67 State St

Ossining, NY 10562

$699,000C

7 bd · 4.0 ba · 2,470 sqft · Built 1900 · MultiFamily · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,138/mo
• Mortgage (P&I): −$3,666
• Tax + insurance: −$1,663
• HOA: −$0
• Vac / Maint / Mgmt: −$1,499
• Net cashflow: $310/mo
• Annual: $3,725/yr
• Cap rate: 6.83%
• Cash-on-cash: 1.90%
• DSCR: 1.08
• 1% rule: 1.02%
• Cash to close: $195,720

Investor read

• This is a 2 × 4-bed/?-bath units multifamily listed at $699k.
• 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).
• It's been on market 27 days — a 2% lower offer ($689k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $689k (1.5% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.
• 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.
• 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.

Questions for listing agent

• 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 1900 — 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 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?
• 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 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.