23 Bouton St

West Mountain, CT 10590

$685,000A-

3 bd · 2.5 ba · 1,862 sqft · Built 1920 · SingleFamily · Pending · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,077/mo
• Mortgage (P&I): −$3,592
• Tax + insurance: −$1,270
• HOA: −$25
• Vac / Maint / Mgmt: −$2,536
• Net cashflow: $4,653/mo
• Annual: $55,840/yr
• Cap rate: 14.44%
• Cash-on-cash: 29.11%
• DSCR: 2.30
• 1% rule: 1.76%
• Cash to close: $191,800

Investor read

• This is a 3-bed/2.5-bath single-family listed at $685k.
• At list price, monthly cash flow is $5k ($56k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $685k).
• It's been on market 30 days — a 2% lower offer ($675k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $675k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Location reads: area grade A — affects rentability + tenant quality, not the cash-flow math above.
• Katonah-Lewisboro Union Free School District (suburban): math 75% / reading 82% proficiency, ranked #32 of 590 in NY (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 3% free/reduced lunch — higher-income household profile.
• Zoned schools: Increase Miller Elementary School (math 82% / reading 87%, grade A+, #93 of 2,108 statewide, top 6%, 489 students, 9% FRL); John Jay Middle School (math 58% / reading 79%, grade A, #94 of 729 statewide, top 13%, 662 students, 7% FRL); John Jay High School (math 98% / reading 82%, grade A+, #238 of 1,100 statewide, top 23%, 917 students, 9% FRL).
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 4 sale attempts since 27y 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.
• Current owner paid $345k; list at $685k implies a 99% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $192k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.4% vs local median 3.1% in West Mountain — 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.

Questions for listing agent

• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.