38 Borcher Ave · Yonkers, NY 10704

$1,099,999

4 bd · 2.0 ba · 1,998 sqft · MultiFamily public records · 39 Days on market

Built 1951 7,405 sqft lot $551/sqft · 30% below area Est $1566k · 30% under

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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 +24.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• Rent growth +5.0/5.0
• 1% rule +4.9/10.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• 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 house is newly renovated, and is located in a quiet neighborhood. The first floor has 2 bedrooms, one bathroom, kitchen, dining and living room. The second floor has 2 bedrooms, one bathroom, kitchen, dining and living room. This home has two stories, with a fully finished basement with 3 rooms with a bathroom, a pool, a large backyard and front yard, making it perfect , and those looking for their next investment property. With multiple schools, shopping centers and Manhattan being a short commute away, this property is an excellent choice.

Key facts

• Short commute
• Large backyard
• Front yard

Tags

• NEWLY RENOVATED
• FULLY FINISHED BASEMENT
• LARGE BACKYARD
• FRONT YARD
• SHORT COMMUTE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $2k ($26k/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 $1.09M (0.9% below list).
• Recommended offer: $1.07M (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 5.3% in Yonkers — 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 68/100 on livability (#528 in NY) — a middle-class / working-renter tenant base. Strengths: employment A, commute B; Watch: amenities F, cost of living F.
• Yonkers City School District (suburban): math 41% / reading 54% proficiency, ranked #413 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+21.0%/yr); 165 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $10,904/mo this rent would consume 123% of the median local household income ($107k/yr) (locally 1078% 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 $8k of loan paydown is wiped out by about $33k 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 + 8.0% rent growth), your $308k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($1.07M) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 14y 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 $461k; list at $1.10M implies a 139% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,066,999 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1951 — 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. 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: 0.99% ✗
• Cap rate: 8.69%
• Cash-on-cash: 8.57%
• DSCR: 1.38
• GRM: 8.4

CMA / ARV

• ARV (median comp): $1,566,202
• List price: $1,099,999
• Delta: -29.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15 Crotty Ave	0.10mi	4/2.5	2,100 (+5%)	18mo	$780,000	$371	70
604 Yonkers Ave	0.46mi	4/3.0	1,935 (-3%)	10mo	$889,000	$459	61
52 Crotty Ave	0.06mi	5/2.5 (+1)	2,280 (+14%)	23mo	$849,000	$372	47
40 Staunton St	0.68mi	4/3.5	1,993 (-0%)	18mo	$875,000	$439	47
59 Kettell Ave	0.55mi	5/2.0 (+1)	1,890 (-5%)	24mo	$780,000	$413	40
163 Villa Ave	0.75mi	5/2.0 (+1)	1,816 (-9%)	10mo	$850,000	$468	36
167 Hillview Ave	0.72mi	3/2.0 (-1)	1,767 (-12%)	8mo	$868,000	$491	36
154 Catskill Ave	0.74mi	5/3.0 (+1)	2,260 (+13%)	17mo	$910,000	$403	20

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $18,852
• Equity at exit: $164,013

10-year hold

• IRR: 15.1%
• Equity multiple: 2.48×
• Total profit: $456,719
• Equity at exit: $95,108

Cash invested: $308,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 5 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City Yonkers: 5 Strongly Tenant-Friendly · D+20

Westchester rent guidelines board.

Methodology + full state rankings →

ZIP-level market 10704

• Rents YoY: 21.0%
• Active inventory: 165
• Price-to-rent: 33.6×

Monthly cashflow live

• Estimated rent: $10,904 medium
• Mortgage (P&I): −$5,769
• Tax from tax record: −$189 /mo · $2,263/yr
• Insurance: −$458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,290
• Net cashflow: $2,199

Break-even live

Break-even rent $8,121

Max offer price $1,099,999

Occupancy floor 75%

Sensitivity live

Price	-10% $2,821	-5% $2,510	+0% $2,199	+5% $632	+10% $252
Rent	-10% $1,337	-5% $1,768	+0% $2,199	+5% $2,629	+10% $3,060
Rate	-1.0pp $2,753	-0.5pp $2,479	base $2,199	+0.5pp $1,914	+1.0pp $1,624

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$10,904
Total (4 units)			$10,904

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36 Dunwoodie St Unit 1 Yonkers, NY	3.0	1.0	1300	$3,500	$2.69	44d	1	0.42mi
35 Lindsey St Yonkers, NY	3.0	1.0	2448	$3,900	$1.59	6d	1	0.46mi
89 Thurton Pl Unit 2 Yonkers, NY	3.0	4.0	2500	$6,000	$2.40	44d	1	0.69mi
93 Thurton Pl Unit 2 Yonkers, NY	3.0	4.0	2500	$6,000	$2.40	44d	1	0.69mi
93 Thurton Pl Unit 1 Yonkers, NY	3.0	4.0	2500	$6,000	$2.40	17d	1	0.69mi
97 Thurton Pl Unit 1 Yonkers, NY	3.0	4.0	2500	$6,000	$2.40	44d	1	0.70mi
97 Thurton Pl Unit 2 Yonkers, NY	3.0	4.0	2500	$6,000	$2.40	17d	1	0.70mi
99 Thurton Pl Unit 2 Yonkers, NY	3.0	4.0	2500	$6,000	$2.40	44d	1	0.70mi
99 Thurton Pl Unit 1 Yonkers, NY	3.0	4.0	2500	$6,000	$2.40	17d	1	0.70mi
101 Thurton Pl Unit 1 Yonkers, NY	3.0	4.0	2500	$6,000	$2.40	44d	1	0.71mi
6 Belden Ave Unit 1 Yonkers, NY	3.0	2.0	1450	$3,500	$2.41	25d	1	0.73mi
169 Tibbetts Rd Unit 1st Fl Yonkers, NY	3.0	1.0	1550	$3,300	$2.13	45d	1	0.79mi
210 Rumsey Rd Yonkers, NY	4.0	3.0	2440	$6,500	$2.66	1d	1	0.81mi
65 Hunts Bridge Rd Yonkers, NY	3.0	1.0	1600	$3,500	$2.19	15d	1	0.91mi
52 Lewis Pkwy Unit 1545731P Yonkers, NY	3.0	2.0	1496	$5,806	$3.88	15d	1	1.00mi
62 Gibson Pl Yonkers, NY	4.0	4.0	2100	$4,700	$2.24	44d	1	1.07mi
11 Lawrence St Unit 1L Yonkers, NY	4.0	1.0	2000	$3,400	$1.70	19d	1	1.39mi
80 Elliott Ave Unit 3rd Floor Yonkers, NY	4.0	1.0	1500	$4,100	$2.73	44d	1	1.41mi

