230 Pelham Rd Unit 4N · New Rochelle, NY 10805

$350,000

2 bd · 1.0 ba · 950 sqft · Condo · 6 Days on market

Built 1950

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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 +9.6/30.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• Appreciation +4.3/10.0
• Livability +3.5/5.0
• 1% rule +2.9/10.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Let’s be honest—this one needs work. But the views? Unreal. This 2-bedroom, 1-bathroom unit is a full renovation opportunity, perfect for buyers ready to create something special. Kitchen, floors, finishes—bring your contractor and your vision. What you can’t recreate? These water views. And in New Rochelle, that alone makes this a serious opportunity. Investor-friendly building with subleasing allowed from day one—whether you’re building your dream home or your next income-producing asset, this checks the boxes.

Key facts

• Water views
• Windowed kitchen
• Renovated gym

Tags

• WATER VIEWS
• WINDOWED KITCHEN
• WINDOWED BATH
• RENOVATED GYM
• CO-WORKING SPACE
• COMMUNITY ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $350k.

Deal economics

• At list price, monthly cash flow is $-236 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $316k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $276k (21.0% below list).
• Recommended offer: $276k (21.0% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 4.5% in New Rochelle — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 69/100 on livability (#487 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A, amenities B+; Watch: housing D+, commute F, cost of living F.
• New Rochelle City School District (suburban): math 63% / reading 66% proficiency, ranked #171 of 590 in NY (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Trinity Elementary School (math 40% / reading 47%, grade F, #1,350 of 2,108 statewide, top 64%, 863 students, 66% FRL); Isaac E Young Middle School (math 47% / reading 62%, grade B-, #214 of 729 statewide, top 31%, 1,138 students, 76% FRL); New Rochelle High School (math 87% / reading 72%, grade A-, #518 of 1,100 statewide, top 51%, 3,076 students, 57% FRL) — zoned schools average 67% FRL vs 41% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 84 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• This rent runs 32% of the median local income ($102k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-1.5%/yr); year-one equity from $2k of loan paydown is wiped out by about $5k 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 16y 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: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $276,335 (21.0% 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 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 0.79% ✗
• Cap rate: 5.48%
• Cash-on-cash: -2.89%
• DSCR: 0.87
• GRM: 10.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.48% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -12.1%
• Equity multiple: 0.50×
• Total profit: $-48,790
• Equity at exit: $76,544

10-year hold

• IRR: -4.9%
• Equity multiple: 0.59×
• Total profit: $-40,669
• Equity at exit: $73,791

Cash invested: $98,000 (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 10805

• Home prices YoY: -0.5%
• Active inventory: 84
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,763 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$580
• Net cashflow: $-236

Break-even live

Break-even rent $3,062

Max offer price $315,890

Occupancy floor —

Sensitivity live

Price	-10% $6	-5% $-115	+0% $-236	+5% $-357	+10% $-478
Rent	-10% $-454	-5% $-345	+0% $-236	+5% $-127	+10% $-17
Rate	-1.0pp $-59	-0.5pp $-147	base $-236	+0.5pp $-326	+1.0pp $-419

