15 Scenic Dr Unit A

Croton-on-Hudson, NY 10520

$235,000D-

2 bd · 1.0 ba · 1,100 sqft · Built 1970 · Condo · Pending · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,269/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$392
• HOA: −$1,455
• Vac / Maint / Mgmt: −$686
• Net cashflow: $-497/mo
• Annual: $-5,959/yr
• Cap rate: 3.76%
• Cash-on-cash: -9.06%
• DSCR: 0.60
• 1% rule: 1.39%
• Cash to close: $65,800

Investor read

• This is a 2-bed/1.0-bath condo listed at $235k.
• At list price, monthly cash flow is $-497 ($-6k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• It's been on market 78 days — a 6% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $221k (6.0% 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 $7k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Hendrick Hudson Central School District (suburban): math 62% / reading 72% proficiency, ranked #143 of 590 in NY (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Frank G Lindsey Elementary School (math 67% / reading 77%, grade A-, #378 of 2,108 statewide, top 20%, 359 students, 25% FRL); Blue Mountain Middle School (math 47% / reading 70%, grade B, #178 of 729 statewide, top 25%, 489 students, 31% FRL); Hendrick Hudson High School (math 87% / reading 84%, grade A, #358 of 1,100 statewide, top 33%, 727 students, 31% FRL).
• Watch-outs: HOA is 45% of rent.
• Market conditions: 71 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 7 sale attempts since 12y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $165k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.8% vs local median 2.6% in Croton-on-Hudson — 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

• 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?
• It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1970 — 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.
• 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?