16 Sunset Pl

Peach Lake, NY 10560

$498,000D-

2 bd · 1.0 ba · 1,088 sqft · Built 1930 · SingleFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,888/mo
• Mortgage (P&I): −$2,612
• Tax + insurance: −$1,002
• HOA: −$21
• Vac / Maint / Mgmt: −$816
• Net cashflow: $-563/mo
• Annual: $-6,755/yr
• Cap rate: 4.94%
• Cash-on-cash: -4.84%
• DSCR: 0.78
• 1% rule: 0.78%
• Cash to close: $139,440

Investor read

• This is a 2-bed/1.0-bath single-family listed at $498k.
• At list price, monthly cash flow is $-563 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $399k (20.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $389k (21.9% below list).
• It's been on market 41 days — a 3% lower offer ($483k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $389k (21.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#759 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• North Salem Central School District (rural): math 57% / reading 74% proficiency, ranked #125 of 590 in NY (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 6% free/reduced lunch — higher-income household profile.
• Zoned schools: Pequenakonck Elementary School (math 47% / reading 72%, grade B-, #745 of 2,108 statewide, top 39%, 438 students, 16% FRL); North Salem Middle School/High School (math 67% / reading 78%, grade B+, #671 of 1,100 statewide, top 61%, 547 students, 20% FRL).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 32 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 7 sale attempts since 18y 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 $270k; list at $498k implies a 85% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

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 41 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Built in 1930 — 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.