184 3rd St

Buchanan, NY 10511

$709,000F

4 bd · 3.0 ba · 2,300 sqft · Built 1951 · MultiFamily · Pending · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,598/mo
• Mortgage (P&I): −$3,718
• Tax + insurance: −$840
• HOA: −$0
• Vac / Maint / Mgmt: −$546
• Net cashflow: $-2,506/mo
• Annual: $-30,069/yr
• Cap rate: 2.05%
• Cash-on-cash: -15.15%
• DSCR: 0.33
• 1% rule: 0.37%
• Cash to close: $198,520

Investor read

• This is a 4-bed/3.0-bath multifamily listed at $709k.
• At list price, monthly cash flow is $-3k ($-30k/yr) — negative.
• To cash-flow at today's rent, offer at most $266k (62.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $260k (63.4% below list).
• It's been on market 37 days — a 3% lower offer ($688k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $260k (63.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#139 in NY, #2,170 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities F, cost of living F.
• Hendrick Hudson Central School District (suburban): math 62% / reading 72% proficiency, ranked #143 of 590 in NY (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Buchanan-Verplanck Elementary School (math 42% / reading 57%, grade D, #1,085 of 2,108 statewide, top 56%, 291 students, 30% FRL); Blue Mountain Middle School (math 47% / reading 70%, grade B, #178 of 729 statewide, top 25%, 489 students, 31% FRL); Hendrick Hudson High School (math 87% / reading 84%, grade A, #358 of 1,100 statewide, top 33%, 727 students, 31% FRL).
• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $101k; list at $709k implies a 602% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 63% concession, seller financing, or rate buy-down credit?
• Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.