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
230 Pelham Rd Unit 6F New Rochelle, NY	1.0	1.0	800	$1,995	$2.49	45d	1	0.03mi
220 Pelham Rd New Rochelle, NY	1.0–2.0	1.0	862	$2,595	$3.01	3d	2	0.07mi
220 Pelham Rd New Rochelle, NY	1.0–2.0	1.0	900	$2,595	$2.88	13d	2	0.07mi
220 Pelham Rd Unit 5E New Rochelle, NY	2.0	1.0	1000	$2,595	$2.60	9d	1	0.07mi
3 Davenport Ave New Rochelle, NY	1.0	1.0	728	$2,099	$2.88	0d	1	0.36mi
79 S Division St Unit 3 New Rochelle, NY	2.0	1.0	800	$2,600	$3.25	4d	1	0.41mi
50 Clinton Pl New Rochelle, NY	2.0	1.0–2.0	844	$7,811	$9.25	0d	32	0.52mi
504 Pelham Rd New Rochelle, NY	1.0	1.0	700	$2,300	$3.29	14d	1	0.54mi
46 Locust Ave Unit 2 New Rochelle, NY	2.0	1.0	750	$2,950	$3.93	20d	1	0.56mi
111 Centre Ave New Rochelle, NY	1.0–2.0	1.0–2.0	757	$4,044	$5.34	0d	17	0.56mi
55 Clinton Pl New Rochelle, NY	3.0	1.0–2.0	991	$5,241	$5.29	0d	24	0.56mi
25 Maple Ave New Rochelle, NY	2.0	1.0–2.0	748	$3,897	$5.21	0d	10	0.57mi
7 Lanecrest Ave New Rochelle, NY	2.0	1.0	1100	$2,690	$2.45	19d	1	0.57mi
12 Church St New Rochelle, NY	2.0	1.0–2.0	770	$4,540	$5.90	0d	49	0.60mi
360 Huguenot St New Rochelle, NY	2.0	1.0–2.0	777	$3,780	$4.86	0d	15	0.65mi
543 Main St #402 New Rochelle, NY	1.0	1.0	924	$3,000	$3.25	17d	1	0.65mi
387 Huguenot St New Rochelle, NY	2.0	1.0–2.0	753	$3,575	$4.75	0d	5	0.66mi
10 Lecount Pl New Rochelle, NY	2.0	1.0–2.0	826	$5,175	$6.26	0d	15	0.68mi
40 Memorial Hwy New Rochelle, NY	3.0	1.0–2.0	917	$3,757	$4.09	0d	49	0.69mi
333 Huguenot St New Rochelle, NY	2.0	1.0–2.0	847	$4,785	$5.65	0d	12	0.70mi
325 Huguenot St New Rochelle, NY	1.0–2.0	1.0–2.0	989	$4,625	$4.68	0d	9	0.72mi
3 Harbor Ln Unit 3A New Rochelle, NY	1.0	1.0	700	$2,500	$3.57	26d	1	0.74mi
1 Shearwood Pl New Rochelle, NY	3.0	1.0–2.0	896	$3,476	$3.88	0d	29	0.78mi
12 Russell Ave Apt 2 New Rochelle, NY	2.0	1.0	800	$2,350	$2.94	9d	1	0.79mi
50 Lecount Pl New Rochelle, NY	1.0	1.0	534	$2,450	$4.59	0d	1	0.79mi
666 Pelham Rd Apt 3A New Rochelle, NY	1.0	1.0	750	$2,350	$3.13	45d	1	0.91mi
10 Commerce Dr New Rochelle, NY	2.0	1.0–2.0	739	$3,561	$4.82	0d	9	0.93mi
20 Burling Ln New Rochelle, NY	1.0	1.0	725	$3,110	$4.29	12d	10	0.95mi
245 Main St Unit 1 New Rochelle, NY	1.0	1.0	750	$1,750	$2.33	19d	1	0.95mi
29 Pratt St Unit 2 New Rochelle, NY	2.0	1.0	800	$2,600	$3.25	45d	1	1.01mi
194 Webster Ave Unit 1 New Rochelle, NY	3.0	1.0	1050	$3,500	$3.33	45d	1	1.06mi
11 Park Pl New Rochelle, NY	1.0	1.0	1015	$2,700	$2.66	45d	1	1.07mi
36 4th St Unit One New Rochelle, NY	2.0	1.0	900	$2,900	$3.22	6d	1	1.17mi
965 Main St Unit 2 New Rochelle, NY	2.0	1.0	825	$2,995	$3.63	9d	1	1.18mi
139 Sickles Ave Unit 2 New Rochelle, NY	2.0	1.5	1000	$3,100	$3.10	22d	1	1.24mi
49 5th St Apt 8 New Rochelle, NY	2.0	1.0	800	$2,429	$3.04	45d	1	1.25mi
49 5th St Apt 8 New Rochelle, NY	2.0	1.0	800	$2,429	$3.04	14d	1	1.25mi
299 Webster Ave Unit 3F New Rochelle, NY	1.0	1.0	861	$2,385	$2.77	45d	1	1.27mi
274 Lockwood Ave Unit First floor New Rochelle, NY	2.0	1.0	908	$2,700	$2.97	45d	1	1.31mi
225 Sickles Ave Unit 1 New Rochelle, NY	1.0	1.0	750	$2,600	$3.47	45d	1	1.34mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-03-20
   status Pending
2. 2026-03-12
   listed $350,000 Active
3. 2012-08-10
   historical
4. 2011-12-01
   price Active
5. 2011-12-01
   status Active
6. 2011-12-01
   historical
7. 2010-11-20
   listed Active

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 51% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,160
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,653
• − Management: −$2,653
• − Depreciation: −$10,182
• Taxable loss: −$8,933
• Est. tax savings @ 24.0%: +$2,144
• After-tax cash flow: $-685/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: New Rochelle City School District
• NCES district ID: 3620490
• Math proficiency: 63% ▲ 3.00%
• Reading proficiency: 66% ▲ 9.00%
• Median HH income: $69,165
• Composite: 56.63/100
• National rank: #1139
• State rank: #171 of 590 in NY

Livability — New Rochelle

• Score: 69/100
• State rank: #487
• US rank: #8572

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Rochelle, NY
• County: Westchester County · 709,332 people
• City population: 63,657
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 20,903
• Household income: $102,109
• Rent vs Own: 53.9% rent · 46.1% own
• Severe rent burden: 961.0

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: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Hispanic / Latino 39% White 38% Black 17% Two or more races 13% Asian 4%
• Hispanic origin (detail): Mexican 15% Puerto Rican 11% Dominican 2%
• Common ancestry: Romanian 2% Russian 1% Scotch-Irish 1%
• Foreign-born: 32% · Canada, Jamaica, South Korea
• Languages at home: 54% English-only · Spanish 32% Other Indo-European 7% German/W. Germanic 2%

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: ▼ -1.48%
• Current HPI: 278.8511
• Rent YoY: —
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• 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

7 events — show timeline

• 2026-03-20 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-12 Listed $350,000 OneKey® MLS as Distributed by MLS Grid
• 2012-08-10 Delisted — HGMLS
• 2011-12-01 Relisted — HGMLS
• 2011-12-01 Price Changed — HGMLS
• 2011-12-01 Delisted — HGMLS
• 2010-11-20 Listed — HGMLS