769 Forest Ave · Mamaroneck, NY 10538

$899,000

3 bd · 2.0 ba · 2,317 sqft · MultiFamily public records · 83 Days on market

Built 1923 8,712 sqft lot $388/sqft · 53% below area

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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 +16.8/30.0
• ARV discount +7.5/15.0
• Schools +7.1/10.0
• DSCR +5.2/10.0
• 1% rule +3.7/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Set on approximately 0.20 acres in a desirable Larchmont location adjacent to Badger Swim Camp, this legal two-family property presents an opportunity for redevelopment or significant renovation. The existing structure requires extensive work and is being sold strictly as-is. With a generous lot size, this property is ideally suited for builders, investors, or end-users looking to create a custom residence. Buyers to perform their own due diligence regarding zoning, use, and redevelopment potential. The main unit consists of a living room, dining room, den, eat-in kitchen, full bathroom on the first floor and two bedrooms on the 2nd floor. The lower level accessed from a separate entrance in the rear of the home and consists of a living room, eat-in kitchen, a bedroom, den and one bath with access to a deck.

Key facts

• 8,712 sq ft lot
• Built 1923
• Listed 82 days

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $508 ($6k/yr) — positive. Per door: $254/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $780k (13.3% below list).
• Recommended offer: $780k (13.3% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 3.1% in Mamaroneck — 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 (#491 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, schools B+; Watch: amenities C-, commute F, cost of living F.
• Mamaroneck Union Free School District (suburban): math 74% / reading 81% proficiency, ranked #47 of 590 in NY (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: 139 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $6k of loan paydown is wiped out by about $27k 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 83 days — a 6% lower offer ($845k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• 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 $779,800 (13.3% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are B-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?
9. 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?
10. 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.
11. 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.
12. 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: 0.87% ✗
• Cap rate: 7.06%
• Cash-on-cash: 2.74%
• DSCR: 1.12
• GRM: 9.6

CMA / ARV

• ARV (median comp): $1,907,385
• List price: $899,000
• Delta: -52.87%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
810 Fenimore Rd	0.64mi	4/3.0 (+1)	2,156 (-7%)	4mo	$840,000	$390	46

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: -12.5%
• Equity multiple: 0.55×
• Total profit: $-113,537
• Equity at exit: $134,044

10-year hold

• IRR: -3.5%
• Equity multiple: 0.77×
• Total profit: $-58,111
• Equity at exit: $77,729

Cash invested: $251,720 (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 10538

• Active inventory: 139
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $7,798 high
• Mortgage (P&I): −$4,714
• Tax from tax record: −$497 /mo · $5,961/yr
• Insurance: −$375
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,638
• Net cashflow: $508

Break-even live

Break-even rent $7,155

Max offer price $899,000

Occupancy floor 88%

Sensitivity live

Price	-10% $1,017	-5% $763	+0% $508	+5% $254	+10% $-1
Rent	-10% $-108	-5% $200	+0% $508	+5% $816	+10% $1,124
Rate	-1.0pp $961	-0.5pp $737	base $508	+0.5pp $275	+1.0pp $38

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$7,798
Total (2 units)			$7,798

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19 Bonnie Way Larchmont, NY	4.0	3.0	2700	$14,000	$5.19	13d	1	0.57mi
79 Edgewood Ave Larchmont, NY	4.0	3.0	1786	$7,800	$4.37	0d	1	0.80mi
49 N Chatsworth Ave Larchmont, NY	4.0	3.5	2402	$9,950	$4.14	3d	1	0.96mi
52 Wendt Ave Larchmont, NY	3.0	1.5	1656	$8,950	$5.40	0d	1	1.13mi
101 Sheldrake Pl Unit 101-4 Mamaroneck, NY	2.0	2.0	2472	$4,295	$1.74	0d	1	1.16mi

