3-5 School St #3 · White Plains, NY 10606

$825,000

4 bd · 2.0 ba · 2,304 sqft · MultiFamily · 12 Days on market

Built 1924 Fair condition 4,792 sqft lot $358/sqft · 48% below area Est $1601k · 48% under

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.3/30.0
• ARV discount +15.0/15.0
• DSCR +4.7/10.0
• Schools +4.7/10.0
• 1% rule +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.6/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Location, flexibility, and real income potential, this side-by-side two-family home delivers all three. As one of the closest homes to the White Plains train station, this is a commuter’s dream. A standout opportunity for both investors and owner occupants. Each unit lives like its own private home, both featuring 2 bedrooms, separate entrances, and completely independent utilities including individual oil tanks, boilers, hot water heaters, making management simple and efficient. The side-by-side layout is a rare find, offering more privacy and a better living experience than traditional multi families. Whether you choose to live in one unit and offset your mortgage with rental income

Key facts

• 4,792 sq ft lot
• Built 1924
• Listed 12 days

Property features AI

Exterior

• Parking: Driveway access; No carport
• Utilities: Con-Edison electric service; Public sewer; Electricity connected; Natural gas connected
• Home design: Townhouse structure; Duplex property subtype
• Construction: Cedar construction
• Exterior features: Cedar exterior; Not waterfront; Additional parcels included

Interior

• Bedrooms: Two 2-bedroom units
• Bathrooms: Two full bathrooms
• Heating & cooling: Oil heating; Steam heating; Other heating; No central cooling
• Interior features: Unfinished basement; Common, unfinished attic; Other interior features

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $825k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $298 ($4k/yr) — positive. Per door: $149/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $759k (8.0% below list).
• Recommended offer: $759k (8.0% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 4.3% in White Plains — 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.

Location & tenants

• Location reads 71/100 on livability (#410 in NY) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, crime A-; Watch: amenities F, cost of living F.
• White Plains City School District (urban): math 49% / reading 54% proficiency, ranked #313 of 590 in NY (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: White Plains Middle School (math 36% / reading 53%, grade D, #348 of 729 statewide, top 50%, 1,517 students, 50% FRL); White Plains Senior High School (math 89% / reading 67%, grade A-, #577 of 1,100 statewide, top 52%, 2,220 students, 53% FRL).
• Market conditions: Rents flat; 54 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• At $7,594/mo this rent would consume 81% of the median local household income ($112k/yr) (locally 1191% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $25k of value loss. Plan a longer hold.
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $759,400 (8.0% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.92% ✗
• Cap rate: 6.73%
• Cash-on-cash: 1.55%
• DSCR: 1.07
• GRM: 9.1

CMA / ARV

• ARV (median comp): $1,600,506
• List price: $825,000
• Delta: -48.45%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
70 Independence St	0.46mi	4/2.0	2,200 (-4%)	22mo	$740,000	$336	53
33 Independence St	0.47mi	5/2.0 (+1)	2,200 (-4%)	21mo	$750,000	$341	48
157 Fisher Ave	0.44mi	5/3.0 (+1)	2,600 (+13%)	1mo	$915,000	$352	48
10 5th St	0.36mi	5/2.0 (+1)	2,472 (+7%)	22mo	$870,000	$352	48
114-116 Ferris Ave	0.48mi	4/2.5	2,032 (-12%)	13mo	$749,000	$369	44
80 Mckinley Ave	0.27mi	5/4.0 (+1)	2,600 (+13%)	11mo	$1,257,777	$484	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.41% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.42×
• Total profit: $-133,891
• Equity at exit: $123,010

10-year hold

• IRR: -14.2%
• Equity multiple: 0.28×
• Total profit: $-166,854
• Equity at exit: $71,331

Cash invested: $231,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 10606

• Rents YoY: 0.4%
• Active inventory: 54
• Price-to-rent: 18.1×

Monthly cashflow live

• Estimated rent: $7,594 high
• Mortgage (P&I): −$4,326
• Tax est. 1.5%: −$1,031 /mo · $12,375/yr
• Insurance: −$344
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,595
• Net cashflow: $298

Break-even live

Break-even rent $7,217

Max offer price $825,000

Occupancy floor 91%

Sensitivity live

Price	-10% $868	-5% $583	+0% $298	+5% $13	+10% $-272
Rent	-10% $-302	-5% $-2	+0% $298	+5% $598	+10% $898
Rate	-1.0pp $713	-0.5pp $508	base $298	+0.5pp $84	+1.0pp $-133

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$7,594
Total (2 units)			$7,594

