17 Elm St · Piermont, NY 10968

$629,000

3 bd · 2.0 ba · 1,550 sqft · MultiFamily public records · 54 Days on market

Built 1910 1,307 sqft lot $406/sqft · 40% below area Est $1040k · 40% 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 +15.7/30.0
• ARV discount +15.0/15.0
• Schools +5.5/10.0
• 1% rule +4.9/10.0
• DSCR +4.8/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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 MLS

GREAT OPPORTUNITY to live or invest in this home in the quaint village of Piermont. This 2-family home has two separate apartments, The lower-level unit has 2 bedrooms and 1 bath. The upper-level unit has 1 bedroom. Separate electric and gas meter for each unit. Driveway shared between units. Just a short walk to restaurants, farmers market, art galleries, and Tallman pool club.

Key facts

• 2 family home
• Separate apartments
• 1,307 sq ft lot

Tags

• 2 FAMILY HOME
• SEPARATE APARTMENTS
• SHORT WALK TO RESTAURANTS
• SHORT WALK TO FARMERS MARKET
• SHORT WALK TO ART GALLERIES

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $629k.

Deal economics

• At list price, monthly cash flow is $271 ($3k/yr) — positive. Per door: $135/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 $624k (0.8% below list).
• Recommended offer: $610k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.8% vs local median 0.4% in Piermont — 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 67/100 on livability (#571 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing B; Watch: schools C-, amenities F, commute F.
• South Orangetown Central School District (suburban): math 52% / reading 66% proficiency, ranked #183 of 590 in NY (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: 29 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; 429 units permitted in Rockland County in 2024 (231 in 5+ unit buildings).
• At $6,240/mo this rent would consume 52% of the median local household income ($145k/yr) (locally 82% 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 $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Rockland County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($610k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $610,130 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — 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: 0.99% ✗
• Cap rate: 6.81%
• Cash-on-cash: 1.84%
• DSCR: 1.08
• GRM: 8.4

CMA / ARV

• ARV (median comp): $1,040,225
• List price: $629,000
• Delta: -39.53%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -13.3%
• Equity multiple: 0.52×
• Total profit: $-84,398
• Equity at exit: $93,786

10-year hold

• IRR: -4.3%
• Equity multiple: 0.72×
• Total profit: $-50,131
• Equity at exit: $54,384

Cash invested: $176,120 (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 10968

• Home prices YoY: -24.4%
• Active inventory: 29
• Price-to-rent: 16.8×

Monthly cashflow live

• Estimated rent: $6,240 medium
• Mortgage (P&I): −$3,299
• Tax from tax record: −$1,098 /mo · $13,179/yr
• Insurance: −$262
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,310
• Net cashflow: $271

Break-even live

Break-even rent $5,897

Max offer price $629,000

Occupancy floor 91%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$6,240
Total (2 units)			$6,240

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: $157,250
• Closing costs: $18,870
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
351 Piermont Ave Piermont, NY	3.0	1.5	1694	$5,295	$3.13	1d	1	0.27mi
306 Piermont Ave Piermont, NY	3.0	2.0	1375	$3,950	$2.87	19d	1	0.36mi
1 W Lawrence Park Dr #12 Piermont, NY	2.0	2.0	1400	$2,850	$2.04	13d	1	0.69mi
1 W Lawrence Park Dr #12 Piermont, NY	2.0	1.5	1200	$2,850	$2.38	24d	1	0.69mi

Listing history 2 events

1. 2026-05-06
   status Pending 384-char remark

   Show marketing remark (384 chars)

   GREAT OPPORTUNITY to live or invest in this home in the quaint village of Piermont. This 2-family home has two separate apartments, The lower-level unit has 2 bedrooms and 1 bath. The upper-level unit has 1 bedroom. Separate electric and gas meter for each unit. Driveway shared between units. Just a short walk to restaurants, farmers market, art galleries, and Tallman pool club.

2. 2026-03-13
   listed $629,000 Active 384-char remark

   Show marketing remark (384 chars)

   GREAT OPPORTUNITY to live or invest in this home in the quaint village of Piermont. This 2-family home has two separate apartments, The lower-level unit has 2 bedrooms and 1 bath. The upper-level unit has 1 bedroom. Separate electric and gas meter for each unit. Driveway shared between units. Just a short walk to restaurants, farmers market, art galleries, and Tallman pool club.

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $13,179 · $1,098/mo
• Projected year-2 tax: $13,179 · $1,098/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥101°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 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $74,880
• − Mortgage interest: −$35,234
• − Property taxes: −$13,179
• − Insurance: −$3,145
• − Repairs & maintenance: −$5,990
• − Management: −$5,990
• − Depreciation: −$18,298
• Taxable loss: −$6,957
• Est. tax savings @ 24.0%: +$1,670
• After-tax cash flow: $4,918/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.

Schools (NCES district)

• District: South Orangetown Central School District
• NCES district ID: 3627450
• Math proficiency: 52% ▼ -15.00%
• Reading proficiency: 66% ▲ 4.00%
• Median HH income: $102,606
• Composite: 55.22/100
• National rank: #1270
• State rank: #183 of 590 in NY

Livability — Piermont

• Score: 67/100
• State rank: #571
• US rank: #10275

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Piermont, NY
• County: Rockland County · 98,828 people
• City population: 2,456
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 2,456
• Household income: $145,000
• Rent vs Own: 33.2% rent · 66.8% own
• Severe rent burden: 82.0

Population outlook (Rockland County) Hauer SSP2

• Today (2025): 339,642 people
• By 2030: 345,987 · +1.9%
• By 2040: 357,178 · +5.2%
• By 2050: 362,456 · +6.7%
• By 2075: 367,281 · +8.1%
• By 2100: 328,211 · -3.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Asian 10% Hispanic / Latino 5% Two or more races 3% Black 1%
• Common ancestry: Romanian 7% Scotch-Irish 5% Lithuanian 4%
• Foreign-born: 12% · South Korea, Canada, China
• Languages at home: 87% English-only · Korean 6% Other Indo-European 2% Spanish 2%

Political lean MEDSL · Rockland

• 2024 margin: R (+11.8) · D 44.1% · R 55.9%
• 2008→2024 swing: -17.7pp toward R · 2008: 5.9pp · 2024: -11.8pp
• All cycles: 2024: R+11.8 2020: D+1.7 2016: D+5.1 2012: D+6.6 2008: D+5.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.10%
• Current HPI: 223.2897
• Rent YoY: —
• 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

2 events — show timeline

• 2026-05-06 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-03-13 Listed $629,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+6.6%/yr

Latest (2025): $13,179 · +66.8% YoY. Source: county tax records.