396 Columbus Ave

Tuckahoe, NY 10707

$1,290,000D

6 bd · None ba · — sqft · Built 1964 · MultiFamily · Active · 75 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,413/mo
• Mortgage (P&I): −$6,765
• Tax + insurance: −$2,080
• HOA: −$0
• Vac / Maint / Mgmt: −$1,977
• Net cashflow: $-1,409/mo
• Annual: $-16,904/yr
• Cap rate: 4.98%
• Cash-on-cash: -4.68%
• DSCR: 0.79
• 1% rule: 0.73%
• Cash to close: $361,200

Investor read

• This is a 2 × 3-bed/1-bath units multifamily listed at $1.29M.
• At list price, monthly cash flow is $-1k ($-17k/yr) — negative. Per door: $-704/mo.
• To cash-flow at today's rent, offer at most $1.04M (19.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $941k (27.0% below list).
• It's been on market 75 days — a 6% lower offer ($1.21M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $941k (27.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $39k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#125 in NY, #2,013 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities C-, cost of living F.
• Eastchester Union Free School District (suburban): math 79% / reading 80% proficiency, ranked #42 of 590 in NY (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 2% free/reduced lunch — higher-income household profile.
• Zoned schools: Eastchester Middle School (math 56% / reading 76%, grade A-, #118 of 729 statewide, top 16%, 694 students, 0% FRL); Eastchester Senior High School (math 100% / reading 84%, grade A+, #171 of 1,100 statewide, top 18%, 976 students, 0% FRL) — zoned schools at 0% FRL track the district average.
• Market conditions: 44 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 8 sale attempts since 21y ago; this cycle's ask has dropped $105k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $269k; list at $1.29M implies a 380% 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.
• Cap rate 5.0% vs local median 2.9% in Tuckahoe — 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.
• At $9,413/mo this rent would consume 86% of the median local household income ($131k/yr) (locally 363% 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 75 days. Have you received any prior offers? Is the seller open to a 27% 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 1964 — 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?