Listing history 16 events

1. 2026-06-21
   days on market $899,000 Active 83 DOM
2. 2026-06-18
   days on market $899,000 Active 80 DOM
3. 2026-06-17
   days on market $899,000 Active 79 DOM
4. 2026-06-16
   days on market $899,000 Active 78 DOM
5. 2026-06-15
   days on market $899,000 Active 77 DOM
6. 2026-06-13
   days on market $899,000 Active 75 DOM
7. 2026-06-09
   days on market $899,000 Active 71 DOM
8. 2026-06-08
   days on market $899,000 Active 70 DOM
9. 2026-06-07
   days on market $899,000 Active 69 DOM
10. 2026-06-04
    days on market $899,000 Active 66 DOM
11. 2026-06-03
    days on market $899,000 Active 65 DOM
12. 2026-06-02
    days on market $899,000 Active 64 DOM
13. 2026-06-01
    days on market $899,000 Active 63 DOM
14. 2026-05-31
    days on market $899,000 Active 62 DOM
15. 2026-03-31
    listed $899,000 Active 819-char remark

    Show marketing remark (819 chars)

    Set on approximately 0.20 acres in a desirable Larchmont location adjacent to Badger Swim Camp, this legal two-family property presents an opportunity for redevelopment or significant renovation. The existing structure requires extensive work and is being sold strictly as-is. With a generous lot size, this property is ideally suited for builders, investors, or end-users looking to create a custom residence. Buyers to perform their own due diligence regarding zoning, use, and redevelopment potential. The main unit consists of a living room, dining room, den, eat-in kitchen, full bathroom on the first floor and two bedrooms on the 2nd floor. The lower level accessed from a separate entrance in the rear of the home and consists of a living room, eat-in kitchen, a bedroom, den and one bath with access to a deck.

16. 2026-03-29
    historical $899,000 819-char remark

    Show marketing remark (819 chars)

    Set on approximately 0.20 acres in a desirable Larchmont location adjacent to Badger Swim Camp, this legal two-family property presents an opportunity for redevelopment or significant renovation. The existing structure requires extensive work and is being sold strictly as-is. With a generous lot size, this property is ideally suited for builders, investors, or end-users looking to create a custom residence. Buyers to perform their own due diligence regarding zoning, use, and redevelopment potential. The main unit consists of a living room, dining room, den, eat-in kitchen, full bathroom on the first floor and two bedrooms on the 2nd floor. The lower level accessed from a separate entrance in the rear of the home and consists of a living room, eat-in kitchen, a bedroom, den and one bath with access to a deck.

ⓘ 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: $5,961 · $497/mo
• Projected year-2 tax: $10,577 · $881/mo
• Expected delta: +$4,616/yr (+$385/mo · 77.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $93,576
• − Mortgage interest: −$50,358
• − Property taxes: −$5,961
• − Insurance: −$5,292
• − Repairs & maintenance: −$7,486
• − Management: −$7,486
• − Depreciation: −$26,153
• Taxable loss: −$9,160
• Est. tax savings @ 24.0%: +$2,198
• After-tax cash flow: $8,297/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: Mamaroneck Union Free School District
• NCES district ID: 3618240
• Math proficiency: 74% ▼ -4.00%
• Reading proficiency: 81% ▲ 9.00%
• Median HH income: $111,011
• Composite: 71.4/100
• National rank: #228
• State rank: #47 of 590 in NY

Livability — Mamaroneck

• Score: 69/100
• State rank: #491
• US rank: #8656

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 20,989
• Population (ZIP): 17,709

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 (78%)
• Race & ethnicity: White 78% Two or more races 10% Hispanic / Latino 9% Black 4% Asian 4%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Scotch-Irish 5% Italian 3% Romanian 3%
• Foreign-born: 16% · Canada, Jamaica, China
• Languages at home: 83% English-only · Spanish 5% Other Indo-European 4% French/Haitian/Cajun 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: ▼ -535.56%
• Current HPI: 325.1393
• 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

+0.0% since first listed

2 events — show timeline

• 2026-03-31 Listed $899,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-29 Coming Soon $899,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

-8.5%/yr

Latest (2025): $5,961 · +9.4% YoY. Source: county tax records.