412 Munro Ave Unit 4F

Mamaroneck, NY 10543

$255,000B-

1 bd · 1.0 ba · 750 sqft · Built 1927 · Condo · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,148/mo
• Mortgage (P&I): −$1,337
• Tax + insurance: −$425
• HOA: −$0
• Vac / Maint / Mgmt: −$661
• Net cashflow: $725/mo
• Annual: $8,695/yr
• Cap rate: 9.70%
• Cash-on-cash: 12.18%
• DSCR: 1.54
• 1% rule: 1.23%
• Cash to close: $71,400

Investor read

• This is a 1-bed/1.0-bath condo listed at $255k.
• At list price, monthly cash flow is $725 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $255k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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: Murray Avenue School (math 88% / reading 90%, grade A+, #61 of 2,108 statewide, top 3%, 703 students, 2% 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 at 15% FRL track the district average.
• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.7%/yr); 126 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 2 sale attempts since 24y ago; this cycle's ask is 38% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $176k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $71k cash investment doubles in ~7 years — after that, you're playing with house money.
• 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 9.7% 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.

Questions for listing agent

• Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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 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.