33 Hopper St

Pleasantville, NY 10570

$950,000B

7 bd · 3.0 ba · — sqft · Built 1911 · MultiFamily · Pending · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,638/mo
• Mortgage (P&I): −$4,982
• Tax + insurance: −$2,181
• HOA: −$0
• Vac / Maint / Mgmt: −$2,444
• Net cashflow: $2,031/mo
• Annual: $24,368/yr
• Cap rate: 8.86%
• Cash-on-cash: 9.16%
• DSCR: 1.41
• 1% rule: 1.23%
• Cash to close: $266,000

Investor read

• This is a 7-bed/3.0-bath multifamily listed at $950k.
• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $950k).
• It's been on market 62 days — a 6% lower offer ($893k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $893k (6.0% 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 $28k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#194 in NY, #2,992 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, cost of living F.
• Pleasantville Union Free School District (suburban): math 71% / reading 83% proficiency, ranked #46 of 590 in NY (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical; only 6% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 42 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.
• Climate carrying-cost: major flood risk; moderate wind risk, 26% 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 2.1% in Pleasantville — 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 $11,638/mo this rent would consume 76% of the median local household income ($184k/yr) (locally 281% 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 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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 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.