194 Route 202

Lincolndale, NY 10589

$459,000C+

4 bd · 2.0 ba · 2,360 sqft · Built 1920 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,500/mo
• Mortgage (P&I): −$2,407
• Tax + insurance: −$857
• HOA: −$0
• Vac / Maint / Mgmt: −$1,155
• Net cashflow: $1,081/mo
• Annual: $12,971/yr
• Cap rate: 9.26%
• Cash-on-cash: 10.61%
• DSCR: 1.47
• 1% rule: 1.20%
• Cash to close: $128,520

Investor read

• This is a 4-bed/2.0-bath single-family listed at $459k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $459k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#523 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Somers Central School District (suburban): math 65% / reading 74% proficiency, ranked #95 of 590 in NY (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 6% free/reduced lunch — higher-income household profile.
• Zoned schools: Primrose School (527 students, 10% FRL); Somers Middle School (math 43% / reading 69%, grade B-, #205 of 729 statewide, top 29%, 569 students, 9% FRL); Somers Senior High School (math 92% / reading 87%, grade A+, #265 of 1,100 statewide, top 26%, 980 students, 10% FRL) — zoned schools at 10% FRL track the district average.
• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 89 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.