2241 Palmer Ave Unit 2P · New Rochelle, NY 10801

$210,000

2 bd · 0.5 ba · 868 sqft · Condo · 114 Days on market

Built 1965 Good condition $242/sqft · at area comps Est $205k · at est. ↓ 9% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.4/15.0
• Schools +5.7/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Building conveniently located a few blocks to supermarket, shopping, and restaurants. Two blocks to Larchmont Pharmacy and DiCicco's Market, walking distance (0.8 miles) to the center of Larchmont, Metro North, and Amtrak. Unique floor plan provides privacy with 2 bedrooms (accommodating king size furniture) on either side of the living room/dining area. Also included are 5 closets and a large pantry. Special features are a fitness room, pool, and laundry room on ground level.

Key facts

• Unique floor plan
• Large pantry
• Fitness room

Tags

• UNIQUE FLOOR PLAN
• FITNESS ROOM
• LARGE PANTRY

What this means for you Summary

Snapshot

• This is a 2-bed/0.5-bath condo listed at $210k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $996 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Recommended offer: $191k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 4.5% in New Rochelle — 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.

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.
• Market conditions: Rents rising (+1.4%/yr); 138 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• This rent runs 45% of the median local income ($86k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 1.4% rent growth), your $59k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; 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 $191,100 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1965 — 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. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.52% ✓
• Cap rate: 12.36%
• Cash-on-cash: 21.68%
• DSCR: 1.96
• GRM: 5.5

CMA / ARV

• ARV (median comp): $205,209
• List price: $210,000
• Delta: 2.33%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.42% rent growth · sell at horizon

5-year hold

• IRR: 10.7%
• Equity multiple: 1.42×
• Total profit: $24,503
• Equity at exit: $31,312

10-year hold

• IRR: 18.5%
• Equity multiple: 2.42×
• Total profit: $83,569
• Equity at exit: $18,157

Cash invested: $58,800 (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 10801

• Rents YoY: 1.4%
• Active inventory: 138
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $3,182 high
• Mortgage (P&I): −$1,101
• Tax est. 1.5%: −$262 /mo · $3,150/yr
• Insurance: −$88
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$668
• Net cashflow: $996

Break-even live

Break-even rent $1,921

Max offer price $210,000

Occupancy floor 64%

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
120 Stonelea Pl Apt 3M New Rochelle, NY	1.0	1.0	750	$2,300	$3.07	18d	1	0.40mi
110 Stonelea Pl Unit 3B New Rochelle, NY	2.0	1.0	800	$2,650	$3.31	43d	1	0.40mi
5 Lester Pl Unit 1 Larchmont, NY	2.0	1.0	850	$3,200	$3.76	24d	1	0.49mi
29 Pratt St Unit 2 New Rochelle, NY	2.0	1.0	800	$2,600	$3.25	43d	1	0.78mi
245 Main St Unit 1 New Rochelle, NY	1.0	1.0	750	$1,750	$2.33	17d	1	0.82mi
1833 Palmer Ave Unit 3K Larchmont, NY	2.0	1.0	875	$2,700	$3.09	43d	1	0.84mi
10 Commerce Dr New Rochelle, NY	2.0	1.0–2.0	792	$3,812	$4.81	1d	11	1.05mi
600 North Ave New Rochelle, NY	2.0	1.0–2.0	869	$4,350	$5.01	1d	11	1.08mi
11 Park Pl New Rochelle, NY	1.0	1.0	1015	$2,700	$2.66	43d	1	1.13mi
26 Coligni Ave Apt 12 New Rochelle, NY	3.0	1.0	1100	$3,950	$3.59	43d	1	1.14mi
20 Burling Ln New Rochelle, NY	1.0	1.0	725	$3,110	$4.29	10d	10	1.26mi
10 Lecount Pl New Rochelle, NY	2.0	1.0–2.0	740	$5,113	$6.90	1d	14	1.26mi
22 Clove Rd New Rochelle, NY	3.0	1.0	900	$3,600	$4.00	43d	1	1.27mi
22 Clove Rd Unit 24C New Rochelle, NY	3.0	1.0	1035	$3,300	$3.19	43d	1	1.27mi
46 Locust Ave Unit 2 New Rochelle, NY	2.0	1.0	750	$2,950	$3.93	18d	1	1.30mi
1 Shearwood Pl New Rochelle, NY	3.0	1.0–2.0	896	$3,631	$4.05	2d	31	1.32mi
17 Dewitt Pl New Rochelle, NY	2.0	1.0	550	$2,500	$4.55	43d	1	1.35mi
12 Church St New Rochelle, NY	2.0	1.0–2.0	770	$4,540	$5.90	2d	50	1.39mi
40 Memorial Hwy New Rochelle, NY	3.0	1.0–2.0	917	$4,192	$4.57	1d	51	1.40mi
133 Lincoln Ave Unit 1 New Rochelle, NY	3.0	1.0	1112	$6,500	$5.85	2d	1	1.41mi
139 Sickles Ave Unit 2 New Rochelle, NY	2.0	1.5	1000	$3,100	$3.10	20d	1	1.44mi
55 Clinton Pl New Rochelle, NY	2.0	1.0–2.0	910	$5,214	$5.73	1d	28	1.44mi
3 Davenport Ave New Rochelle, NY	1.0	1.0	821	$2,099	$2.56	6d	1	1.45mi
50 Clinton Pl New Rochelle, NY	2.0	1.0–2.0	844	$7,811	$9.25	1d	31	1.46mi
543 Main St #402 New Rochelle, NY	1.0	1.0	924	$3,000	$3.25	15d	1	1.47mi
4 Larchmont Acres Unit 4C Larchmont, NY	2.0	1.0	1074	$2,985	$2.78	24d	1	1.47mi
325 Huguenot St New Rochelle, NY	1.0–2.0	1.0–2.0	989	$4,625	$4.68	5d	8	1.49mi

HOA detail condo

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

Listing history 6 events

1. 2026-05-19
   status Pending 481-char remark

   Show marketing remark (481 chars)

   Building conveniently located a few blocks to supermarket, shopping, and restaurants. Two blocks to Larchmont Pharmacy and DiCicco's Market, walking distance (0.8 miles) to the center of Larchmont, Metro North, and Amtrak. Unique floor plan provides privacy with 2 bedrooms (accommodating king size furniture) on either side of the living room/dining area. Also included are 5 closets and a large pantry. Special features are a fitness room, pool, and laundry room on ground level.

