53 Brookside Ave

Nyack, NY 10960

$899,000C-

9 bd · 5.1 ba · 3,219 sqft · Built 1880 · MultiFamily · Pending · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,827/mo
• Mortgage (P&I): −$4,714
• Tax + insurance: −$2,305
• HOA: −$0
• Vac / Maint / Mgmt: −$2,064
• Net cashflow: $744/mo
• Annual: $8,922/yr
• Cap rate: 7.29%
• Cash-on-cash: 3.54%
• DSCR: 1.16
• 1% rule: 1.09%
• Cash to close: $251,720

Investor read

• This is a 3 × 3-bed/1.7-bath units multifamily listed at $899k.
• At list price, monthly cash flow is $744 ($9k/yr) — positive. Per door: $248/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $899k).
• It's been on market 80 days — a 6% lower offer ($845k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $845k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#231 in NY, #3,632 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A; Watch: amenities F, cost of living F.
• Nyack Union Free School District (suburban): math 78% / reading 78% proficiency, ranked #62 of 590 in NY (top 10%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Upper Nyack School (math 74% / reading 84%, grade A, #188 of 2,108 statewide, top 11%, 394 students, 24% FRL); Nyack Middle School (math 72% / reading 82%, grade A, #41 of 729 statewide, top 6%, 657 students, 39% FRL); Nyack Senior High School (math 92% / reading 72%, grade A, #452 of 1,100 statewide, top 44%, 877 students, 36% FRL).
• Watch-outs: property tax is 2.6% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.1%/yr); 118 active listings in the ZIP; high-income renter base; 429 units permitted in Rockland County in 2024 (231 in 5+ unit buildings).
• Rockland County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 13y 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 $635k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.3% vs local median 2.6% in Nyack — 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.
• At $9,827/mo this rent would consume 94% of the median local household income ($126k/yr) (locally 643% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?