138 Underhill Ave Unit 2B · Harrison, NY 10604

$225,000

1 bd · 1.0 ba · 818 sqft · Condo · 85 Days on market

Built 1952 Good condition

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Why this score? — see what drove the B- 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).

• Cash flow +28.9/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Schools +6.5/10.0
• ARV discount +4.6/15.0
• Condition / age +3.8/5.0
• Rent growth +3.7/5.0
• Livability +3.6/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bright and sunny end-unit co-op located in the heart of West Harrison. This well-maintained and updated 1-bedroom unit offers approximately 818 square feet of comfortable living space. The unit features a spacious bedroom with a floor to ceiling custom closet as well as another located in the hallway, a fully updated kitchen with brand-new stainless steel appliances. This meticulously maintained co-op community also offers residents exclusive access to a private pool reserved for Park Knoll owners. Conveniently situated near restaurants, parks, schools, and public transportation, this home provides both comfort and accessibility in a desirable location.

Key facts

• Desirable location
• Updated kitchen
• Community pool

Tags

• UPDATED KITCHEN
• STAINLESS STEEL APPLIANCES
• DESIRABLE LOCATION

🏢 Co-op / cooperative unit. The $225,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $225k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $760 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $212k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 2.2% in Harrison — 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.

Location & tenants

• Location reads 72/100 on livability (#355 in NY) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, crime A; Watch: housing C-, amenities F, cost of living F.
• Harrison Central School District (suburban): math 69% / reading 72% proficiency, ranked #92 of 590 in NY (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Samuel J Preston School (math 67% / reading 62%, grade B, #591 of 2,108 statewide, top 31%, 348 students, 27% FRL); Louis M Klein Middle School (math 51% / reading 71%, grade B+, #150 of 729 statewide, top 21%, 824 students, 22% FRL); Harrison High School (math 96%, 1,064 students, 21% FRL).
• Market conditions: Rents rising fast (+4.9%/yr); 42 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).

Forward outlook

• 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.
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $63k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $175k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1952 — 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 $211,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 10.35%
• Cash-on-cash: 14.48%
• DSCR: 1.64
• GRM: 6.4

CMA / ARV

• ARV (median comp): $211,250
• List price: $225,000
• Delta: 6.51%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.88% rent growth · sell at horizon

5-year hold

• IRR: 7.0%
• Equity multiple: 1.28×
• Total profit: $17,655
• Equity at exit: $33,548

10-year hold

• IRR: 17.9%
• Equity multiple: 2.62×
• Total profit: $101,988
• Equity at exit: $19,454

Cash invested: $63,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

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

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 10604

• Home prices YoY: -19.9%
• Rents YoY: 4.9%
• Active inventory: 42
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,931 high
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$615
• Net cashflow: $760

Break-even live

Break-even rent $1,968

Max offer price $225,000

Occupancy floor 69%

Sensitivity live

Price	-10% $916	-5% $838	+0% $760	+5% $683	+10% $605
Rent	-10% $529	-5% $645	+0% $760	+5% $876	+10% $992
Rate	-1.0pp $874	-0.5pp $818	base $760	+0.5pp $702	+1.0pp $643

