60 Underhill St

Tuckahoe, NY 10707

$799,000D

5 bd · 2.5 ba · 2,000 sqft · Built 1890 · SingleFamily · Pending · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,304/mo
• Mortgage (P&I): −$4,190
• Tax + insurance: −$1,596
• HOA: −$0
• Vac / Maint / Mgmt: −$1,324
• Net cashflow: $-805/mo
• Annual: $-9,662/yr
• Cap rate: 5.08%
• Cash-on-cash: -4.32%
• DSCR: 0.81
• 1% rule: 0.79%
• Cash to close: $223,720

Investor read

• This is a 5-bed/2.5-bath single-family listed at $799k.
• At list price, monthly cash flow is $-805 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $657k (17.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $630k (21.1% below list).
• It's been on market 30 days — a 2% lower offer ($787k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $630k (21.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#125 in NY, #2,013 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities C-, cost of living F.
• Tuckahoe Union Free School District (suburban): math 71% / reading 69% proficiency, ranked #133 of 755 in NY (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: William E Cottle School (math 84% / reading 74%, grade A, #188 of 2,108 statewide, top 11%, 528 students, 17% FRL); Tuckahoe Middle School (math 50% / reading 70%, grade B, #161 of 729 statewide, top 24%, 278 students, 18% FRL); Tuckahoe High School (math 95%, 292 students, 23% FRL).
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 44 active listings in the ZIP; 4 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).
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts 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.
• Current owner paid $160k; list at $799k implies a 399% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: 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.
• Cap rate 5.1% vs local median 2.9% in Tuckahoe — 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.
• At $6,304/mo this rent would consume 58% of the median local household income ($131k/yr) (locally 363% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• Built in 1890 — 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.
• 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?
• 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?
• 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 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.