140 Terrace Ave · Port Chester, NY 10573

$798,000

6 bd · 3.0 ba · 3,744 sqft · MultiFamily · 34 Days on market

Built 1900 1,924 sqft lot Est $1232k · 35% under

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +27.6/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +7.5/10.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This great investment property is now for sale in Port Chester! The building is multi-use with three units total -- two residential and one additional space. The two residential units are both three bedrooms and one bathroom. Both of the tenants are month to month and rents are well below market value, so there is substantial upside in terms of rental income there. The additional space is currently being used by the owners and will be delivered vacant. There is currently a variance in place that is limited to what you can do in this additional space. The property is being sold "as is", and we are only considering all cash / private financing offers.

Key facts

• 1,924 sq ft lot
• Built 1900
• Listed 33 days

Property features AI

Exterior

• Parking: No carport; No designated parking
• Utilities: Public sewer; Cable connected; Electricity connected; Natural gas connected; Phone available; Trash collection (public); Water connected
• Home design: Duplex
• Construction: Shingle siding; Stucco
• Exterior features: Shingle siding and stucco exterior; Not waterfront

Interior

• Bedrooms: Two 3-bedroom units
• Bathrooms: Three full bathrooms
• Heating & cooling: Natural gas heating; Central air and wall/window AC units
• Interior features: Entrance foyer; Finished full walk-out basement
• Laundry & utility: Common area laundry

🏷️ Possibly a rental listed for sale. The $798,000 price doesn't fit this home's estimated sale value (~$1,231,776) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $798k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $798k).
• Recommended offer: $774k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 4.3% in Port Chester — 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.

Location & tenants

• Location reads 73/100 on livability (#315 in NY) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A; Watch: amenities D, cost of living F.
• Port Chester-Rye Union Free School District (suburban): math 44% / reading 49% proficiency, ranked #428 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Thomas A Edison School (math 42% / reading 47%, grade F, #1,277 of 2,108 statewide, top 64%, 377 students, 83% FRL); Port Chester Middle School (math 20% / reading 43%, grade F, #522 of 729 statewide, top 73%, 971 students, 75% FRL); Port Chester Senior High School (math 88% / reading 92%, grade A+, #238 of 1,100 statewide, top 23%, 1,555 students, 73% FRL) — zoned schools average 77% FRL vs 57% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.7%/yr); 144 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• At $9,996/mo this rent would consume 113% of the median local household income ($106k/yr) (locally 1362% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($774k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y 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 $360k; list at $798k implies a 122% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $774,060 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.25% ✓
• Cap rate: 9.87%
• Cash-on-cash: 12.79%
• DSCR: 1.57
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $1,231,776
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
135 N Water St	0.21mi	5/3.0 (-1)	3,620 (-3%)	1mo	$1,131,000	$312	79
14 N Water St	0.41mi	6/3.0	3,333 (-11%)	9mo	$1,700,000	$510	55
56 Ritch Ave W	0.63mi	6/3.0	3,950 (+6%)	17mo	$1,300,000	$329	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -0.8%
• Equity multiple: 0.97×
• Total profit: $-6,740
• Equity at exit: $118,984

10-year hold

• IRR: 5.4%
• Equity multiple: 1.34×
• Total profit: $76,888
• Equity at exit: $68,996

Cash invested: $223,440 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 10573

• Rents YoY: -1.7%
• Active inventory: 144
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $9,996 high
• Mortgage (P&I): −$4,185
• Tax est. 1.5%: −$998 /mo · $11,970/yr
• Insurance: −$332
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,099
• Net cashflow: $2,382

Break-even live

Break-even rent $6,981

Max offer price $798,000

Occupancy floor 71%

Sensitivity live

Price	-10% $2,934	-5% $2,658	+0% $2,382	+5% $2,106	+10% $1,831
Rent	-10% $1,592	-5% $1,987	+0% $2,382	+5% $2,777	+10% $3,172
Rate	-1.0pp $2,784	-0.5pp $2,585	base $2,382	+0.5pp $2,175	+1.0pp $1,965

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$9,996
Total (2 units)			$9,996

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $199,500
• Closing costs: $23,940
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
195 S Water St Greenwich, CT	5.0	4.5	3000	$9,500	$3.17	0d	1	0.89mi
185 S Water St Unit S Greenwich, CT	6.0	5.5	4000	$13,000	$3.25	11d	1	0.89mi
185 S Water St Unit S Greenwich, CT	6.0	5.5	4000	$13,000	$3.25	14d	1	0.89mi
185 S Water St Greenwich, CT	5.0	5.5	4000	$13,000	$3.25	12d	1	0.89mi