2. 2026-05-19
   status Active 481-char remark

   Show marketing remark (481 chars)

   Building conveniently located a few blocks to supermarket, shopping, and restaurants. Two blocks to Larchmont Pharmacy and DiCicco's Market, walking distance (0.8 miles) to the center of Larchmont, Metro North, and Amtrak. Unique floor plan provides privacy with 2 bedrooms (accommodating king size furniture) on either side of the living room/dining area. Also included are 5 closets and a large pantry. Special features are a fitness room, pool, and laundry room on ground level.

3. 2026-05-16
   historical 481-char remark

   Show marketing remark (481 chars)

   Building conveniently located a few blocks to supermarket, shopping, and restaurants. Two blocks to Larchmont Pharmacy and DiCicco's Market, walking distance (0.8 miles) to the center of Larchmont, Metro North, and Amtrak. Unique floor plan provides privacy with 2 bedrooms (accommodating king size furniture) on either side of the living room/dining area. Also included are 5 closets and a large pantry. Special features are a fitness room, pool, and laundry room on ground level.

4. 2026-04-23
   price $210,000 481-char remark

   Show marketing remark (481 chars)

   Building conveniently located a few blocks to supermarket, shopping, and restaurants. Two blocks to Larchmont Pharmacy and DiCicco's Market, walking distance (0.8 miles) to the center of Larchmont, Metro North, and Amtrak. Unique floor plan provides privacy with 2 bedrooms (accommodating king size furniture) on either side of the living room/dining area. Also included are 5 closets and a large pantry. Special features are a fitness room, pool, and laundry room on ground level.

5. 2026-02-05
   price $215,000 481-char remark

   Show marketing remark (481 chars)

   Building conveniently located a few blocks to supermarket, shopping, and restaurants. Two blocks to Larchmont Pharmacy and DiCicco's Market, walking distance (0.8 miles) to the center of Larchmont, Metro North, and Amtrak. Unique floor plan provides privacy with 2 bedrooms (accommodating king size furniture) on either side of the living room/dining area. Also included are 5 closets and a large pantry. Special features are a fitness room, pool, and laundry room on ground level.

6. 2026-01-22
   listed $230,000 Active 481-char remark

   Show marketing remark (481 chars)

   Building conveniently located a few blocks to supermarket, shopping, and restaurants. Two blocks to Larchmont Pharmacy and DiCicco's Market, walking distance (0.8 miles) to the center of Larchmont, Metro North, and Amtrak. Unique floor plan provides privacy with 2 bedrooms (accommodating king size furniture) on either side of the living room/dining area. Also included are 5 closets and a large pantry. Special features are a fitness room, pool, and laundry room on ground level.

ⓘ 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 9/10 Extreme FEMA zone X (unshaded) · 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,180
• − Mortgage interest: −$11,763
• − Property taxes: −$3,150
• − Insurance: −$1,847
• − Repairs & maintenance: −$3,054
• − Management: −$3,054
• − Depreciation: −$6,109
• Taxable income: $9,201
• Est. tax owed @ 24.0%: −$2,208
• After-tax cash flow: $9,741/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained, move-in-ready condo is located in a convenient location with a good condition score. It has a good exterior, parquet flooring, and painted walls. The HVAC and windows appear to be in good condition. The property has a good foundation and structure. The property has a good roof and siding. The property has a good condition score and is in good condition. The property has a good condition score and is in good condition.

Value-add opportunities

• Both Paint touch-ups — Enhances curb appeal and interior aesthetics
• Both Window treatments — Improves privacy and enhances curb appeal
• Both HVAC maintenance — Ensures comfort and energy efficiency
• Both Landscaping — Enhances curb appeal and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint touch-ups — Enhances curb appeal and interior aesthetics ↑
• Both Window treatments — Improves privacy and enhances curb appeal ↑
• Both HVAC maintenance — Ensures comfort and energy efficiency ↑
• Both Landscaping — Enhances curb appeal and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 42,754
• Household income: $85,573
• Rent vs Own: 58.9% rent · 41.1% own
• Severe rent burden: 2797.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Hispanic / Latino 36% White 30% Black 24% Two or more races 16% Asian 7%
• Hispanic origin (detail): Mexican 17% Puerto Rican 5% Dominican 3%
• Common ancestry: Hispanic 3% Scotch-Irish 1% Romanian 1%
• Foreign-born: 34% · Canada, Jamaica, China
• Languages at home: 54% English-only · Spanish 32% Other Indo-European 5% French/Haitian/Cajun 4%

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: ▼ -910.37%
• Current HPI: 270.8019
• Rent YoY: ▲ 1.42%
• 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

-8.7% since first listed

6 events — show timeline

• 2026-05-19 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-05-19 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-05-16 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-04-23 Price Changed $210,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-05 Price Changed $215,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-22 Listed $230,000 OneKey® MLS as Distributed by MLS Grid