8 Harper Ave

Montrose, NY 10548

$549,222D

2 bd · 1.5 ba · 1,541 sqft · Built 1934 · SingleFamily · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,811/mo
• Mortgage (P&I): −$2,880
• Tax + insurance: −$1,069
• HOA: −$0
• Vac / Maint / Mgmt: −$1,010
• Net cashflow: $-149/mo
• Annual: $-1,786/yr
• Cap rate: 5.97%
• Cash-on-cash: -1.16%
• DSCR: 0.95
• 1% rule: 0.88%
• Cash to close: $153,782

Investor read

• This is a 2-bed/1.5-bath single-family listed at $549k.
• At list price, monthly cash flow is $-149 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $523k (4.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $481k (12.4% below list).
• It's been on market 29 days — a 2% lower offer ($541k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $481k (12.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#68 in NY, #1,024 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities F, cost of living F.
• Hendrick Hudson Central School District (suburban): math 62% / reading 72% proficiency, ranked #143 of 590 in NY (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Frank G Lindsey Elementary School (math 67% / reading 77%, grade A-, #378 of 2,108 statewide, top 20%, 359 students, 25% FRL); Blue Mountain Middle School (math 47% / reading 70%, grade B, #178 of 729 statewide, top 25%, 489 students, 31% FRL); Hendrick Hudson High School (math 87% / reading 84%, grade A, #358 of 1,100 statewide, top 33%, 727 students, 31% FRL).
• Watch-outs: built in 1934 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 1 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.
• 4 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 $475k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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

• 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?
• Built in 1934 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.