1300 Midland Ave Unit C76

Bronxville, NY 10701

$79,900B+

1 bd · 1.0 ba · 550 sqft · Built 1950 · Condo · Pending · 149 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,475/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$133
• HOA: −$600
• Vac / Maint / Mgmt: −$520
• Net cashflow: $803/mo
• Annual: $9,642/yr
• Cap rate: 18.36%
• Cash-on-cash: 43.10%
• DSCR: 2.92
• 1% rule: 3.10%
• Cash to close: $22,372

Investor read

• This is a 1-bed/1.0-bath condo listed at $80k. Condition is rated fair.
• At list price, monthly cash flow is $803 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• It's been on market 149 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#106 in NY, #1,760 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: housing C-, cost of living F.
• Bronxville Union Free School District (suburban): math 86% / reading 91% proficiency, ranked #3 of 590 in NY (top 0%) — strong family-tenant draw, lease renewals of 3-5y typical; only 2% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 24% of rent; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.4%/yr); 185 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 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; this cycle's ask has dropped $23k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 18.4% vs local median 1.5% in Bronxville — 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 $2,475/mo this rent would consume 46% of the median local household income ($65k/yr) (locally 6045% 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 149 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — The cabinets are outdated and in poor condition.
• Major: Kitchen countertops — The countertops are outdated and in poor condition.
• Major: Kitchen appliances — The appliances are outdated and in poor condition.
• Major: Bathroom fixtures — The fixtures are outdated and in poor condition.
• Major: Bathroom flooring — The flooring is in poor condition and needs replacement.
• Major: Kitchen flooring — The flooring is in poor condition and needs replacement.