151 Prospect Unit 3-F · Mount Vernon, NY 10550

$264,000

3 bd · 1.0 ba · 1,400 sqft · Condo · 232 Days on market

Built 1927 ↓ 4% since listing

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Cash flow +5.8/30.0
• Schools +3.7/10.0
• Livability +3.6/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• DSCR +0.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Step into this spacious and beautifully maintained sponsor unit – a true gem in the heart of Mount Vernon! Boasting approximately 1,400 square feet, this sun-filled three-bedroom, one-bath apartment offers an ideal blend of charm, comfort, and convenience. The expansive layout includes an oversized living and dining area, perfect for entertaining or relaxing in style. The eat-in kitchen features high ceilings and ample space to bring your culinary visions to life. You'll also appreciate the seven generous closets throughout the home – a rare find in today’s market. Nestled within a well-kept, financially secure building, this home is board approval-free, making your move-i

Key facts

• Private parking lot
• Eat-in kitchen
• Board approval free

Tags

• EAT-IN KITCHEN
• SEVEN GENEROUS CLOSETS
• BOARD APPROVAL FREE
• PRIVATE PARKING LOT

Property features AI

Finance

• HOA & community: Association contact: Sam Policicchio

Exterior

• Parking: No carport
• Utilities: Con Edison electric; Natural gas available; Public sewer; Water connected; Phone connected; Trash collection (public)
• Home design: Stock cooperative; 6 stories total; Living area reported per plans
• Construction: Brick exterior
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Dishwasher; Gas range; Refrigerator
• Bedrooms: 6 rooms total (includes bedrooms and living spaces)
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Wall/window air conditioning unit(s)
• Interior features: Cathedral ceilings; Eat-in kitchen; Galley-style kitchen; His and hers closets; Cats allowed
• Laundry & utility: Common area laundry

🏢 Co-op / cooperative unit. The $264,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $264k.

Deal economics

• At list price, monthly cash flow is $-526 ($-6k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $264k).
• Recommended offer: $232k (12.0% below list) — sets the bar for market timing.
• Cap rate 3.9% vs local median 5.3% in Mount Vernon — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 71/100 on livability (#397 in NY) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A, employment B; Watch: crime D-, cost of living F.
• Mount Vernon School District (suburban): math 35% / reading 50% proficiency, ranked #485 of 590 in NY (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lincoln School (math 32% / reading 62%, grade D-, #1,195 of 2,108 statewide, top 60%, 498 students, 65% FRL); Benjamin Turner Middle School (math 8% / reading 32%, grade F, #678 of 729 statewide, top 94%, 196 students, 71% FRL); Mount Vernon High School (math 54% / reading 75%, grade B-, #776 of 1,100 statewide, top 73%, 1,094 students, 76% FRL).
• Market conditions: Rents rising (+3.4%/yr); 130 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• At $3,283/mo this rent would consume 65% of the median local household income ($61k/yr) (locally 2963% 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 $2k of loan paydown is wiped out by about $8k 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 232 days — a 12% lower offer ($232k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: HOA is 39% of rent; built in 1927 — 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 $232,320 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 232 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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?
10. 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.
11. 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.
12. 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: 1.24% ✓
• Cap rate: 3.90%
• Cash-on-cash: -8.53%
• DSCR: 0.62
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.37% rent growth · sell at horizon

5-year hold

• IRR: -30.0%
• Equity multiple: -0.00×
• Total profit: $-74,181
• Equity at exit: $39,363

10-year hold

• IRR: -26.8%
• Equity multiple: -0.34×
• Total profit: $-99,191
• Equity at exit: $22,826

Cash invested: $73,920 (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 10550

• Rents YoY: 3.4%
• Active inventory: 130
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $3,283 high
• Mortgage (P&I): −$1,384
• Tax est. 1.5%: −$330 /mo · $3,960/yr
• Insurance: −$110
• HOA est. from 1 same-building comp: −$1,295
• Vacancy / Maint / Mgmt: −$690
• Net cashflow: $-526