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
Gainsborg Ave West Harrison, NY	2.0	1.0	980	$2,800	$2.86	16d	1	0.26mi
16 Edward St Unit 2nd floor West Harrison, NY	2.0	1.0	900	$2,600	$2.89	45d	1	0.29mi
60 Park Ave Unit 2 West Harrison, NY	2.0	1.0	850	$2,900	$3.41	18d	1	0.35mi
125 Lake St Unit 12NN White Plains, NY	2.0	1.0	850	$2,700	$3.18	45d	1	0.39mi
125 Lake St Unit 6BN White Plains, NY	2.0	2.0	975	$3,050	$3.13	45d	1	0.39mi
295 Columbus Ave Unit 2 West Harrison, NY	2.0	1.0	946	$2,700	$2.85	45d	1	0.42mi
295 Columbus Ave Unit 1 West Harrison, NY	1.0	1.0	726	$3,600	$4.96	45d	1	0.42mi
119 Park Ave Unit 2 West Harrison, NY	2.0	1.0	900	$2,900	$3.22	6d	1	0.48mi
125 Lake St Unit 5jn West Harrison, NY	1.0	1.0	750	$2,150	$2.87	45d	1	0.53mi
125 Lake St Unit 6gn West Harrison, NY	2.0	2.0	1000	$3,000	$3.00	45d	1	0.53mi
37 Lake St Unit 2B White Plains, NY	2.0	1.0	721	$3,140	$4.36	22d	1	0.54mi
150 Lincoln Ave E West Harrison, NY	1.0	1.0	1000	$2,000	$2.00	26d	1	0.56mi
17 Terrace Ave White Plains, NY	2.0	1.0	980	$3,500	$3.57	26d	1	0.57mi
30 Lake St Apt 2I White Plains, NY	2.0	1.0	950	$3,100	$3.26	6d	1	0.58mi
312 Main St Apt 2 E White Plains, NY	1.0	1.0	800	$2,450	$3.06	14d	1	0.61mi
21 Lake St Unit 6G White Plains, NY	1.0	1.0	806	$2,650	$3.29	45d	1	0.62mi
300 Main St White Plains, NY	1.0	1.0	956	$2,825	$2.95	23d	2	0.62mi
108 N Kensico AVE Unit 5A	2.0	1.5	950	$3,400	$3.58	26d	1	0.64mi
1 Franklin Ave Unit 4DD White Plains, NY	—	1.0	550	$1,950	$3.55	6d	1	0.65mi
218 Lincoln Ave Unit 2 West Harrison, NY	1.0	1.0	580	$1,885	$3.25	6d	1	0.69mi
7 Lake St Unit 8k White Plains, NY	2.0	1.0	975	$3,150	$3.23	45d	1	0.71mi
1 S Broadway Unit 4M White Plains, NY	—	1.0	600	$2,207	$3.68	45d	1	0.74mi
7-11 S Broadway White Plains, NY	1.0	1.0	746	$3,295	$4.42	14d	1	0.74mi
1 S Broadway Apt 1L White Plains, NY	2.0	1.0	1000	$2,950	$2.95	45d	1	0.75mi
100 Hale Ave White Plains, NY	2.0	1.0–2.0	908	$3,993	$4.40	0d	11	0.77mi
315 Gainsborg Ave E West Harrison, NY	2.0	1.0	900	$2,900	$3.22	0d	1	0.77mi
440 Hamilton Ave White Plains, NY	2.0	1.0–2.0	880	$4,078	$4.63	0d	29	0.79mi
51 S Broadway White Plains, NY	1.0	1.0	752	$3,342	$4.44	4d	2	0.79mi
10 City Pl Unit 2D White Plains, NY	1.0	1.5	1069	$3,895	$3.64	16d	1	0.83mi
1 Lyon Pl Unit 907 White Plains, NY	2.0	2.0	1120	$4,555	$4.07	4d	1	0.85mi
1 Lyon Pl Unit 509 White Plains, NY	1.0	1.0	668	$2,980	$4.46	4d	1	0.85mi
37 Lake St White Plains, NY	1.0–2.0	1.0	685	$2,580	$3.76	45d	1	0.85mi
1 DeKalb Ave White Plains, NY	1.0	1.0	749	$3,390	$4.53	45d	1	0.85mi
210 Martine Ave Unit 5G White Plains, NY	—	1.0	550	$2,150	$3.91	20d	1	0.86mi
10 Lyon Pl White Plains, NY	2.0	1.0–2.0	870	$3,405	$3.91	45d	17	0.87mi
42 Barker Ave Unit 4C White Plains, NY	1.0	1.0	800	$2,300	$2.88	45d	1	0.88mi
50 Dekalb Ave Unit N4F White Plains, NY	1.0	1.0	1000	$3,100	$3.10	22d	1	0.90mi
131 Mamaroneck Ave White Plains, NY	3.0	1.0–2.0	974	$3,900	$4.00	0d	17	0.90mi
1 Renaissance Sq Unit 7B White Plains, NY	1.0	1.5	1048	$5,500	$5.25	45d	1	0.96mi
27 Barker Ave White Plains, NY	2.0	1.0–2.0	1131	$4,144	$3.66	0d	18	1.00mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-17
   status $225,000 Pending 85 DOM
2. 2026-06-17
   days on market $225,000 Active 85 DOM
3. 2026-06-16
   days on market $225,000 Active 84 DOM
4. 2026-06-15
   days on market $225,000 Active 83 DOM
5. 2026-06-13
   days on market $225,000 Active 81 DOM
6. 2026-06-13
   days on market $225,000 Active 80 DOM
7. 2026-06-09
   days on market $225,000 Active 77 DOM
8. 2026-06-08
   days on market $225,000 Active 76 DOM
9. 2026-06-07
   days on market $225,000 Active 75 DOM
10. 2026-06-04
    days on market $225,000 Active 72 DOM
11. 2026-06-03
    days on market $225,000 Active 71 DOM
12. 2026-06-02
    days on market $225,000 Active 70 DOM
13. 2026-06-01
    days on market $225,000 Active 69 DOM
14. 2026-05-31
    days on market $225,000 Active 68 DOM
15. 2026-03-24
    listed $225,000 Active 661-char remark

    Show marketing remark (661 chars)

    Bright and sunny end-unit co-op located in the heart of West Harrison. This well-maintained and updated 1-bedroom unit offers approximately 818 square feet of comfortable living space. The unit features a spacious bedroom with a floor to ceiling custom closet as well as another located in the hallway, a fully updated kitchen with brand-new stainless steel appliances. This meticulously maintained co-op community also offers residents exclusive access to a private pool reserved for Park Knoll owners. Conveniently situated near restaurants, parks, schools, and public transportation, this home provides both comfort and accessibility in a desirable location.

