3 Cottage Grove Ave

Thornwood, NY 10594

$999,000C+

4 bd · 3.0 ba · 2,349 sqft · Built 1989 · SingleFamily · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,741/mo
• Mortgage (P&I): −$5,239
• Tax + insurance: −$1,874
• HOA: −$0
• Vac / Maint / Mgmt: −$2,466
• Net cashflow: $2,162/mo
• Annual: $25,947/yr
• Cap rate: 8.89%
• Cash-on-cash: 9.28%
• DSCR: 1.41
• 1% rule: 1.18%
• Cash to close: $279,720

Investor read

• This is a 4-bed/3.0-bath single-family listed at $999k.
• At list price, monthly cash flow is $2k ($26k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $999k).
• It's been on market 21 days — a 2% lower offer ($984k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $984k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#389 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Mount Pleasant Central School District (suburban): math 62% / reading 65% proficiency, ranked #146 of 590 in NY (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 5% free/reduced lunch — higher-income household profile.
• Zoned schools: Columbus Elementary School (math 65% / reading 66%, grade B+, #587 of 2,108 statewide, top 28%, 482 students, 10% FRL); Westlake Middle School (math 55% / reading 61%, grade B, #184 of 729 statewide, top 25%, 429 students, 14% FRL); Westlake High School (math 72% / reading 95%, grade A, #409 of 1,100 statewide, top 39%, 547 students, 19% FRL).
• Market conditions: 33 active listings in the ZIP; 2 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.
• 4 sale attempts since 15y 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 $551k; list at $999k implies a 81% gain — meaningful room to come down on a strong offer.
• 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.
• Cap rate 8.9% vs local median 5.7% in Thornwood — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.