37 Summit Ave Unit 3A · Port Chester, NY 10573

$199,000

2 bd · 1.0 ba · 1,050 sqft · Condo · 83 Days on market

Built 1929 Fair condition $190/sqft · at area comps Est $196k · at est.

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.7/15.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• Condition / age +2.2/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Priced to sell. Great opportunity to own a lovely 2 bedroom coop in Port Chester, NY. Close to all that Port Chester offers. Spacious room ,hard wood flooring, high ceiling. This building is well maintained and offers additional storage in basement area. Easy access to Rye Beach and Playland. Distance views of New York City skyline....

Key facts

• High ceiling
• Hard wood flooring
• Additional storage

Tags

• HARD WOOD FLOORING
• HIGH CEILING
• ADDITIONAL STORAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $199k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Recommended offer: $187k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.5% vs local median 4.3% in Port Chester — 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 73/100 on livability (#315 in NY) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A; Watch: schools D+, amenities D, cost of living F.
• Port Chester-Rye Union Free School District (suburban): math 44% / reading 49% proficiency, ranked #428 of 590 in NY (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.7%/yr); 144 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 37% of the median local income ($106k/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 $1k of loan paydown is wiped out by about $6k 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 + 0.0% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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 $155k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 55% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $187,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 1.63% ✓
• Cap rate: 13.46%
• Cash-on-cash: 25.61%
• DSCR: 2.14
• GRM: 5.1

CMA / ARV

• ARV (median comp): $195,586
• List price: $199,000
• Delta: 1.75%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 15.8%
• Equity multiple: 1.61×
• Total profit: $34,024
• Equity at exit: $29,672

10-year hold

• IRR: 22.1%
• Equity multiple: 2.63×
• Total profit: $90,584
• Equity at exit: $17,206

Cash invested: $55,720 (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 10573

• Rents YoY: -1.7%
• Active inventory: 144
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $3,246 high
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$682
• Net cashflow: $1,189

