21 Drake Ave · New Rochelle, NY 10805

$739,000

3 bd · 2.0 ba · 2,175 sqft · MultiFamily public records · 80 Days on market

Built 1905 2,614 sqft lot $340/sqft · 40% below area

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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 +15.8/30.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• DSCR +4.9/10.0
• Appreciation +4.3/10.0
• 1% rule +3.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Charming Two-Family Home in the Heart of New Rochelle This bright and sunny two-family residence is ideally located just steps from New Rochelle’s vibrant downtown and the Metro-North train station—only 35 minutes to Grand Central Station! Property Features: Spacious, fully fenced flat backyard — perfect for gatherings and outdoor entertaining Legal layout includes: Second Floor: 1-bedroom / 1-bathroom unit First Floor: 3-bedroom / 1-bathroom unit Bonus Space: Finished above-ground basement with a full bathroom and private street-level entrance — ideal for a home office, studio, or guest suite Financial Highlights: Monthly Rent Roll: $1,660 (1-bed) + $2,900 (3-bed) Both units are currently month-to-month leases Low property taxes A rare opportunity to own a versatile and income-producing property in one of Westchester’s most desirable commuter-friendly neighborhoods!

Key facts

• 2,614 sq ft lot
• Built 1905
• Listed 79 days

Tags

• FULLY FENCED FLAT BACKYARD
• FINISHED ABOVE-GROUND BASEMENT
• PRIVATE STREET-LEVEL ENTRANCE

🏷️ Possibly a rental listed for sale. The $739,000 price doesn't fit this home's estimated sale value (~$1,502,384) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $739k.

Deal economics

• At list price, monthly cash flow is $339 ($4k/yr) — positive. Per door: $170/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $637k (13.8% below list).
• Recommended offer: $637k (13.8% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 4.5% in New Rochelle — 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 69/100 on livability (#487 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A, amenities B+; Watch: housing D+, commute F, cost of living F.
• New Rochelle City School District (suburban): math 63% / reading 66% proficiency, ranked #171 of 590 in NY (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 84 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• At $6,370/mo this rent would consume 75% of the median local household income ($102k/yr) (locally 961% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-1.5%/yr); year-one equity from $5k of loan paydown is wiped out by about $11k 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 80 days — a 6% lower offer ($695k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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 $248k; list at $739k implies a 199% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $637,000 (13.8% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
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. 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. 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: 0.86% ✗
• Cap rate: 6.84%
• Cash-on-cash: 1.97%
• DSCR: 1.09
• GRM: 9.7

CMA / ARV

• ARV (median comp): $1,502,384
• List price: $739,000
• Delta: -50.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5 Harold Ct	0.73mi	4/2.5 (+1)	2,120 (-2%)	23mo	$738,000	$348	36

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

Projected returns pro-forma

-1.48% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.8%
• Equity multiple: 0.76×
• Total profit: $-49,973
• Equity at exit: $161,617

10-year hold

• IRR: 1.5%
• Equity multiple: 1.14×
• Total profit: $27,941
• Equity at exit: $155,803

Cash invested: $206,920 (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 10805

• Home prices YoY: -0.5%
• Active inventory: 84
• Price-to-rent: 20.1×

Monthly cashflow live

• Estimated rent: $6,370 high
• Mortgage (P&I): −$3,875
• Tax from tax record: −$510 /mo · $6,120/yr
• Insurance: −$308
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,338
• Net cashflow: $339

Break-even live

Break-even rent $5,941

Max offer price $739,000

Occupancy floor 90%

Sensitivity live

Price	-10% $757	-5% $548	+0% $339	+5% $130	+10% $-79
Rent	-10% $-164	-5% $87	+0% $339	+5% $591	+10% $842
Rate	-1.0pp $711	-0.5pp $527	base $339	+0.5pp $148	+1.0pp $-47

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$3,058
1× unit	3	1	$3,312
Total (2 units)			$6,370

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: $184,750
• Closing costs: $22,170
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
73 Maple Ave New Rochelle, NY	4.0	3.0	2414	$6,500	$2.69	44d	1	0.33mi
7 Flower St New Rochelle, NY	3.0	1.0	2910	$4,200	$1.44	44d	1	0.48mi
25 Leroy Pl #1 New Rochelle, NY	2.0	2.5	1420	$3,995	$2.81	8d	1	0.48mi
55 Clinton Pl New Rochelle, NY	3.0	1.0–2.0	991	$6,747	$6.80	0d	24	0.55mi
40 Memorial Hwy New Rochelle, NY	3.0	1.0–2.0	917	$4,580	$4.99	0d	50	0.59mi
18 Shady Glen Ct New Rochelle, NY	2.0	2.0	1700	$5,800	$3.41	13d	1	0.71mi
9 9th St Unit 1st Floor New Rochelle, NY	3.0	1.0	1463	$3,400	$2.32	44d	1	0.76mi
72 Soundview St Unit 2 New Rochelle, NY	4.0	2.0	1500	$3,850	$2.57	44d	1	0.81mi
175 Huguenot St #1402 New Rochelle, NY	2.0	2.5	1475	$4,750	$3.22	25d	1	0.83mi
25 Acacia Ter Unit 1 New Rochelle, NY	3.0	2.0	1400	$3,800	$2.71	44d	1	0.92mi
7 Alpha Pl Unit First floor New Rochelle, NY	3.0	2.0	1538	$4,700	$3.06	19d	1	0.92mi

