309 Palmer Ter Unit 2A · Mamaroneck, NY 10543

$399,000

3 bd · 1.5 ba · 1,100 sqft · Condo · 15 Days on market

Built 1961

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Why this score? — see what drove the C 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 +21.5/30.0
• ARV discount +7.5/15.0
• Schools +7.1/10.0
• DSCR +6.9/10.0
• 1% rule +5.6/10.0
• Rent growth +4.2/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare and desirable 3 Bedroom unit, great flow/ layout. Wonderful complex/setting, complete with tall trees, lush lawns, new playground. The kitchen is updated, features a breakfast bar opening to living room, and seats 6 for gatherings with family and friends. Renovated Full bath and new Half Bath. Master Bedroom has sole access to half bath, allowing privacy and convenience. The 2 family bedrooms have large closets. Unit has windows on 3 sides, (corner unit), views of courtyard, gleaming hardwood flooring, 2 large closets in hallway, and linen closet. Additional features include crown molding in living room and master bedroom, a washer/dryer in unit, renovated common hallways, immediate parking on site. Easy walk to Metro North Train Station-35 minutes to NYC. Mamaroneck Village offers a multitude of fine and casual dining opportunities, local shops, Harbor Island Park with Boating/kayaking/beach/year round tennis, concerts and many events. On site Gym fee is $18 per month.

Key facts

• Quartz countertops
• Galley kitchen
• Crown molding

Tags

• CROWN MOLDING
• HARDWOOD FLOORS
• GALLEY KITCHEN
• STAINLESS STEEL APPLIANCES
• QUARTZ COUNTERTOPS
• SUBWAY TILE BACKSPLASH

Property features AI

Finance

• HOA & community: Association managed by The Ferrara Management Group, Inc.; Association amenities include basketball court, fitness center, landscaping, live-in superintendent, grounds maintenance, parking, playground, recreation facilities, snow removal, and trash service; Association fee covers common area and exterior maintenance, grounds care, hot water, sewer, snow removal, trash, and water

Exterior

• Parking: Two parking spaces total; On-street parking available; Parking lot; Private and unassigned parking; Storage available; Waitlist parking
• Security: Smoke detector(s)
• Utilities: Electric service by Con Edison; Public sewer; Cable connected; Electricity connected; Natural gas connected; Phone connected; Sewer connected; Public trash collection; Water connected
• Home design: Stock cooperative; Two-story building; Entry on level 2; Located on a cul-de-sac; Landscaped and level lot; Near public transit, schools, and shops; Paved and private setting
• Construction: Brick construction; Brick/mortar foundation
• Exterior features: Basketball court; Outdoor lighting; Mailbox; Playground; Bicycle room; Outdoor space; Walk-up access

Interior

• Kitchen: Dishwasher; Gas range; Microwave; Refrigerator; Stainless steel appliances
• Bedrooms: Located on the second floor
• Flooring: Hardwood; Tile
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Hot water heating; Oil heating; Wall/window air conditioning unit(s)
• Interior features: Ceiling fan(s); Entrance foyer; Galley-style kitchen; Natural woodwork; Original details; Primary bathroom; Storage; Washer/dryer hookup; Aluminum window frames; Blinds; Window screens; No fireplace; Pets: cats allowed, no dogs
• Laundry & utility: Washer; Dryer; In-unit laundry; Laundry room; Common area laundry; Multiple laundry locations; Laundry in kitchen; Inside access

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $399k.

Deal economics

• At list price, monthly cash flow is $597 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $399k).
• Recommended offer: $393k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 3.1% in Mamaroneck — 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 69/100 on livability (#491 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: amenities C-, commute F, cost of living F.
• Mamaroneck Union Free School District (suburban): math 74% / reading 81% proficiency, ranked #47 of 590 in NY (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Central School (math 78% / reading 78%, grade A, #239 of 2,108 statewide, top 11%, 513 students, 14% FRL); Hommocks School (math 65% / reading 79%, grade A, #76 of 729 statewide, top 11%, 1,258 students, 20% FRL); Mamaroneck High School (math 95% / reading 91%, grade A+, #147 of 1,100 statewide, top 14%, 1,660 students, 23% FRL).
• Market conditions: Rents rising fast (+6.7%/yr); 124 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• This rent runs 40% of the median local income ($126k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $112k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($393k) is reasonable based on typical stale-listing flexibility.
• 3 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 $325k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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.

