1815 Palmer Ave Unit 2O · Larchmont, NY 10538

$230,000

1 bd · 1.0 ba · 810 sqft · Condo · 8 Days on market

Built 1940 Good condition

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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 +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Schools +7.1/10.0
• Livability +4.3/5.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Move right into this beautiful one-bedroom apartment located in the heart of Larchmont Village. This light-filled home offers sun exposure throughout the day and features a chef’s kitchen with stainless steel appliances, granite countertops, and a convenient pantry closet. The gut-renovated marble bathroom adds a modern, elegant touch. The layout offers excellent flow, beginning with a spacious entry hall and coat closet. The apartment includes a comfortable living room, a separate dining room (currently used for dining and a home office), a carpeted bedroom with two outfitted California closets, and a newly renovated bathroom. The Colony offers a full suite of amenities, including a

Key facts

• Spacious entry hall
• Chef kitchen
• Granite countertops

Tags

• CHEF KITCHEN
• STAINLESS STEEL APPLIANCES
• GRANITE COUNTERTOPS
• PANTRY CLOSET
• GUT RENOVATED BATHROOM
• SPACIOUS ENTRY HALL

Property features AI

Exterior

• Parking: On-street parking; Parking lot available
• Utilities: Electricity connected (Con-Edison); Natural gas connected; Public sewer; Public water connected; Public trash collection
• Home design: Stock cooperative; Entry level is on the 2nd floor
• Construction: Brick and frame construction
• Exterior features: Brick and frame construction; Not waterfront

Interior

• Kitchen: Dishwasher; Gas range; Microwave; Refrigerator
• Bedrooms: 4 total rooms (includes bedrooms and living areas)
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating; Natural gas heating; Steam heating; Wall/window air conditioning units
• Interior features: Chef's kitchen; Eat-in kitchen; Entrance foyer; Galley-style kitchen; Common basement with storage space; 3 total stories; Entry on 2nd level; Cats allowed, no dogs
• Laundry & utility: Basement storage and common area (no specific in-unit laundry listed)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $230k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $686 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Cap rate 9.9% vs local median 2.1% in Larchmont — 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 86/100 on livability (#18 in NY, #366 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• Mamaroneck Union Free School District (suburban): math 74% / reading 81% proficiency, ranked #47 of 590 in NY (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Central School (math 78% / reading 78%, grade A, #239 of 2,108 statewide, top 11%, 513 students, 14% FRL); Hommocks School (math 65% / reading 79%, grade A, #76 of 729 statewide, top 11%, 1,258 students, 20% FRL); Mamaroneck High School (math 95% / reading 91%, grade A+, #147 of 1,100 statewide, top 14%, 1,660 students, 23% FRL).
• Market conditions: 138 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 + 3.0% rent growth), your $64k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

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

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $230,000

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.25% ✓
• Cap rate: 9.87%
• Cash-on-cash: 12.78%
• DSCR: 1.57
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 2.6%
• Equity multiple: 1.10×
• Total profit: $6,449
• Equity at exit: $34,294

10-year hold

• IRR: 12.2%
• Equity multiple: 1.96×
• Total profit: $62,031
• Equity at exit: $19,886

Cash invested: $64,400 (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 10538

• Active inventory: 138
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $2,880 high
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$288 /mo · $3,450/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$605
• Net cashflow: $686

Break-even live

Break-even rent $2,012

Max offer price $230,000

Occupancy floor 71%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1833 Palmer Ave Unit 3K Larchmont, NY	2.0	1.0	875	$2,700	$3.09	43d	1	0.09mi
4 Larchmont Acres Unit 4C Larchmont, NY	2.0	1.0	1074	$2,985	$2.78	24d	1	0.55mi
5 Lester Pl Unit 1 Larchmont, NY	2.0	1.0	850	$3,200	$3.76	24d	1	0.55mi
314 Larchmont Acres Unit 4C Mamaroneck, NY	2.0	1.0	1074	$2,985	$2.78	24d	1	0.58mi
505 Rockland Ave Unit 2 Mamaroneck, NY	1.0	1.0	700	$2,800	$4.00	43d	1	0.92mi
412 Munro Ave Apt 3F Mamaroneck, NY	1.0	1.0	750	$2,950	$3.93	43d	1	1.21mi
300 Livingston Ave Unit 3E Mamaroneck, NY	1.0	1.0	946	$3,600	$3.81	43d	1	1.31mi
120 Stonelea Pl Apt 3M New Rochelle, NY	1.0	1.0	750	$2,300	$3.07	18d	1	1.31mi
110 Stonelea Pl Unit 3B New Rochelle, NY	2.0	1.0	800	$2,650	$3.31	43d	1	1.31mi
338 Palmer Ave Unit B Mamaroneck, NY	2.0	1.0	900	$3,700	$4.11	24d	1	1.35mi
225 Stanley Ave #313 Mamaroneck, NY	1.0	1.0	825	$3,500	$4.24	24d	1	1.43mi

HOA detail condo

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

Listing history 6 events

1. 2026-06-18
   days on market $230,000 Active 8 DOM
2. 2026-06-17
   days on market $230,000 Active 7 DOM
3. 2026-06-16
   days on market $230,000 Active 6 DOM
4. 2026-06-15
   days on market $230,000 Active 5 DOM
5. 2026-06-13
   remarks 693-char remark
6. 2026-06-13
   listed $230,000 Active 3 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,560
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,765
• − Management: −$2,765
• − Depreciation: −$6,691
• Taxable income: $4,856
• Est. tax owed @ 24.0%: −$1,165
• After-tax cash flow: $7,063/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 · 14 photos

Good 80/100 Cosmetic rehab

This one-bedroom apartment in Larchmont Village is in good condition with modern amenities and a well-maintained exterior. It offers a good return on investment with updates that can further enhance its value.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both paint — refreshes the interior and exterior
• Both HVAC maintenance — improves comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both paint — refreshes the interior and exterior ↑
• Both HVAC maintenance — improves comfort and energy efficiency ↑

ⓘ 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: Mamaroneck Union Free School District
• NCES district ID: 3618240
• Math proficiency: 74% ▼ -4.00%
• Reading proficiency: 81% ▲ 9.00%
• Median HH income: $111,011
• Composite: 71.4/100
• National rank: #228
• State rank: #47 of 590 in NY

Livability — Larchmont

• Score: 86/100
• State rank: #18
• US rank: #366

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Larchmont, NY
• Population (ZIP): 17,709

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 (78%)
• Race & ethnicity: White 78% Two or more races 10% Hispanic / Latino 9% Black 4% Asian 4%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Scotch-Irish 5% Italian 3% Romanian 3%
• Foreign-born: 16% · Canada, Jamaica, China
• Languages at home: 83% English-only · Spanish 5% Other Indo-European 4% French/Haitian/Cajun 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: ▼ -535.56%
• Current HPI: 325.1393
• 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

+0.0% since first listed

2 events — show timeline

• 2026-06-11 Listed $230,000 OneKey® MLS as Distributed by MLS Grid
• 2026-06-10 Coming Soon $230,000 OneKey® MLS as Distributed by MLS Grid