Listing history 30 events

1. 2026-06-21
   pricedays on market $798,000 Active 34 DOM
2. 2026-06-18
   days on market $799,000 Active 31 DOM
3. 2026-06-17
   days on market $799,000 Active 30 DOM
4. 2026-06-16
   days on market $799,000 Active 29 DOM
5. 2026-06-15
   days on market $799,000 Active 28 DOM
6. 2026-06-13
   days on market $799,000 Active 26 DOM
7. 2026-06-13
   days on market $799,000 Active 25 DOM
8. 2026-06-09
   days on market $799,000 Active 22 DOM
9. 2026-06-08
   days on market $799,000 Active 21 DOM
10. 2026-06-07
    pricedays on market $799,000 Active 20 DOM
11. 2026-06-04
    days on market $839,000 Active 17 DOM
12. 2026-06-03
    days on market $839,000 Active 16 DOM
13. 2026-06-02
    days on market $839,000 Active 15 DOM
14. 2026-06-01
    days on market $839,000 Active 14 DOM
15. 2026-05-31
    remarks 693-char remark
16. 2026-05-31
    days on market $839,000 Active 13 DOM
17. 2026-05-18
    listed $839,000 Active
18. 2025-03-27
    listed $679,000 Active
19. 2017-02-07
    price $360,000 667-char remark

    Show marketing remark (667 chars)

    This great investment property is now for sale in Port Chester! The building is multi-use with three units total -- two residential and one additional space. The two residential units are both three bedrooms and one bathroom. Both of the tenants are month to month and rents are well below market value, so there is substantial upside in terms of rental income there. The additional space is currently being used by the owners and will be delivered vacant. There is currently a variance in place that is limited to what you can do in this additional space. The property is being sold "as is", and we are only considering all cash / private financing offers.

20. 2017-02-07
    soldstatus $360,000 Sold 667-char remark

    Show marketing remark (667 chars)

    This great investment property is now for sale in Port Chester! The building is multi-use with three units total -- two residential and one additional space. The two residential units are both three bedrooms and one bathroom. Both of the tenants are month to month and rents are well below market value, so there is substantial upside in terms of rental income there. The additional space is currently being used by the owners and will be delivered vacant. There is currently a variance in place that is limited to what you can do in this additional space. The property is being sold "as is", and we are only considering all cash / private financing offers.

21. 2017-02-07
    soldstatus $360,000

    Show marketing remark (667 chars)

    This great investment property is now for sale in Port Chester! The building is multi-use with three units total -- two residential and one additional space. The two residential units are both three bedrooms and one bathroom. Both of the tenants are month to month and rents are well below market value, so there is substantial upside in terms of rental income there. The additional space is currently being used by the owners and will be delivered vacant. There is currently a variance in place that is limited to what you can do in this additional space. The property is being sold "as is", and we are only considering all cash / private financing offers.

22. 2017-01-04
    historical Pending 667-char remark

    Show marketing remark (667 chars)

    This great investment property is now for sale in Port Chester! The building is multi-use with three units total -- two residential and one additional space. The two residential units are both three bedrooms and one bathroom. Both of the tenants are month to month and rents are well below market value, so there is substantial upside in terms of rental income there. The additional space is currently being used by the owners and will be delivered vacant. There is currently a variance in place that is limited to what you can do in this additional space. The property is being sold "as is", and we are only considering all cash / private financing offers.

23. 2017-01-04
    price $369,000 667-char remark

    Show marketing remark (667 chars)

    This great investment property is now for sale in Port Chester! The building is multi-use with three units total -- two residential and one additional space. The two residential units are both three bedrooms and one bathroom. Both of the tenants are month to month and rents are well below market value, so there is substantial upside in terms of rental income there. The additional space is currently being used by the owners and will be delivered vacant. There is currently a variance in place that is limited to what you can do in this additional space. The property is being sold "as is", and we are only considering all cash / private financing offers.

24. 2016-11-16
    historical Withdrawn

    Show marketing remark (667 chars)

    This great investment property is now for sale in Port Chester! The building is multi-use with three units total -- two residential and one additional space. The two residential units are both three bedrooms and one bathroom. Both of the tenants are month to month and rents are well below market value, so there is substantial upside in terms of rental income there. The additional space is currently being used by the owners and will be delivered vacant. There is currently a variance in place that is limited to what you can do in this additional space. The property is being sold "as is", and we are only considering all cash / private financing offers.

