312 S 2nd Ave · Mount Vernon, NY 10550

$699,000

12 bd · 6.0 ba · — sqft · MultiFamily · 3 Days on market

Built 1945 5,227 sqft lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.7/10.0
• Livability +3.6/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Four family with 3 car garage and long driveway. Live in one unit and let your tenants pay your mortgage. 1st Floor has one 1 BR apt and one 2 BR apt. 2nd floor has 3 bedrooms and 3rd floor has 1 bedroom. Full Basement unfinished. Perfect for Contractor to park his vehicles. A must see.

Key facts

• Manicured yard
• Off-street parking
• Prime location

Tags

• OFF-STREET PARKING
• DETACHED GARAGE
• MANICURED YARD
• CONSISTENT RENTAL INCOME
• PRIME LOCATION

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/2.0-bath units multifamily listed at $699k.

Deal economics

• At list price, monthly cash flow is $4k ($43k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $699k).
• Cap rate 12.4% vs local median 5.3% in Mount Vernon — 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.

Location & tenants

• Location reads 71/100 on livability (#397 in NY) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A, employment B; Watch: crime D-, cost of living F.
• Mount Vernon School District (suburban): math 35% / reading 50% proficiency, ranked #485 of 590 in NY (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.4%/yr); 130 active listings in the ZIP; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• At $11,520/mo this rent would consume 228% of the median local household income ($61k/yr) (locally 2963% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $196k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 18y ago; this cycle's ask has dropped $60k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $225k; list at $699k implies a 211% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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.

Recommended offer $699,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.65% ✓
• Cap rate: 12.45%
• Cash-on-cash: 21.99%
• DSCR: 1.98
• GRM: 5.1

CMA / ARV

No comps found within radius.

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
406 & 408 S 3rd Ave	0.16mi	11/3.0 (-1)	3,920	19mo	$825,000	$210	47
110 W 7th St	0.59mi	11/5.0 (-1)	3,000	18mo	$985,000	$328	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.37% rent growth · sell at horizon

5-year hold

• IRR: 15.2%
• Equity multiple: 1.61×
• Total profit: $120,045
• Equity at exit: $104,223

10-year hold

• IRR: 24.2%
• Equity multiple: 3.14×
• Total profit: $418,863
• Equity at exit: $60,437

Cash invested: $195,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 10550

• Rents YoY: 3.4%
• Active inventory: 130
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $11,520 high
• Mortgage (P&I): −$3,666
• Tax from tax record: −$1,558 /mo · $18,691/yr
• Insurance: −$291
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,419
• Net cashflow: $3,586

Break-even live

Break-even rent $6,980

Max offer price $699,000

Occupancy floor 64%

Sensitivity live

Price	-10% $3,982	-5% $3,784	+0% $3,586	+5% $3,388	+10% $3,191
Rent	-10% $2,676	-5% $3,131	+0% $3,586	+5% $4,041	+10% $4,496
Rate	-1.0pp $3,938	-0.5pp $3,764	base $3,586	+0.5pp $3,405	+1.0pp $3,221

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	4	2	$11,520
Total (3 units)			$11,520

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $174,750
• Closing costs: $20,970
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2025-12-26
   status Pending
2. 2025-12-26
   price $699,000
3. 2025-12-23
   listed $759,000 Active
4. 2014-11-05
   soldstatus $225,000
5. 2014-10-21
   price $225,000 287-char remark

   Show marketing remark (287 chars)

   Four family with 3 car garage and long driveway. Live in one unit and let your tenants pay your mortgage. 1st Floor has one 1 BR apt and one 2 BR apt. 2nd floor has 3 bedrooms and 3rd floor has 1 bedroom. Full Basement unfinished. Perfect for Contractor to park his vehicles. A must see.

6. 2014-10-21
   soldstatus $225,000 Sold 287-char remark

   Show marketing remark (287 chars)

   Four family with 3 car garage and long driveway. Live in one unit and let your tenants pay your mortgage. 1st Floor has one 1 BR apt and one 2 BR apt. 2nd floor has 3 bedrooms and 3rd floor has 1 bedroom. Full Basement unfinished. Perfect for Contractor to park his vehicles. A must see.

7. 2014-10-19
   soldstatus $225,000 397-char remark

   Show marketing remark (397 chars)

   Four family with 3 car garage and long driveway. Live in one unit and let your tenants pay your mortgage. 1st Floor has one 1 BR apt and one 2 BR apt. 2nd floor has 3 bedrooms and 3rd floor has 1 bedroom. Full Basement unfinished. Perfect for Contractor to park his vehicles. A must see. Additional Information: Amenities:Storage,HeatingFuel:Oil Below Ground,ParkingFeatures:3 Car Detached,

8. 2014-09-19
   historical Pending 287-char remark

   Show marketing remark (287 chars)

   Four family with 3 car garage and long driveway. Live in one unit and let your tenants pay your mortgage. 1st Floor has one 1 BR apt and one 2 BR apt. 2nd floor has 3 bedrooms and 3rd floor has 1 bedroom. Full Basement unfinished. Perfect for Contractor to park his vehicles. A must see.

