31 Spring St S · West Mountain, CT 10590

$799,999

4 bd · 2.0 ba · 1,900 sqft · SingleFamily · 26 Days on market

Built 1947 1.75 ac lot

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Why this score? — see what drove the D 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 +11.3/30.0
• ARV discount +7.5/15.0
• Schools +7.5/10.0
• 1% rule +3.4/10.0
• DSCR +3.3/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 31 Spring Street South in beautiful South Salem, NY — a lovingly maintained expanded ranch being offered for the first time in decades. Nestled on a private, sun-drenched property with mature landscaping and estate-like grounds, this special residence offers the perfect blend of tranquility, space, and opportunity. Featuring 4 bedrooms/2 full bathrooms, this picturesque property also includes potential for a private mother/daughter setup or guest quarters. Additional features include a chef’s kitchen with stainless steel appliances and a Kohler whole house generator, creating a peaceful retreat in every season. Outside, enjoy lush gardens, expansive outdoor space, and

Key facts

• 1.75 acre lot
• 2 garage spots
• Built 1947

Property features AI

Exterior

• Parking: Detached garage; Driveway; Private parking; Garage with door opener; 2-car garage
• Utilities: Septic tank; Electricity available and connected; Natural gas available
• Home design: Single family residence; Three or more levels
• Construction: Frame construction; Partial basement; Walkup attic
• Exterior features: Frame construction; Not waterfront

Interior

• Kitchen: Dishwasher; Gas oven; Gas range; Microwave; Refrigerator; Stainless steel appliances; Eat-in kitchen with island
• Bedrooms: Includes a first-floor bedroom; Master bedroom located downstairs
• Bathrooms: 2 full bathrooms
• Heating & cooling: Oil heating; Propane heating; Wall/window AC units
• Interior features: First-floor bedroom; First-floor full bath; Crown molding; Eat-in kitchen; Entertainment cabinets; In-law floorplan; Kitchen island; Original details; Master bedroom on main level; Recessed lighting; Basement (partial); Walkup attic; Three or more levels; 8 total rooms
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $800k.

Deal economics

• At list price, monthly cash flow is $-298 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $747k (6.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $671k (16.1% below list).
• Recommended offer: $671k (16.1% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 3.1% in West Mountain — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Katonah-Lewisboro Union Free School District (suburban): math 75% / reading 82% proficiency, ranked #32 of 590 in NY (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 3% free/reduced lunch — higher-income household profile.
• Zoned schools: Increase Miller Elementary School (math 82% / reading 87%, grade A+, #93 of 2,108 statewide, top 6%, 489 students, 9% FRL); John Jay Middle School (math 58% / reading 79%, grade A, #94 of 729 statewide, top 13%, 662 students, 7% FRL); John Jay High School (math 98% / reading 82%, grade A+, #238 of 1,100 statewide, top 23%, 917 students, 9% FRL).
• Market conditions: 2 comparable units currently listed for rent nearby; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k 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 26 days — a 2% lower offer ($788k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 25% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $670,994 (16.1% 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. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 5.85%
• Cash-on-cash: -1.60%
• DSCR: 0.93
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -18.9%
• Equity multiple: 0.34×
• Total profit: $-148,459
• Equity at exit: $119,282

10-year hold

• IRR: -11.4%
• Equity multiple: 0.32×
• Total profit: $-153,114
• Equity at exit: $69,169

Cash invested: $224,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Connecticut: 27 Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Strong tenant statutes; rent commissions in some towns; courts slow especially in cities.

Methodology + full state rankings →

ZIP-level market 10590

• Home prices YoY: -30.8%
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $6,710 medium
• Mortgage (P&I): −$4,195
• Tax from tax record: −$1,070 /mo · $12,841/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,409
• Net cashflow: $-298

Break-even live

Break-even rent $7,087

Max offer price $747,387

Occupancy floor 99%

Sensitivity live

Price	-10% $155	-5% $-71	+0% $-298	+5% $-524	+10% $-751
Rent	-10% $-828	-5% $-563	+0% $-298	+5% $-33	+10% $232
Rate	-1.0pp $105	-0.5pp $-94	base $-298	+0.5pp $-505	+1.0pp $-716

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: $200,000
• Closing costs: $24,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
68 Lake Shore Dr South Salem, NY	4.0	2.5	2430	$6,500	$2.67	16d	1	0.97mi
57 Truesdale Lake Dr South Salem, NY	3.0	2.5	1350	$7,000	$5.19	4d	1	1.22mi

Listing history 17 events

1. 2026-06-22
   days on market $799,999 Active 26 DOM
2. 2026-06-18
   days on market $799,999 Active 23 DOM
3. 2026-06-17
   days on market $799,999 Active 22 DOM
4. 2026-06-16
   days on market $799,999 Active 21 DOM
5. 2026-06-15
   days on market $799,999 Active 20 DOM
6. 2026-06-13
   days on market $799,999 Active 18 DOM
7. 2026-06-13
   days on market $799,999 Active 17 DOM
8. 2026-06-10
   days on market $799,999 Active 15 DOM
9. 2026-06-09
   days on market $799,999 Active 14 DOM
10. 2026-06-08
    days on market $799,999 Active 13 DOM
11. 2026-06-07
    days on market $799,999 Active 12 DOM
12. 2026-06-05
    days on market $799,999 Active 9 DOM
13. 2026-06-03
    days on market $799,999 Active 8 DOM
14. 2026-06-03
    days on market $799,999 Active 7 DOM
15. 2026-06-01
    days on market $799,999 Active 6 DOM
16. 2026-05-31
    days on market $799,999 Active 5 DOM
17. 2026-05-18
    historical $799,999

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

Tax reassessment forecast CT · Partial reset (capped growth)

• Current annual tax: $12,841 · $1,070/mo
• Projected year-2 tax: $14,980 · $1,248/mo
• Expected delta: +$2,140/yr (+$178/mo · 16.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 25% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $80,519
• − Mortgage interest: −$44,812
• − Property taxes: −$12,841
• − Insurance: −$4,000
• − Repairs & maintenance: −$6,442
• − Management: −$6,442
• − Depreciation: −$23,273
• Taxable loss: −$17,290
• Est. tax savings @ 24.0%: +$4,150
• After-tax cash flow: $576/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: Katonah-Lewisboro Union Free School District
• NCES district ID: 3616080
• Math proficiency: 75% ▼ -8.00%
• Reading proficiency: 82% ▲ 2.00%
• Median HH income: $140,994
• Composite: 75.09/100
• National rank: #142
• State rank: #32 of 590 in NY

Livability — West Mountain

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 7,314

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 White (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 6% Asian 4% Black 1%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Italian 4% Romanian 3% Scotch-Irish 2%
• Foreign-born: 13% · Canada, South Korea, Jamaica
• Languages at home: 90% English-only · Spanish 4% Other Indo-European 2% Korean 1%

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: ▼ -66.87%
• Current HPI: 150.088
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.06%
• F500 in state: 38

Industry mix (Fortune 500 HQ in CT)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$38B
▸Insurance	3	$71B
▸Financial Services	2	$25B
▸Transportation / Logistics	2	$18B
▸Healthcare	1	$247B
▸Telecommunications	1	$55B

Price history

1 event — show timeline

• 2026-05-18 Coming Soon $799,999 OneKey® MLS as Distributed by MLS Grid

Property tax history

+3.7%/yr

Latest (2025): $12,841 · +5.7% YoY. Source: county tax records.