4 Steven Dr #1 · Ossining, NY 10562

$499,000

3 bd · 3.0 ba · 2,463 sqft · MultiFamily · 6 Days on market

Built 1988 $455/mo HOA · 15% of rent

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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 +7.5/15.0
• Schools +6.4/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

A rare three-bedroom condo with the kind of extra space that makes daily life feel easier. This spacious tri-level end unit offers a flexible layout that lives more like a home, with ground-level entry, main-level living, a finished lower level, and a detached garage. The main level features wood floors, an updated kitchen with counter seating, a dining area, and a living room with a fireplace and sliding glass doors to the deck. Two bedrooms are located on this level, including the primary suite with full bath, plus an additional full hall bath. Upstairs, a spiral staircase leads to an open loft area, ideal for a home office, reading space, or flex use, with a separate third bedroom beyond

Key facts

• Tri level end unit
• Dining area
• Ground level entry

Tags

• THREE BEDROOM CONDO
• TRI LEVEL END UNIT
• GROUND LEVEL ENTRY
• FINISHED LOWER LEVEL
• UPDATED KITCHEN
• DINING AREA

Property features AI

Finance

• Other: Community amenities include clubhouse, fitness center, pool and tennis courts
• HOA & community: Monthly association fee of $455; Association covers common area maintenance, exterior maintenance, pool service, sewer, snow removal and trash; Additional monthly special assessment of $253.86

Exterior

• Parking: Assigned parking; One-car garage with garage door opener; Two parking spaces total; No parking fee
• Utilities: Electric service by Con-Edison; Public sewer; Cable available; Electricity connected; Natural gas connected; Private trash collection
• Home design: Condominium; Tri-level layout; Entry level is level 1
• Construction: Cedar construction
• Exterior features: Deck; In-ground pool; Not waterfront

Interior

• Kitchen: Granite counters; Dishwasher; Gas range; Refrigerator
• Bedrooms: Includes a first-floor bedroom; Master bedroom located downstairs
• Flooring: Hardwood; Carpet; Ceramic tile; Combination of flooring types
• Bathrooms: Three full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: First-floor bedroom and first-floor full bath; Cathedral ceilings; Entrance foyer; Granite counters; Primary bathroom; Master bedroom on main level; Finished full basement with Bilco doors
• Laundry & utility: Washer; Dryer; Laundry located in basement

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $499k.

Deal economics

• At list price, monthly cash flow is $8k ($96k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $499k).
• Cap rate 25.5% vs local median 2.9% in Ossining — 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 80/100 on livability (#116 in NY, #1,876 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, health & safety A; Watch: cost of living F.
• Ossining Union Free School District (suburban): math 72% / reading 72% proficiency, ranked #104 of 590 in NY (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Brookside School (727 students, 50% FRL); Anne M Dorner Middle School (math 42% / reading 64%, grade C+, #231 of 729 statewide, top 32%, 1,033 students, 51% FRL); Ossining High School (math 86% / reading 82%, grade A, #404 of 1,100 statewide, top 37%, 1,552 students, 51% FRL).
• Market conditions: 134 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• At $14,715/mo this rent would consume 153% of the median local household income ($116k/yr) (locally 1248% 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 (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k 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 $140k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $419k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $499,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.95% ✓
• Cap rate: 25.54%
• Cash-on-cash: 68.75%
• DSCR: 4.06
• GRM: 2.8

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: 68.2%
• Equity multiple: 4.07×
• Total profit: $429,269
• Equity at exit: $74,403

10-year hold

• IRR: 72.3%
• Equity multiple: 8.38×
• Total profit: $1,031,581
• Equity at exit: $43,144

Cash invested: $139,720 (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 10562

• Active inventory: 134
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $14,715 medium
• Mortgage (P&I): −$2,617
• Tax from tax record: −$341 /mo · $4,089/yr
• Insurance: −$208
• HOA: −$455
• Vacancy / Maint / Mgmt: −$3,090
• Net cashflow: $8,004

Break-even live

Break-even rent $4,583

Max offer price $499,000

Occupancy floor 41%

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

Units	Beds	Baths	Est. rent
▸ 5× units	3	3	$14,715
Total (5 units)			$14,715

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: $124,750
• Closing costs: $14,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
137 Cedar Ln Ossining, NY	4.0	2.5	2592	$23,000	$8.87	1d	1	0.46mi

HOA detail

• Monthly dues: $455 · $5,460/yr

Listing history 5 events

1. 2026-06-09
   days on market $499,000 Active 6 DOM
2. 2026-06-08
   days on market $499,000 Active 5 DOM
3. 2026-06-07
   days on market $499,000 Active 4 DOM
4. 2026-06-04
   remarks 699-char remark
5. 2026-06-04
   listed $499,000 Active 1 DOM

ⓘ 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: $4,089 · $341/mo
• Projected year-2 tax: $6,261 · $522/mo
• Expected delta: +$2,172/yr (+$181/mo · 53.1%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 23% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $176,580
• − Mortgage interest: −$27,952
• − Property taxes: −$4,089
• − Insurance: −$2,495
• − Repairs & maintenance: −$14,126
• − Management: −$14,126
• − HOA: −$5,460
• − Depreciation: −$14,516
• Taxable income: $93,815
• Est. tax owed @ 24.0%: −$22,516
• After-tax cash flow: $73,537/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: Ossining Union Free School District
• NCES district ID: 3622020
• Math proficiency: 72% ▲ 27.00%
• Reading proficiency: 72% ▲ 25.00%
• Median HH income: $78,402
• Composite: 63.75/100
• National rank: #599
• State rank: #104 of 590 in NY

Livability — Ossining

• Score: 80/100
• State rank: #116
• US rank: #1876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ossining, NY
• County: Westchester County · 709,332 people
• City population: 33,793
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 33,793
• Household income: $115,697
• Rent vs Own: 40.1% rent · 59.9% own
• Severe rent burden: 1248.0

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 0.63)
• Race & ethnicity: White 47% Hispanic / Latino 37% Two or more races 11% Black 8% Asian 4%
• Hispanic origin (detail): Puerto Rican 6% Cuban 2% Dominican 3%
• Common ancestry: Romanian 3% Scotch-Irish 3% Italian 2%
• Foreign-born: 28% · Canada, Jamaica, China
• Languages at home: 59% English-only · Spanish 31% Other Indo-European 4% Russian/Polish/Slavic 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: ▼ -605.12%
• Current HPI: 251.6831
• 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

+19.0% since first listed

2 events — show timeline

• 2026-06-03 Listed $499,000 OneKey® MLS as Distributed by MLS Grid
• 2004-02-18 Sold (Public Records) $419,222 Public Records

Property tax history

-6.9%/yr

Latest (2025): $4,089 · -1.1% YoY. Source: county tax records.