310 Manville Rd Unit S4

Pleasantville, NY 10570

$199,000A-

1 bd · 1.0 ba · 750 sqft · Built 1944 · Condo · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,202/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$398
• HOA: −$0
• Vac / Maint / Mgmt: −$882
• Net cashflow: $1,878/mo
• Annual: $22,531/yr
• Cap rate: 18.02%
• Cash-on-cash: 41.87%
• DSCR: 2.86
• 1% rule: 2.11%
• Cash to close: $55,720

Investor read

• This is a 1-bed/1.0-bath condo listed at $199k.
• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $199k).
• It's been on market 65 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $187k (6.0% below list) — sets the bar for market timing.
• 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.
• Location reads 77/100 on livability (#194 in NY, #2,992 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment 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.
• Watch-outs: flood insurance adds $66/mo; built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 44 active listings in the ZIP; 12 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 18y 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 $160k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; moderate wind risk, 26% 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 18.0% 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

• It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.