56 S Country Rd

Westhampton, NY 11977

$1,699,000A-

3 bd · 3.0 ba · 2,778 sqft · Built 1994 · SingleFamily · Active · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $18,509/mo
• Mortgage (P&I): −$8,910
• Tax + insurance: −$1,719
• HOA: −$0
• Vac / Maint / Mgmt: −$3,887
• Net cashflow: $3,993/mo
• Annual: $47,915/yr
• Cap rate: 9.44%
• Cash-on-cash: 11.23%
• DSCR: 1.50
• 1% rule: 1.09%
• Cash to close: $475,720

Investor read

• This is a 3-bed/3.0-bath single-family listed at $1.70M. Condition is rated excellent.
• At list price, monthly cash flow is $4k ($48k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.70M).
• It's been on market 84 days — a 6% lower offer ($1.60M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.60M (6.0% below list) — sets the bar for market timing.
• In year one you build about $162k of equity ($12k loan paydown + $150k appreciation (8.8% local appreciation)).
• Location reads 60/100 on livability (#969 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: housing C-, 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.
• Zoned schools: Westhampton Beach Elementary School (math 67% / reading 67%, grade B+, #525 of 2,108 statewide, top 27%, 356 students, 43% FRL); Westhampton Middle School (math 61% / reading 63%, grade B+, #136 of 729 statewide, top 20%, 434 students, 26% FRL); Westhampton Beach Senior High School (math 90% / reading 96%, grade A+, #147 of 1,100 statewide, top 14%, 964 students, 24% FRL).
• Watch-outs: flood insurance adds $460/mo.
• Market conditions: 90 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 77d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 77% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 10 sale attempts since 11y 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 $1.35M; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (8.8% appreciation + 3.0% rent growth), your $476k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$259k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.