2261 Palmer Ave Unit 2N · New Rochelle, NY 10801

$145,000

1 bd · 1.0 ba · 650 sqft · Condo · 44 Days on market

Built 1968 Average condition $223/sqft · 26% below area Est $195k · 26% under ↓ 19% since listing

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Why this score? — see what drove the C+ 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 +18.9/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +6.0/10.0
• Schools +5.7/10.0
• Livability +3.5/5.0
• Rent growth +2.9/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Dorchester Gardens, ideally located on the Larchmont border where convenience meets comfort. This bright, south-facing residence offers peaceful tree-lined views and an inviting, well-designed layout in a pet-friendly building. The home features a generously sized primary bedroom with a custom-built closet, along with a thoughtfully updated kitchen complete with granite countertops, full-sized appliances, and ample workspace — perfect for everyday living and entertaining. The living room is enhanced by a custom-built wall unit, adding both style and functional storage. The updated bathroom and abundant closet space throughout provide comfort and practicality. Additional hig

Key facts

• Parking
• Community pool
• Built 1968

Property features AI

Finance

• HOA & community: Association: Garthchester Realty; Community features include fitness center and pool

Exterior

• Parking: One assigned parking space; No carport
• Security: Video cameras
• Utilities: Electric service: Con-Edison; Public sewer; Trash collection (public)
• Home design: Stock cooperative; Four-story building; Entry on second floor
• Construction: Brick construction
• Exterior features: Community outdoor in-ground pool (fenced); Pool/Spa amenities; Brick construction; Not waterfront

Interior

• Kitchen: Microwave; Oven; Refrigerator; Stainless steel appliances
• Bedrooms: Second-floor location
• Flooring: Hardwood floors
• Bathrooms: One full bathroom
• Heating & cooling: Baseboard heating; Oil heating; Wall/window air conditioning units
• Interior features: Open floor plan; Open kitchen; Elevator access; Window blinds; Video cameras (building security); Pets allowed (cats and dogs permitted, no restrictions)
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $145k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $83 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 4.5% in New Rochelle — 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 69/100 on livability (#487 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A, amenities B+; Watch: housing D+, commute F, cost of living F.
• New Rochelle City School District (suburban): math 63% / reading 66% proficiency, ranked #171 of 590 in NY (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Trinity Elementary School (math 40% / reading 47%, grade F, #1,350 of 2,108 statewide, top 64%, 863 students, 66% FRL); Isaac E Young Middle School (math 47% / reading 62%, grade B-, #214 of 729 statewide, top 31%, 1,138 students, 76% FRL); New Rochelle High School (math 87% / reading 72%, grade A-, #518 of 1,100 statewide, top 51%, 3,076 students, 57% FRL) — zoned schools average 67% FRL vs 41% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.4%/yr); 138 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• This rent runs 39% of the median local income ($86k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 38% of rent.
• Climate carrying-cost: severe flood risk; 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.

Recommended offer $140,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.92% ✓
• Cap rate: 7.53%
• Cash-on-cash: 4.43%
• DSCR: 1.20
• GRM: 4.3

CMA / ARV

• ARV (median comp): $194,918
• List price: $145,000
• Delta: -25.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.42% rent growth · sell at horizon

5-year hold

• IRR: -15.5%
• Equity multiple: 0.46×
• Total profit: $-21,813
• Equity at exit: $21,620

10-year hold

• IRR: -12.7%
• Equity multiple: 0.35×
• Total profit: $-26,506
• Equity at exit: $12,537

Cash invested: $40,600 (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 10801

• Rents YoY: 1.4%
• Active inventory: 138
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $2,778 high
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA est. from 1 same-building comp: −$1,043
• Vacancy / Maint / Mgmt: −$583
• Net cashflow: $83

Break-even live

Break-even rent $2,673

Max offer price $145,000

Occupancy floor 92%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
120 Stonelea Pl Apt 3M New Rochelle, NY	1.0	1.0	750	$2,300	$3.07	19d	1	0.37mi
245 Main St Unit 1 New Rochelle, NY	1.0	1.0	750	$1,750	$2.33	17d	1	0.81mi
10 Commerce Dr New Rochelle, NY	2.0	1.0–2.0	792	$3,094	$3.91	1d	11	1.02mi
600 North Ave New Rochelle, NY	2.0	1.0–2.0	869	$3,422	$3.94	2d	11	1.03mi
11 Burling Ln New Rochelle, NY	—	1.0	516	$2,250	$4.36	20d	9	1.18mi
20 Burling Ln New Rochelle, NY	1.0	1.0	725	$3,110	$4.29	10d	10	1.22mi
10 Lecount Pl New Rochelle, NY	2.0	1.0–2.0	740	$3,764	$5.08	1d	14	1.24mi
46 Locust Ave Unit 2 New Rochelle, NY	2.0	1.0	750	$2,950	$3.93	19d	1	1.28mi
1 Shearwood Pl New Rochelle, NY	3.0	1.0–2.0	896	$2,922	$3.26	2d	31	1.29mi
17 Dewitt Pl New Rochelle, NY	2.0	1.0	550	$2,500	$4.55	43d	1	1.30mi
12 Church St New Rochelle, NY	2.0	1.0–2.0	770	$3,536	$4.59	2d	50	1.37mi
40 Memorial Hwy New Rochelle, NY	3.0	1.0–2.0	917	$3,158	$3.44	1d	51	1.37mi
55 Clinton Pl New Rochelle, NY	2.0	1.0–2.0	910	$3,721	$4.09	1d	28	1.42mi
50 Clinton Pl New Rochelle, NY	2.0	1.0–2.0	844	$5,007	$5.93	1d	31	1.44mi
325 Huguenot St New Rochelle, NY	1.0–2.0	1.0–2.0	989	$2,855	$2.89	5d	8	1.46mi
95 Washington Ave Unit 1R New Rochelle, NY	—	1.0	400	$1,700	$4.25	24d	1	1.48mi
333 Huguenot St New Rochelle, NY	2.0	1.0–2.0	853	$3,562	$4.17	2d	12	1.50mi

