328 S 1st Ave · Mount Vernon, NY 10550

$399,000

None bd · None ba · — sqft · MultiFamily · 16 Days on market

Built 1930 3,485 sqft lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• Schools +3.7/10.0
• Livability +3.6/5.0
• Rent growth +3.3/5.0
• 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: 2 units. confirmed

Listing remarks

Welcome to 328 South 1st Avenue, Mount Vernon, NY, a legal two-family property offering tremendous value-add potential for investors, contractors, or owner-occupants looking to build equity. This spacious property features a desirable layout with a 3-bedroom unit and a 2-bedroom unit, providing excellent income-producing possibilities. While the property requires renovations and updating, it presents a rare opportunity to customize and maximize its full potential. With strong rental demand in the area and the flexibility of a two-family configuration, the upside is significant for those with vision. Conveniently located near shopping, restaurants, schools, public transportation, and major h

Key facts

• 3,485 sq ft lot
• 4 parking spots
• Built 1930

Property features AI

Exterior

• Parking: Carport with 4 spaces; Driveway parking (total 4 spaces)
• Utilities: Public sewer; Electricity available; Natural gas available
• Home design: Duplex
• Construction: Advanced framing technique; Vinyl siding
• Exterior features: Not waterfront

Interior

• Heating & cooling: Wall/window air conditioning units; Natural gas heating; Other heating
• Interior features: Other interior features

What this means for you Summary

Snapshot

• This is a 1×3bd/1ba + 1×2bd/1ba units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $797/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $399k).
• Recommended offer: $393k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 5.2% in Mount Vernon — 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 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: Cecil H Parker School (math 12% / reading 32%, grade F, #1,923 of 2,108 statewide, top 92%, 256 students, 80% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• At $5,785/mo this rent would consume 114% 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 $3k of loan paydown is wiped out by about $12k 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 + 3.4% rent growth), your $112k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($393k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $165k; list at $399k implies a 142% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — 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 $393,015 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.45% ✓
• Cap rate: 11.08%
• Cash-on-cash: 17.11%
• DSCR: 1.76
• GRM: 5.7

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
132 East 4th St	0.15mi	6/2.0	2,800	0mo	$700,000	$250	80
219 S Sixth Ave	0.31mi	3/2.0	—	1mo	$540,000	—	73
20 Adams St	0.37mi	4/2.0	2,400	0mo	$550,000	$229	70
429 S 9th Ave	0.42mi	—/—	2,645	0mo	$460,000	$174	68
12 Martens Pl	0.44mi	8/3.0	—	0mo	$825,000	—	67
247 Nuber Ave	0.49mi	6/2.0	—	1mo	$885,000	—	64
112 S 7th Ave	0.49mi	5/3.0	2,200	1mo	$445,000	$202	64
605 S 6th Ave	0.51mi	5/2.0	—	0mo	$990,000	—	64
4423 Mundy Ln	0.53mi	7/3.0	—	1mo	$880,000	—	62
639 S 5th Ave	0.57mi	6/—	—	0mo	$510,000	—	60
525 S 11th Ave	0.59mi	—/—	3,800	0mo	$580,000	$153	60
148 S 13th Ave	0.68mi	8/—	2,950	0mo	$849,000	$288	55

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 · 3.37% rent growth · sell at horizon

5-year hold

• IRR: 8.9%
• Equity multiple: 1.35×
• Total profit: $39,207
• Equity at exit: $59,492

10-year hold

• IRR: 18.4%
• Equity multiple: 2.56×
• Total profit: $174,650
• Equity at exit: $34,498

Cash invested: $111,720 (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 10550

• Rents YoY: 3.4%
• Active inventory: 130
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $5,785 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$718 /mo · $8,618/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,215
• Net cashflow: $1,593

Break-even live

Break-even rent $3,768

Max offer price $399,000

Occupancy floor 67%

Sensitivity live

Price	-10% $1,819	-5% $1,706	+0% $1,593	+5% $1,480	+10% $1,367
Rent	-10% $1,136	-5% $1,365	+0% $1,593	+5% $1,822	+10% $2,050
Rate	-1.0pp $1,794	-0.5pp $1,695	base $1,593	+0.5pp $1,490	+1.0pp $1,385

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$3,070
1× unit	2	1	$2,715
Total (2 units)			$5,785