Break-even live

Break-even rent $1,741

Max offer price $199,000

Occupancy floor 58%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
411 Westchester Ave Port Chester, NY	2.0	2.0	1250	$3,015	$2.41	16d	1	0.10mi
Westchester Ave Unit A Port Chester, NY	2.0	2.0	1102	$3,015	$2.74	24d	1	0.25mi
66 Oak St Unit 2 R Port Chester, NY	2.0	1.0	800	$2,395	$2.99	43d	1	0.32mi
494 W William St Unit 1st Floor Rye Brook, NY	2.0	2.0	1244	$3,685	$2.96	43d	1	0.33mi
494 W William St Port Chester, NY	2.0	2.0	1370	$3,685	$2.69	43d	1	0.33mi
40 Division St Port Chester, NY	2.0	1.0	828	$2,600	$3.14	7d	1	0.43mi
250 S Ridge St Unit 2 Rye Brook, NY	3.0	1.0	1350	$3,800	$2.81	24d	1	0.45mi
14 University Pl Port Chester, NY	1.0	1.0	700	$2,295	$3.28	22d	1	0.46mi
83 Grant St Unit 2 Port Chester, NY	2.0	1.0	1200	$3,000	$2.50	24d	1	0.50mi
36 Roanoke Ave #2 Rye Brook, NY	2.0	1.0	840	$3,100	$3.69	17d	1	0.55mi
22 Wyman St Rye Brook, NY	3.0	1.0	1193	$3,500	$2.93	43d	1	0.56mi
201 Willett Ave Port Chester, NY	2.0	1.0–2.0	817	$4,691	$5.74	7d	1	0.56mi
325 King St Unit 4L Port Chester, NY	1.0	1.0	800	$2,450	$3.06	24d	1	0.57mi
194 1/2 S Main St Port Chester, NY	1.0	1.0	706	$2,996	$4.24	43d	1	0.58mi
145 N Main St Unit 2nd Floor Port Chester, NY	2.0	1.0	1000	$3,000	$3.00	4d	1	0.68mi
21 Willett Ave Port Chester, NY	2.0–3.0	1.0–2.0	1199	$3,450	$2.88	1d	1	0.72mi
169 N Main St Port Chester, NY	2.0	1.0–2.0	799	$4,652	$5.82	1d	43	0.73mi
88 S Water St #107 Greenwich, CT	2.0	2.0	1256	$6,300	$5.02	1d	1	0.79mi
113 S Water St Unit 4 Greenwich, CT	2.0	1.0	1000	$2,985	$2.98	3d	1	0.87mi
82 Putnam Ave Port Chester, NY	3.0	1.0	1200	$3,600	$3.00	43d	1	0.88mi
5 Wellington Pl Unit B Greenwich, CT	3.0	2.0	1152	$4,500	$3.91	43d	1	0.94mi
19 Edison Pl Unit 2 Port Chester, NY	3.0	2.0	1500	$3,800	$2.53	13d	1	0.95mi
11 Madison Ave Unit 2nd Fl Port Chester, NY	3.0	1.0	1200	$3,700	$3.08	24d	1	0.98mi
168 N Water St Unit 3L Greenwich, CT	2.0	1.0	850	$2,850	$3.35	43d	1	1.03mi
168 N Water St Unit 1R Greenwich, CT	2.0	1.0	850	$2,850	$3.35	23d	1	1.03mi
45 Gold St Greenwich, CT	1.0	1.0	936	$2,800	$2.99	43d	1	1.08mi
1 Webb Ave Purchase, NY	2.0	1.0–2.0	895	$5,250	$5.86	1d	65	1.08mi
144 Pine St Unit D Greenwich, CT	2.0	1.5	1120	$2,950	$2.63	14d	1	1.09mi
71 Byram Rd Unit 2 Greenwich, CT	3.0	2.0	1200	$3,400	$2.83	23d	1	1.10mi
2 Sherman Ave Greenwich, CT	2.0	1.0	984	$3,950	$4.01	43d	1	1.16mi
2 Sherman Ave Greenwich, CT	2.0	1.0	984	$3,850	$3.91	3d	1	1.16mi
199 Purchase St Unit 2 Rye, NY	2.0	1.0	969	$3,800	$3.92	18d	1	1.17mi
184 Purchase St Apt 12 Rye, NY	2.0	1.5	1100	$5,000	$4.55	4d	1	1.18mi
493 Den Ln Unit 1 Greenwich, CT	2.0	1.5	900	$2,950	$3.28	19d	1	1.28mi
68 Pemberwick Rd Unit 1 Greenwich, CT	3.0	1.5	1300	$4,000	$3.08	43d	1	1.41mi
108 Monica Rd Unit 4 Greenwich, CT	3.0	1.5	1364	$3,775	$2.77	21d	1	1.43mi
38 Putnam Grn Greenwich, CT	1.0	1.0	847	$2,995	$3.54	11d	1	1.43mi
4 Weaver St Greenwich, CT	1.0	1.0	850	$2,300	$2.71	43d	1	1.43mi
9 1/2 Putnam Grn Greenwich, CT	1.0–3.0	1.0–2.5	1234	$4,800	$3.89	1d	19	1.46mi

HOA detail condo

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

Listing history 20 events

1. 2026-06-18
   days on market $199,000 Active 83 DOM
2. 2026-06-17
   days on market $199,000 Active 82 DOM
3. 2026-06-16
   days on market $199,000 Active 81 DOM
4. 2026-06-15
   days on market $199,000 Active 80 DOM
5. 2026-06-13
   days on market $199,000 Active 78 DOM
6. 2026-06-13
   days on market $199,000 Active 77 DOM
7. 2026-06-09
   days on market $199,000 Active 74 DOM
8. 2026-06-08
   days on market $199,000 Active 73 DOM
9. 2026-06-07
   days on market $199,000 Active 72 DOM
10. 2026-06-04
    days on market $199,000 Active 69 DOM
11. 2026-06-03
    days on market $199,000 Active 68 DOM
12. 2026-06-02
    days on market $199,000 Active 67 DOM
13. 2026-06-01
    days on market $199,000 Active 66 DOM
14. 2026-05-31
    days on market $199,000 Active 65 DOM
15. 2026-03-27
    listed $199,000 Active 337-char remark

    Show marketing remark (337 chars)

    Priced to sell. Great opportunity to own a lovely 2 bedroom coop in Port Chester, NY. Close to all that Port Chester offers. Spacious room ,hard wood flooring, high ceiling. This building is well maintained and offers additional storage in basement area. Easy access to Rye Beach and Playland. Distance views of New York City skyline....

