15 Roosevelt Ave

Rye, NY 10580

$1,469,999D

4 bd · 1.0 ba · 1,545 sqft · Built 1923 · SingleFamily · Active · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,774/mo
• Mortgage (P&I): −$7,709
• Tax + insurance: −$2,008
• HOA: −$0
• Vac / Maint / Mgmt: −$1,633
• Net cashflow: $-3,575/mo
• Annual: $-42,905/yr
• Cap rate: 3.37%
• Cash-on-cash: -10.42%
• DSCR: 0.54
• 1% rule: 0.53%
• Cash to close: $411,600

Investor read

• This is a 4-bed/1.0-bath single-family listed at $1.47M.
• At list price, monthly cash flow is $-4k ($-43k/yr) — negative.
• To cash-flow at today's rent, offer at most $838k (43.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $777k (47.1% below list).
• It's been on market 61 days — a 6% lower offer ($1.38M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $777k (47.1% below list) — sets the bar for 1% rule.
• In year one you build about $108k of equity ($10k loan paydown + $98k appreciation (6.6% local appreciation)).
• Location reads 70/100 on livability (#431 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: amenities F, cost of living F, health & safety F.
• Rye City School District (suburban): math 89% / reading 93% proficiency, ranked #4 of 590 in NY (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 2% free/reduced lunch — higher-income household profile.
• Zoned schools: Midland School (math 82% / reading 98%, grade A+, #37 of 2,108 statewide, top 2%, 460 students, 0% FRL); Rye Middle School (math 77% / reading 92%, grade A+, #13 of 729 statewide, top 2%, 685 students, 0% FRL); Rye High School (math 100% / reading 87%, grade A+, #141 of 1,100 statewide, top 13%, 903 students, 0% FRL) — zoned schools at 0% FRL track the district average.
• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 121 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 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.
• 5 sale attempts since 22y 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 $572k; list at $1.47M implies a 157% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$172k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: 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.
• Cap rate 3.4% vs local median 1.5% in Rye — 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

• 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 61 days. Have you received any prior offers? Is the seller open to a 47% concession, seller financing, or rate buy-down credit?
• Built in 1923 — 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.
• 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.