309 William Floyd Pkwy

Shirley, NY 11967

$449,000D+

3 bd · 2.5 ba · 1,516 sqft · Built 2003 · SingleFamily · Pending · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,164/mo
• Mortgage (P&I): −$2,355
• Tax + insurance: −$964
• HOA: −$0
• Vac / Maint / Mgmt: −$874
• Net cashflow: $-28/mo
• Annual: $-342/yr
• Cap rate: 6.22%
• Cash-on-cash: -0.27%
• DSCR: 0.99
• 1% rule: 0.93%
• Cash to close: $125,720

Investor read

• This is a 3-bed/2.5-bath single-family listed at $449k.
• At list price, monthly cash flow is $-28 ($-342/yr) — negative.
• To cash-flow at today's rent, offer at most $444k (1.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $416k (7.3% below list).
• It's been on market 97 days — a 9% lower offer ($409k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $409k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#886 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime D+, amenities F, commute 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.
• Zoned schools: John S Hobart Elementary School (math 48% / reading 42%, grade D-, #1,274 of 2,108 statewide, top 61%, 798 students, 58% FRL); William Floyd Middle School (math 36% / reading 47%, grade F, #394 of 729 statewide, top 55%, 1,053 students, 54% FRL); William Floyd High School (math 65% / reading 87%, grade A-, #616 of 1,100 statewide, top 57%, 3,013 students, 54% FRL).
• Market conditions: 187 active listings in the ZIP; 5 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 13y ago; this cycle's ask has dropped $51k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $160k; list at $449k implies a 181% gain — meaningful room to come down on a strong offer.
• Cap rate 6.2% vs local median 4.7% in Shirley — 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

• 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 97 days. Have you received any prior offers? Is the seller open to a 9% 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 F-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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.