12 Martens Pl

Mount Vernon, NY 10550

$849,999D

8 bd · 3.0 ba · — sqft · Built 1920 · MultiFamily · Pending · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,434/mo
• Mortgage (P&I): −$4,457
• Tax + insurance: −$1,533
• HOA: −$0
• Vac / Maint / Mgmt: −$1,561
• Net cashflow: $-118/mo
• Annual: $-1,410/yr
• Cap rate: 6.13%
• Cash-on-cash: -0.59%
• DSCR: 0.97
• 1% rule: 0.87%
• Cash to close: $238,000

Investor read

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $850k.
• At list price, monthly cash flow is $-118 ($-1k/yr) — negative. Per door: $-59/mo.
• To cash-flow at today's rent, offer at most $829k (2.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $743k (12.5% below list).
• It's been on market 111 days — a 9% lower offer ($773k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $743k (12.5% 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 $26k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#397 in NY) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A, employment B; Watch: crime D-, cost of living F.
• Mount Vernon School District (suburban): math 35% / reading 50% proficiency, ranked #485 of 590 in NY (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.4%/yr); 130 active listings in the ZIP; 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.
• 6 sale attempts since 27y ago; this cycle's ask has dropped $100k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $415k; list at $850k implies a 105% 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.
• At $7,434/mo this rent would consume 147% of the median local household income ($61k/yr) (locally 2963% 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?
• It's been on market 111 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?