15 Morris Rd · Peekskill, NY 10524

$400,000

3 bd · 1.5 ba · 2,568 sqft · SingleFamily public records · 8 Days on market

Built 1961 0.31 ac lot Est $696k · 43% under

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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 +19.9/30.0
• ARV discount +15.0/15.0
• 1% rule +6.8/10.0
• DSCR +6.3/10.0
• Schools +5.9/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Diamond in the rough waiting for someone to make it their dream home! Tucked away in a private wooded setting in Continental Village, this 3 bedroom, 3 bathroom home offers 2,568 square feet of living space set on a . 31 acre lot with endless potential for renovation and customization. Main level addition provides extra living space and flexibility featuring a large eat-in kitchen, formal dining room, spacious living room with wood burning stove and a family room. Lower level offers a fireplace, large storage room and additional space with endless possibilities. One car garage and attic storage provide even more room for storage. Enjoy the beauty of every season with a pond around the corne

Key facts

• Large eat-in kitchen
• Formal dining room
• Main level addition

Tags

• PRIVATE WOODED SETTING
• MAIN LEVEL ADDITION
• LARGE EAT-IN KITCHEN
• FORMAL DINING ROOM
• SPACIOUS LIVING ROOM
• WOOD BURNING STOVE

Property features AI

Exterior

• Parking: Attached parking; Driveway; 1-car garage
• Utilities: Septic tank; Electricity connected
• Home design: Single family residence; Property listed as fixer/estimated condition
• Construction: Shake siding
• Exterior features: Wooded lot

Interior

• Kitchen: No appliances listed
• Bedrooms: Total of 8 rooms (bedroom count not specified)
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Hot water heating; No central air
• Interior features: Eat-in kitchen; Formal dining room; Finished partial basement; Pull-down attic stairs
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $400k.

Deal economics

• At list price, monthly cash flow is $483 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).
• Cap rate 7.7% vs local median 3.2% in Peekskill — 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 79/100 on livability (#132 in NY, #2,121 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, crime A-; Watch: amenities F, cost of living F.
• Lakeland Central School District (suburban): math 60% / reading 70% proficiency, ranked #149 of 590 in NY (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Van Cortlandtville School (math 42% / reading 62%, grade C-, #988 of 2,108 statewide, top 49%, 575 students, 32% FRL); Lakeland-Copper Beech Middle School (math 38% / reading 66%, grade C+, #241 of 729 statewide, top 35%, 1,247 students, 29% FRL); Walter Panas High School (math 97% / reading 82%, grade A+, #265 of 1,100 statewide, top 26%, 901 students, 30% FRL) — zoned schools average 30% FRL vs 12% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 45 active listings in the ZIP; 142 units permitted in Putnam County in 2024 (75 in 5+ unit buildings).

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.
• Putnam County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $400,000

Questions for the listing agent

1. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 7.74%
• Cash-on-cash: 5.18%
• DSCR: 1.23
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $695,928
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
44 Birch Brook Rd	0.66mi	3/3.0	2,410 (-6%)	1mo	$775,000	$322	52
9 Ernst Rd	0.24mi	4/3.0 (+1)	2,464 (-4%)	23mo	$708,000	$287	52
4 Fowler Ave	0.21mi	3/3.5	2,932 (+14%)	11mo	$716,000	$244	50
36 Sylvan Rd	0.64mi	4/2.0 (+1)	2,494 (-3%)	14mo	$675,000	$271	47
7 Ox Yoke Rd	0.71mi	3/3.0	2,788 (+9%)	4mo	$459,000	$165	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -8.2%
• Equity multiple: 0.70×
• Total profit: $-33,666
• Equity at exit: $59,641

10-year hold

• IRR: 1.5%
• Equity multiple: 1.11×
• Total profit: $11,831
• Equity at exit: $34,585

Cash invested: $112,000 (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 10524

• Home prices YoY: -10.3%
• Active inventory: 45
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $4,732 medium
• Mortgage (P&I): −$2,098
• Tax from tax record: −$991 /mo · $11,886/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$994
• Net cashflow: $483

Break-even live

Break-even rent $4,120

Max offer price $400,000

Occupancy floor 85%

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $400,000 Active 8 DOM
2. 2026-06-17
   days on market $400,000 Active 7 DOM
3. 2026-06-16
   days on market $400,000 Active 6 DOM
4. 2026-06-15
   days on market $400,000 Active 5 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $400,000 Active 3 DOM

ⓘ 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: $11,886 · $991/mo
• Projected year-2 tax: $11,886 · $991/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 16% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,781
• − Mortgage interest: −$22,406
• − Property taxes: −$11,886
• − Insurance: −$2,000
• − Repairs & maintenance: −$4,542
• − Management: −$4,542
• − Depreciation: −$11,636
• Taxable loss: −$233
• Est. tax savings @ 24.0%: +$56
• After-tax cash flow: $5,855/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: Lakeland Central School District
• NCES district ID: 3616620
• Math proficiency: 60% ▼ -11.00%
• Reading proficiency: 70% ▲ 4.00%
• Median HH income: $91,965
• Composite: 59.2/100
• National rank: #944
• State rank: #149 of 590 in NY

Livability — Peekskill

• Score: 79/100
• State rank: #132
• US rank: #2121

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 25,625
• Population (ZIP): 4,298

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 99,705 people
• By 2030: 99,650 · -0.1%
• By 2040: 98,641 · -1.1%
• By 2050: 96,348 · -3.4%
• By 2075: 94,412 · -5.3%
• By 2100: 88,728 · -11.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 8% Two or more races 7% Black 1% Asian 1%
• Hispanic origin (detail): Puerto Rican 3% Dominican 1%
• Common ancestry: Romanian 4% Scotch-Irish 4% Italian 2%
• Foreign-born: 6% · Canada
• Languages at home: 91% English-only · Spanish 5% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Putnam

• 2024 margin: R (+13.7) · D 43.2% · R 56.8%
• 2008→2024 swing: -6.2pp toward R · 2008: -7.5pp · 2024: -13.7pp
• All cycles: 2024: R+13.7 2020: R+7.9 2016: R+17.8 2012: R+11.2 2008: R+7.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -27.97%
• Current HPI: 243.0481
• 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

1 event — show timeline

• 2026-06-10 Listed $400,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+10.7%/yr

Latest (2025): $11,886 · +4.1% YoY. Source: county tax records.