2 Turner Dr

Millwood, NY 10514

$1,100,000C+

5 bd · 3.5 ba · 2,715 sqft · Built 1934 · SingleFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,500/mo
• Mortgage (P&I): −$5,769
• Tax + insurance: −$2,366
• HOA: −$0
• Vac / Maint / Mgmt: −$2,625
• Net cashflow: $1,741/mo
• Annual: $20,887/yr
• Cap rate: 8.19%
• Cash-on-cash: 6.78%
• DSCR: 1.30
• 1% rule: 1.14%
• Cash to close: $308,000

Investor read

• This is a 5-bed/3.5-bath single-family listed at $1.10M.
• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $1.10M).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $33k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Chappaqua Central School District (suburban): math 81% / reading 88% proficiency, ranked #5 of 590 in NY (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 2% free/reduced lunch — higher-income household profile.
• Zoned schools: Westorchard School (math 82% / reading 87%, grade A+, #93 of 2,108 statewide, top 6%, 425 students, 4% FRL); Robert E Bell School (math 71% / reading 84%, grade A+, #39 of 729 statewide, top 5%, 594 students, 6% FRL); Horace Greeley High School (math 100% / reading 100%, grade A+, #1 of 1,100 statewide, top 0%, 1,152 students, 0% FRL) — zoned schools at 3% FRL track the district average.
• Watch-outs: built in 1934 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 75 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $606k; list at $1.10M implies a 82% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1934 — 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.
• 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.