250 Cypress Dr

Mastic Beach, NY 11951

$435,000C-

3 bd · 1.5 ba · 1,702 sqft · Built 1967 · SingleFamily · Pending · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,794/mo
• Mortgage (P&I): −$2,281
• Tax + insurance: −$983
• HOA: −$0
• Vac / Maint / Mgmt: −$797
• Net cashflow: $-267/mo
• Annual: $-3,204/yr
• Cap rate: 5.56%
• Cash-on-cash: -2.63%
• DSCR: 0.88
• 1% rule: 0.87%
• Cash to close: $121,800

Investor read

• This is a 3-bed/1.5-bath single-family listed at $435k.
• At list price, monthly cash flow is $-267 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $388k (10.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $379k (12.8% below list).
• It's been on market 56 days — a 3% lower offer ($422k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $379k (12.8% below list) — sets the bar for 1% rule.
• In year one you build about $47k of equity ($3k loan paydown + $44k appreciation (10.0% local appreciation)).
• Location reads 61/100 on livability (#936 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: schools D, crime D, amenities F.
• William Floyd Union Free School District (suburban): math 48% / reading 57% proficiency, ranked #309 of 590 in NY (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 135 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 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.
• 5 sale attempts since 5y 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 $340k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$75k 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.

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 56 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Built in 1967 — 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.
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.