15 Morris Rd

Peekskill, NY 10524

$400,000C+

3 bd · 1.5 ba · 2,568 sqft · Built 1961 · SingleFamily · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,732/mo
• Mortgage (P&I): −$2,098
• Tax + insurance: −$1,157
• HOA: −$0
• Vac / Maint / Mgmt: −$994
• Net cashflow: $483/mo
• Annual: $5,799/yr
• Cap rate: 7.74%
• Cash-on-cash: 5.18%
• DSCR: 1.23
• 1% rule: 1.18%
• Cash to close: $112,000

Investor read

• This is a 3-bed/1.5-bath single-family listed at $400k.
• 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).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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.
• Watch-outs: property tax is 3.0% of price.
• Market conditions: 45 active listings in the ZIP; 142 units permitted in Putnam County in 2024 (75 in 5+ unit buildings).
• Putnam County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• 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.

Questions for listing agent

• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.