26 Parker St

Port Chester, NY 10573

$674,950B-

3 bd · 3.5 ba · 2,797 sqft · Built 1900 · MultiFamily · Pending · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,300/mo
• Mortgage (P&I): −$3,540
• Tax + insurance: −$1,535
• HOA: −$0
• Vac / Maint / Mgmt: −$1,953
• Net cashflow: $2,272/mo
• Annual: $27,264/yr
• Cap rate: 10.33%
• Cash-on-cash: 14.43%
• DSCR: 1.64
• 1% rule: 1.38%
• Cash to close: $188,986

Investor read

• This is a 3-bed/3.5-bath multifamily listed at $675k.
• At list price, monthly cash flow is $2k ($27k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $675k).
• It's been on market 24 days — a 2% lower offer ($665k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $665k (1.5% 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 $20k of value loss. Plan a longer hold.
• 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: 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 74% FRL vs 57% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 61% at this address vs 46% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Port Chester-Rye Union Free School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-1.7%/yr); 144 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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).
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $80k; list at $675k implies a 744% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 55% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.3% 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.
• At $9,300/mo this rent would consume 106% 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.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.