609 Palmer Rd Unit 5L · Yonkers, NY 10701

$185,000

1 bd · 1.0 ba · 850 sqft · Condo · 70 Days on market

Built 1959 $218/sqft · 15% below area Est $218k · 15% under $973/mo HOA · 40% of rent

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Why this score? — see what drove the D 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).

• ARV discount +14.2/15.0
• 1% rule +8.0/10.0
• Cash flow +6.1/30.0
• Schools +4.1/10.0
• Rent growth +3.6/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• DSCR +0.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Only one mile to the Bronxville Train Station! This spacious one-bedroom co-op has hardwood floors in the foyer, living room and dining room. The kitchen features stainless steel appliances, newer counters and white subway tile backsplash. Recently painted. Plenty of natural sunlight in all rooms. Parking for residents and their visitors, too! Gated complex with 24/7 security guard. Laundry and storage area on first floor. Close to restaurants, food stores and shopping in Bronxville. Easy to show. Board requires a minimum down payment of 20% with 10% down at contract signing. Minimum credit 740, max DTI 30%.

Key facts

• Natural sunlight
• Hardwood floors
• 24/7 security guard

Tags

• HARDWOOD FLOORS
• STAINLESS STEEL APPLIANCES
• WHITE SUBWAY TILE BACKSPLASH
• NATURAL SUNLIGHT
• PARKING FOR RESIDENTS
• 24/7 SECURITY GUARD

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $-349 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $134k (27.3% below list).
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $134k (27.3% below list) — sets the bar for cash-flow.
• Cap rate 4.0% vs local median 5.4% in Yonkers — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 68/100 on livability (#528 in NY) — a middle-class / working-renter tenant base. Strengths: employment A, commute B; Watch: amenities F, cost of living F.
• Yonkers City School District (suburban): math 41% / reading 54% proficiency, ranked #413 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.4%/yr); 185 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• This rent runs 45% of the median local income ($65k/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.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 4 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.
• Current owner paid $111k; list at $185k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 40% of rent; built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $134,491 (27.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 1.30% ✓
• Cap rate: 4.03%
• Cash-on-cash: -8.09%
• DSCR: 0.64
• GRM: 6.4

CMA / ARV

• ARV (median comp): $217,585
• List price: $185,000
• Delta: -14.98%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.39% rent growth · sell at horizon

5-year hold

• IRR: -26.9%
• Equity multiple: 0.07×
• Total profit: $-48,161
• Equity at exit: $27,584

10-year hold

• IRR: -16.5%
• Equity multiple: -0.03×
• Total profit: $-53,573
• Equity at exit: $15,995

Cash invested: $51,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 5 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City Yonkers: 5 Strongly Tenant-Friendly · D+20

Westchester rent guidelines board.

Methodology + full state rankings →

ZIP-level market 10701

• Rents YoY: 4.4%
• Active inventory: 185
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,408 high
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,775/yr
• Insurance: −$77
• HOA: −$973
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $-349

Break-even live

Break-even rent $2,850

Max offer price $134,491

Occupancy floor —

Sensitivity live

Price	-10% $-221	-5% $-285	+0% $-349	+5% $-413	+10% $-477
Rent	-10% $-539	-5% $-444	+0% $-349	+5% $-254	+10% $-159
Rate	-1.0pp $-256	-0.5pp $-302	base $-349	+0.5pp $-397	+1.0pp $-446

