6 bd · 2.1 ba ·
— sqft ·
Built 1940
· MultiFamily
· Pending
· 105 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$8,543/mo
Mortgage (P&I)
−$3,980
Tax + insurance
−$1,646
HOA
−$0
Vac / Maint / Mgmt
−$1,794
Net cashflow
$1,123/mo
Annual
$13,477/yr
Cap rate
8.17%
Cash-on-cash
6.72%
DSCR
1.30
1% rule
1.13%
Cash to close
$212,520
Investor read
This is a 3 × 2-bed/0.7-bath units multifamily listed at $759k.
At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $374/mo.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($9k rent vs $759k).
It's been on market 105 days — a 9% lower offer ($691k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $691k (9.0% below list) — sets the bar for market timing.
Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $23k of value loss. Plan a longer hold.
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.
Watch-outs: flood insurance adds $66/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
Market conditions: Rents rising (+3.4%/yr); 130 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
3 sale attempts since 4y 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 $600k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.
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 8.2% vs local median 5.2% in Mount Vernon — 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 $8,543/mo this rent would consume 169% of the median local household income ($61k/yr) (locally 2963% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.
Questions for listing agent
It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
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 1940 — 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?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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?
CashFlowRE · CFR-4RHGTT0S1M8H5Q
· Data 3 weeks agocashflowre.app · 2026-05-29