401 Ashford Ave

Dobbs Ferry, NY 10522

$985,000C+

15 bd · 9.0 ba · 2,105 sqft · Built 1820 · MultiFamily · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,506/mo
• Mortgage (P&I): −$5,165
• Tax + insurance: −$2,235
• HOA: −$0
• Vac / Maint / Mgmt: −$2,416
• Net cashflow: $1,689/mo
• Annual: $20,269/yr
• Cap rate: 8.42%
• Cash-on-cash: 7.59%
• DSCR: 1.34
• 1% rule: 1.17%
• Cash to close: $275,800

Investor read

• This is a 3 × 3-bed/1.5-bath units multifamily listed at $985k.
• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $563/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $985k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 73/100 on livability (#329 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.
• Ardsley Union Free School District (suburban): math 76% / reading 81% proficiency, ranked #32 of 590 in NY (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 4% free/reduced lunch — higher-income household profile.
• Zoned schools: Concord Road Elementary School (math 64% / reading 83%, grade A, #371 of 2,108 statewide, top 18%, 830 students, 0% FRL); Ardsley Middle School (math 76% / reading 80%, grade A+, #37 of 729 statewide, top 5%, 754 students, 0% FRL); Ardsley High School (math 98% / reading 87%, grade A+, #158 of 1,100 statewide, top 15%, 716 students, 0% FRL) — zoned schools at 0% FRL track the district average.
• Watch-outs: flood insurance adds $56/mo; built in 1820 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.8%/yr); 64 active listings in the ZIP; high-income renter base; 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.
• 2 sale attempts since 9y 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 $427k; list at $985k implies a 131% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk; 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 8.4% vs local median 2.3% in Dobbs Ferry — 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.
• At $11,506/mo this rent would consume 83% of the median local household income ($165k/yr) (locally 393% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1820 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.