216 Purchase St Unit 1F · Rye, NY 10580

$650,000

2 bd · 2.0 ba · 1,266 sqft · Condo · 7 Days on market

Built 1969

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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).

• Schools +8.6/10.0
• Appreciation +8.3/10.0
• ARV discount +7.5/15.0
• Cash flow +6.5/30.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• DSCR +0.8/10.0

Listing remarks

Renovated and truly one-of-a-kind, this corner sun-filled two-bedroom, one level-living unit with a private entrance is the perfect blend of privacy, convenience and style. Featuring your own parking space right in front of your entrance, this special home feels like a house with a charming front patio and outdoor space. Step inside to an open-concept layout with a stunning updated kitchen complete with granite countertops, seamlessly flowing into the spacious dining area and family room, complemented by refinished hardwood floors. Ideal for everyday living and entertaining. Two large bedrooms, two full baths including a primary with an ensuite, plus laundry. Perfectly located just moments

Key facts

• Front patio
• Private entrance
• Parking space

Tags

• PRIVATE ENTRANCE
• PARKING SPACE
• FRONT PATIO
• OUTDOOR SPACE
• OPEN-CONCEPT LAYOUT
• UPDATED KITCHEN

Property features AI

Finance

• HOA & community: Association managed by Ferrara Management; Association fees cover exterior maintenance, hot water, sewer, and snow removal; Additional fee of $500/month through 2026 (additional fee amount listed separately)

Exterior

• Parking: Assigned parking (1 space); No carport
• Utilities: Public sewer; Cable available; Natural gas connected; Public water (implied by public sewer and usual utilities)
• Home design: Stock cooperative; Entry level: 1
• Construction: Clapboard exterior
• Exterior features: Corner lot; Not waterfront

Interior

• Kitchen: Cooktop; Gas cooktop; Gas oven; Gas range; Dishwasher; Refrigerator; Freezer
• Bedrooms: Bedrooms located on entry level
• Flooring: Hardwood floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Natural gas heat
• Interior features: First-floor bedroom; First-floor full bathroom; Breakfast bar; Chef's kitchen with granite counters and kitchen island; Primary bathroom; Washer/dryer hookup; Common basement
• Laundry & utility: In-unit laundry (washer and dryer included); Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $650k.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $492k (24.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $431k (33.8% below list).
• Recommended offer: $431k (33.8% below list) — sets the bar for 1% rule.
• Cap rate 4.3% vs local median 1.5% in Rye — 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 70/100 on livability (#431 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: amenities F, cost of living F, health & safety F.
• Rye City School District (suburban): math 89% / reading 93% proficiency, ranked #4 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: Midland School (math 82% / reading 98%, grade A+, #37 of 2,108 statewide, top 2%, 460 students, 0% FRL); Rye Middle School (math 77% / reading 92%, grade A+, #13 of 729 statewide, top 2%, 685 students, 0% FRL); Rye High School (math 100% / reading 87%, grade A+, #141 of 1,100 statewide, top 13%, 903 students, 0% FRL) — zoned schools at 0% FRL track the district average.
• Market conditions: 121 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).

Forward outlook

• In year one you build about $48k of equity ($4k loan paydown + $43k appreciation (6.6% local appreciation)).
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$76k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major flood risk; major wind risk, 27% 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 $430,620 (33.8% 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. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.66% ✗
• Cap rate: 4.28%
• Cash-on-cash: -7.19%
• DSCR: 0.68
• GRM: 12.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.64% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.2%
• Equity multiple: 1.79×
• Total profit: $143,395
• Equity at exit: $435,308

10-year hold

• IRR: 12.1%
• Equity multiple: 3.59×
• Total profit: $470,645
• Equity at exit: $813,543

Cash invested: $182,000 (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 10580

• Home prices YoY: 2.1%
• Active inventory: 121
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $4,306 high
• Mortgage (P&I): −$3,409
• Tax est. 1.5%: −$812 /mo · $9,750/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$904
• Net cashflow: $-1,090

