67 State St · Ossining, NY 10562

$699,000

7 bd · 4.0 ba · 2,470 sqft · MultiFamily public records · 27 Days on market

Built 1900 4,356 sqft lot $283/sqft · 34% below area Est $1286k · 46% 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 +6.4/10.0
• 1% rule +5.2/10.0
• DSCR +4.8/10.0
• Livability +4.0/5.0
• 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 Potential. Wonderful Possibilities In This Legal 2 Family House With Lots And Lots Of Off Street Parking. All Rentals Quoted Are Under Market Due To Landlord's Obligation. Was Set-up As A 3 Family. Ground Floor Apt. Has To Be Converted And Added To The First Floor Apt. Space. Large Parking Lot In The Rear.

Key facts

• 4,356 sq ft lot
• Built 1900
• Listed 26 days

Tags

• CLASSIC ARCHITECTURAL STYLE
• MULTI-FAMILY PROPERTY

Property features AI

Exterior

• Parking: Private driveway
• Utilities: Public sewer
• Home design: Triplex; Building area about 2,990 sq ft
• Construction: Frame construction
• Exterior features: No waterfront; Cable service available

Interior

• Bedrooms: One 1-bedroom unit; One 2-bedroom unit; One 4-bedroom unit
• Bathrooms: Four full bathrooms
• Heating & cooling: Baseboard heating; No central cooling
• Interior features: High ceilings

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $699k.

Deal economics

• At list price, monthly cash flow is $310 ($4k/yr) — positive. Per door: $155/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $699k).
• Recommended offer: $689k (1.5% below list) — sets the bar for market timing.
• Cap rate 6.8% vs local median 2.9% in Ossining — 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 80/100 on livability (#116 in NY, #1,876 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, health & safety A; Watch: schools D+, cost of living F.
• Ossining Union Free School District (suburban): math 72% / reading 72% proficiency, ranked #104 of 590 in NY (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 135 active listings in the ZIP; high-income renter base; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• At $7,138/mo this rent would consume 74% of the median local household income ($116k/yr) (locally 1248% 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 $5k of loan paydown is wiped out by about $21k 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

• It's been on market 27 days — a 2% lower offer ($689k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y 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 $390k; list at $699k implies a 79% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $688,515 (1.5% 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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.02% ✓
• Cap rate: 6.83%
• Cash-on-cash: 1.90%
• DSCR: 1.08
• GRM: 8.2

CMA / ARV

• ARV (median comp): $1,285,555
• List price: $699,000
• Delta: -45.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -13.2%
• Equity multiple: 0.52×
• Total profit: $-93,086
• Equity at exit: $104,223

10-year hold

• IRR: -4.2%
• Equity multiple: 0.72×
• Total profit: $-53,921
• Equity at exit: $60,437

Cash invested: $195,720 (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 10562

• Active inventory: 135
• Price-to-rent: 16.3×

Monthly cashflow live

• Estimated rent: $7,138 high
• Mortgage (P&I): −$3,666
• Tax from tax record: −$1,372 /mo · $16,461/yr
• Insurance: −$291
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,499
• Net cashflow: $310

Break-even live

Break-even rent $6,745

Max offer price $699,000

Occupancy floor 91%

Sensitivity live

Price	-10% $706	-5% $508	+0% $310	+5% $113	+10% $-85
Rent	-10% $-254	-5% $28	+0% $310	+5% $592	+10% $874
Rate	-1.0pp $662	-0.5pp $488	base $310	+0.5pp $129	+1.0pp $-55

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$7,138
Total (2 units)			$7,138

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: $174,750
• Closing costs: $20,970
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-01
   listed $699,000 Active 325-char remark
2. 2006-12-26
   soldstatus $390,000
3. 2006-11-02
   soldstatus $390,000 313-char remark

   Show marketing remark (313 chars)

   Great Potential. Wonderful Possibilities In This Legal 2 Family House With Lots And Lots Of Off Street Parking. All Rentals Quoted Are Under Market Due To Landlord's Obligation. Was Set-up As A 3 Family. Ground Floor Apt. Has To Be Converted And Added To The First Floor Apt. Space. Large Parking Lot In The Rear.

4. 2006-08-23
   historical 313-char remark

   Show marketing remark (313 chars)

   Great Potential. Wonderful Possibilities In This Legal 2 Family House With Lots And Lots Of Off Street Parking. All Rentals Quoted Are Under Market Due To Landlord's Obligation. Was Set-up As A 3 Family. Ground Floor Apt. Has To Be Converted And Added To The First Floor Apt. Space. Large Parking Lot In The Rear.

5. 2006-08-23
   price $399,222 313-char remark

   Show marketing remark (313 chars)

   Great Potential. Wonderful Possibilities In This Legal 2 Family House With Lots And Lots Of Off Street Parking. All Rentals Quoted Are Under Market Due To Landlord's Obligation. Was Set-up As A 3 Family. Ground Floor Apt. Has To Be Converted And Added To The First Floor Apt. Space. Large Parking Lot In The Rear.

6. 2006-05-26
   listed $390,000 313-char remark

   Show marketing remark (313 chars)

   Great Potential. Wonderful Possibilities In This Legal 2 Family House With Lots And Lots Of Off Street Parking. All Rentals Quoted Are Under Market Due To Landlord's Obligation. Was Set-up As A 3 Family. Ground Floor Apt. Has To Be Converted And Added To The First Floor Apt. Space. Large Parking Lot In The Rear.

ⓘ 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: $16,461 · $1,372/mo
• Projected year-2 tax: $16,461 · $1,372/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 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 23% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $85,656
• − Mortgage interest: −$39,155
• − Property taxes: −$16,461
• − Insurance: −$3,495
• − Repairs & maintenance: −$6,852
• − Management: −$6,852
• − Depreciation: −$20,335
• Taxable loss: −$7,494
• Est. tax savings @ 24.0%: +$1,799
• After-tax cash flow: $5,523/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: Ossining Union Free School District
• NCES district ID: 3622020
• Math proficiency: 72% ▲ 27.00%
• Reading proficiency: 72% ▲ 25.00%
• Median HH income: $78,402
• Composite: 63.75/100
• National rank: #599
• State rank: #104 of 590 in NY

Livability — Ossining

• Score: 80/100
• State rank: #116
• US rank: #1876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ossining, NY
• County: Westchester County · 709,332 people
• City population: 33,793
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 33,793
• Household income: $115,697
• Rent vs Own: 40.1% rent · 59.9% own
• Severe rent burden: 1248.0

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 0.63)
• Race & ethnicity: White 47% Hispanic / Latino 37% Two or more races 11% Black 8% Asian 4%
• Hispanic origin (detail): Puerto Rican 6% Cuban 2% Dominican 3%
• Common ancestry: Romanian 3% Scotch-Irish 3% Italian 2%
• Foreign-born: 28% · Canada, Jamaica, China
• Languages at home: 59% English-only · Spanish 31% Other Indo-European 4% Russian/Polish/Slavic 1%

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: ▼ -605.12%
• Current HPI: 251.6831
• 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

+79.2% since first listed

6 events — show timeline

• 2026-05-01 Listed $699,000 OneKey® MLS as Distributed by MLS Grid
• 2006-12-26 Sold (Public Records) $390,000 Public Records
• 2006-11-02 Sold (MLS) $390,000 HGMLS
• 2006-08-23 Price Changed $399,222 HGMLS
• 2006-08-23 Delisted — HGMLS
• 2006-05-26 Listed $390,000 HGMLS

Property tax history

+4.5%/yr

Latest (2025): $16,461 · +3.3% YoY. Source: county tax records.