9. 2014-09-19
   price $299,000 287-char remark

   Show marketing remark (287 chars)

   Four family with 3 car garage and long driveway. Live in one unit and let your tenants pay your mortgage. 1st Floor has one 1 BR apt and one 2 BR apt. 2nd floor has 3 bedrooms and 3rd floor has 1 bedroom. Full Basement unfinished. Perfect for Contractor to park his vehicles. A must see.

10. 2014-07-18
    listed $299,000 Active 287-char remark

    Show marketing remark (397 chars)

    Four family with 3 car garage and long driveway. Live in one unit and let your tenants pay your mortgage. 1st Floor has one 1 BR apt and one 2 BR apt. 2nd floor has 3 bedrooms and 3rd floor has 1 bedroom. Full Basement unfinished. Perfect for Contractor to park his vehicles. A must see. Additional Information: Amenities:Storage,HeatingFuel:Oil Below Ground,ParkingFeatures:3 Car Detached,

11. 2014-07-18
    listed $299,000 397-char remark

    Show marketing remark (397 chars)

    Four family with 3 car garage and long driveway. Live in one unit and let your tenants pay your mortgage. 1st Floor has one 1 BR apt and one 2 BR apt. 2nd floor has 3 bedrooms and 3rd floor has 1 bedroom. Full Basement unfinished. Perfect for Contractor to park his vehicles. A must see. Additional Information: Amenities:Storage,HeatingFuel:Oil Below Ground,ParkingFeatures:3 Car Detached,

12. 2008-12-27
    historical
13. 2008-03-13
    listed

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $18,691 · $1,558/mo
• Projected year-2 tax: $18,691 · $1,558/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $138,240
• − Mortgage interest: −$39,155
• − Property taxes: −$18,691
• − Insurance: −$3,495
• − Repairs & maintenance: −$11,059
• − Management: −$11,059
• − Depreciation: −$20,335
• Taxable income: $34,446
• Est. tax owed @ 24.0%: −$8,267
• After-tax cash flow: $34,769/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Mount Vernon School District
• NCES district ID: 3620100
• Math proficiency: 35% ▼ -3.00%
• Reading proficiency: 50% ▲ 6.00%
• Median HH income: $50,890
• Composite: 36.59/100
• National rank: #4631
• State rank: #485 of 590 in NY

Livability — Mount Vernon

• Score: 71/100
• State rank: #397
• US rank: #6876

Category grades

Amenities C+ Commute A+ Cost of living F Crime D- Employment B Housing C Health & safety A User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Vernon, NY
• County: Westchester County · 709,332 people
• City population: 61,313
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 38,972
• Household income: $60,701
• Rent vs Own: 71.8% rent · 28.2% own
• Severe rent burden: 2963.0

Population outlook (Westchester County) Hauer SSP2

• Today (2025): 1,028,035 people
• By 2030: 1,051,636 · +2.3%
• By 2040: 1,098,520 · +6.9%
• By 2050: 1,136,044 · +10.5%
• By 2075: 1,196,925 · +16.4%
• By 2100: 1,175,147 · +14.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (66%)
• Race & ethnicity: Black 66% Hispanic / Latino 20% Two or more races 12% White 7% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 4%
• Common ancestry: Estonian 2% Hispanic 1% Russian 1%
• Foreign-born: 34% · Canada, China, Jamaica
• Languages at home: 73% English-only · Spanish 16% Other Indo-European 4% French/Haitian/Cajun 2%

Political lean MEDSL · Westchester

• 2024 margin: Strong D (+26.3) · D 63.1% · R 36.9%
• 2008→2024 swing: -1.3pp toward R · 2008: 27.6pp · 2024: 26.3pp
• All cycles: 2024: D+26.3 2020: D+36.3 2016: D+32.8 2012: D+22.2 2008: D+27.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -140.69%
• Current HPI: 191.5235
• Rent YoY: ▲ 3.37%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+133.8% since first listed

13 events — show timeline

• 2025-12-26 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-12-26 Price Changed $699,000 OneKey® MLS as Distributed by MLS Grid
• 2025-12-23 Listed $759,000 OneKey® MLS as Distributed by MLS Grid
• 2014-11-05 Sold (Public Records) $225,000 Public Records
• 2014-10-21 Sold (MLS) $225,000 HGMLS
• 2014-10-21 Price Changed $225,000 HGMLS
• 2014-10-19 Sold (MLS) $225,000 OneKey® MLS as Distributed by MLS Grid
• 2014-09-19 Contingent — HGMLS
• 2014-09-19 Price Changed $299,000 HGMLS
• 2014-07-18 Listed $299,000 HGMLS
• 2014-07-18 Listed $299,000 OneKey® MLS as Distributed by MLS Grid
• 2008-12-27 Delisted — HGMLS
• 2008-03-13 Listed — HGMLS

Property tax history

+5.8%/yr

Latest (2025): $18,691 · +2.1% YoY. Source: county tax records.