Break-even live

Break-even rent $5,686

Max offer price $492,260

Occupancy floor —

Sensitivity live

Price	-10% $-641	-5% $-866	+0% $-1,090	+5% $-1,315	+10% $-1,539
Rent	-10% $-1,430	-5% $-1,260	+0% $-1,090	+5% $-920	+10% $-750
Rate	-1.0pp $-763	-0.5pp $-925	base $-1,090	+0.5pp $-1,259	+1.0pp $-1,430

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
184 Purchase St Apt 12 Rye, NY	2.0	1.5	1100	$5,000	$4.55	6d	1	0.05mi
199 Purchase St Unit 2 Rye, NY	2.0	1.0	969	$3,800	$3.92	20d	1	0.06mi
27-29 Purchase St Rye, NY	3.0	1.0	1081	$4,600	$4.26	20d	1	0.46mi
150 Theodore Fremd Ave Rye, NY	2.0–4.0	1.0–2.5	1320	$3,395	$2.57	0d	1	0.64mi
83 Grant St Unit 2 Port Chester, NY	2.0	1.0	1200	$3,000	$2.50	26d	1	0.64mi
22 Wyman St Rye Brook, NY	3.0	1.0	1193	$3,500	$2.93	45d	1	0.68mi
250 S Ridge St Unit 2 Rye Brook, NY	3.0	1.0	1350	$3,800	$2.81	26d	1	0.78mi
494 W William St Unit 1st Floor Rye Brook, NY	2.0	2.0	1244	$3,685	$2.96	45d	1	0.87mi
494 W William St Port Chester, NY	2.0	2.0	1370	$3,685	$2.69	45d	1	0.87mi
Westchester Ave Unit A Port Chester, NY	2.0	2.0	1102	$3,015	$2.74	26d	1	1.23mi
411 Westchester Ave Port Chester, NY	2.0	2.0	1250	$3,015	$2.41	18d	1	1.24mi
9 Fenton St Rye, NY	3.0	2.0	1428	$8,800	$6.16	18d	1	1.41mi
113 S Water St Unit 4 Greenwich, CT	2.0	1.0	1000	$2,985	$2.98	5d	1	1.46mi
201 Willett Ave Port Chester, NY	2.0	1.0–2.0	817	$4,691	$5.74	9d	1	1.47mi
88 S Water St #107 Greenwich, CT	2.0	2.0	1256	$6,300	$5.02	0d	1	1.48mi

HOA detail condo

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% 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 27% 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: $51,674
• − Mortgage interest: −$36,410
• − Property taxes: −$9,750
• − Insurance: −$3,250
• − Repairs & maintenance: −$4,134
• − Management: −$4,134
• − Depreciation: −$18,909
• Taxable loss: −$24,913
• Est. tax savings @ 24.0%: +$5,979
• After-tax cash flow: $-7,102/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: Rye City School District
• NCES district ID: 3625260
• Math proficiency: 89% ▲ 11.00%
• Reading proficiency: 93% ▲ 12.00%
• Median HH income: $144,848
• Composite: 85.84/100
• National rank: #6
• State rank: #4 of 590 in NY

Livability — Rye

• Score: 70/100
• State rank: #431
• US rank: #7470

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rye, NY
• County: Westchester County · 709,332 people
• City population: 18,391
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 18,391
• Household income: $250,001
• Rent vs Own: 27.6% rent · 72.4% own
• Severe rent burden: 580.0

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: Predominantly White (77%)
• Race & ethnicity: White 77% Two or more races 10% Asian 7% Hispanic / Latino 7% Black 2%
• Hispanic origin (detail): Puerto Rican 1%
• Common ancestry: Romanian 5% Italian 3% German 3%
• Foreign-born: 20% · Canada, China, South Korea
• Languages at home: 80% English-only · Spanish 6% Other Indo-European 3% Chinese 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: ▲ 6.64%
• Current HPI: 321.5777
• Rent YoY: —
• 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

2 events — show timeline

• 2026-05-29 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-25 Listed $650,000 OneKey® MLS as Distributed by MLS Grid