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46 First Avenue
Pelham, NY

46 First Avenue

$949,000
5 bd • 2 ba • 2,515 sf

This analysis was generated by artificial intelligence on 1/31/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$949,000

Price/Sq.Ft

$377

Year Built

1890

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• Prime location: The property is located in the sought-after "Pelville" neighborhood, offering easy access to the Pelham Train Station, restaurants, shops, and parks. The proximity to these amenities makes it a highly desirable location. • Excellent school district: The property is situated within the award-winning Pelham School District, with access to top-rated schools including Hutchinson Elementary School (8/10 rating), Pelham Middle School (9/10 rating), and Pelham Memorial High School (10/10 rating). The new Hutchinson Elementary School is a significant plus. • Income-producing potential: As a two-family duplex, the property offers immediate income-producing potential with two separate units. The property can either be used as an investment property or converted back to a single-family home. • Original details: The property retains many of its original details, such as high ceilings, large windows, crown molding, and original woodwork, which add to its charm and character. The wrap-around porch is a notable feature. • Flexible layout: The property features two units, each with a flexible 5-room layout, allowing for a variety of configurations. The first floor has 1135 SF and the second and third floors have 1380 SF. • Ample parking and storage: The property includes a one-car garage with room for three cars in the driveway, and a full walk-out basement with a workshop, providing ample parking and storage space.

The Bad

• High price per square foot: At $377.34 per square foot, the property is relatively expensive compared to other areas in Westchester County. While Pelham is a desirable area, the cost per square foot may deter some buyers. • Older property: Built in 1890, the property is likely to require significant maintenance and renovations. Older homes can have hidden issues that may only be revealed after purchase, leading to unexpected costs. • Wall/window unit(s) for cooling: The use of wall/window units for cooling is less efficient and less desirable than central air conditioning, which may require an upgrade. • Limited commercial area: While Pelham has a charming downtown area, it is relatively small, and some buyers may find the limited shopping and dining options a drawback. This may require driving to other towns for certain needs. • Multiple price reductions: The property has seen multiple price reductions, indicating it may be overpriced or have underlying issues that are deterring potential buyers. The listing price has decreased by 27% since it was first listed.

The Ugly

• Major flood risk: The property's location in a major flood zone (6/10), FEMA Zone X_UNSHADED, poses a significant risk and will result in higher insurance premiums and potential damage to the property. The need for flood insurance is a major added expense and risk. • Major wind risk: The property has a major wind risk (6/10), which requires critical wind insurance and may translate to higher insurance costs. • High total cost of ownership: Between property taxes, higher insurance costs (including flood and wind insurance), and potential maintenance costs for an older home, the total cost of ownership could be very high. Potential buyers should be prepared for significant monthly expenses. • Outdated systems: The property uses wall/window units for cooling and likely older natural gas heating, which may be inefficient and require costly upgrades. The absence of central AC is a significant drawback for many buyers. • Potential renovation costs: Given the age of the property, significant renovations may be necessary, which can add to the overall cost of ownership. Buyers should be prepared for potential expenses related to updating electrical, plumbing, and heating systems. • Major air quality and heat risk: The property has a major air quality risk (5/10) with 6 bad air days per year and a major heat risk (6/10) with 7 hot days per year, which may affect the living conditions and require additional measures for comfortable living.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• Investors seeking income-producing properties: The duplex structure offers immediate rental income potential, with the possibility of converting it into a single-family home later. Based on the current rental rates in Pelham, the combined rental income could range from $4,030/month (one 1-bed unit and one 3-bed unit) to $5,980/month (two 3-bed units). • Buyers who appreciate historic homes with original details: The property's Victorian architecture, high ceilings, and original features appeal to those who value historical charm and are willing to invest in maintaining it. The detailed woodwork, crown molding, and entryway are attractive features for this type of buyer. • Buyers looking for a multi-generational living arrangement: The two separate units, each with a full bath and multiple bedrooms, provide a flexible living solution for families who want to live together but maintain some independence. • Commuters to NYC: The property's proximity to the Pelham Train Station makes it ideal for individuals who commute to New York City. The convenience of a short walk to the station reduces transportation time and costs. • Families with school-aged children: The property is located within the highly-rated Pelham School District, with easy access to Hutchinson Elementary School, Pelham Middle School, and Pelham Memorial High School.

Not For

• Buyers seeking a low-maintenance, modern home: The property's age (built in 1890) means it may require significant renovations and ongoing maintenance. Those looking for a move-in-ready property without the need for upgrades may find this house unsuitable. • Buyers with a limited budget: While the price has been reduced, the total cost of ownership can be high due to property taxes, insurance (including flood and wind insurance), and potential maintenance costs. The high costs of living in Pelham, including the high property tax rates and the potential need for private schooling, could make this property less suitable for those on a strict budget. • Buyers who prefer a bustling urban environment: Pelham's downtown area is relatively small, and buyers who prefer a wide array of shopping and dining options within walking distance may find the area limited. The need to travel to neighboring towns for some needs may be a drawback. • Buyers concerned about flood risk: The property has a major flood risk (6/10), which translates to higher insurance costs and the potential for property damage from flooding. Those who wish to avoid flood-prone areas should consider other options. • Buyers who prefer central air conditioning: The property uses wall/window units for cooling, which may not be as efficient or effective as central air conditioning. Buyers who prefer central AC might find this a disadvantage.
Demographics
Area Median Income

$184,821

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Risk Assessment

Climate Risks

floodMAJOR

FEMA Zone: X_UNSHADED

Insurance: Required

heatMAJOR

7 extreme heat days per year

98th percentile: 98°F

windMAJOR

Insurance: Required

airMAJOR

6 bad air quality days per year

fireMINIMAL

Insurance: Optional

Risk Analysis

• High flood risk: The property has a major flood risk (6/10) and is located in FEMA zone X_UNSHADED, requiring critical flood insurance coverage which will add significant costs to the insurance premiums. This also includes the potential for water damage and related repair costs. • High wind risk: The property has a major wind risk (6/10) which requires critical wind insurance coverage, adding to the total cost of ownership. • Aging infrastructure: Built in 1890, the property likely has older plumbing, electrical, and heating systems, which may require costly repairs or upgrades in the near future. The reliance on wall/window units for cooling may also need addressing. • High property taxes: Pelham has high property taxes, which can significantly impact affordability. Buyers should factor these into their monthly budget. • Potential for bidding wars: Pelham is a competitive market, and buyers should be prepared for bidding wars and the potential to pay over asking price. • Air quality and heat risk: The property has a major air quality risk (5/10) with 6 bad air days per year, and a major heat risk (6/10) with 7 hot days per year and a 98th percentile temperature of 98°F. These risks could impact the living conditions.
Insurance
Annual Cost

$3,416

$285 per month

Financials

Monthly Costs

Price History

Property Taxes

$0
2023 Tax Assessment
NaN%from previous year
Assessed Value$708,000
Tax Rate0.00%

Location & Comparables

Subject Property
View on Zillow

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