1840 Crompond Rd Unit 7B8

Peekskill, NY 10566

$120,000C-

1 bd · 1.0 ba · 700 sqft · Built 1970 · Condo · Pending · 197 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,154/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$200
• HOA: −$778
• Vac / Maint / Mgmt: −$452
• Net cashflow: $94/mo
• Annual: $1,131/yr
• Cap rate: 7.24%
• Cash-on-cash: 3.36%
• DSCR: 1.15
• 1% rule: 1.79%
• Cash to close: $33,600

Investor read

• This is a 1-bed/1.0-bath condo listed at $120k.
• At list price, monthly cash flow is $94 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• It's been on market 197 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#132 in NY, #2,121 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, crime A-; Watch: amenities F, cost of living F.
• Peekskill City School District (suburban): math 37% / reading 36% proficiency, ranked #670 of 755 in NY (top 89%) — 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.
• Zoned schools: Hillcrest School (math 24% / reading 37%, grade F, #1,684 of 2,108 statewide, top 80%, 560 students, 61% FRL); Peekskill Middle School (math 75% / reading 70%, grade A, #75 of 729 statewide, top 10%, 794 students, 63% FRL); Peekskill High School (math 79% / reading 44%, grade B-, #841 of 1,100 statewide, top 76%, 1,017 students, 60% FRL) — zoned schools at 61% FRL track the district average.
• Zoned-school proficiency averages 55% at this address vs 36% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Peekskill City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: HOA is 36% of rent.
• Market conditions: Rents flat; 117 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 19y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $64k; list at $120k implies a 88% gain — meaningful room to come down on a strong offer.
• 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 7.2% vs local median 3.2% in Peekskill — 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 197 days. Have you received any prior offers? Is the seller open to a 12% 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.
• 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.