209 Grand St

Mamaroneck, NY 10543

$799,000D+

4 bd · 2.0 ba · 1,784 sqft · Built 1933 · MultiFamily · Pending · 117 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,083/mo
• Mortgage (P&I): −$4,190
• Tax + insurance: −$830
• HOA: −$0
• Vac / Maint / Mgmt: −$1,487
• Net cashflow: $575/mo
• Annual: $6,901/yr
• Cap rate: 7.16%
• Cash-on-cash: 3.08%
• DSCR: 1.14
• 1% rule: 0.89%
• Cash to close: $223,720

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $799k.
• At list price, monthly cash flow is $575 ($7k/yr) — positive. Per door: $288/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $708k (11.4% below list).
• It's been on market 117 days — a 9% lower offer ($727k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $708k (11.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#491 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: amenities C-, commute F, 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: Mamaroneck Avenue School (math 43% / reading 60%, grade C-, #1,041 of 2,108 statewide, top 50%, 684 students, 49% 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) — zoned schools average 31% FRL vs 12% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1933 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.7%/yr); 124 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• 9 sale attempts since 18y ago; this cycle's ask has dropped $80k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $406k; list at $799k implies a 97% gain — meaningful room to come down on a strong offer.
• 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.
• Cap rate 7.2% vs local median 3.1% in Mamaroneck — 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.
• At $7,083/mo this rent would consume 67% of the median local household income ($126k/yr) (locally 1152% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 117 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1933 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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?