16. 2023-11-06
    soldstatus $175,000 Closed 909-char remark

    Show marketing remark (909 chars)

    Seriously... why rent when you can own this impressive, move in ready 1 bedroom, 1 bathroom CORNER unit perfectly situated in the desirable West Harrison community. This bright & sunny 2nd floor unit delivers a beautifully maintained interior space and a great floorplan to enjoy relaxing days and comfy nights. The renovated galley kitchen has ample cabinetry, granite counters & newer appliances. You can't help but notice the gleaming hardwood floors, well appointed living room w/ sunset views, perfect dining area plus an abundance of natural light shining through the double aspect windows. Completing this home is an extremely spacious primary bedroom, great closet space, and a lovely hall bathroom. Walk to West Harrison town shops, restaurants, park & pool. Close to all major transportation and minutes to downtown White plains with so many amenities to enjoy. This is a must see!

17. 2023-08-28
    status Pending 909-char remark

    Show marketing remark (909 chars)

    Seriously... why rent when you can own this impressive, move in ready 1 bedroom, 1 bathroom CORNER unit perfectly situated in the desirable West Harrison community. This bright & sunny 2nd floor unit delivers a beautifully maintained interior space and a great floorplan to enjoy relaxing days and comfy nights. The renovated galley kitchen has ample cabinetry, granite counters & newer appliances. You can't help but notice the gleaming hardwood floors, well appointed living room w/ sunset views, perfect dining area plus an abundance of natural light shining through the double aspect windows. Completing this home is an extremely spacious primary bedroom, great closet space, and a lovely hall bathroom. Walk to West Harrison town shops, restaurants, park & pool. Close to all major transportation and minutes to downtown White plains with so many amenities to enjoy. This is a must see!

18. 2023-08-17
    listed $165,000 Active 909-char remark

    Show marketing remark (909 chars)

    Seriously... why rent when you can own this impressive, move in ready 1 bedroom, 1 bathroom CORNER unit perfectly situated in the desirable West Harrison community. This bright & sunny 2nd floor unit delivers a beautifully maintained interior space and a great floorplan to enjoy relaxing days and comfy nights. The renovated galley kitchen has ample cabinetry, granite counters & newer appliances. You can't help but notice the gleaming hardwood floors, well appointed living room w/ sunset views, perfect dining area plus an abundance of natural light shining through the double aspect windows. Completing this home is an extremely spacious primary bedroom, great closet space, and a lovely hall bathroom. Walk to West Harrison town shops, restaurants, park & pool. Close to all major transportation and minutes to downtown White plains with so many amenities to enjoy. This is a must see!

19. 2022-09-21
    soldstatus $152,000 Closed
20. 2022-07-20
    status Pending
21. 2022-06-20
    listed $157,000 Active

ⓘ 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 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,168
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,813
• − Management: −$2,813
• − Depreciation: −$6,545
• Taxable income: $5,892
• Est. tax owed @ 24.0%: −$1,414
• After-tax cash flow: $7,709/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained and updated 1-bedroom unit in a desirable location offers a good condition with minimal repairs needed. The property is move-in ready with a good ROI potential.

Value-add opportunities

• Resale Paint exterior trim — Enhances curb appeal and can increase property value
• Both Replace window treatments — Improves aesthetics and energy efficiency
• Both Install smart home devices — Enhances convenience and can increase property value

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior trim — Enhances curb appeal and can increase property value ↑
• Both Replace window treatments — Improves aesthetics and energy efficiency ↑
• Both Install smart home devices — Enhances convenience and can increase property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Harrison Central School District
• NCES district ID: 3613740
• Math proficiency: 69% ▼ -6.00%
• Reading proficiency: 72% ▲ 6.00%
• Median HH income: $105,919
• Composite: 65.12/100
• National rank: #497
• State rank: #92 of 590 in NY

Livability — Harrison

• Score: 72/100
• State rank: #355
• US rank: #5963

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harrison, NY
• County: Westchester County · 709,332 people
• City population: 14,091
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 12,517
• Household income: $117,014
• Rent vs Own: 51.1% rent · 48.9% own
• Severe rent burden: 600.0

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 0.57)
• Race & ethnicity: White 60% Hispanic / Latino 26% Two or more races 12% Black 6% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4% Dominican 3% Salvadoran 1%
• Common ancestry: Scotch-Irish 4% Estonian 4% Romanian 3%
• Foreign-born: 25% · Canada, Dominican Republic, China
• Languages at home: 67% English-only · Spanish 20% Other Indo-European 10% Other Asian/Pacific 1%

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: ▼ -65.49%
• Current HPI: 263.8376
• Rent YoY: ▲ 4.88%
• 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

+43.3% since first listed

7 events — show timeline

• 2026-03-24 Listed $225,000 OneKey® MLS as Distributed by MLS Grid
• 2023-11-06 Sold (MLS) $175,000 OneKey® MLS as Distributed by MLS Grid
• 2023-08-28 Pending — OneKey® MLS as Distributed by MLS Grid
• 2023-08-17 Listed $165,000 OneKey® MLS as Distributed by MLS Grid
• 2022-09-21 Sold (MLS) $152,000 OneKey® MLS as Distributed by MLS Grid
• 2022-07-20 Pending — OneKey® MLS as Distributed by MLS Grid
• 2022-06-20 Listed $157,000 OneKey® MLS as Distributed by MLS Grid