2221 Palmer Ave Unit 3D · New Rochelle, NY 10801

$184,000

1 bd · 1.0 ba · 700 sqft · Condo · 163 Days on market

Built 1966 Good condition $263/sqft · at area comps Est $193k · at est. ↓ 12% since listing

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +9.6/15.0
• Schools +5.7/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautifully maintained one-bedroom, one-bath residence featuring a spacious open layout. The bright and airy kitchen offers counter seating and large windows that fill the space with natural light and fresh air. Enjoy generous closet space, hardwood floors, recessed lighting and elegant crown moldings throughout. The building amenities include a fitness center, storage, one assigned outdoor parking spot and guest parking. Ideally located just minutes from the Village of Larchmont, downtown New Rochelle, Metro-North, fine dining, shopping, and more.

Key facts

• Bright kitchen
• Large windows
• Counter seating

Tags

• OPEN LAYOUT
• BRIGHT KITCHEN
• COUNTER SEATING
• LARGE WINDOWS
• GENEROUS CLOSET SPACE
• HARDWOOD FLOORS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $184k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $853 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $184k).
• Recommended offer: $162k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.9% vs local median 4.5% in New Rochelle — 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 69/100 on livability (#487 in NY) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A, amenities B+; Watch: housing D+, commute F, cost of living F.
• New Rochelle City School District (suburban): math 63% / reading 66% proficiency, ranked #171 of 590 in NY (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.4%/yr); 141 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• This rent runs 38% of the median local income ($86k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 + 1.4% rent growth), your $52k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($162k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $161,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.46% ✓
• Cap rate: 11.86%
• Cash-on-cash: 19.86%
• DSCR: 1.88
• GRM: 5.7

CMA / ARV

• ARV (median comp): $192,897
• List price: $184,000
• Delta: -4.61%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.42% rent growth · sell at horizon

5-year hold

• IRR: 10.2%
• Equity multiple: 1.39×
• Total profit: $20,335
• Equity at exit: $27,435

10-year hold

• IRR: 18.0%
• Equity multiple: 2.38×
• Total profit: $71,086
• Equity at exit: $15,909

Cash invested: $51,520 (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 10801

• Rents YoY: 1.4%
• Active inventory: 141
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,689 high
• Mortgage (P&I): −$965
• Tax est. 1.5%: −$230 /mo · $2,760/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$565
• Net cashflow: $853

Break-even live

Break-even rent $1,610

Max offer price $184,000

Occupancy floor 63%

Sensitivity live

Price	-10% $980	-5% $916	+0% $853	+5% $789	+10% $726
Rent	-10% $640	-5% $747	+0% $853	+5% $959	+10% $1,065
Rate	-1.0pp $946	-0.5pp $900	base $853	+0.5pp $805	+1.0pp $757

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: $46,000
• Closing costs: $5,520
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
120 Stonelea Pl Apt 3M New Rochelle, NY	1.0	1.0	750	$2,300	$3.07	19d	1	0.45mi
245 Main St Unit 1 New Rochelle, NY	1.0	1.0	750	$1,750	$2.33	18d	1	0.89mi
600 North Ave New Rochelle, NY	2.0	1.0–2.0	869	$3,422	$3.94	2d	11	1.10mi
10 Commerce Dr New Rochelle, NY	2.0	1.0–2.0	792	$3,094	$3.91	2d	11	1.10mi
11 Burling Ln New Rochelle, NY	—	1.0	516	$2,250	$4.36	21d	9	1.27mi
20 Burling Ln New Rochelle, NY	1.0	1.0	725	$3,110	$4.29	11d	10	1.31mi
10 Lecount Pl New Rochelle, NY	2.0	1.0–2.0	740	$3,764	$5.08	2d	14	1.32mi
46 Locust Ave Unit 2 New Rochelle, NY	2.0	1.0	750	$2,950	$3.93	19d	1	1.36mi
1 Shearwood Pl New Rochelle, NY	3.0	1.0–2.0	896	$2,922	$3.26	3d	31	1.38mi
17 Dewitt Pl New Rochelle, NY	2.0	1.0	550	$2,500	$4.55	44d	1	1.38mi
12 Church St New Rochelle, NY	2.0	1.0–2.0	770	$3,536	$4.59	3d	50	1.45mi
40 Memorial Hwy New Rochelle, NY	3.0	1.0–2.0	917	$3,158	$3.44	2d	51	1.46mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: gym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-21
   statusdays on market $184,000 Pending 163 DOM
2. 2026-06-18
   days on market $184,000 Active 161 DOM
3. 2026-06-17
   days on market $184,000 Active 160 DOM
4. 2026-06-16
   days on market $184,000 Active 159 DOM
5. 2026-06-15
   days on market $184,000 Active 158 DOM
6. 2026-06-13
   days on market $184,000 Active 156 DOM
7. 2026-06-09
   days on market $184,000 Active 152 DOM
8. 2026-06-08
   days on market $184,000 Active 151 DOM
9. 2026-06-07
   days on market $184,000 Active 150 DOM
10. 2026-06-04
    days on market $184,000 Active 147 DOM
11. 2026-06-03
    days on market $184,000 Active 146 DOM
12. 2026-06-02
    days on market $184,000 Active 145 DOM
13. 2026-06-01
    days on market $184,000 Active 144 DOM
14. 2026-05-31
    days on market $184,000 Active 143 DOM
15. 2026-03-17
    price $184,000 554-char remark

    Show marketing remark (554 chars)

    Beautifully maintained one-bedroom, one-bath residence featuring a spacious open layout. The bright and airy kitchen offers counter seating and large windows that fill the space with natural light and fresh air. Enjoy generous closet space, hardwood floors, recessed lighting and elegant crown moldings throughout. The building amenities include a fitness center, storage, one assigned outdoor parking spot and guest parking. Ideally located just minutes from the Village of Larchmont, downtown New Rochelle, Metro-North, fine dining, shopping, and more.