Break-even live

Break-even rent $3,949

Max offer price $187,950

Occupancy floor —

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: $66,000
• Closing costs: $7,920
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
70 Elm Ave Unit Right Mt Vernon, NY	3.0	2.5	1800	$4,000	$2.22	4d	1	0.12mi
173 Washington St Unit 1 Mt Vernon, NY	3.0	2.0	1100	$3,000	$2.73	24d	1	0.24mi
173 Washington St Unit 2 Mt Vernon, NY	3.0	2.0	1500	$3,200	$2.13	1d	1	0.24mi
148 Claremont Ave Mount Vernon, NY	2.0	1.0	960	$2,400	$2.50	18d	1	0.26mi
218 Washington St Unit 2 Mt Vernon, NY	4.0	2.0	950	$3,900	$4.11	24d	1	0.29mi
173 Crary Ave Mount Vernon, NY	3.0	2.0	1100	$3,100	$2.82	24d	1	0.31mi
112 N Columbus Ave Unit 2 Mt Vernon, NY	2.0	2.0	900	$2,997	$3.33	18d	1	0.34mi
12 Putnam St Mount Vernon, NY	2.0	1.0	950	$2,600	$2.74	24d	1	0.60mi
305 N Terrace Ave Mount Vernon, NY	2.0	1.0	1800	$3,200	$1.78	24d	1	0.69mi
14 Elm St Unit 2 Mt Vernon, NY	2.0	1.0	1000	$2,800	$2.80	24d	1	0.69mi
33 William St Mount Vernon, NY	1.0–2.0	1.0	725	$2,675	$3.69	21d	2	0.73mi
131 Pelhamdale Ave Mount Vernon, NY	2.0	2.0	1600	$3,300	$2.06	4d	1	0.77mi
635 E Lincoln Ave Mount Vernon, NY	2.0	1.0	1000	$3,150	$3.15	7d	1	0.87mi
42 Broad St W Mount Vernon, NY	3.0	1.0–2.0	955	$3,558	$3.73	1d	16	0.90mi
42 Broad St W Mount Vernon, NY	3.0	1.0–2.0	1014	$6,204	$6.12	24d	15	0.90mi
645 N MacQuesten Pkwy Unit 3G Mt Vernon, NY	2.0	1.0	950	$3,195	$3.36	24d	1	0.90mi
356 S Tenth Ave Unit 2nd Floor Mt Vernon, NY	3.0	2.0	1100	$3,850	$3.50	24d	1	1.00mi
421 S 10th Ave Mount Vernon, NY	3.0	1.0	1200	$3,500	$2.92	24d	1	1.03mi
671 Bronx River Rd Unit 3A Yonkers, NY	2.0	1.5	950	$3,000	$3.16	24d	1	1.04mi
26 W Devonia Ave Unit 1 Mt Vernon, NY	3.0	1.5	1388	$4,200	$3.03	11d	1	1.09mi
86 Edgewood Ave Unit 2W Yonkers, NY	2.0	1.0	1000	$2,699	$2.70	43d	1	1.17mi
86 Edgewood Ave Apt 2E Yonkers, NY	2.0	1.0	1000	$2,599	$2.60	18d	1	1.17mi
607 S 5th Ave Unit 2ND Mt Vernon, NY	3.0	1.0	1200	$3,400	$2.83	24d	1	1.19mi
641 S 5th Ave Unit 1ST Mt Vernon, NY	3.0	1.5	1300	$3,600	$2.77	4d	1	1.28mi
495 Kimball Ave Unit First Floor Yonkers, NY	2.0	1.0	1100	$3,000	$2.73	43d	1	1.32mi
65 Hunts Bridge Rd Yonkers, NY	3.0	1.0	1600	$3,500	$2.19	14d	1	1.44mi
60 Saint Pauls Pl Mount Vernon, NY	3.0	1.0	1100	$3,000	$2.73	24d	1	1.48mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-05-11
   status Pending
2. 2026-03-12
   price $264,000
3. 2025-11-03
   status Active
4. 2025-11-03
   price $274,000
5. 2025-08-27
   status Pending
6. 2025-07-14
   listed $275,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,401
• − Mortgage interest: −$14,788
• − Property taxes: −$3,960
• − Insurance: −$1,320
• − Repairs & maintenance: −$3,152
• − Management: −$3,152
• − HOA: −$15,540
• − Depreciation: −$7,680
• Taxable loss: −$10,192
• Est. tax savings @ 24.0%: +$2,446
• After-tax cash flow: $-3,861/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: Mount Vernon School District
• NCES district ID: 3620100
• Math proficiency: 35% ▼ -3.00%
• Reading proficiency: 50% ▲ 6.00%
• Median HH income: $50,890
• Composite: 36.59/100
• National rank: #4631
• State rank: #485 of 590 in NY

Livability — Mount Vernon

• Score: 71/100
• State rank: #397
• US rank: #6876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Vernon, NY
• County: Westchester County · 709,332 people
• City population: 61,313
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 38,972
• Household income: $60,701
• Rent vs Own: 71.8% rent · 28.2% own
• Severe rent burden: 2963.0

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: Predominantly Black (66%)
• Race & ethnicity: Black 66% Hispanic / Latino 20% Two or more races 12% White 7% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 4%
• Common ancestry: Estonian 2% Hispanic 1% Russian 1%
• Foreign-born: 34% · Canada, China, Jamaica
• Languages at home: 73% English-only · Spanish 16% Other Indo-European 4% French/Haitian/Cajun 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: ▼ -140.69%
• Current HPI: 191.5235
• Rent YoY: ▲ 3.37%
• 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

-4.0% since first listed

6 events — show timeline

• 2026-05-11 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-12 Price Changed $264,000 OneKey® MLS as Distributed by MLS Grid
• 2025-11-03 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-11-03 Price Changed $274,000 OneKey® MLS as Distributed by MLS Grid
• 2025-08-27 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-07-14 Listed $275,000 OneKey® MLS as Distributed by MLS Grid