365 Broadway

Dobbs Ferry, NY 10522

$1,150,000B-

16 bd · 16.0 ba · — sqft · Built 1940 · MultiFamily · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,776/mo
• Mortgage (P&I): −$6,031
• Tax + insurance: −$3,146
• HOA: −$0
• Vac / Maint / Mgmt: −$2,893
• Net cashflow: $1,706/mo
• Annual: $20,478/yr
• Cap rate: 8.07%
• Cash-on-cash: 6.36%
• DSCR: 1.28
• 1% rule: 1.20%
• Cash to close: $322,000

Investor read

• This is a 3×1bd/1ba + 1×2bd/1ba units multifamily listed at $1.15M.
• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $427/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.15M).
• It's been on market 59 days — a 3% lower offer ($1.12M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.12M (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $34k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#329 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.
• Dobbs Ferry Union Free School District (suburban): math 66% / reading 77% proficiency, ranked #80 of 590 in NY (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Springhurst Elementary School (math 59% / reading 76%, grade B+, #524 of 2,108 statewide, top 25%, 695 students, 13% FRL); Dobbs Ferry Middle School (math 60% / reading 79%, grade A, #89 of 729 statewide, top 12%, 365 students, 15% FRL); Dobbs Ferry High School (math 98%, 455 students, 22% FRL).
• Watch-outs: property tax is 2.8% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.8%/yr); 64 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.
• Current owner paid $800k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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 8.1% vs local median 2.3% in Dobbs Ferry — 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 $13,776/mo this rent would consume 100% of the median local household income ($165k/yr) (locally 393% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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.