1900 Gillette Dr

East Marion, NY 11939

$1,795,000C-

4 bd · 3.5 ba · 2,857 sqft · Built 2025 · Land · Active · 289 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $17,701/mo
• Mortgage (P&I): −$9,413
• Tax + insurance: −$2,992
• HOA: −$0
• Vac / Maint / Mgmt: −$3,717
• Net cashflow: $1,579/mo
• Annual: $18,952/yr
• Cap rate: 7.35%
• Cash-on-cash: 3.77%
• DSCR: 1.17
• 1% rule: 0.99%
• Cash to close: $502,600

Investor read

• This is a 4-bed/3.5-bath land listed at $1.79M.
• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.77M (1.4% below list).
• It's been on market 289 days — a 12% lower offer ($1.58M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.58M (12.0% below list) — sets the bar for market timing.
• In year one you build about $75k of equity ($12k loan paydown + $62k appreciation (3.5% local appreciation)).
• Location reads 58/100 on livability (#1,051 in NY) — a working-class tenant base; expect higher turnover. Strengths: crime A+, employment A+, health & safety A; Watch: housing C-, amenities F, commute F.
• Oysterponds Union Free School District (rural): math 30% / reading 60% proficiency, ranked #506 of 755 in NY (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 4% free/reduced lunch — higher-income household profile.
• Zoned schools: Oysterponds Elementary School (math 54% / reading 64%, grade B-, #745 of 2,108 statewide, top 39%, 80 students, 0% FRL) — zoned schools at 0% FRL track the district average.
• Zoned-school proficiency averages 60% at this address vs 45% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Oysterponds Union Free School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 19 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 89% 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).
• Suffolk County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $100k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $350k; list at $1.79M implies a 413% gain — meaningful room to come down on a strong offer.
• At projected returns (3.5% appreciation + 3.0% rent growth), your $503k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$121k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 289 days. Have you received any prior offers? Is the seller open to a 12% 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.