445 Gramatan Ave Unit FC2 · Mount Vernon, NY 10552

$220,000

2 bd · 1.0 ba · 1,000 sqft · Condo · 20 Days on market

Built 1941

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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 +28.3/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Rent growth +4.3/5.0
• Schools +3.7/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sunny and spacious 2 bedroom in lovely garden setting. Move in condition with EIK & wonderful closet space. Walk to Fleetwood RR & Village. Building has pre-war details, hardwood floors, 9 ft. ceilings and assigned parking. This is a walk-up building.

Key facts

• Assigned parking
• Built 1941
• Listed 20 days

Tags

• ORIGINAL HARDWOOD FLOORS
• ASSIGNED PARKING

Property features AI

Finance

• HOA & community: Association: Westchester Gardens; Association amenities include landscaping, live-in superintendent, grounds maintenance, parking, snow removal, and trash service; Additional monthly fee for fuel (approximately $30.31)

Exterior

• Parking: Assigned parking (monthly fee $60)
• Security: Smoke detectors
• Utilities: Electric service by Con Edison; Public sewer; Cable available; Electricity connected; Sewer connected; Public trash collection
• Home design: Stock cooperative; 4 total stories; Entry level on 3
• Construction: Brick construction
• Exterior features: Courtyard; Garden; Exterior lighting; Bicycle room; Outdoor space; Walk-up building; Front yard; Level lot; Near public transit; Near shops

Interior

• Kitchen: Dishwasher; Gas oven; Microwave; Refrigerator; Stainless steel appliances
• Bedrooms: Entry level: 3
• Flooring: Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Steam heating; No central cooling
• Interior features: Eat-in kitchen; High ceilings; His-and-hers closets; Walk-through kitchen; Drapes; Common area basement access
• Laundry & utility: Laundry in common area

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $220k.

Deal economics

• At list price, monthly cash flow is $708 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $217k (1.5% below list) — sets the bar for market timing.

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.
• Zoned schools: Pennington School (math 42% / reading 62%, grade C-, #988 of 2,108 statewide, top 49%, 426 students, 45% FRL); Mount Vernon High School (math 54% / reading 75%, grade B-, #776 of 1,100 statewide, top 73%, 1,094 students, 76% FRL) — zoned schools at 60% FRL track the district average.
• Zoned-school proficiency averages 58% at this address vs 42% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Mount Vernon School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+7.0%/yr); 125 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 + 7.0% rent growth), your $62k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y 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 $183k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1941 — 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 $216,700 (1.5% below list)

Questions for the listing agent

1. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.28% ✓
• Cap rate: 10.15%
• Cash-on-cash: 13.79%
• DSCR: 1.61
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.04% rent growth · sell at horizon

5-year hold

• IRR: 8.5%
• Equity multiple: 1.35×
• Total profit: $21,410
• Equity at exit: $32,803

10-year hold

• IRR: 20.9%
• Equity multiple: 3.11×
• Total profit: $130,086
• Equity at exit: $19,022

Cash invested: $61,600 (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 10552

• Rents YoY: 7.0%
• Active inventory: 125
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,821 high
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$592
• Net cashflow: $708