Listing history 27 events

1. 2026-06-21
   days on market $739,000 Active 80 DOM
2. 2026-06-18
   days on market $739,000 Active 77 DOM
3. 2026-06-17
   days on market $739,000 Active 76 DOM
4. 2026-06-16
   days on market $739,000 Active 75 DOM
5. 2026-06-15
   days on market $739,000 Active 74 DOM
6. 2026-06-13
   days on market $739,000 Active 72 DOM
7. 2026-06-09
   days on market $739,000 Active 68 DOM
8. 2026-06-08
   days on market $739,000 Active 67 DOM
9. 2026-06-07
   days on market $739,000 Active 66 DOM
10. 2026-06-04
    days on market $739,000 Active 63 DOM
11. 2026-06-03
    days on market $739,000 Active 62 DOM
12. 2026-06-02
    days on market $739,000 Active 61 DOM
13. 2026-06-01
    days on market $739,000 Active 60 DOM
14. 2026-05-31
    days on market $739,000 Active 59 DOM
15. 2026-04-01
    listed $739,000 Active 915-char remark

    Show marketing remark (915 chars)

    Charming Two-Family Home in the Heart of New Rochelle This bright and sunny two-family residence is ideally located just steps from New Rochelle’s vibrant downtown and the Metro-North train station—only 35 minutes to Grand Central Station! Property Features: Spacious, fully fenced flat backyard — perfect for gatherings and outdoor entertaining Legal layout includes: Second Floor: 1-bedroom / 1-bathroom unit First Floor: 3-bedroom / 1-bathroom unit Bonus Space: Finished above-ground basement with a full bathroom and private street-level entrance — ideal for a home office, studio, or guest suite Financial Highlights: Monthly Rent Roll: $1,660 (1-bed) + $2,900 (3-bed) Both units are currently month-to-month leases Low property taxes A rare opportunity to own a versatile and income-producing property in one of Westchester’s most desirable commuter-friendly neighborhoods!

16. 2026-01-01
    historical
17. 2025-08-04
    price $739,000
18. 2025-05-16
    listed $769,000 Active
19. 2018-07-31
    soldstatus $247,500 Sold
20. 2018-04-04
    historical Pending
21. 2017-09-27
    status Active
22. 2017-09-27
    historical
23. 2017-09-23
    price $247,500
24. 2017-05-28
    listed $259,900 Active
25. 2014-01-27
    price $439,000
26. 2006-07-07
    soldstatus $445,000
27. 2006-01-17
    listed $445,000

ⓘ 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: $6,120 · $510/mo
• Projected year-2 tax: $9,304 · $775/mo
• Expected delta: +$3,185/yr (+$265/mo · 52.0%)

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

Taxation est. · year 1

• Rental income: $76,440
• − Mortgage interest: −$41,395
• − Property taxes: −$6,120
• − Insurance: −$3,695
• − Repairs & maintenance: −$6,115
• − Management: −$6,115
• − Depreciation: −$21,498
• Taxable loss: −$8,499
• Est. tax savings @ 24.0%: +$2,040
• After-tax cash flow: $6,108/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: New Rochelle City School District
• NCES district ID: 3620490
• Math proficiency: 63% ▲ 3.00%
• Reading proficiency: 66% ▲ 9.00%
• Median HH income: $69,165
• Composite: 56.63/100
• National rank: #1139
• State rank: #171 of 590 in NY

Livability — New Rochelle

• Score: 69/100
• State rank: #487
• US rank: #8572

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Rochelle, NY
• County: Westchester County · 709,332 people
• City population: 63,657
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 20,903
• Household income: $102,109
• Rent vs Own: 53.9% rent · 46.1% own
• Severe rent burden: 961.0

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 0.67)
• Race & ethnicity: Hispanic / Latino 39% White 38% Black 17% Two or more races 13% Asian 4%
• Hispanic origin (detail): Mexican 15% Puerto Rican 11% Dominican 2%
• Common ancestry: Romanian 2% Russian 1% Scotch-Irish 1%
• Foreign-born: 32% · Canada, Jamaica, South Korea
• Languages at home: 54% English-only · Spanish 32% Other Indo-European 7% German/W. Germanic 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: ▼ -1.48%
• Current HPI: 278.8511
• 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

+66.1% since first listed

13 events — show timeline

• 2026-04-01 Listed $739,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-08-04 Price Changed $739,000 OneKey® MLS as Distributed by MLS Grid
• 2025-05-16 Listed $769,000 OneKey® MLS as Distributed by MLS Grid
• 2018-07-31 Sold (MLS) $247,500 OneKey® MLS as Distributed by MLS Grid
• 2018-04-04 Contingent — OneKey® MLS as Distributed by MLS Grid
• 2017-09-27 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2017-09-27 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2017-09-23 Price Changed $247,500 OneKey® MLS as Distributed by MLS Grid
• 2017-05-28 Listed $259,900 OneKey® MLS as Distributed by MLS Grid
• 2014-01-27 Price Changed $439,000 HGMLS
• 2006-07-07 Sold (MLS) $445,000 HGMLS
• 2006-01-17 Listed $445,000 HGMLS

Property tax history

-3.0%/yr

Latest (2025): $6,120 · -25.9% YoY. Source: county tax records.