356 Route 202

Heritage Hills, NY 10589

$975,000C+

None bd · None ba · 3,829 sqft · Built 1975 · MultiFamily · Pending · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,004/mo
• Mortgage (P&I): −$5,113
• Tax + insurance: −$1,625
• HOA: −$0
• Vac / Maint / Mgmt: −$2,311
• Net cashflow: $1,955/mo
• Annual: $23,462/yr
• Cap rate: 8.70%
• Cash-on-cash: 8.59%
• DSCR: 1.38
• 1% rule: 1.13%
• Cash to close: $273,000

Investor read

• This is a 4 × ?-bed/?-bath units multifamily listed at $975k. Condition is rated good.
• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $489/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $975k).
• It's been on market 32 days — a 3% lower offer ($946k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $946k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $29k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#757 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing B; Watch: schools C-, amenities F, commute 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.
• Market conditions: 88 active listings in the ZIP; 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.
• Cap rate 8.7% vs local median 2.5% in Heritage Hills — 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 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1975 — 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.
• 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.