9 Locust Rd

Peach Lake, NY 10560

$269,000B-

3 bd · 1.0 ba · 882 sqft · Built 1941 · SingleFamily · Pending · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,139/mo
• Mortgage (P&I): −$1,411
• Tax + insurance: −$448
• HOA: −$0
• Vac / Maint / Mgmt: −$659
• Net cashflow: $621/mo
• Annual: $7,450/yr
• Cap rate: 9.06%
• Cash-on-cash: 9.89%
• DSCR: 1.44
• 1% rule: 1.17%
• Cash to close: $75,320

Investor read

• This is a 3-bed/1.0-bath single-family listed at $269k.
• At list price, monthly cash flow is $621 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $269k).
• It's been on market 101 days — a 9% lower offer ($245k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $245k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 1941 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 32 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.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1941 — 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 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?
• 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.