Listing history 23 events

1. 2026-04-20
   historical
2. 2026-04-08
   listed $1,099,999 Active
3. 2026-04-06
   listed $1,099,999 Active 552-char remark

   Show marketing remark (552 chars)

   This house is newly renovated, and is located in a quiet neighborhood. The first floor has 2 bedrooms, one bathroom, kitchen, dining and living room. The second floor has 2 bedrooms, one bathroom, kitchen, dining and living room. This home has two stories, with a fully finished basement with 3 rooms with a bathroom, a pool, a large backyard and front yard, making it perfect , and those looking for their next investment property. With multiple schools, shopping centers and Manhattan being a short commute away, this property is an excellent choice.

4. 2014-03-15
   price $461,000
5. 2013-08-07
   soldstatus $461,000
6. 2013-06-13
   soldstatus $461,000 Sold
7. 2013-06-13
   soldstatus $461,000
8. 2013-06-07
   historical
9. 2013-06-06
   price $499,000
10. 2013-05-23
    price $499,000 Active
11. 2013-05-23
    status Active
12. 2013-04-20
    historical
13. 2013-04-20
    listed $480,000 Active
14. 2013-04-20
    listed $499,000
15. 2013-04-01
    historical
16. 2013-03-31
    historical
17. 2013-01-07
    historical Pending
18. 2013-01-07
    status Active
19. 2013-01-02
    historical
20. 2012-10-16
    historical Pending
21. 2012-08-28
    price
22. 2012-06-24
    listed Active
23. 2012-06-23
    listed $480,000

ⓘ 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: $2,263 · $189/mo
• Projected year-2 tax: $10,426 · $869/mo
• Expected delta: +$8,163/yr (+$680/mo · 360.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $130,848
• − Mortgage interest: −$61,617
• − Property taxes: −$2,263
• − Insurance: −$5,500
• − Repairs & maintenance: −$10,468
• − Management: −$10,468
• − Depreciation: −$32,000
• Taxable income: $8,532
• Est. tax owed @ 24.0%: −$2,048
• After-tax cash flow: $24,337/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: Yonkers City School District
• NCES district ID: 3631920
• Math proficiency: 41% ▼ -1.00%
• Reading proficiency: 54% ▲ 14.00%
• Median HH income: $58,042
• Composite: 41.43/100
• National rank: #3471
• State rank: #413 of 590 in NY

Livability — Yonkers

• Score: 68/100
• State rank: #528
• US rank: #9394

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Yonkers, NY
• County: Westchester County · 709,332 people
• City population: 212,407
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 31,921
• Household income: $106,786
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 1078.0

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 0.64)
• Race & ethnicity: White 50% Hispanic / Latino 32% Two or more races 15% Black 7% Asian 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 11% Cuban 2% Dominican 9%
• Common ancestry: Romanian 2% Subsaharan African 2% Scotch-Irish 2%
• Foreign-born: 32% · Canada, Jamaica, China
• Languages at home: 54% English-only · Spanish 25% Other Indo-European 13% Russian/Polish/Slavic 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: ▼ -466.66%
• Current HPI: 293.4414
• Rent YoY: ▲ 21.03%
• 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

+129.2% since first listed

23 events — show timeline

• 2026-04-20 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-04-08 Listed $1,099,999 OneKey® MLS as Distributed by MLS Grid
• 2026-04-06 Listed $1,099,999 OneKey® MLS as Distributed by MLS Grid
• 2014-03-15 Price Changed $461,000 HGMLS
• 2013-08-07 Sold (Public Records) $461,000 Public Records
• 2013-06-13 Sold (MLS) $461,000 OneKey® MLS as Distributed by MLS Grid
• 2013-06-13 Sold (MLS) $461,000 HGMLS
• 2013-06-07 Delisted — HGMLS
• 2013-06-06 Price Changed $499,000 HGMLS
• 2013-05-23 Relisted — HGMLS
• 2013-05-23 Price Changed $499,000 HGMLS
• 2013-04-20 Delisted — HGMLS
• 2013-04-20 Listed $480,000 HGMLS
• 2013-04-20 Listed $499,000 OneKey® MLS as Distributed by MLS Grid
• 2013-04-01 Delisted — HGMLS
• 2013-03-31 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2013-01-07 Contingent — HGMLS
• 2013-01-07 Relisted — HGMLS
• 2013-01-02 Delisted — HGMLS
• 2012-10-16 Contingent — HGMLS
• 2012-08-28 Price Changed — HGMLS
• 2012-06-24 Listed — HGMLS
• 2012-06-23 Listed $480,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

-24.1%/yr

Latest (2025): $2,263 · +0.5% YoY. Source: county tax records.