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28 Kenilworth Rd Unit The Cottage Yonkers, NY	1.0	1.0	600	$1,950	$3.25	16d	1	0.20mi
42 Winchester Ave Unit 2A Yonkers, NY	1.0	1.0	700	$2,100	$3.00	15d	1	0.42mi
8 Wainwright Ave Unit 2A Yonkers, NY	—	1.0	700	$1,600	$2.29	9d	1	0.53mi
278 Mile Square Rd Yonkers, NY	2.0	1.0	1000	$2,650	$2.65	45d	1	0.54mi
12 Wainwright Ave Apt 1B Yonkers, NY	1.0	1.0	700	$1,950	$2.79	45d	1	0.56mi
1549 Central Park Ave Yonkers, NY	2.0	1.0	850	$2,400	$2.82	45d	1	0.62mi
717 Tuckahoe Rd Unit 16A Yonkers, NY	1.0	1.0	650	$2,495	$3.84	6d	1	0.76mi
28 Tunis Ave Unit 2 Yonkers, NY	2.0	1.0	900	$3,000	$3.33	45d	1	0.83mi
4 Sadore Ln Unit 2W Yonkers, NY	1.0	1.0	800	$2,000	$2.50	19d	1	0.93mi
51 Parkway Rd Apt 3 Bronxville, NY	1.0	1.0	1100	$3,100	$2.82	26d	1	0.95mi
64 Kensington Rd Apt 1A Bronxville, NY	1.0	1.0	800	$2,895	$3.62	13d	1	1.01mi
85 Bennett Ave Unit 2 Yonkers, NY	2.0	1.0	1000	$2,500	$2.50	45d	1	1.04mi
64 Sagamore Rd Unit A6 Bronxville, NY	1.0	1.0	850	$2,900	$3.41	6d	1	1.05mi
111 Kensington Rd Unit 8 Bronxville, NY	1.0	1.0	825	$2,650	$3.21	15d	1	1.11mi
23 Belknap Ave Yonkers, NY	1.0	1.0	700	$2,300	$3.29	26d	1	1.14mi
128 Colonial Pkwy Unit 3B Yonkers, NY	1.0	1.0	871	$2,750	$3.16	45d	1	1.16mi
1 Elm St Unit 3B Tuckahoe, NY	2.0	1.0	1100	$3,200	$2.91	12d	1	1.19mi
1 Elm St Unit 3B Tuckahoe, NY	2.0	1.0	1100	$3,200	$2.91	9d	1	1.19mi
601 Ridge Hill Blvd Yonkers, NY	2.0	1.0–2.0	819	$3,500	$4.27	9d	14	1.19mi
23 Colin St Yonkers, NY	2.0	1.0	750	$2,500	$3.33	17d	1	1.22mi
21 Scarsdale Rd Yonkers, NY	2.0	1.0	835	$3,795	$4.54	3d	21	1.25mi
103 Burhans Ave Yonkers, NY	2.0	1.0	894	$2,000	$2.24	45d	1	1.26mi
80 W Grand St Mount Vernon, NY	1.0	1.0	850	$1,942	$2.28	26d	1	1.46mi
50 Columbus Ave Unit 817 Tuckahoe, NY	1.0	1.0	750	$3,000	$4.00	24d	1	1.48mi

HOA detail condo

• Monthly dues: $973 · $11,676/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-21
   days on market $185,000 Active 70 DOM
2. 2026-06-18
   days on market $185,000 Active 67 DOM
3. 2026-06-17
   days on market $185,000 Active 66 DOM
4. 2026-06-16
   days on market $185,000 Active 65 DOM
5. 2026-06-15
   days on market $185,000 Active 64 DOM
6. 2026-06-13
   days on market $185,000 Active 62 DOM
7. 2026-06-09
   days on market $185,000 Active 58 DOM
8. 2026-06-08
   days on market $185,000 Active 57 DOM
9. 2026-06-07
   days on market $185,000 Active 56 DOM
10. 2026-06-04
    days on market $185,000 Active 53 DOM
11. 2026-06-03
    days on market $185,000 Active 52 DOM
12. 2026-06-02
    pricedays on market $185,000 Active 51 DOM
13. 2026-06-01
    days on market $190,000 Active 50 DOM
14. 2026-05-31
    days on market $190,000 Active 49 DOM
15. 2026-05-07
    status Active 624-char remark

    Show marketing remark (624 chars)

    Only one mile to the Bronxville Train Station! This spacious one-bedroom co-op has hardwood floors in the foyer, living room and dining room. The kitchen features stainless steel appliances, newer counters and white subway tile backsplash. Recently painted. Plenty of natural sunlight in all rooms. Parking for residents and their visitors, too! Gated complex with 24/7 security guard. Laundry and storage area on first floor. Close to restaurants, food stores and shopping in Bronxville. Easy to show. Board requires a minimum down payment of 20% with 10% down at contract signing. Minimum credit 740, max DTI 30%.

16. 2026-03-03
    status Pending 624-char remark

    Show marketing remark (624 chars)

    Only one mile to the Bronxville Train Station! This spacious one-bedroom co-op has hardwood floors in the foyer, living room and dining room. The kitchen features stainless steel appliances, newer counters and white subway tile backsplash. Recently painted. Plenty of natural sunlight in all rooms. Parking for residents and their visitors, too! Gated complex with 24/7 security guard. Laundry and storage area on first floor. Close to restaurants, food stores and shopping in Bronxville. Easy to show. Board requires a minimum down payment of 20% with 10% down at contract signing. Minimum credit 740, max DTI 30%.

17. 2026-02-06
    listed $190,000 Active 624-char remark

    Show marketing remark (624 chars)

    Only one mile to the Bronxville Train Station! This spacious one-bedroom co-op has hardwood floors in the foyer, living room and dining room. The kitchen features stainless steel appliances, newer counters and white subway tile backsplash. Recently painted. Plenty of natural sunlight in all rooms. Parking for residents and their visitors, too! Gated complex with 24/7 security guard. Laundry and storage area on first floor. Close to restaurants, food stores and shopping in Bronxville. Easy to show. Board requires a minimum down payment of 20% with 10% down at contract signing. Minimum credit 740, max DTI 30%.

18. 2014-03-15
    price $111,000 315-char remark

    Show marketing remark (315 chars)

    Very well maintained spacious apartment. Large one-bedroom with eat-in kitchen and large dining area. Lots of closets. Client including all light fixtures. Wonderful complex with security gate. Assigned parking and guest parking. Park-like setting. Wired for FIOS and Cable. STAR available not shown in maintenance.

