51 Tower Pl

Yonkers, NY 10703

$1,175,000F

8 bd · 3.0 ba · 2,748 sqft · Built 1913 · MultiFamily · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,168/mo
• Mortgage (P&I): −$6,162
• Tax + insurance: −$712
• HOA: −$0
• Vac / Maint / Mgmt: −$1,925
• Net cashflow: $369/mo
• Annual: $4,427/yr
• Cap rate: 6.67%
• Cash-on-cash: 1.35%
• DSCR: 1.06
• 1% rule: 0.78%
• Cash to close: $329,000

Investor read

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $1.18M.
• At list price, monthly cash flow is $369 ($4k/yr) — positive. Per door: $123/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $917k (22.0% below list).
• It's been on market 24 days — a 2% lower offer ($1.16M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $917k (22.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $35k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#528 in NY) — a middle-class / working-renter tenant base. Strengths: employment A, commute B; Watch: amenities F, cost of living F.
• Yonkers City School District (suburban): math 41% / reading 54% proficiency, ranked #413 of 590 in NY (top 70%) — 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: Yonkers Early Childhood Academy (327 students, 72% FRL); Yonkers Middle School (math 17% / reading 37%, grade F, #587 of 729 statewide, top 81%, 601 students, 88% FRL); Yonkers High School (math 92% / reading 88%, grade A+, #238 of 1,100 statewide, top 23%, 1,060 students, 76% FRL) — zoned schools average 79% FRL vs 64% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 76 active listings in the ZIP; 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.
• 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.
• Cap rate 6.7% vs local median 5.4% in Yonkers — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• At $9,168/mo this rent would consume 123% of the median local household income ($90k/yr) (locally 1216% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1913 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.