23 Cortlandt Manor Rd · Katonah, NY 10536

$695,000

3 bd · 3.0 ba · 1,758 sqft · SingleFamily public records · 21 Days on market

Built 1967 2.04 ac lot Est $865k · 20% under

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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).

• ARV discount +15.0/15.0
• Schools +6.5/10.0
• Cash flow +4.0/30.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.5/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Oversized 2 Car Garage W Space Above For Potential Rm, Lovely Level Land, Wonderful Family Home, Bright And Well Maintained. .Minutes To Katonah For Shopping And Commute. Taxes Reflect Star Exemtion

Key facts

• 2.04 acre lot
• 2 garage spots
• Pool

Property features AI

Exterior

• Parking: Attached garage with storage; 2-car garage
• Utilities: Electricity connected; NYSEG electric service; Septic tank sewer
• Home design: Single family residence; Three or more levels; Finished walk-out basement; Unfinished attic
• Construction: Wood siding
• Exterior features: In-ground private pool; Covered patio; Porch

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator; Stainless steel appliances; Granite countertops
• Bedrooms: Includes a bedroom on the first floor
• Flooring: Hardwood floors
• Bathrooms: Three full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: First-floor bedroom; Eat-in kitchen; Formal dining room; Granite counters; Built-in storage; Wet bar; Covered patio and porch
• Laundry & utility: Washer and dryer included; Washer/dryer hookup; Laundry located in basement; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $695k.

Deal economics

• At list price, monthly cash flow is $-2k ($-23k/yr) — negative.
• To cash-flow at today's rent, offer at most $371k (46.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $448k (35.5% below list).
• Recommended offer: $371k (46.6% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 73/100 on livability (#323 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, commute A-; Watch: amenities F, cost of living F, health & safety 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.
• Market conditions: 66 active listings in the ZIP; 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 $5k of loan paydown is wiped out by about $21k 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 21 days — a 2% lower offer ($685k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price.

Recommended offer $371,378 (46.6% 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 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.65% ✗
• Cap rate: 2.95%
• Cash-on-cash: -11.96%
• DSCR: 0.47
• GRM: 12.9

CMA / ARV

• ARV (on-the-fly): $864,936
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14 Frances Dr	0.62mi	4/2.0 (+1)	1,828 (+4%)	1mo	$900,000	$492	54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -38.2%
• Equity multiple: -0.21×
• Total profit: $-235,627
• Equity at exit: $103,627

10-year hold

• IRR: -56.3%
• Equity multiple: -0.86×
• Total profit: $-362,225
• Equity at exit: $60,091

Cash invested: $194,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 10536

• Home prices YoY: -26.6%
• Active inventory: 66
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $4,484 medium
• Mortgage (P&I): −$3,645
• Tax from tax record: −$1,547 /mo · $18,569/yr
• Insurance: −$290
• HOA: −$0
• Vacancy / Maint / Mgmt: −$942
• Net cashflow: $-1,939

Break-even live

Break-even rent $6,939

Max offer price $371,378

Occupancy floor —

Sensitivity live

Price	-10% $-1,546	-5% $-1,742	+0% $-1,939	+5% $-2,136	+10% $-2,332
Rent	-10% $-2,293	-5% $-2,116	+0% $-1,939	+5% $-1,762	+10% $-1,585
Rate	-1.0pp $-1,589	-0.5pp $-1,762	base $-1,939	+0.5pp $-2,119	+1.0pp $-2,302

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: $173,750
• Closing costs: $20,850
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2654 Route 35 Katonah, NY	4.0	2.0	1430	$3,500	$2.45	19d	1	0.59mi
21 Young Rd Katonah, NY	3.0	2.5	2182	$6,000	$2.75	3d	1	0.90mi

Listing history 26 events

1. 2026-06-18
   days on market $695,000 Active 21 DOM
2. 2026-06-17
   days on market $695,000 Active 20 DOM
3. 2026-06-16
   days on market $695,000 Active 19 DOM
4. 2026-06-15
   days on market $695,000 Active 18 DOM
5. 2026-06-13
   days on market $695,000 Active 16 DOM
6. 2026-06-09
   days on market $695,000 Active 12 DOM
7. 2026-06-08
   days on market $695,000 Active 11 DOM
8. 2026-06-07
   days on market $695,000 Active 10 DOM
9. 2026-06-04
   days on market $695,000 Active 7 DOM
10. 2026-06-03
    days on market $695,000 Active 6 DOM
11. 2026-06-02
    days on market $695,000 Active 5 DOM
12. 2026-06-01
    days on market $695,000 Active 4 DOM
13. 2026-05-31
    days on market $695,000 Active 3 DOM
14. 2026-05-29
    listed $695,000 Active
15. 2026-05-27
    historical $695,000
16. 2014-01-27
    price $679,500 198-char remark

