
• Laundry & utility: Washer; Dryer; Washer/dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $276k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $276k).
• Recommended offer: $259k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 4.6% in Riverhead — 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 73/100 on livability (#325 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing B+; Watch: cost of living F.
• Riverhead Central School District (suburban): math 34% / reading 48% proficiency, ranked #489 of 590 in NY (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Aquebogue Elementary School (math 47% / reading 57%, grade C-, #988 of 2,108 statewide, top 49%, 474 students, 40% FRL); Riverhead Middle School (math 18% / reading 35%, grade F, #594 of 729 statewide, top 81%, 827 students, 57% FRL); Riverhead Senior High School (math 80% / reading 86%, grade A, #440 of 1,100 statewide, top 40%, 2,001 students, 52% FRL).
• Zoned-school proficiency averages 54% at this address vs 41% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Riverhead Central School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 188 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,366 units permitted in Suffolk County in 2024 (216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 + 3.0% rent growth), your $77k 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 ($259k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Recommended offer $259,439 (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: 1.39% ✓
• Cap rate: 11.14%
• Cash-on-cash: 17.32%
• DSCR: 1.77
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $274,736
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
465 Old Country Rd #465	0.00mi	2/2.0	1,232 (0%)	0mo	$275,000	$223	100

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.7%
• Equity multiple: 1.34×
• Total profit: $26,382
• Equity at exit: $41,152

10-year hold

• IRR: 17.9%
• Equity multiple: 2.48×
• Total profit: $114,693
• Equity at exit: $23,863

Cash invested: $77,280 (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 11901

• Home prices YoY: -29.5%
• Active inventory: 188
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $3,826 high
• Mortgage (P&I): −$1,447
• Tax est. 1.5%: −$345 /mo · $4,140/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$804
• Net cashflow: $1,116

Break-even live

Break-even rent $2,414

Max offer price $275,999

Occupancy floor 66%

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: $69,000
• Closing costs: $8,280
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4 Oak Dr Unit 1261528P Riverhead, NY	1.0	1.0	721	$3,513	$4.87	7d	1	0.96mi
2702 Amen Cor Riverhead, NY	2.0	2.5	1350	$3,100	$2.30	3d	1	1.08mi
331 E Main St Unit 405 Riverhead, NY	2.0	1.0	777	$4,300	$5.53	43d	1	1.24mi
331 E Main St Unit 404 Riverhead, NY	1.0	1.0	712	$3,750	$5.27	43d	1	1.24mi
331 E Main St Unit 204 Riverhead, NY	2.0	1.0	867	$3,350	$3.86	43d	1	1.24mi
331 E Main St Riverhead, NY	1.0–2.0	1.0	822	$4,300	$5.23	1d	3	1.24mi

Listing history 7 events

1. 2026-05-08
   status Pending
2. 2026-05-02
   historical
3. 2026-04-11
   status Active
4. 2026-03-30
   historical
5. 2026-03-11
   status Active
6. 2025-11-22
   price $275,999
7. 2025-10-15
   listed $285,000 Active

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

Taxation est. · year 1

• Rental income: $45,917
• − Mortgage interest: −$15,460
• − Property taxes: −$4,140
• − Insurance: −$1,380
• − Repairs & maintenance: −$3,673
• − Management: −$3,673
• − Depreciation: −$8,029
• Taxable income: $9,561
• Est. tax owed @ 24.0%: −$2,295
• After-tax cash flow: $11,092/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: Riverhead Central School District
• NCES district ID: 3624690
• Math proficiency: 34% ▼ -4.00%
• Reading proficiency: 48% ▲ 13.00%
• Median HH income: $61,607
• Composite: 36.38/100
• National rank: #4683
• State rank: #489 of 590 in NY

Livability — Riverhead

• Score: 73/100
• State rank: #325
• US rank: #5379

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Riverhead, NY
• City population: 32,921
• Population (ZIP): 32,921

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 52% Hispanic / Latino 29% Two or more races 14% Black 11% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 8% Iranian 1% Portuguese 1%
• Foreign-born: 25% · Canada, Jamaica
• Languages at home: 68% English-only · Spanish 26% Other Indo-European 3% Russian/Polish/Slavic 2%

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: ▼ -182.60%
• Current HPI: 436.7781
• 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
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

-3.2% since first listed

7 events — show timeline

• 2026-05-08 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-05-02 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-04-11 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-03-30 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-03-11 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-11-22 Price Changed $275,999 OneKey® MLS as Distributed by MLS Grid
• 2025-10-15 Listed $285,000 OneKey® MLS as Distributed by MLS Grid