32 Terrace Ave · Ossining, NY 10562

$699,000

3 bd · 2.0 ba · 1,286 sqft · MultiFamily public records · 59 Days on market

Built 1899 2,614 sqft lot $544/sqft · 33% below area Est $1048k · 33% under

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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 +18.5/30.0
• ARV discount +15.0/15.0
• Schools +6.4/10.0
• DSCR +5.8/10.0
• 1% rule +4.6/10.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This charming 3-bedroom, 2-bath home in the Village of Ossining, is a legal 2 family and is currently being used as a single family. Features include a small backyard, a detached 1-car garage, and a convenient location close to shops, transportation, and amenities.

Key facts

• Small backyard
• Convenient location
• 2,614 sq ft lot

Tags

• SMALL BACKYARD
• DETACHED 1 CAR GARAGE
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $699k.

Deal economics

• At list price, monthly cash flow is $661 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $674k (3.6% below list).
• Recommended offer: $674k (3.6% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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: schools D+, 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.
• Market conditions: 134 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• At $6,740/mo this rent would consume 70% 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 $5k of loan paydown is wiped out by about $21k 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 59 days — a 3% lower offer ($678k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; moderate wind risk, 26% 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 $674,000 (3.6% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
2. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.96% ✗
• Cap rate: 7.43%
• Cash-on-cash: 4.05%
• DSCR: 1.18
• GRM: 8.6

CMA / ARV

• ARV (median comp): $1,047,869
• List price: $699,000
• Delta: -33.29%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
59 Ellis Pl	0.44mi	3/2.0	1,432 (+11%)	18mo	$505,470	$353	45
12 Willow St	0.31mi	2/1.0 (-1)	1,136 (-12%)	21mo	$350,000	$308	40

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

Projected returns pro-forma

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

5-year hold

• IRR: -10.0%
• Equity multiple: 0.64×
• Total profit: $-71,163
• Equity at exit: $104,223

10-year hold

• IRR: -0.6%
• Equity multiple: 0.96×
• Total profit: $-7,754
• Equity at exit: $60,437

Cash invested: $195,720 (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: 17.3×

Monthly cashflow live

• Estimated rent: $6,740 medium
• Mortgage (P&I): −$3,666
• Tax from tax record: −$707 /mo · $8,479/yr
• Insurance: −$291
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,415
• Net cashflow: $661

Break-even live

Break-even rent $5,903

Max offer price $699,000

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$6,740
Total (2 units)			$6,740

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: $174,750
• Closing costs: $20,970
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
48 Ferris Pl Ossining, NY	3.0	1.0	1080	$3,000	$2.78	18d	1	0.27mi
42 Cedar Ln Ossining, NY	1.0–2.0	1.0–1.5	975	$2,995	$3.07	1d	1	0.53mi
5 Brandreth St Unit 2A Ossining, NY	3.0	2.0	1150	$3,900	$3.39	4d	1	0.55mi
5 Brandreth St Unit 2B Ossining, NY	2.0	2.0	1000	$3,000	$3.00	44d	1	0.55mi
217 N Highland Ave Ossining, NY	1.0–3.0	1.0–2.0	1075	$4,687	$4.36	1d	4	0.69mi
51 Iroquois Rd Ossining, NY	4.0	2.0	1703	$4,950	$2.91	24d	1	0.89mi
85 S Highland Ave Ossining, NY	2.0	1.0	950	$2,300	$2.42	44d	1	0.91mi
87 S Highland Ave Apt B27* Ossining, NY	2.0	1.0	950	$2,650	$2.79	4d	1	0.92mi
90 S Highland Ave Unit 6 Ossining, NY	2.0	1.5	1092	$3,500	$3.21	5d	1	0.92mi
1 Harbor Sq Ossining, NY	1.0–2.0	1.0–2.5	894	$5,795	$6.48	1d	8	0.98mi
76 State St Unit 10 Ossining, NY	3.0	1.0	1100	$2,750	$2.50	44d	1	1.03mi
9 Stanley Ave Unit 2 Ossining, NY	2.0	1.0	950	$2,550	$2.68	1d	1	1.49mi

Listing history 14 events

1. 2026-06-18
   days on market $699,000 Active 59 DOM
2. 2026-06-17
   days on market $699,000 Active 58 DOM
3. 2026-06-16
   days on market $699,000 Active 57 DOM
4. 2026-06-15
   days on market $699,000 Active 56 DOM
5. 2026-06-13
   days on market $699,000 Active 54 DOM
6. 2026-06-09
   days on market $699,000 Active 50 DOM
7. 2026-06-08
   days on market $699,000 Active 49 DOM
8. 2026-06-07
   days on market $699,000 Active 48 DOM
9. 2026-06-04
   days on market $699,000 Active 45 DOM
10. 2026-06-03
    days on market $699,000 Active 44 DOM
11. 2026-06-02
    days on market $699,000 Active 43 DOM
12. 2026-06-01
    days on market $699,000 Active 42 DOM
13. 2026-05-31
    days on market $699,000 Active 41 DOM
14. 2026-04-20
    listed $749,000 Active 265-char remark

    Show marketing remark (265 chars)

    This charming 3-bedroom, 2-bath home in the Village of Ossining, is a legal 2 family and is currently being used as a single family. Features include a small backyard, a detached 1-car garage, and a convenient location close to shops, transportation, and amenities.

ⓘ 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: $8,479 · $707/mo
• Projected year-2 tax: $10,146 · $846/mo
• Expected delta: +$1,667/yr (+$139/mo · 19.7%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 57% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% 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: $80,880
• − Mortgage interest: −$39,155
• − Property taxes: −$8,479
• − Insurance: −$3,495
• − Repairs & maintenance: −$6,470
• − Management: −$6,470
• − Depreciation: −$20,335
• Taxable loss: −$3,525
• Est. tax savings @ 24.0%: +$846
• After-tax cash flow: $8,779/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

1 event — show timeline

• 2026-04-20 Listed $749,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+1.1%/yr

Latest (2025): $8,479 · +3.0% YoY. Source: county tax records.