41 Ellis Pl

Ossining, NY 10562

$550,000C

3 bd · 2.0 ba · 2,276 sqft · Built 1912 · MultiFamily · Pending · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,721/mo
• Mortgage (P&I): −$2,884
• Tax + insurance: −$1,599
• HOA: −$0
• Vac / Maint / Mgmt: −$1,411
• Net cashflow: $827/mo
• Annual: $9,919/yr
• Cap rate: 8.10%
• Cash-on-cash: 6.44%
• DSCR: 1.29
• 1% rule: 1.22%
• Cash to close: $154,000

Investor read

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $550k.
• At list price, monthly cash flow is $827 ($10k/yr) — positive. Per door: $413/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $550k).
• It's been on market 35 days — a 3% lower offer ($534k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $534k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#116 in NY, #1,876 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, health & safety A; Watch: cost of living F.
• Ossining Union Free School District (suburban): math 72% / reading 72% proficiency, ranked #104 of 590 in NY (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Ossining High School (math 86% / reading 82%, grade A, #404 of 1,100 statewide, top 37%, 1,552 students, 51% FRL).
• Zoned-school proficiency averages 84% at this address vs 72% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Ossining Union Free School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 3.0% of price; built in 1912 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 134 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 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 27y 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 $202k; list at $550k implies a 172% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: 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 8.1% vs local median 2.9% in Ossining — 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

• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% 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 1912 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.