16. 2022-08-17
    soldstatus $155,000 Closed 482-char remark

    Show marketing remark (482 chars)

    Come ready to move right into your new spacious and bright 2 bedroom home, in an elegant co-op building in the center of Port Chester. This well maintained home features an eat-in kitchen with a new dishwasher, a large living/dining room with picture windows and views of NYC. Terrific layout, good sized bedrooms, storage and hardwood floors. Walk to library, shopping, restaurants, easy access to Rye Beach and major highways. Additional Information: HeatingFuel:Oil Above Ground,

17. 2022-06-13
    status Pending 482-char remark

    Show marketing remark (482 chars)

    Come ready to move right into your new spacious and bright 2 bedroom home, in an elegant co-op building in the center of Port Chester. This well maintained home features an eat-in kitchen with a new dishwasher, a large living/dining room with picture windows and views of NYC. Terrific layout, good sized bedrooms, storage and hardwood floors. Walk to library, shopping, restaurants, easy access to Rye Beach and major highways. Additional Information: HeatingFuel:Oil Above Ground,

18. 2021-12-02
    listed $160,000 Active 482-char remark

    Show marketing remark (482 chars)

    Come ready to move right into your new spacious and bright 2 bedroom home, in an elegant co-op building in the center of Port Chester. This well maintained home features an eat-in kitchen with a new dishwasher, a large living/dining room with picture windows and views of NYC. Terrific layout, good sized bedrooms, storage and hardwood floors. Walk to library, shopping, restaurants, easy access to Rye Beach and major highways. Additional Information: HeatingFuel:Oil Above Ground,

19. 2021-05-31
    historical
20. 2020-11-14
    listed $97,000 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 · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 55% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,952
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$3,116
• − Management: −$3,116
• − Depreciation: −$5,789
• Taxable income: $11,804
• Est. tax owed @ 24.0%: −$2,833
• After-tax cash flow: $11,436/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This 2-bedroom condo requires moderate renovations, including new carpet and appliances, to improve its condition and value.

Repairs flagged

• Major Living room carpet — Worn and in need of replacement
• Moderate Kitchen appliances — Dated and may need replacement

Value-add opportunities

• Resale Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Resale Replace living room carpet — New carpet improves comfort and appearance
• Both Update kitchen appliances — Modern appliances increase functionality and appeal to both buyers and renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
Living room carpet · Worn and in need of replacement	Major	$15,000–50,000
Kitchen appliances · Dated and may need replacement	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$18,000–65,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Resale Replace living room carpet — New carpet improves comfort and appearance ↑
• Both Update kitchen appliances — Modern appliances increase functionality and appeal to both buyers and renters ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Port Chester-Rye Union Free School District
• NCES district ID: 3623460
• Math proficiency: 44% ▲ 2.00%
• Reading proficiency: 49% ▲ 6.00%
• Median HH income: $58,362
• Composite: 40.67/100
• National rank: #3676
• State rank: #428 of 590 in NY

Livability — Port Chester

• Score: 73/100
• State rank: #315
• US rank: #5245

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Port Chester, NY
• County: Westchester County · 709,332 people
• City population: 40,786
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 40,786
• Household income: $105,686
• Rent vs Own: 44.7% rent · 55.3% own
• Severe rent burden: 1362.0

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 0.61)
• Race & ethnicity: Hispanic / Latino 48% White 40% Two or more races 16% Black 5% Asian 4%
• Hispanic origin (detail): Mexican 7% Puerto Rican 6% Dominican 3%
• Common ancestry: Romanian 3% Scotch-Irish 2% Italian 1%
• Foreign-born: 37% · Canada, Jamaica, China
• Languages at home: 50% English-only · Spanish 41% Other Indo-European 5% Chinese 1%

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: ▼ -389.46%
• Current HPI: 258.9227
• Rent YoY: ▼ -1.70%
• 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

+105.2% since first listed

6 events — show timeline

• 2026-03-27 Listed $199,000 OneKey® MLS as Distributed by MLS Grid
• 2022-08-17 Sold (MLS) $155,000 OneKey® MLS as Distributed by MLS Grid
• 2022-06-13 Pending — OneKey® MLS as Distributed by MLS Grid
• 2021-12-02 Listed $160,000 OneKey® MLS as Distributed by MLS Grid
• 2021-05-31 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-11-14 Listed $97,000 OneKey® MLS as Distributed by MLS Grid