3 Elm St · Chappaqua, NY 10514

$1,095,000

4 bd · 3.0 ba · 2,108 sqft · MultiFamily public records · 16 Days on market

Built 1905 7,841 sqft lot $519/sqft · 40% below area Est $1817k · 40% under

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Why this score? — see what drove the D 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 +15.0/15.0
• Schools +8.6/10.0
• Cash flow +6.8/30.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• DSCR +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Rare opportunity- a real 2 family home (side by side). Flat land, convenient to all. Needs updating. House sold "as is".

Key facts

• 7,841 sq ft lot
• Built 1905
• Listed 16 days

Property features AI

Exterior

• Parking: Private driveway
• Utilities: Electricity connected (Con-Edison); Natural gas connected; Public sewer; Public water
• Home design: Duplex; Updated/remodeled condition
• Construction: Frame construction; Shingle siding; Unfinished walk-out basement
• Exterior features: Level, private lot; No waterfront

Interior

• Kitchen: Eat-in kitchen with granite counters
• Bedrooms: Two 2-bedroom units
• Flooring: Hardwood floors
• Bathrooms: Four full bathrooms
• Heating & cooling: Natural gas heating; Wall/window air conditioning units
• Interior features: Eat-in kitchen; Granite counters; Patio
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $1.09M.

Deal economics

• At list price, monthly cash flow is $-2k ($-21k/yr) — negative. Per door: $-876/mo.
• To cash-flow at today's rent, offer at most $785k (28.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $729k (33.4% below list).
• Recommended offer: $729k (33.4% below list) — sets the bar for 1% rule.
• Cap rate 4.4% vs local median 1.5% in Chappaqua — 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 81/100 on livability (#99 in NY, #1,518 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: commute C-, amenities F, cost of living F.
• Chappaqua Central School District (suburban): math 81% / reading 88% proficiency, ranked #5 of 590 in NY (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 2% free/reduced lunch — higher-income household profile.
• Zoned schools: Douglas G Grafflin School (math 82% / reading 92%, grade A+, #69 of 2,108 statewide, top 4%, 438 students, 4% FRL); Robert E Bell School (math 71% / reading 84%, grade A+, #39 of 729 statewide, top 5%, 594 students, 6% FRL); Horace Greeley High School (math 100% / reading 100%, grade A+, #1 of 1,100 statewide, top 0%, 1,152 students, 0% FRL) — zoned schools at 4% FRL track the district average.
• Market conditions: 75 active listings in the ZIP; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).

Forward outlook

• 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.
• 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 16 days — a 2% lower offer ($1.08M) 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 $418k; list at $1.09M implies a 162% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; 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 $729,100 (33.4% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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?
8. 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?
9. 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.
10. 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.
11. 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: 0.67% ✗
• Cap rate: 4.43%
• Cash-on-cash: -6.64%
• DSCR: 0.70
• GRM: 12.5

CMA / ARV

• ARV (median comp): $1,816,785
• List price: $1,095,000
• Delta: -39.73%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -28.2%
• Equity multiple: 0.06×
• Total profit: $-288,955
• Equity at exit: $163,268

10-year hold

• IRR: -27.2%
• Equity multiple: -0.29×
• Total profit: $-395,004
• Equity at exit: $94,676

Cash invested: $306,600 (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 10514

• Active inventory: 75
• Price-to-rent: 25.0×

Monthly cashflow live

• Estimated rent: $7,291 high
• Mortgage (P&I): −$5,742
• Tax from tax record: −$1,258 /mo · $15,095/yr
• Insurance: −$456
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,531
• Net cashflow: $-1,752

Break-even live

Break-even rent $9,509

Max offer price $785,478

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$7,290
Total (2 units)			$7,291

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: $273,750
• Closing costs: $32,850
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-05-16
   status Pending 1077-char remark
2. 2026-04-29
   listed $1,095,000 Active 1077-char remark
3. 2022-06-22
   price $3,200
4. 2016-11-16
   soldstatus $418,000
5. 2016-11-04
   price $418,000 130-char remark

   Show marketing remark (130 chars)

   Rare opportunity- a real 2 family home (side by side). Flat land, convenient to all. Needs updating. House sold "as is".