Break-even live

Break-even rent $1,925

Max offer price $220,000

Occupancy floor 70%

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
33 William St Mount Vernon, NY	1.0–2.0	1.0	725	$2,675	$3.69	22d	2	0.15mi
669 N Terrace Ave Mount Vernon, NY	1.0	1.0	750	$2,031	$2.71	24d	1	0.25mi
42 Broad St W Mount Vernon, NY	3.0	1.0–2.0	1014	$5,080	$5.01	24d	15	0.29mi
42 Broad St W Mount Vernon, NY	3.0	1.0–2.0	955	$3,199	$3.35	2d	16	0.29mi
645 N MacQuesten Pkwy Unit 3G Mt Vernon, NY	2.0	1.0	950	$3,195	$3.36	24d	1	0.32mi
80 W Grand St Mount Vernon, NY	1.0	1.0	850	$1,942	$2.28	24d	1	0.34mi
173 Crary Ave Mount Vernon, NY	3.0	2.0	1100	$3,100	$2.82	24d	1	0.34mi
12 Putnam St Mount Vernon, NY	2.0	1.0	950	$2,600	$2.74	24d	1	0.37mi
230 N 7th Ave Unit 2 Mt Vernon, NY	1.0	1.0	950	$2,300	$2.42	10d	1	0.42mi
103 North St Mount Vernon, NY	1.0	1.0	720	$1,900	$2.64	20d	1	0.49mi
26 W Devonia Ave Unit 1 Mt Vernon, NY	3.0	1.5	1388	$4,200	$3.03	11d	1	0.52mi
148 Claremont Ave Mount Vernon, NY	2.0	1.0	960	$2,400	$2.50	19d	1	0.58mi
671 Bronx River Rd Unit 3A Yonkers, NY	2.0	1.5	950	$3,000	$3.16	24d	1	0.59mi
200 Crescent Pl Unit 2nd fl Yonkers, NY	1.0	1.0	800	$2,300	$2.88	17d	1	0.61mi
14 Elm St Unit 2 Mt Vernon, NY	2.0	1.0	1000	$2,800	$2.80	24d	1	0.65mi
112 N Columbus Ave Unit 2 Mt Vernon, NY	2.0	2.0	900	$2,997	$3.33	19d	1	0.79mi
32 N Bond St Mount Vernon, NY	1.0	1.0	850	$1,900	$2.24	7d	1	0.81mi
18 N Bond St Unit 3D Mt Vernon, NY	1.0	1.0	750	$2,000	$2.67	24d	1	0.85mi
173 Washington St Unit 1 Mt Vernon, NY	3.0	2.0	1100	$3,000	$2.73	24d	1	0.85mi
173 Washington St Unit 2 Mt Vernon, NY	3.0	2.0	1500	$3,200	$2.13	1d	1	0.85mi
86 Edgewood Ave Apt 2E Yonkers, NY	2.0	1.0	1000	$2,599	$2.60	19d	1	0.88mi
86 Edgewood Ave Unit 2W Yonkers, NY	2.0	1.0	1000	$2,699	$2.70	43d	1	0.88mi
20 Overhill Pl Unit 3 Yonkers, NY	2.0	1.0	800	$3,000	$3.75	43d	1	1.04mi
150 S 6th Ave Unit 2 Mt Vernon, NY	1.0	1.0	800	$2,500	$3.12	17d	1	1.04mi
150 S 6th Ave Unit 2 Mt Vernon, NY	1.0	1.0	800	$2,500	$3.12	7d	1	1.04mi
495 Kimball Ave Unit First Floor Yonkers, NY	2.0	1.0	1100	$3,000	$2.73	43d	1	1.06mi
119 S 11th Ave Unit 1 Mt Vernon, NY	2.0	1.0	700	$2,800	$4.00	11d	1	1.08mi
51 Parkway Rd Apt 3 Bronxville, NY	1.0	1.0	1100	$3,100	$2.82	24d	1	1.12mi
6 Belden Ave Unit 1 Yonkers, NY	3.0	2.0	1450	$3,500	$2.41	24d	1	1.13mi
119 S 13th Ave Mount Vernon, NY	2.0	1.0	800	$2,997	$3.75	13d	1	1.15mi
2325 Cortlandt St Unit 4 Mt Vernon, NY	2.0	1.0	700	$2,300	$3.29	24d	1	1.15mi
635 E Lincoln Ave Mount Vernon, NY	2.0	1.0	1000	$3,150	$3.15	7d	1	1.16mi
257 S 2nd Ave Mount Vernon, NY	1.0	1.0	800	$2,250	$2.81	24d	1	1.17mi
28 Tunis Ave Unit 2 Yonkers, NY	2.0	1.0	900	$3,000	$3.33	43d	1	1.20mi
142 Trenchard St Unit 2E Yonkers, NY	1.0	1.0	900	$2,250	$2.50	11d	1	1.24mi
255 Bronx River Rd Unit 4R Yonkers, NY	1.0	1.0	800	$2,250	$2.81	24d	1	1.34mi
356 S Tenth Ave Unit 2nd Floor Mt Vernon, NY	3.0	2.0	1100	$3,850	$3.50	24d	1	1.46mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-18
   days on market $220,000 Active 20 DOM
2. 2026-06-17
   days on market $220,000 Active 19 DOM
3. 2026-06-16
   days on market $220,000 Active 18 DOM
4. 2026-06-15
   days on market $220,000 Active 17 DOM
5. 2026-06-13
   days on market $220,000 Active 15 DOM
6. 2026-06-09
   days on market $220,000 Active 11 DOM
7. 2026-06-08
   days on market $220,000 Active 10 DOM
8. 2026-06-07
   days on market $220,000 Active 9 DOM
9. 2026-06-04
   days on market $220,000 Active 6 DOM
10. 2026-06-03
    days on market $220,000 Active 5 DOM
11. 2026-06-02
    days on market $220,000 Active 4 DOM
12. 2026-06-01
    days on market $220,000 Active 3 DOM
13. 2026-05-31
    days on market $220,000 Active 2 DOM

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

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: $33,847
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,708
• − Management: −$2,708
• − Depreciation: −$6,400
• Taxable income: $5,308
• Est. tax owed @ 24.0%: −$1,274
• After-tax cash flow: $7,221/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): 22,341
• Household income: $96,717
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 652.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Black 39% White 31% Hispanic / Latino 17% Two or more races 7% Asian 5%
• Hispanic origin (detail): Puerto Rican 5% Dominican 6%
• Common ancestry: Russian 2% Estonian 2% Hispanic 1%
• Foreign-born: 27% · Canada, China
• Languages at home: 74% English-only · Spanish 12% Other Indo-European 7% 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: ▼ -393.94%
• Current HPI: 244.3166
• Rent YoY: ▲ 7.04%
• 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

+17.6% since first listed

6 events — show timeline

• 2026-05-29 Listed $220,000 OneKey® MLS as Distributed by MLS Grid
• 2014-03-15 Price Changed $183,000 HGMLS
• 2007-12-18 Delisted — HGMLS
• 2007-12-11 Sold (MLS) $183,000 HGMLS
• 2007-09-27 Price Changed $187,000 HGMLS
• 2007-08-01 Listed $187,000 HGMLS