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $206,250
• Closing costs: $24,750
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
250 Mamaroneck Ave White Plains, NY	1.0–3.0	1.0–2.5	1298	$10,808	$8.33	0d	122	0.79mi
3 Terrace Ave White Plains, NY	4.0	2.0	1820	$5,500	$3.02	7d	1	0.88mi
82 Quinby Ave White Plains, NY	4.0	1.5	2350	$6,000	$2.55	0d	1	0.89mi
107 Winding Ridge Rd #107 White Plains, NY	4.0	3.5	3000	$7,500	$2.50	25d	1	0.94mi
15 Homewood Rd Hartsdale, NY	3.0	2.0	1868	$7,000	$3.75	25d	1	1.38mi
134 Old Mamaroneck Rd White Plains, NY	4.0	1.5	2586	$7,000	$2.71	44d	1	1.39mi
507 Main St E West Harrison, NY	3.0	2.0	1800	$5,000	$2.78	8d	1	1.39mi

Listing history 2 events

1. 2026-05-08
   listed $825,000 Active 1058-char remark
2. 2026-05-06
   historical $825,000 1058-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $91,128
• − Mortgage interest: −$46,213
• − Property taxes: −$12,375
• − Insurance: −$4,125
• − Repairs & maintenance: −$7,290
• − Management: −$7,290
• − Depreciation: −$24,000
• Taxable loss: −$10,165
• Est. tax savings @ 24.0%: +$2,440
• After-tax cash flow: $6,014/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This two-family home requires moderate renovations to update the kitchen and paint interior walls, but offers a good investment opportunity with its side-by-side layout and proximity to the White Plains train station.

Repairs flagged

• Major kitchen cabinets — severely dated and in poor condition
• Major kitchen countertops — dated and in poor condition
• Major kitchen appliances — dated and in poor condition
• Minor bathroom fixtures — basic and some wear

Value-add opportunities

• Both update kitchen — modern kitchen will attract both buyers and renters
• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics
• Both landscaping — improved landscaping enhances curb appeal and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely dated and in poor condition	Major	$15,000–50,000
kitchen countertops · dated and in poor condition	Major	$15,000–50,000
kitchen appliances · dated and in poor condition	Major	$15,000–50,000
bathroom fixtures · basic and some wear	Minor	$500–3,000
Total estimated repair cost · 4 items		$45,500–153,000

Value-add ROI direction

• Both update kitchen — modern kitchen will attract both buyers and renters ↑
• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics ↑
• Both landscaping — improved landscaping enhances curb appeal and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: White Plains City School District
• NCES district ID: 3631260
• Math proficiency: 49% ▼ -6.00%
• Reading proficiency: 54% ▲ 2.00%
• Median HH income: $78,366
• Composite: 46.72/100
• National rank: #2397
• State rank: #313 of 590 in NY

Livability — White Plains

• Score: 71/100
• State rank: #410
• US rank: #6801

Category grades

Amenities F Commute A+ Cost of living F Crime A- Employment A+ Housing B- Health & safety A- User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: White Plains, NY
• County: Westchester County · 709,332 people
• City population: 61,281
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 17,341
• Household income: $112,270
• Rent vs Own: 65.5% rent · 34.5% own
• Severe rent burden: 1191.0

Population outlook (Westchester County) Hauer SSP2

• Today (2025): 1,028,035 people
• By 2030: 1,051,636 · +2.3%
• By 2040: 1,098,520 · +6.9%
• By 2050: 1,136,044 · +10.5%
• By 2075: 1,196,925 · +16.4%
• By 2100: 1,175,147 · +14.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Hispanic / Latino 44% White 30% Black 14% Two or more races 14% Asian 9%
• Hispanic origin (detail): Mexican 16% Puerto Rican 4% Dominican 3%
• Common ancestry: Romanian 1% Lithuanian 1% Hispanic 1%
• Foreign-born: 38% · Canada, Jamaica, China
• Languages at home: 49% English-only · Spanish 37% Other Indo-European 4% Chinese 2%

Political lean MEDSL · Westchester

• 2024 margin: Strong D (+26.3) · D 63.1% · R 36.9%
• 2008→2024 swing: -1.3pp toward R · 2008: 27.6pp · 2024: 26.3pp
• All cycles: 2024: D+26.3 2020: D+36.3 2016: D+32.8 2012: D+22.2 2008: D+27.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -474.05%
• Current HPI: 247.9311
• Rent YoY: ▲ 0.41%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+0.0% since first listed

3 events — show timeline

• 2026-05-19 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-05-08 Listed $825,000 OneKey® MLS as Distributed by MLS Grid
• 2026-05-06 Coming Soon $825,000 OneKey® MLS as Distributed by MLS Grid