60 Manville Rd #1

Pleasantville, NY 10570

$259,000C

1 bd · 1.0 ba · 720 sqft · Built 1958 · Condo · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,789/mo
• Mortgage (P&I): −$1,358
• Tax + insurance: −$432
• HOA: −$0
• Vac / Maint / Mgmt: −$586
• Net cashflow: $414/mo
• Annual: $4,965/yr
• Cap rate: 8.21%
• Cash-on-cash: 6.85%
• DSCR: 1.30
• 1% rule: 1.08%
• Cash to close: $72,520

Investor read

• This is a 1-bed/1.0-bath condo listed at $259k.
• At list price, monthly cash flow is $414 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $259k).
• It's been on market 16 days — a 2% lower offer ($255k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $255k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#194 in NY, #2,992 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, cost of living F.
• Pleasantville Union Free School District (suburban): math 71% / reading 83% proficiency, ranked #46 of 590 in NY (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical; only 6% free/reduced lunch — higher-income household profile.
• Zoned schools: Bedford Road School (math 69% / reading 85%, grade A, #244 of 2,108 statewide, top 13%, 569 students, 11% FRL); Pleasantville Middle School (math 62% / reading 81%, grade A, #82 of 729 statewide, top 11%, 468 students, 13% FRL); Pleasantville High School (math 98% / reading 87%, grade A+, #158 of 1,100 statewide, top 15%, 593 students, 0% FRL) — zoned schools at 8% FRL track the district average.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 42 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 3 sale attempts since 14y ago 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.
• Cap rate 8.2% vs local median 2.1% in Pleasantville — 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

• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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 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.