58 Farragut Ave

Hastings-on-Hudson, NY 10706

$1,099,900D

4 bd · 3.0 ba · — sqft · Built 1922 · MultiFamily · Pending · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,096/mo
• Mortgage (P&I): −$5,768
• Tax + insurance: −$2,555
• HOA: −$0
• Vac / Maint / Mgmt: −$1,910
• Net cashflow: $-1,137/mo
• Annual: $-13,646/yr
• Cap rate: 5.05%
• Cash-on-cash: -4.43%
• DSCR: 0.80
• 1% rule: 0.83%
• Cash to close: $307,972

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $1.10M.
• At list price, monthly cash flow is $-1k ($-14k/yr) — negative. Per door: $-569/mo.
• To cash-flow at today's rent, offer at most $899k (18.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $910k (17.3% below list).
• It's been on market 25 days — a 2% lower offer ($1.08M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $899k (18.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $33k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Hastings-On-Hudson Union Free School District (suburban): math 79% / reading 88% proficiency, ranked #27 of 590 in NY (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 3% free/reduced lunch — higher-income household profile.
• Zoned schools: Hillside Elementary School (math 89% / reading 87%, grade A+, #64 of 2,108 statewide, top 3%, 564 students, 0% FRL); Farragut Middle School (math 67% / reading 84%, grade A, #51 of 729 statewide, top 7%, 527 students, 0% FRL); Hastings High School (math 98% / reading 98%, grade A+, #19 of 1,100 statewide, top 4%, 519 students, 0% FRL) — zoned schools at 0% FRL track the district average.
• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 47 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 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 29y 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 $335k; list at $1.10M implies a 228% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: 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 5.1% vs local median 2.3% in Hastings-on-Hudson — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• 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 1922 — 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.