720 Milton Rd Unit South - 3B · Rye, NY 10580

$985,000

3 bd · 2.5 ba · 2,300 sqft · Condo · 13 Days on market

Built 1963

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Why this score? — see what drove the F 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).

• Schools +8.6/10.0
• Appreciation +8.3/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0

Listing remarks

Rare opportunity to enjoy sparkling water views, while "right sizing" into a spacious waterfront residence - offering approximately 2,300 square feet of effortless living, one of the largest units in this secure gated community, with a waterfront pool, dock and moorings. This beautifully positioned 3 Bedroom, 2.1 Bath unit provides a gracious layout ideal for entertaining or everyday comfort. A welcoming foyer with built-in bar and powder room leads to generous living and dining rooms filled with natural light and lovely water views. Three well proportioned bedrooms with walk in closets provide flexibility for guests, or home office space. Perfectly located within the complex for

Key facts

• Water views
• Waterfront pool
• Natural light

Tags

• WATER VIEWS
• WATERFRONT RESIDENCE
• WATERFRONT POOL
• DOCK AND MOORINGS
• BUILT-IN BAR
• NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $985k.

Deal economics

• At list price, monthly cash flow is $-5k ($-59k/yr) — negative.
• To cash-flow at today's rent, offer at most $724k (26.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $687k (30.2% below list).
• Recommended offer: $687k (30.2% below list) — sets the bar for 1% rule.
• Cap rate 0.8% vs local median 1.5% in Rye — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 70/100 on livability (#431 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: amenities F, cost of living F, health & safety F.
• Rye City School District (suburban): math 89% / reading 93% proficiency, ranked #4 of 590 in NY (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 2% free/reduced lunch — higher-income household profile.
• Zoned schools: Milton School (math 95% / reading 95%, grade A+, #5 of 2,108 statewide, top 0%, 349 students, 0% FRL); Rye Middle School (math 77% / reading 92%, grade A+, #13 of 729 statewide, top 2%, 685 students, 0% FRL); Rye High School (math 100% / reading 87%, grade A+, #141 of 1,100 statewide, top 13%, 903 students, 0% FRL) — zoned schools at 0% FRL track the district average.
• Market conditions: 121 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• This rent runs 33% of the median local income ($250k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $72k of equity ($7k loan paydown + $65k appreciation (6.6% local appreciation)).
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$116k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 46% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $687,283 (30.2% 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 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.70% ✗
• Cap rate: 0.78%
• Cash-on-cash: -19.70%
• DSCR: 0.12
• GRM: 11.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.64% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.5%
• Equity multiple: 1.03×
• Total profit: $9,121
• Equity at exit: $659,659

10-year hold

• IRR: 4.3%
• Equity multiple: 1.98×
• Total profit: $269,984
• Equity at exit: $1,232,830

Cash invested: $275,800 (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 10580

• Home prices YoY: 2.1%
• Active inventory: 121
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $6,873 high
• Mortgage (P&I): −$5,165
• Tax est. 1.5%: −$1,231 /mo · $14,775/yr
• Insurance: −$410
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA est. from 2 same-building comps: −$3,151
• Vacancy / Maint / Mgmt: −$1,443
• Net cashflow: $-4,955

Break-even live

Break-even rent $13,145

Max offer price $267,986

Occupancy floor —

Sensitivity live

Price	-10% $-4,274	-5% $-4,615	+0% $-4,955	+5% $-5,295	+10% $-5,636
Rent	-10% $-5,498	-5% $-5,227	+0% $-4,955	+5% $-4,684	+10% $-4,412
Rate	-1.0pp $-4,459	-0.5pp $-4,705	base $-4,955	+0.5pp $-5,210	+1.0pp $-5,470

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: $246,250
• Closing costs: $29,550
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
317 Hornidge Rd Mamaroneck, NY	4.0	2.0	1600	$5,500	$3.44	18d	1	1.31mi
8 Davenport St Harrison, NY	3.0	2.0	1700	$5,000	$2.94	5d	1	1.35mi
114 Oak St Unit 114 Harrison, NY	4.0	3.5	3200	$8,750	$2.73	0d	1	1.36mi
9 Marlene Ct Rye, NY	4.0	3.0	1750	$10,500	$6.00	9d	1	1.36mi
332 Halstead Ave Harrison, NY	1.0–3.0	1.0–3.0	1116	$5,000	$4.48	0d	1	1.38mi
69 Oak St Unit B Harrison, NY	3.0	3.5	2100	$7,000	$3.33	0d	1	1.48mi

HOA detail condo

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

Listing history 2 events

1. 2026-03-18
   status Pending
2. 2026-03-05
   listed $985,000 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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $82,474
• − Mortgage interest: −$55,175
• − Property taxes: −$14,775
• − Insurance: −$10,044
• − Repairs & maintenance: −$6,598
• − Management: −$6,598
• − HOA: −$37,812
• − Depreciation: −$28,655
• Taxable loss: −$77,182
• Est. tax savings @ 24.0%: +$18,524
• After-tax cash flow: $-40,938/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: Rye City School District
• NCES district ID: 3625260
• Math proficiency: 89% ▲ 11.00%
• Reading proficiency: 93% ▲ 12.00%
• Median HH income: $144,848
• Composite: 85.84/100
• National rank: #6
• State rank: #4 of 590 in NY

Livability — Rye

• Score: 70/100
• State rank: #431
• US rank: #7470

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rye, NY
• County: Westchester County · 709,332 people
• City population: 18,391
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 18,391
• Household income: $250,001
• Rent vs Own: 27.6% rent · 72.4% own
• Severe rent burden: 580.0

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: Predominantly White (77%)
• Race & ethnicity: White 77% Two or more races 10% Asian 7% Hispanic / Latino 7% Black 2%
• Hispanic origin (detail): Puerto Rican 1%
• Common ancestry: Romanian 5% Italian 3% German 3%
• Foreign-born: 20% · Canada, China, South Korea
• Languages at home: 80% English-only · Spanish 6% Other Indo-European 3% Chinese 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: ▲ 6.64%
• Current HPI: 321.5777
• 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

2 events — show timeline

• 2026-03-18 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-05 Listed $985,000 OneKey® MLS as Distributed by MLS Grid