HOA detail condo

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

Listing history 15 events

1. 2026-06-18
   days on market $145,000 Active 44 DOM
2. 2026-06-17
   days on market $145,000 Active 43 DOM
3. 2026-06-16
   days on market $145,000 Active 42 DOM
4. 2026-06-15
   days on market $145,000 Active 41 DOM
5. 2026-06-13
   days on market $145,000 Active 39 DOM
6. 2026-06-09
   days on market $145,000 Active 35 DOM
7. 2026-06-08
   pricedays on market $145,000 Active 34 DOM
8. 2026-06-07
   days on market $159,000 Active 33 DOM
9. 2026-06-04
   days on market $159,000 Active 30 DOM
10. 2026-06-03
    days on market $159,000 Active 29 DOM
11. 2026-06-02
    days on market $159,000 Active 28 DOM
12. 2026-06-01
    days on market $159,000 Active 27 DOM
13. 2026-05-31
    days on market $159,000 Active 26 DOM
14. 2026-05-19
    price $159,000 1232-char remark
15. 2026-04-29
    listed $179,000 Active 1232-char remark

ⓘ 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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 16 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: $33,340
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$1,522
• − Repairs & maintenance: −$2,667
• − Management: −$2,667
• − HOA: −$12,516
• − Depreciation: −$4,218
• Taxable loss: −$549
• Est. tax savings @ 24.0%: +$132
• After-tax cash flow: $1,132/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.

Condition & rehab AI · 15 photos

Average 55/100 Cosmetic rehab

This property offers a well-maintained, pet-friendly unit with a bright, south-facing layout and updated kitchen. While in average condition, it has potential for cosmetic upgrades to enhance its resale and rental value.

Repairs flagged

• Minor kitchen backsplash — slight wear
• Minor bathroom fixtures — standard fixtures
• Minor exterior paint — some wear

Value-add opportunities

• Resale paint interior walls — enhances curb appeal and interior aesthetics
• Resale replace kitchen backsplash — modernizes kitchen and adds value
• Resale repair exterior paint — improves curb appeal and home's overall appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen backsplash · slight wear	Minor	$500–3,000
bathroom fixtures · standard fixtures	Minor	$500–3,000
exterior paint · some wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Resale paint interior walls — enhances curb appeal and interior aesthetics ↑
• Resale replace kitchen backsplash — modernizes kitchen and adds value ↑
• Resale repair exterior paint — improves curb appeal and home's overall appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: New Rochelle City School District
• NCES district ID: 3620490
• Math proficiency: 63% ▲ 3.00%
• Reading proficiency: 66% ▲ 9.00%
• Median HH income: $69,165
• Composite: 56.63/100
• National rank: #1139
• State rank: #171 of 590 in NY

Livability — New Rochelle

• Score: 69/100
• State rank: #487
• US rank: #8572

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Rochelle, NY
• County: Westchester County · 709,332 people
• City population: 63,657
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 42,754
• Household income: $85,573
• Rent vs Own: 58.9% rent · 41.1% own
• Severe rent burden: 2797.0

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: Hispanic / Latino 36% White 30% Black 24% Two or more races 16% Asian 7%
• Hispanic origin (detail): Mexican 17% Puerto Rican 5% Dominican 3%
• Common ancestry: Hispanic 3% Scotch-Irish 1% Romanian 1%
• Foreign-born: 34% · Canada, Jamaica, China
• Languages at home: 54% English-only · Spanish 32% Other Indo-European 5% French/Haitian/Cajun 4%

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: ▼ -910.37%
• Current HPI: 270.8019
• Rent YoY: ▲ 1.42%
• 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

-19.0% since first listed

3 events — show timeline

• 2026-06-08 Price Changed $145,000 OneKey® MLS as Distributed by MLS Grid
• 2026-05-19 Price Changed $159,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-29 Listed $179,000 OneKey® MLS as Distributed by MLS Grid