229 Rt-118 · Yorktown Heights, NY 10598

$587,000

6 bd · 5.0 ba · 3,400 sqft · MultiFamily · 11 Days on market

Built 1957 Fair condition 2.29 ac lot

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Why this score? — see what drove the B- 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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Schools +6.6/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• 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

Rare opportunity in sought-after Somers School District. This four bedroom, two and a half bath colonial sits on over 2 acres flat lot with an in-ground pool with spa, offering resort-style living. The property includes a detached two bedroom cottage, ideal for guest quarters or rental income potential. Both the main house and cottage require renovation, but the pricing reflects the current condition and presents exceptional value for the savvy investor. This is a true blank canvas for buyers with vision. Cash, hard money, or renovation loans only. Perfect for builders, contractors, investors and home buyers looking to unlock significant equity in a highly desirable location.

Key facts

• In-ground pool
• Detached cottage
• 2.29 acre lot

Tags

• IN-GROUND POOL
• DETACHED COTTAGE
• RENTAL INCOME POTENTIAL
• HIGHLY DESIRABLE LOCATION

Property features AI

Exterior

• Parking: Attached garage (2 spaces); No carport
• Utilities: Septic tank; Electricity available
• Home design: Duplex; Frame construction
• Construction: Frame construction
• Exterior features: Level lot; In-ground private pool with spa

Interior

• Kitchen: Eat-in kitchen(s)
• Bedrooms: One 2-bedroom unit; One 4-bedroom unit
• Bathrooms: Four full bathrooms
• Heating & cooling: Baseboard heating; No central air conditioning
• Interior features: Eat-in kitchen; Full walk-out basement
• Laundry & utility: Basement utility area

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $587k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $587k).
• Cap rate 10.5% vs local median 1.7% in Yorktown Heights — 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 72/100 on livability (#343 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, employment A-; Watch: amenities F, commute F, cost of living F.
• Yorktown Central School District (rural): math 67% / reading 73% proficiency, ranked #83 of 590 in NY (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical; only 5% free/reduced lunch — higher-income household profile.
• Zoned schools: Mildred E Strang Middle School (math 52% / reading 73%, grade B+, #133 of 729 statewide, top 18%, 794 students, 14% FRL).
• Market conditions: 160 active listings in the ZIP; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $164k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $587,000

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 1957 — 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. 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?
7. 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.
8. 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.
9. 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: 1.32% ✓
• Cap rate: 10.48%
• Cash-on-cash: 14.94%
• DSCR: 1.66
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 5.5%
• Equity multiple: 1.21×
• Total profit: $35,316
• Equity at exit: $87,524

10-year hold

• IRR: 15.0%
• Equity multiple: 2.21×
• Total profit: $199,033
• Equity at exit: $50,753

Cash invested: $164,360 (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 10598

• Active inventory: 160
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $7,725 medium
• Mortgage (P&I): −$3,078
• Tax est. 1.5%: −$734 /mo · $8,805/yr
• Insurance: −$245
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,622
• Net cashflow: $2,046

Break-even live

Break-even rent $5,135

Max offer price $587,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$7,724
Total (2 units)			$7,725

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: $146,750
• Closing costs: $17,610
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-13
   statusdays on market $587,000 Pending 11 DOM
2. 2026-06-09
   days on market $587,000 Active 8 DOM
3. 2026-06-08
   days on market $587,000 Active 7 DOM
4. 2026-06-07
   days on market $587,000 Active 6 DOM
5. 2026-06-04
   days on market $587,000 Active 3 DOM
6. 2026-06-03
   days on market $587,000 Active 2 DOM
7. 2026-06-02
   remarks 685-char remark
8. 2026-06-02
   listed $587,000 Active 1 DOM

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

Taxation est. · year 1

• Rental income: $92,700
• − Mortgage interest: −$32,881
• − Property taxes: −$8,805
• − Insurance: −$2,935
• − Repairs & maintenance: −$7,416
• − Management: −$7,416
• − Depreciation: −$17,076
• Taxable income: $16,171
• Est. tax owed @ 24.0%: −$3,881
• After-tax cash flow: $20,673/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 Extensive rehab

This property requires extensive renovations to bring it up to current standards, but presents significant value for investors looking to renovate and sell.

Repairs flagged

• Major kitchen cabinets — existing cabinets need replacement
• Major bathroom fixtures — existing fixtures need replacement
• Major roof shingles — existing shingles need replacement
• Major exterior siding — existing siding needs repainting or replacement
• Major landscaping — existing landscaping needs trimming and planting
• Major HVAC system — existing HVAC system needs maintenance or replacement

Value-add opportunities

• Resale kitchen cabinets — new cabinets will enhance the kitchen's appearance and functionality
• Resale bathroom fixtures — new fixtures will improve the bathroom's appearance and functionality
• Resale roof shingles — new shingles will improve the home's curb appeal and increase its value
• Resale exterior siding — new siding will improve the home's curb appeal and increase its value
• Both landscaping — new landscaping will improve the home's curb appeal and increase its value
• Resale HVAC system — a new HVAC system will improve the home's comfort and increase its value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · existing cabinets need replacement	Major	$15,000–50,000
bathroom fixtures · existing fixtures need replacement	Major	$15,000–50,000
roof shingles · existing shingles need replacement	Major	$15,000–50,000
exterior siding · existing siding needs repainting or replacement	Major	$15,000–50,000
landscaping · existing landscaping needs trimming and planting	Major	$15,000–50,000
HVAC system · existing HVAC system needs maintenance or replacement	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Resale kitchen cabinets — new cabinets will enhance the kitchen's appearance and functionality ↑
• Resale bathroom fixtures — new fixtures will improve the bathroom's appearance and functionality ↑
• Resale roof shingles — new shingles will improve the home's curb appeal and increase its value ↑
• Resale exterior siding — new siding will improve the home's curb appeal and increase its value ↑
• Both landscaping — new landscaping will improve the home's curb appeal and increase its value ↑
• Resale HVAC system — a new HVAC system will improve the home's comfort and increase its 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: Yorktown Central School District
• NCES district ID: 3631980
• Math proficiency: 67% ▼ -4.00%
• Reading proficiency: 73% ▲ 7.00%
• Median HH income: $117,838
• Composite: 65.83/100
• National rank: #454
• State rank: #83 of 590 in NY

Livability — Yorktown Heights

• Score: 72/100
• State rank: #343
• US rank: #5799

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Yorktown Heights, NY
• Population (ZIP): 28,894

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: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 14% Two or more races 7% Black 5% Asian 4%
• Hispanic origin (detail): Puerto Rican 6% Dominican 2%
• Common ancestry: Romanian 5% Scotch-Irish 2% Slovak 2%
• Foreign-born: 12% · Canada, Jamaica, China
• Languages at home: 82% English-only · Spanish 8% Other Indo-European 5% Other Asian/Pacific 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: ▼ -580.71%
• Current HPI: 248.9112
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-05-30 Listed $587,000 OneKey® MLS as Distributed by MLS Grid