31 Spring St S

West Mountain, CT 10590

$799,999D

4 bd · 2.0 ba · 1,900 sqft · Built 1947 · SingleFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,710/mo
• Mortgage (P&I): −$4,195
• Tax + insurance: −$1,403
• HOA: −$0
• Vac / Maint / Mgmt: −$1,409
• Net cashflow: $-298/mo
• Annual: $-3,574/yr
• Cap rate: 5.85%
• Cash-on-cash: -1.60%
• DSCR: 0.93
• 1% rule: 0.84%
• Cash to close: $224,000

Investor read

• This is a 4-bed/2.0-bath single-family listed at $800k.
• 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).
• It's been on market 26 days — a 2% lower offer ($788k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $671k (16.1% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 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: moderate wind risk, 25% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• 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.

Questions for listing agent

• 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?
• Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.