    Show marketing remark (198 chars)

    Oversized 2 Car Garage W Space Above For Potential Rm, Lovely Level Land, Wonderful Family Home, Bright And Well Maintained. .Minutes To Katonah For Shopping And Commute. Taxes Reflect Star Exemtion

17. 2009-06-10
    soldstatus $707,500
18. 2009-01-17
    historical
19. 2008-12-04
    listed
20. 2008-12-03
    historical
21. 2008-09-24
    listed
22. 2004-10-27
    soldstatus $701,000
23. 2004-07-13
    soldstatus $701,000 198-char remark

    Show marketing remark (198 chars)

    Oversized 2 Car Garage W Space Above For Potential Rm, Lovely Level Land, Wonderful Family Home, Bright And Well Maintained. .Minutes To Katonah For Shopping And Commute. Taxes Reflect Star Exemtion

24. 2004-04-09
    historical 198-char remark

    Show marketing remark (198 chars)

    Oversized 2 Car Garage W Space Above For Potential Rm, Lovely Level Land, Wonderful Family Home, Bright And Well Maintained. .Minutes To Katonah For Shopping And Commute. Taxes Reflect Star Exemtion

25. 2004-03-17
    listed $701,000 198-char remark

    Show marketing remark (198 chars)

    Oversized 2 Car Garage W Space Above For Potential Rm, Lovely Level Land, Wonderful Family Home, Bright And Well Maintained. .Minutes To Katonah For Shopping And Commute. Taxes Reflect Star Exemtion

26. 1981-04-08
    soldstatus $125,500

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $18,569 · $1,547/mo
• Projected year-2 tax: $18,569 · $1,547/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 21% 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: $53,813
• − Mortgage interest: −$38,931
• − Property taxes: −$18,569
• − Insurance: −$3,475
• − Repairs & maintenance: −$4,305
• − Management: −$4,305
• − Depreciation: −$20,218
• Taxable loss: −$35,990
• Est. tax savings @ 24.0%: +$8,638
• After-tax cash flow: $-14,630/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: Somers Central School District
• NCES district ID: 3627180
• Math proficiency: 65% ▼ -3.00%
• Reading proficiency: 74% ▲ 12.00%
• Median HH income: $111,661
• Composite: 64.82/100
• National rank: #516
• State rank: #95 of 590 in NY

Livability — Katonah

• Score: 73/100
• State rank: #323
• US rank: #5317

Category grades

Amenities F Commute A- Cost of living F Crime A+ Employment A+ Housing A- Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 11,010

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 10% Two or more races 9% Asian 4% Black 2%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Romanian 3% Lithuanian 3% Scotch-Irish 2%
• Foreign-born: 13% · Canada, Jamaica, China
• Languages at home: 87% English-only · Spanish 5% Other Indo-European 4% Russian/Polish/Slavic 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: ▼ -87.30%
• Current HPI: 240.9829
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+453.8% since first listed

13 events — show timeline

• 2026-05-29 Listed $695,000 OneKey® MLS as Distributed by MLS Grid
• 2026-05-27 Coming Soon $695,000 OneKey® MLS as Distributed by MLS Grid
• 2014-01-27 Price Changed $679,500 HGMLS
• 2009-06-10 Sold (Public Records) $707,500 Public Records
• 2009-01-17 Delisted — HGMLS
• 2008-12-04 Listed — HGMLS
• 2008-12-03 Delisted — HGMLS
• 2008-09-24 Listed — HGMLS
• 2004-10-27 Sold (Public Records) $701,000 Public Records
• 2004-07-13 Sold (MLS) $701,000 HGMLS
• 2004-04-09 Delisted — HGMLS
• 2004-03-17 Listed $701,000 HGMLS
• 1981-04-08 Sold (Public Records) $125,500 Public Records

Property tax history

+2.2%/yr

Latest (2025): $18,569 · +2.5% YoY. Source: county tax records.