16. 2026-02-11
    price $199,900 554-char remark

    Show marketing remark (554 chars)

    Beautifully maintained one-bedroom, one-bath residence featuring a spacious open layout. The bright and airy kitchen offers counter seating and large windows that fill the space with natural light and fresh air. Enjoy generous closet space, hardwood floors, recessed lighting and elegant crown moldings throughout. The building amenities include a fitness center, storage, one assigned outdoor parking spot and guest parking. Ideally located just minutes from the Village of Larchmont, downtown New Rochelle, Metro-North, fine dining, shopping, and more.

17. 2026-01-07
    listed $209,000 Active 554-char remark

    Show marketing remark (554 chars)

    Beautifully maintained one-bedroom, one-bath residence featuring a spacious open layout. The bright and airy kitchen offers counter seating and large windows that fill the space with natural light and fresh air. Enjoy generous closet space, hardwood floors, recessed lighting and elegant crown moldings throughout. The building amenities include a fitness center, storage, one assigned outdoor parking spot and guest parking. Ideally located just minutes from the Village of Larchmont, downtown New Rochelle, Metro-North, fine dining, shopping, and more.

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,270
• − Mortgage interest: −$10,307
• − Property taxes: −$2,760
• − Insurance: −$920
• − Repairs & maintenance: −$2,582
• − Management: −$2,582
• − Depreciation: −$5,353
• Taxable income: $7,767
• Est. tax owed @ 24.0%: −$1,864
• After-tax cash flow: $8,370/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

Good 75/100 Cosmetic rehab

This one-bedroom, one-bath residence is in good condition with a good condition score of 75. It has a good kitchen, bathroom, and flooring. The home is move-in ready and has a good curb appeal. The home has a good location and amenities. The home has a good potential for value increase with some cosmetic updates.

Value-add opportunities

• Resale Paint the kitchen cabinets — Fresh paint can make the kitchen look more modern and appealing
• Resale Replace the kitchen faucet — A new faucet can add a modern touch and improve functionality
• Resale Install a new bathroom vanity — A new vanity can improve the bathroom's appearance and functionality
• Resale Replace the kitchen appliances — New appliances can make the kitchen look more modern and appealing
• Resale Paint the interior walls — Fresh paint can make the interior look more modern and appealing
• Resale Replace the kitchen flooring — New flooring can make the kitchen look more modern and appealing
• Resale Replace the bathroom flooring — New flooring can make the bathroom look more modern and appealing
• Resale Replace the kitchen countertops — New countertops can make the kitchen look more modern and appealing
• Resale Replace the bathroom countertops — New countertops can make the bathroom look more modern and appealing
• Rental Replace the kitchen appliances — New appliances can make the kitchen more functional and appealing to renters
• Rental Replace the bathroom appliances — New appliances can make the bathroom more functional and appealing to renters

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint the kitchen cabinets — Fresh paint can make the kitchen look more modern and appealing ↑
• Resale Replace the kitchen faucet — A new faucet can add a modern touch and improve functionality ↑
• Resale Install a new bathroom vanity — A new vanity can improve the bathroom's appearance and functionality ↑
• Resale Replace the kitchen appliances — New appliances can make the kitchen look more modern and appealing ↑
• Resale Paint the interior walls — Fresh paint can make the interior look more modern and appealing ↑
• Resale Replace the kitchen flooring — New flooring can make the kitchen look more modern and appealing ↑
• Resale Replace the bathroom flooring — New flooring can make the bathroom look more modern and appealing ↑
• Resale Replace the kitchen countertops — New countertops can make the kitchen look more modern and appealing ↑
• Resale Replace the bathroom countertops — New countertops can make the bathroom look more modern and appealing ↑
• Rental Replace the kitchen appliances — New appliances can make the kitchen more functional and appealing to renters ↑
• Rental Replace the bathroom appliances — New appliances can make the bathroom more functional and appealing to renters ↑

ⓘ 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: New Rochelle City School District
• NCES district ID: 3620490
• Math proficiency: 63% ▲ 3.00%
• Reading proficiency: 66% ▲ 9.00%
• Median HH income: $69,165
• Composite: 56.63/100
• National rank: #1139
• State rank: #171 of 590 in NY

Livability — New Rochelle

• Score: 69/100
• State rank: #487
• US rank: #8572

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Rochelle, NY
• County: Westchester County · 709,332 people
• City population: 63,657
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 42,754
• Household income: $85,573
• Rent vs Own: 58.9% rent · 41.1% own
• Severe rent burden: 2797.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Hispanic / Latino 36% White 30% Black 24% Two or more races 16% Asian 7%
• Hispanic origin (detail): Mexican 17% Puerto Rican 5% Dominican 3%
• Common ancestry: Hispanic 3% Scotch-Irish 1% Romanian 1%
• Foreign-born: 34% · Canada, Jamaica, China
• Languages at home: 54% English-only · Spanish 32% Other Indo-European 5% French/Haitian/Cajun 4%

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: ▼ -910.37%
• Current HPI: 270.8019
• Rent YoY: ▲ 1.42%
• 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

-12.0% since first listed

3 events — show timeline

• 2026-03-17 Price Changed $184,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-11 Price Changed $199,900 OneKey® MLS as Distributed by MLS Grid
• 2026-01-07 Listed $209,000 OneKey® MLS as Distributed by MLS Grid