25. 2016-11-16
    listed $369,000 Active 667-char remark

    Show marketing remark (667 chars)

    This great investment property is now for sale in Port Chester! The building is multi-use with three units total -- two residential and one additional space. The two residential units are both three bedrooms and one bathroom. Both of the tenants are month to month and rents are well below market value, so there is substantial upside in terms of rental income there. The additional space is currently being used by the owners and will be delivered vacant. There is currently a variance in place that is limited to what you can do in this additional space. The property is being sold "as is", and we are only considering all cash / private financing offers.

26. 2016-11-16
    listed $369,000

    Show marketing remark (667 chars)

    This great investment property is now for sale in Port Chester! The building is multi-use with three units total -- two residential and one additional space. The two residential units are both three bedrooms and one bathroom. Both of the tenants are month to month and rents are well below market value, so there is substantial upside in terms of rental income there. The additional space is currently being used by the owners and will be delivered vacant. There is currently a variance in place that is limited to what you can do in this additional space. The property is being sold "as is", and we are only considering all cash / private financing offers.

27. 2016-09-03
    historical
28. 2016-04-29
    historical Pending
29. 2016-03-02
    listed Active
30. 2016-03-02
    listed $419,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $119,952
• − Mortgage interest: −$44,700
• − Property taxes: −$11,970
• − Insurance: −$3,990
• − Repairs & maintenance: −$9,596
• − Management: −$9,596
• − Depreciation: −$23,215
• Taxable income: $16,885
• Est. tax owed @ 24.0%: −$4,052
• After-tax cash flow: $24,532/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Port Chester-Rye Union Free School District
• NCES district ID: 3623460
• Math proficiency: 44% ▲ 2.00%
• Reading proficiency: 49% ▲ 6.00%
• Median HH income: $58,362
• Composite: 40.67/100
• National rank: #3676
• State rank: #428 of 590 in NY

Livability — Port Chester

• Score: 73/100
• State rank: #315
• US rank: #5245

Category grades

Amenities D Commute A+ Cost of living F Crime B- Employment A+ Housing B- Health & safety A User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Port Chester, NY
• County: Westchester County · 709,332 people
• City population: 40,786
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 40,786
• Household income: $105,686
• Rent vs Own: 44.7% rent · 55.3% own
• Severe rent burden: 1362.0

Population outlook (Westchester County) Hauer SSP2

• Today (2025): 1,028,035 people
• By 2030: 1,051,636 · +2.3%
• By 2040: 1,098,520 · +6.9%
• By 2050: 1,136,044 · +10.5%
• By 2075: 1,196,925 · +16.4%
• By 2100: 1,175,147 · +14.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Hispanic / Latino 48% White 40% Two or more races 16% Black 5% Asian 4%
• Hispanic origin (detail): Mexican 7% Puerto Rican 6% Dominican 3%
• Common ancestry: Romanian 3% Scotch-Irish 2% Italian 1%
• Foreign-born: 37% · Canada, Jamaica, China
• Languages at home: 50% English-only · Spanish 41% Other Indo-European 5% Chinese 1%

Political lean MEDSL · Westchester

• 2024 margin: Strong D (+26.3) · D 63.1% · R 36.9%
• 2008→2024 swing: -1.3pp toward R · 2008: 27.6pp · 2024: 26.3pp
• All cycles: 2024: D+26.3 2020: D+36.3 2016: D+32.8 2012: D+22.2 2008: D+27.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -389.46%
• Current HPI: 258.9227
• Rent YoY: ▼ -1.70%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+100.2% since first listed

14 events — show timeline

• 2026-05-18 Listed $839,000 OneKey® MLS as Distributed by MLS Grid
• 2025-03-27 Listed $679,000 OneKey® MLS as Distributed by MLS Grid
• 2017-02-07 Sold (MLS) $360,000 HGMLS
• 2017-02-07 Price Changed $360,000 HGMLS
• 2017-02-07 Sold (MLS) $360,000 OneKey® MLS as Distributed by MLS Grid
• 2017-01-04 Contingent — HGMLS
• 2017-01-04 Price Changed $369,000 HGMLS
• 2016-11-16 Delisted — HGMLS
• 2016-11-16 Listed $369,000 HGMLS
• 2016-11-16 Listed $369,000 OneKey® MLS as Distributed by MLS Grid
• 2016-09-03 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2016-04-29 Contingent — HGMLS
• 2016-03-02 Listed — HGMLS
• 2016-03-02 Listed $419,000 OneKey® MLS as Distributed by MLS Grid