There are a few lovely houses in the village of Southampton that you would enjoy. Depending on what amenities you would like would really determine which house would fit your needs. If you still are looking for a hoe please don't hesitate to call I would be happy to show you some of our listings., thank you. Susan Levine - Prudential Douglas Elliman 631-681-5132
Obviously , look for location. There are small houses out there that need complete renovation or knockdown. Land out here is a premium. Good location brings high numbers regardless of the structures condition. Be prepared to spend money. But in the Hamptons, you will always get your money back. Even if not in prime location, you can always find a tenant. If the new home is done well and in keeping with the area, again you will always make money here. You might have to wait a couple of years. Flipping is still iffy when done to quick.
I would be glad to research properties for you with some more information.