472 Gramatan Ave Bldg 3, Unit L2 · Mount Vernon, NY 10552

$245,000

2 bd · 1.0 ba · 1,150 sqft · Condo · 168 Days on market

Built 1927

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Rent growth +4.3/5.0
• Cash flow +4.0/30.0
• Schools +3.7/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Wellington Court! Welcome to this charming 2-bedroom apartment featuring a bright, spacious living room perfect for relaxing or entertaining. Enjoy a spacious living room, a good-sized kitchen and full bathroom. The apartment also features a long foyer entrance that adds an elegant touch. Conveniently located near restaurants, shopping and public transportation, this apartment offers comfort and easy access to everything you need. The property is six, five-story apartment buildings. This pre-war property is beautifully landscaped with courtyard and benches. Also, pet-friendly building.

Key facts

• Good sized kitchen
• Long foyer entrance
• 94 parking spots

Tags

• BRIGHT SPACIOUS LIVING ROOM
• GOOD SIZED KITCHEN
• LONG FOYER ENTRANCE
• PET FRIENDLY BUILDING

Property features AI

Exterior

• Parking: 94 total parking spaces; Assigned parking available; Waitlist for parking
• Security: Smoke detectors; Video cameras
• Utilities: Con Edison electric service; Public sewer; Electricity connected; Sewer connected; Public trash collection; Water available
• Home design: Stock cooperative; 5-story building; Entry level: 1
• Construction: Brick construction; Brick/mortar and concrete perimeter foundation
• Exterior features: Courtyard; Garden; Private entrance

Interior

• Kitchen: Gas oven; Gas range; Refrigerator; Exhaust fan
• Bedrooms: Pets allowed: Cats and dogs
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating; Oil heating; Steam heating; Wall/window air conditioning units
• Interior features: Eat-in kitchen; Entrance foyer; Oversized windows; Common finished basement with storage space and walk-out access; Outdoor space (building amenity)
• Laundry & utility: Common area laundry; Laundry in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $245k.

Deal economics

• At list price, monthly cash flow is $-683 ($-8k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $216k (12.0% below list) — sets the bar for market timing.
• Cap rate 2.9% vs local median 5.3% in Mount Vernon — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 71/100 on livability (#397 in NY) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A, employment B; Watch: crime D-, cost of living F.
• Mount Vernon School District (suburban): math 35% / reading 50% proficiency, ranked #485 of 590 in NY (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lincoln School (math 32% / reading 62%, grade D-, #1,195 of 2,108 statewide, top 60%, 498 students, 65% FRL); Benjamin Turner Middle School (math 8% / reading 32%, grade F, #678 of 729 statewide, top 94%, 196 students, 71% FRL); Mount Vernon High School (math 54% / reading 75%, grade B-, #776 of 1,100 statewide, top 73%, 1,094 students, 76% FRL).
• Market conditions: Rents rising fast (+7.0%/yr); 125 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• This rent runs 36% of the median local income ($97k/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 $2k of loan paydown is wiped out by about $7k 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 168 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 44% of rent; built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• 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 $215,600 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 168 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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?
10. 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.
11. 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.
12. 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: 1.18% ✓
• Cap rate: 2.95%
• Cash-on-cash: -11.95%
• DSCR: 0.47
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.04% rent growth · sell at horizon

5-year hold

• IRR: -28.9%
• Equity multiple: -0.02×
• Total profit: $-70,131
• Equity at exit: $36,530

10-year hold

• IRR: -10.9%
• Equity multiple: 0.14×
• Total profit: $-59,035
• Equity at exit: $21,183

Cash invested: $68,600 (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 10552

• Rents YoY: 7.0%
• Active inventory: 125
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,900 high
• Mortgage (P&I): −$1,285
• Tax est. 1.5%: −$306 /mo · $3,675/yr
• Insurance: −$102
• HOA est. from 1 same-building comp: −$1,281
• Vacancy / Maint / Mgmt: −$609
• Net cashflow: $-683

