219 Willow Dr

Mahopac, NY 10541

$299,000C+

3 bd · 1.0 ba · 1,219 sqft · Built 1932 · SingleFamily · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,522/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$855
• HOA: −$0
• Vac / Maint / Mgmt: −$740
• Net cashflow: $359/mo
• Annual: $4,311/yr
• Cap rate: 7.73%
• Cash-on-cash: 5.15%
• DSCR: 1.23
• 1% rule: 1.18%
• Cash to close: $83,720

Investor read

• This is a 3-bed/1.0-bath single-family listed at $299k.
• At list price, monthly cash flow is $359 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $299k).
• It's been on market 21 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#572 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A; Watch: amenities F, commute F, cost of living F.
• Mahopac Central School District (suburban): math 61% / reading 65% proficiency, ranked #156 of 590 in NY (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Austin Road Elementary School (math 42% / reading 67%, grade C, #908 of 2,108 statewide, top 46%, 585 students, 22% FRL); Mahopac Middle School (math 56% / reading 70%, grade B+, #129 of 729 statewide, top 18%, 926 students, 24% FRL); Mahopac High School (math 97% / reading 72%, grade A, #379 of 1,100 statewide, top 36%, 1,254 students, 24% FRL) — zoned schools average 23% FRL vs 8% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.9% of price; built in 1932 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 160 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 142 units permitted in Putnam County in 2024 (75 in 5+ unit buildings).
• Putnam County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 7.7% vs local median 2.3% in Mahopac — 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

• Built in 1932 — 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?
• 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?
• 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.