263 S Mountain Rd

New City, NY 10956

$675,000C-

4 bd · 2.0 ba · 1,543 sqft · Built 1839 · SingleFamily · Pending · 206 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,250/mo
• Mortgage (P&I): −$3,540
• Tax + insurance: −$1,981
• HOA: −$0
• Vac / Maint / Mgmt: −$1,522
• Net cashflow: $207/mo
• Annual: $2,483/yr
• Cap rate: 6.66%
• Cash-on-cash: 1.31%
• DSCR: 1.06
• 1% rule: 1.07%
• Cash to close: $189,000

Investor read

• This is a 4-bed/2.0-bath single-family listed at $675k.
• At list price, monthly cash flow is $207 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $675k).
• It's been on market 206 days — a 12% lower offer ($594k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $594k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#111 in NY, #1,835 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, employment A+; Watch: amenities F, cost of living F.
• Clarkstown Central School District (suburban): math 72% / reading 75% proficiency, ranked #66 of 590 in NY (top 11%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Watch-outs: property tax is 3.0% of price; built in 1839 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 182 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 429 units permitted in Rockland County in 2024 (231 in 5+ unit buildings).
• Rockland County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts; this cycle's ask is 16989% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $380k; list at $675k implies a 78% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.7% vs local median 2.8% in New City — 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.

Questions for listing agent

• It's been on market 206 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1839 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 A-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?
• 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.
• 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.