Recommended offer $393,015 (1.5% below list)

Questions for the listing agent

1. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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?
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: 1.06% ✓
• Cap rate: 8.09%
• Cash-on-cash: 6.41%
• DSCR: 1.29
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.7% rent growth · sell at horizon

5-year hold

• IRR: -2.3%
• Equity multiple: 0.91×
• Total profit: $-10,198
• Equity at exit: $59,492

10-year hold

• IRR: 11.0%
• Equity multiple: 2.01×
• Total profit: $112,908
• Equity at exit: $34,498

Cash invested: $111,720 (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 10543

• Rents YoY: 6.7%
• Active inventory: 124
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $4,246 high
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$892
• Net cashflow: $597

Break-even live

Break-even rent $3,490

Max offer price $399,000

Occupancy floor 81%

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
505 Prospect Ave Mamaroneck, NY	3.0	1.5	1500	$6,700	$4.47	13d	1	0.21mi
338 Palmer Ave Unit B Mamaroneck, NY	2.0	1.0	900	$3,700	$4.11	24d	1	0.37mi
314 Larchmont Acres Unit 4C Mamaroneck, NY	2.0	1.0	1074	$2,985	$2.78	24d	1	0.41mi
4 Larchmont Acres Unit 4C Larchmont, NY	2.0	1.0	1074	$2,985	$2.78	24d	1	0.43mi
209 Halstead Ave Unit 3 Mamaroneck, NY	3.0	1.0	1500	$3,975	$2.65	43d	1	0.64mi
9 Ferndale Pl Larchmont, NY	3.0	1.5	1349	$4,500	$3.34	16d	1	0.66mi
210 Union Ave Mamaroneck, NY	3.0	1.5	1000	$3,500	$3.50	24d	1	0.69mi
746 Mamaroneck Ave Mamaroneck, NY	1.0–2.0	1.0–2.0	974	$6,015	$6.17	1d	16	0.74mi
416 Tompkins Ave Unit SECOND FLOOR Mamaroneck, NY	2.0	1.0	1100	$3,800	$3.45	43d	1	0.76mi
1833 Palmer Ave Unit 3K Larchmont, NY	2.0	1.0	875	$2,700	$3.09	43d	1	1.07mi
1016 Jefferson Ave Mamaroneck, NY	3.0	1.5	1300	$4,200	$3.23	19d	1	1.33mi
1408 Henry Ave #2 Mamaroneck, NY	3.0	1.5	1400	$4,200	$3.00	43d	1	1.42mi
1408 Henry Ave #1 Mamaroneck, NY	2.0	1.0	850	$3,200	$3.76	43d	1	1.42mi
5 Lester Pl Unit 1 Larchmont, NY	2.0	1.0	850	$3,200	$3.76	24d	1	1.48mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: gym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-18
   days on market $399,000 Active 15 DOM
2. 2026-06-17
   days on market $399,000 Active 14 DOM
3. 2026-06-16
   days on market $399,000 Active 13 DOM
4. 2026-06-15
   days on market $399,000 Active 12 DOM
5. 2026-06-13
   days on market $399,000 Active 10 DOM
6. 2026-06-09
   days on market $399,000 Active 6 DOM
7. 2026-06-08
   days on market $399,000 Active 5 DOM
8. 2026-06-07
   days on market $399,000 Active 4 DOM
9. 2026-06-04
   remarks 699-char remark
10. 2026-06-04
    listed $399,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,948
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$1,995
• − Repairs & maintenance: −$4,076
• − Management: −$4,076
• − Depreciation: −$11,607
• Taxable income: $858
• Est. tax owed @ 24.0%: −$206
• After-tax cash flow: $6,954/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: Mamaroneck Union Free School District
• NCES district ID: 3618240
• Math proficiency: 74% ▼ -4.00%
• Reading proficiency: 81% ▲ 9.00%
• Median HH income: $111,011
• Composite: 71.4/100
• National rank: #228
• State rank: #47 of 590 in NY

Livability — Mamaroneck

• Score: 69/100
• State rank: #491
• US rank: #8656

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mamaroneck, NY
• County: Westchester County · 709,332 people
• City population: 20,989
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 20,989
• Household income: $126,417
• Rent vs Own: 41.8% rent · 58.2% own
• Severe rent burden: 1152.0

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 0.57)
• Race & ethnicity: White 59% Hispanic / Latino 27% Two or more races 11% Asian 5% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 4% Dominican 2%
• Common ancestry: Russian 3% Romanian 2% Scotch-Irish 2%
• Foreign-born: 28% · Canada, Jamaica, China
• Languages at home: 60% English-only · Spanish 23% Other Indo-European 8% Other Asian/Pacific 2%

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: ▼ -220.53%
• Current HPI: 268.4687
• Rent YoY: ▲ 6.70%
• 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

+20.9% since first listed

8 events — show timeline

• 2026-06-01 Listed $399,000 OneKey® MLS as Distributed by MLS Grid
• 2016-08-11 Price Changed $325,000 HGMLS
• 2016-08-11 Sold (MLS) $325,000 HGMLS
• 2016-08-10 Sold (MLS) $325,000 OneKey® MLS as Distributed by MLS Grid
• 2016-04-27 Contingent — HGMLS
• 2016-04-26 Price Changed $329,900 HGMLS
• 2016-03-18 Listed $329,900 OneKey® MLS as Distributed by MLS Grid
• 2016-03-18 Listed $329,900 HGMLS