Break-even live

Break-even rent $3,765

Max offer price $146,109

Occupancy floor —

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
669 N Terrace Ave Mount Vernon, NY	1.0	1.0	750	$2,031	$2.71	24d	1	0.11mi
33 William St Mount Vernon, NY	1.0–2.0	1.0	725	$2,675	$3.69	22d	2	0.12mi
42 Broad St W Mount Vernon, NY	3.0	1.0–2.0	1014	$5,080	$5.01	24d	15	0.14mi
42 Broad St W Mount Vernon, NY	3.0	1.0–2.0	955	$3,199	$3.35	2d	16	0.14mi
80 W Grand St Mount Vernon, NY	1.0	1.0	850	$1,942	$2.28	24d	1	0.20mi
645 N MacQuesten Pkwy Unit 3G Mt Vernon, NY	2.0	1.0	950	$3,195	$3.36	24d	1	0.20mi
26 W Devonia Ave Unit 1 Mt Vernon, NY	3.0	1.5	1388	$4,200	$3.03	11d	1	0.39mi
12 Putnam St Mount Vernon, NY	2.0	1.0	950	$2,600	$2.74	24d	1	0.45mi
173 Crary Ave Mount Vernon, NY	3.0	2.0	1100	$3,100	$2.82	24d	1	0.48mi
230 N 7th Ave Unit 2 Mt Vernon, NY	1.0	1.0	950	$2,300	$2.42	10d	1	0.52mi
671 Bronx River Rd Unit 3A Yonkers, NY	2.0	1.5	950	$3,000	$3.16	24d	1	0.54mi
200 Crescent Pl Unit 2nd fl Yonkers, NY	1.0	1.0	800	$2,300	$2.88	17d	1	0.57mi
103 North St Mount Vernon, NY	1.0	1.0	720	$1,900	$2.64	21d	1	0.58mi
148 Claremont Ave Mount Vernon, NY	2.0	1.0	960	$2,400	$2.50	19d	1	0.71mi
14 Elm St Unit 2 Mt Vernon, NY	2.0	1.0	1000	$2,800	$2.80	24d	1	0.74mi
86 Edgewood Ave Apt 2E Yonkers, NY	2.0	1.0	1000	$2,599	$2.60	19d	1	0.87mi
86 Edgewood Ave Unit 2W Yonkers, NY	2.0	1.0	1000	$2,699	$2.70	44d	1	0.87mi
32 N Bond St Mount Vernon, NY	1.0	1.0	850	$1,900	$2.24	7d	1	0.90mi
112 N Columbus Ave Unit 2 Mt Vernon, NY	2.0	2.0	900	$2,997	$3.33	19d	1	0.92mi
18 N Bond St Unit 3D Mt Vernon, NY	1.0	1.0	750	$2,000	$2.67	24d	1	0.94mi
51 Parkway Rd Apt 3 Bronxville, NY	1.0	1.0	1100	$3,100	$2.82	24d	1	0.98mi
173 Washington St Unit 1 Mt Vernon, NY	3.0	2.0	1100	$3,000	$2.73	24d	1	1.00mi
173 Washington St Unit 2 Mt Vernon, NY	3.0	2.0	1500	$3,200	$2.13	1d	1	1.00mi
495 Kimball Ave Unit First Floor Yonkers, NY	2.0	1.0	1100	$3,000	$2.73	44d	1	1.05mi
6 Belden Ave Unit 1 Yonkers, NY	3.0	2.0	1450	$3,500	$2.41	24d	1	1.07mi
28 Tunis Ave Unit 2 Yonkers, NY	2.0	1.0	900	$3,000	$3.33	44d	1	1.07mi
20 Overhill Pl Unit 3 Yonkers, NY	2.0	1.0	800	$3,000	$3.75	44d	1	1.08mi
150 S 6th Ave Unit 2 Mt Vernon, NY	1.0	1.0	800	$2,500	$3.12	7d	1	1.18mi
150 S 6th Ave Unit 2 Mt Vernon, NY	1.0	1.0	800	$2,500	$3.12	17d	1	1.18mi
119 S 11th Ave Unit 1 Mt Vernon, NY	2.0	1.0	700	$2,800	$4.00	11d	1	1.20mi
142 Trenchard St Unit 2E Yonkers, NY	1.0	1.0	900	$2,250	$2.50	11d	1	1.22mi
2325 Cortlandt St Unit 4 Mt Vernon, NY	2.0	1.0	700	$2,300	$3.29	24d	1	1.24mi
119 S 13th Ave Mount Vernon, NY	2.0	1.0	800	$2,997	$3.75	13d	1	1.26mi
635 E Lincoln Ave Mount Vernon, NY	2.0	1.0	1000	$3,150	$3.15	7d	1	1.26mi
257 S 2nd Ave Mount Vernon, NY	1.0	1.0	800	$2,250	$2.81	24d	1	1.31mi
255 Bronx River Rd Unit 4R Yonkers, NY	1.0	1.0	800	$2,250	$2.81	24d	1	1.40mi
64 Sagamore Rd Unit A6 Bronxville, NY	1.0	1.0	850	$2,900	$3.41	5d	1	1.47mi

HOA detail condo

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

Listing history 1 events

1. 2025-12-11
   listed $245,000 Active

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,796
• − Mortgage interest: −$13,724
• − Property taxes: −$3,675
• − Insurance: −$1,225
• − Repairs & maintenance: −$2,784
• − Management: −$2,784
• − HOA: −$15,372
• − Depreciation: −$7,127
• Taxable loss: −$11,895
• Est. tax savings @ 24.0%: +$2,855
• After-tax cash flow: $-5,346/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: Mount Vernon School District
• NCES district ID: 3620100
• Math proficiency: 35% ▼ -3.00%
• Reading proficiency: 50% ▲ 6.00%
• Median HH income: $50,890
• Composite: 36.59/100
• National rank: #4631
• State rank: #485 of 590 in NY

Livability — Mount Vernon

• Score: 71/100
• State rank: #397
• US rank: #6876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Vernon, NY
• County: Westchester County · 709,332 people
• City population: 61,313
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 22,341
• Household income: $96,717
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 652.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Black 39% White 31% Hispanic / Latino 17% Two or more races 7% Asian 5%
• Hispanic origin (detail): Puerto Rican 5% Dominican 6%
• Common ancestry: Russian 2% Estonian 2% Hispanic 1%
• Foreign-born: 27% · Canada, China
• Languages at home: 74% English-only · Spanish 12% Other Indo-European 7% French/Haitian/Cajun 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: ▼ -393.94%
• Current HPI: 244.3166
• Rent YoY: ▲ 7.04%
• 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

1 event — show timeline

• 2025-12-11 Listed $245,000 OneKey® MLS as Distributed by MLS Grid