19. 2013-05-02
    soldstatus $111,000 Sold 315-char remark

    Show marketing remark (315 chars)

    Very well maintained spacious apartment. Large one-bedroom with eat-in kitchen and large dining area. Lots of closets. Client including all light fixtures. Wonderful complex with security gate. Assigned parking and guest parking. Park-like setting. Wired for FIOS and Cable. STAR available not shown in maintenance.

20. 2013-05-02
    soldstatus $111,000

    Show marketing remark (315 chars)

    Very well maintained spacious apartment. Large one-bedroom with eat-in kitchen and large dining area. Lots of closets. Client including all light fixtures. Wonderful complex with security gate. Assigned parking and guest parking. Park-like setting. Wired for FIOS and Cable. STAR available not shown in maintenance.

21. 2013-04-05
    historical 315-char remark

    Show marketing remark (315 chars)

    Very well maintained spacious apartment. Large one-bedroom with eat-in kitchen and large dining area. Lots of closets. Client including all light fixtures. Wonderful complex with security gate. Assigned parking and guest parking. Park-like setting. Wired for FIOS and Cable. STAR available not shown in maintenance.

22. 2013-03-04
    historical Pending 315-char remark

    Show marketing remark (315 chars)

    Very well maintained spacious apartment. Large one-bedroom with eat-in kitchen and large dining area. Lots of closets. Client including all light fixtures. Wonderful complex with security gate. Assigned parking and guest parking. Park-like setting. Wired for FIOS and Cable. STAR available not shown in maintenance.

23. 2013-03-04
    price $119,000 315-char remark

    Show marketing remark (315 chars)

    Very well maintained spacious apartment. Large one-bedroom with eat-in kitchen and large dining area. Lots of closets. Client including all light fixtures. Wonderful complex with security gate. Assigned parking and guest parking. Park-like setting. Wired for FIOS and Cable. STAR available not shown in maintenance.

24. 2012-10-10
    price $119,000 315-char remark

    Show marketing remark (315 chars)

    Very well maintained spacious apartment. Large one-bedroom with eat-in kitchen and large dining area. Lots of closets. Client including all light fixtures. Wonderful complex with security gate. Assigned parking and guest parking. Park-like setting. Wired for FIOS and Cable. STAR available not shown in maintenance.

25. 2012-05-17
    listed $129,000 Active 315-char remark

    Show marketing remark (315 chars)

    Very well maintained spacious apartment. Large one-bedroom with eat-in kitchen and large dining area. Lots of closets. Client including all light fixtures. Wonderful complex with security gate. Assigned parking and guest parking. Park-like setting. Wired for FIOS and Cable. STAR available not shown in maintenance.

26. 2012-05-16
    listed $119,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,898
• − Mortgage interest: −$10,363
• − Property taxes: −$2,775
• − Insurance: −$925
• − Repairs & maintenance: −$2,312
• − Management: −$2,312
• − HOA: −$11,676
• − Depreciation: −$5,382
• Taxable loss: −$6,847
• Est. tax savings @ 24.0%: +$1,643
• After-tax cash flow: $-2,545/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.

Schools (NCES district)

• District: Yonkers City School District
• NCES district ID: 3631920
• Math proficiency: 41% ▼ -1.00%
• Reading proficiency: 54% ▲ 14.00%
• Median HH income: $58,042
• Composite: 41.43/100
• National rank: #3471
• State rank: #413 of 590 in NY

Livability — Yonkers

• Score: 68/100
• State rank: #528
• US rank: #9394

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Yonkers, NY
• County: Westchester County · 709,332 people
• City population: 212,407
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 70,676
• Household income: $64,776
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 6045.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Hispanic / Latino 52% White 21% Black 21% Two or more races 18% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 11% Puerto Rican 9% Dominican 19%
• Common ancestry: Romanian 1% Russian 1% Subsaharan African 1%
• Foreign-born: 35% · Canada, Jamaica, South Korea
• Languages at home: 45% English-only · Spanish 42% Other Indo-European 3% Arabic 2%

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: ▼ -373.14%
• Current HPI: 332.0999
• Rent YoY: ▲ 4.39%
• 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

+59.7% since first listed

12 events — show timeline

• 2026-05-07 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-03-03 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-02-06 Listed $190,000 OneKey® MLS as Distributed by MLS Grid
• 2014-03-15 Price Changed $111,000 HGMLS
• 2013-05-02 Sold (MLS) $111,000 OneKey® MLS as Distributed by MLS Grid
• 2013-05-02 Sold (MLS) $111,000 HGMLS
• 2013-04-05 Delisted — HGMLS
• 2013-03-04 Contingent — HGMLS
• 2013-03-04 Price Changed $119,000 HGMLS
• 2012-10-10 Price Changed $119,000 HGMLS
• 2012-05-17 Listed $129,000 HGMLS
• 2012-05-16 Listed $119,000 OneKey® MLS as Distributed by MLS Grid