6. 2016-11-04
   soldstatus $418,000 Sold 130-char remark

   Show marketing remark (130 chars)

   Rare opportunity- a real 2 family home (side by side). Flat land, convenient to all. Needs updating. House sold "as is".

7. 2016-11-04
   soldstatus $418,000

   Show marketing remark (130 chars)

   Rare opportunity- a real 2 family home (side by side). Flat land, convenient to all. Needs updating. House sold "as is".

8. 2016-09-27
   historical Pending 130-char remark

   Show marketing remark (130 chars)

   Rare opportunity- a real 2 family home (side by side). Flat land, convenient to all. Needs updating. House sold "as is".

9. 2016-09-27
   price $425,000 130-char remark

   Show marketing remark (130 chars)

   Rare opportunity- a real 2 family home (side by side). Flat land, convenient to all. Needs updating. House sold "as is".

10. 2016-09-08
    listed $425,000 Active 130-char remark

    Show marketing remark (130 chars)

    Rare opportunity- a real 2 family home (side by side). Flat land, convenient to all. Needs updating. House sold "as is".

11. 2016-09-08
    listed $425,000

    Show marketing remark (130 chars)

    Rare opportunity- a real 2 family home (side by side). Flat land, convenient to all. Needs updating. House sold "as is".

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $15,095 · $1,258/mo
• Projected year-2 tax: $16,800 · $1,400/mo
• Expected delta: +$1,705/yr (+$142/mo · 11.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% 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 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $87,492
• − Mortgage interest: −$61,337
• − Property taxes: −$15,095
• − Insurance: −$6,142
• − Repairs & maintenance: −$6,999
• − Management: −$6,999
• − Depreciation: −$31,855
• Taxable loss: −$40,935
• Est. tax savings @ 24.0%: +$9,824
• After-tax cash flow: $-11,201/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: Chappaqua Central School District
• NCES district ID: 3606990
• Math proficiency: 81% ▼ -7.00%
• Reading proficiency: 88% ▲ 6.00%
• Median HH income: $200,741
• Composite: 85.78/100
• National rank: #7
• State rank: #5 of 590 in NY

Livability — Chappaqua

• Score: 81/100
• State rank: #99
• US rank: #1518

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chappaqua, NY
• Population (ZIP): 12,227

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: Predominantly White (69%)
• Race & ethnicity: White 69% Asian 13% Two or more races 9% Hispanic / Latino 9% Black 4%
• Hispanic origin (detail): Dominican 3%
• Common ancestry: Italian 4% Romanian 3% Scotch-Irish 3%
• Foreign-born: 15% · Canada, China, South Korea
• Languages at home: 85% English-only · Other Indo-European 6% Chinese 3% Spanish 3%

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: ▼ -633.91%
• Current HPI: 251.9894
• Rent YoY: —
• Metro: —
• 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

+157.6% since first listed

11 events — show timeline

• 2026-05-16 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-29 Listed $1,095,000 OneKey® MLS as Distributed by MLS Grid
• 2022-06-22 Price Changed $3,200 RENT.
• 2016-11-16 Sold (Public Records) $418,000 Public Records
• 2016-11-04 Sold (MLS) $418,000 HGMLS
• 2016-11-04 Price Changed $418,000 HGMLS
• 2016-11-04 Sold (MLS) $418,000 OneKey® MLS as Distributed by MLS Grid
• 2016-09-27 Contingent — HGMLS
• 2016-09-27 Price Changed $425,000 HGMLS
• 2016-09-08 Listed $425,000 HGMLS
• 2016-09-08 Listed $425,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+2.0%/yr

Latest (2025): $15,095 · +2.2% YoY. Source: county tax records.