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
257 S 2nd Ave Mount Vernon, NY	1.0	1.0	800	$2,250	$2.81	25d	1	0.12mi
7 Monroe St Unit 3A Mt Vernon, NY	2.0	1.0	600	$2,200	$3.67	20d	1	0.15mi
429 S 3rd Ave Mount Vernon, NY	1.0	1.0	600	$2,300	$3.83	5d	1	0.20mi
36 Oneida Ave Unit 3 Mt Vernon, NY	1.0	1.0	—	$2,500	—	14d	1	0.27mi
36 Oneida Ave Unit 3 Mt Vernon, NY	2.0	1.0	—	$2,500	—	22d	1	0.27mi
2 Amsterdam Pl Mount Vernon, NY	2.0	1.0	—	$2,600	—	23d	1	0.28mi
2 Amsterdam Pl Mount Vernon, NY	2.0	1.0	—	$2,600	—	4d	1	0.28mi
2 Amsterdam Pl Mount Vernon, NY	2.0	1.0	—	$2,600	—	0d	1	0.28mi
150 S 6th Ave Unit 2 Mt Vernon, NY	1.0	1.0	800	$2,500	$3.12	8d	1	0.40mi
150 S 6th Ave Unit 2 Mt Vernon, NY	1.0	1.0	800	$2,500	$3.12	18d	1	0.40mi
462 S 7th Ave Unit 462 Mt Vernon, NY	3.0	1.0	1100	$3,500	$3.18	0d	1	0.41mi
114 S 6th Ave Mount Vernon, NY	3.0	1.0	—	$3,100	—	16d	1	0.46mi
421 S 10th Ave Mount Vernon, NY	3.0	1.0	1200	$3,500	$2.92	25d	1	0.48mi
173 Washington St Unit 2 Mt Vernon, NY	3.0	2.0	1500	$3,200	$2.13	2d	1	0.48mi
173 Washington St Unit 1 Mt Vernon, NY	3.0	2.0	1100	$3,000	$2.73	25d	1	0.48mi
352 S Tenth Ave Mt Vernon, NY	2.0	1.0	—	$2,600	—	4d	1	0.48mi
352 S Tenth Ave Mt Vernon, NY	2.0	1.0	—	$2,600	—	23d	1	0.48mi
352 S Tenth Ave Mt Vernon, NY	2.0	1.0	—	$2,600	—	25d	1	0.48mi
206 S 9th Ave Mount Vernon, NY	1.0	1.0	—	$2,200	—	25d	1	0.49mi
356 S Tenth Ave Unit 2nd Floor Mt Vernon, NY	3.0	2.0	1100	$3,850	$3.50	25d	1	0.49mi
607 S 5th Ave Unit 2ND Mt Vernon, NY	3.0	1.0	1200	$3,400	$2.83	25d	1	0.50mi
461 S Tenth Ave Unit 2 Mt Vernon, NY	1.0	1.0	—	$1,700	—	25d	1	0.52mi
149 W 5th St Mount Vernon, NY	2.0	1.0	—	$2,600	—	4d	1	0.52mi
149 W 5th St Mount Vernon, NY	2.0	1.0	—	$2,600	—	23d	1	0.52mi
149 W 5th St Unit 1 Mt Vernon, NY	2.0	1.0	—	$2,600	—	25d	1	0.52mi
68 Elliot St Mt Vernon, NY	3.0	1.0	—	$3,400	—	25d	1	0.52mi
155 Elliot St Unit 301 Mt Vernon, NY	1.0	1.0	—	$2,300	—	25d	1	0.53mi
630 S 4th Ave Mount Vernon, NY	1.0	1.0	—	$2,100	—	25d	1	0.55mi
541 S 9th Ave Unit 1497911P Mt Vernon, NY	2.0	1.0	—	$5,165	—	0d	1	0.56mi
70 Elm Ave Unit Right Mt Vernon, NY	3.0	2.5	1800	$4,000	$2.22	5d	1	0.57mi
622 S 6th Ave Unit A Mt Vernon, NY	3.0	2.5	2500	$5,000	$2.00	25d	1	0.57mi
526 S Tenth Ave Unit 2 Mt Vernon, NY	1.0	1.0	—	$2,100	—	11d	1	0.59mi
641 S 5th Ave Unit 1ST Mt Vernon, NY	3.0	1.5	1300	$3,600	$2.77	5d	1	0.59mi
3 S 3rd Ave Unit Basement A Mt Vernon, NY	1.0	1.0	—	$2,100	—	25d	1	0.60mi
119 S 11th Ave Unit 1 Mt Vernon, NY	2.0	1.0	700	$2,800	$4.00	12d	1	0.63mi
112 S 12th Ave Mt Vernon, NY	3.0	1.0	—	$3,300	—	4d	1	0.70mi
112 S 12th Ave Mt Vernon, NY	3.0	1.0	—	$3,300	—	23d	1	0.70mi
119 S 13th Ave Mount Vernon, NY	2.0	1.0	800	$2,997	$3.75	14d	1	0.71mi
60 Saint Pauls Pl Mount Vernon, NY	3.0	1.0	1100	$3,000	$2.73	25d	1	0.80mi
112 N Columbus Ave Unit 2 Mt Vernon, NY	2.0	2.0	900	$2,997	$3.33	20d	1	0.81mi

Listing history 14 events

1. 2026-06-21
   days on market $399,000 Active 16 DOM
2. 2026-06-18
   days on market $399,000 Active 13 DOM
3. 2026-06-17
   days on market $399,000 Active 12 DOM
4. 2026-06-16
   days on market $399,000 Active 11 DOM
5. 2026-06-15
   days on market $399,000 Active 10 DOM
6. 2026-06-13
   days on market $399,000 Active 8 DOM
7. 2026-06-09
   days on market $399,000 Active 4 DOM
8. 2026-06-08
   days on market $399,000 Active 3 DOM
9. 2026-06-07
   statusdays on market $399,000 Active 2 DOM
10. 2026-06-04
    days on market $399,000 Coming Soon 4 DOM
11. 2026-06-03
    days on market $399,000 Coming Soon 3 DOM
12. 2026-06-02
    days on market $399,000 Coming Soon 2 DOM
13. 2026-06-01
    remarks 699-char remark
14. 2026-06-01
    listed $399,000 Coming Soon 1 DOM

ⓘ 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: $8,618 · $718/mo
• Projected year-2 tax: $8,618 · $718/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥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: $69,420
• − Mortgage interest: −$22,350
• − Property taxes: −$8,618
• − Insurance: −$1,995
• − Repairs & maintenance: −$5,554
• − Management: −$5,554
• − Depreciation: −$11,607
• Taxable income: $13,742
• Est. tax owed @ 24.0%: −$3,298
• After-tax cash flow: $15,822/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

+181.0% since first listed

3 events — show timeline

• 2026-06-01 Coming Soon $399,000 OneKey® MLS as Distributed by MLS Grid
• 1996-10-04 Sold (Public Records) $165,000 Public Records
• 1986-08-05 Sold (Public Records) $142,000 Public Records

Property tax history

-6.5%/yr

Latest (2025): $8,618 · -1.1% YoY. Source: county tax records.