11 Skyview Dr

Armonk, NY 10504

$1,800,000F

3 bd · 2.0 ba · 2,214 sqft · Built 1969 · SingleFamily · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,083/mo
• Mortgage (P&I): −$5,109
• Tax + insurance: −$1,497
• HOA: −$0
• Vac / Maint / Mgmt: −$1,067
• Net cashflow: $-2,590/mo
• Annual: $-31,077/yr
• Cap rate: 3.10%
• Cash-on-cash: -11.39%
• DSCR: 0.49
• 1% rule: 0.52%
• Cash to close: $272,765

Investor read

• This is a 3-bed/2.0-bath single-family listed at $1.80M.
• At list price, monthly cash flow is $-3k ($-31k/yr) — negative.
• To cash-flow at today's rent, offer at most $517k (71.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $508k (71.8% below list).
• It's been on market 21 days — a 2% lower offer ($1.77M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $508k (71.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $29k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#597 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A-; Watch: amenities F, commute F, cost of living F.
• Byram Hills Central School District (suburban): math 79% / reading 86% proficiency, ranked #17 of 590 in NY (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 2% free/reduced lunch — higher-income household profile.
• Zoned schools: Coman Hill School (563 students, 4% FRL); H C Crittenden Middle School (math 77% / reading 85%, grade A+, #24 of 729 statewide, top 3%, 532 students, 0% FRL); Byram Hills High School (math 77% / reading 95%, grade A, #347 of 1,100 statewide, top 32%, 710 students, 0% FRL) — zoned schools at 1% FRL track the district average.
• Market conditions: 111 active listings in the ZIP; 2 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.
• 2 sale attempts 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 $925k; list at $1.80M implies a 95% gain — meaningful room to come down on a strong offer.
• 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.
• Cap rate 3.1% vs local median 0.3% in Armonk — 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.

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 1969 — 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.